Evening Headlines
Bloomberg:
- Inflation Crisis Is Coming for the World's Most Unequal Region.
- Chinese Homeowners Rush to Repay Loans Despite Mortgage Boycotts.
- US-China Audit Deal Faces First Test as Inspectors Head to Hong Kong.
- Yen Eyes a Break of 145 as Verbal Intervention Intensifies.
- Japan’s Kanda Says All Options on Table for Forex Response.
- Korean Won Slides Most in Three Months as Dollar Jumps on US CPI.
- Ugly Selloff Pushes Stocks Down Most Since 2020: Markets Wrap.
- Oil Edges Higher With US Reserves Plan Offsetting Hot InflationInflation Surprise Puts Onus on Fed to Hit Brakes Even Harder.
- ‘They Should Do 100’: Wall Street Debates the Fed’s Next Rate Move.
- Biden Celebration of Economy Skips Inflation That Haunts It.
- Wall Street Revenue Seen Plunging on Inflation, Recession Fears.
- JPMorgan Says Deal Fees Shrinking 50%, Cites Caution on Job Cuts.
- Goldman Sees Fresh Pain on Wall Street as Real Rates Rise.
- Ending the Railroad Labor Fight: Deal, Strike, Delay or Congress.
Wall Street Journal:
- Dow Slides Nearly 1,300 Points on High Inflation Reading.
- Market has worst day since 2020 as core price pressures remain strong.
- Treasury Yields Jump.
- Heard on the Street: Data Has Doves Crying.
- Report Keeps Fed on Aggressive Rate-Rise Path.
- As Gasoline Prices Drop, Electricity and Some Heating Costs Increase.
- Food Costs Are Rising, and So Are Fights Over Grocery Bills.
- The Inflation Election. Washington is failing to perform a core responsibility.'
- Amazon to Raise Pay for Delivery Drivers Amid Tight Labor Market.
- Americans’ Incomes Fail to Grow for Second Year in a Row.
- U.S. Banks Lost a Record $370 Billion in Deposits Last Quarter.
- Federal Deficit Widened to $220 Billion in August.
Fox News:
- Pelosi nudges audience after awkward silence follows praise of Biden's 'extraordinary leadership'.
- Top Democrats try to distance themselves from their party and Biden, but voting records tell a different story.
CNBC.com:
- Inflation isn’t just about fuel costs anymore, as price increases broaden across the economy.
- Twitter whistleblower tells Senate of security flaws: ‘They don’t know what they have’.
- Tech stocks crushed in market selloff.
- Next rate hike will spark ‘dangerous game’ with state of economy, investor Peter Boockvar warns.
- No end in sight for Wall Street deals slump as JPMorgan says advisory revenue plunges 50%.
- Why Toyota – the world’s largest automaker – isn’t all-in on electric vehicles.
Zero Hedge:
- "An Ocean Of Red...".
- Biden Admin Reportedly Ready To Refill Strategic Petroleum Reserve At $80/BBL.
- China Is Not Rebalancing, Its Flawed Dependence On Huge Exports Continues.
- Canadian Man Helps Vaccine Injured, Loved Ones Share Their Stories On Social Media.
- 'You Have To Get More Bearish' - Jeff Gundlach Says Buy Bonds, Sees S&P Hitting 3,000 On Over-Zealous Fed.
- Arizona Can't Enforce New Election Law In 2022 Election: Clinton-Appointed Judge.
- Disney Employee, School Teacher Among 160 Arrested In Florida Human Trafficking Sting.
- Airline Chaos Could Persist Until 2024, Despite Efforts To Cure Woes.
- US stocks suffered a bloodbath after hot CPI data - Newsquawk Asia-Pac Market Open.
- Not Just Nancy: Lawmakers Have Been Trading Like Drunken Insider Sailors.
- Former Military Bunkers Are Now Home For Hundreds Of Survival-Minded People.
- WTI Steady Above 'Biden Floor' Despite Another Big Crude Build.
- Dollar soars and SPX posts worst day since June 2020 after hot CPI - Newsquawk US Market Wrap.
- Half Of U.S. Workers Are "Quiet Quitters".
- 63% Of Small Businesses Have Put Hiring On Hold.
- DHS Chief Says Biggest Terror Threat Is Americans Radicalized By "Online Narratives".
- Durham Shocker: Steele Dossier Primary Source Was Paid FBI informant.
TheGatewayPundit.com:
- Former Clinton Special Prosecutor Ken Starr Dead at 76.
- Pennsylvania Democrat John Fetterman Failed to Disclose Owning EIGHT Properties.
- Durham shocker: Danchenko was a paid FBI informant – Who Lied About the Utterly False Pee-Pee Tape.
- CNN Points Out How Ridiculous Joe Biden Looks For Taking a Victory Lap on Inflation While the Stock Market Tanks… Because of Inflation (VIDEO).
- As September 16th Deadline Looms, Major Freight Railroads Prepare for Possible Strike Costing US Economy More than $2 Billion a Day.
- Trump Supporter Has Home Raided by Armed FBI for Attending J-6 Rally That She Did Not Attend, But She Did Have an Anti-Biden Sign in Her Yard – Tucker Carlson Interview.
- Former Twitter Security Chief to Congress: Twitter Leadership Is “Misleading” Public” and Can Track Any User’s Location at Any Time (VIDEO).
- Joe Biden Plans Celebration of “Inflation Reduction Act” then Inflation Rate Comes in Hotter than Expected at 8.3% Annual Rate — Markets Crash.
- And Just Like That, After Terrorizing Her Country, Authoritarian New Zealand PM Jacinda Ardern Drops Mask and Covid-19 Vaccine Mandates.
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 863,663 Reports(+2,426 from prior week) Through September 2nd, 2022.
SKirsch.com:
- Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.
Covid-19(Data, Maps, Graphs):
- Our World in Data: New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
- FT.com: Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
- Bloomberg.com: International Travel Restrictions. Case Graphs by State.
- NYTimes.com: County Trends and Clusters. Local ICU Occupancy.
- Brown School of Public Health: Covid Severity by State/County(map). US Hospital Capacity(region).
- CovidActNow: Covid Severity/Infection Rate by Metro Area.
- KFF: US Vaccinations by Race/Ethnicity.
- Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits. Restaurant Visits. Wearing Masks. (graphs)
- Safegraph.com: Commerce Patterns(graphs).
Night Trading
Morning Preview Links
Earnings of Note
Company/Estimate
- Asian equity indices are -2.5% to -1.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 128.75 +5.25 basis points.
- China Sovereign CDS 72.25 +2.5 basis points.
- Bloomberg Emerging Markets Currency Index 48.3 -.3%.
- Bloomberg Global Risk-On/Risk Off Index 44.4 +.8%.
- Bloomberg US Financial Conditions Index -.18 -3.0 basis points
- Volatility Index(VIX) futures 27.4 -.5%
- Euro Stoxx 50 futures -1.0%.
- S&P 500 futures -.03%.
- NASDAQ 100 futures -.12%
Earnings of Note
Company/Estimate
Before the Open:
- None of note
After the Close:
- None of note
Economic Releases
8:30 am EST
- The PPI Final Demand YoY for Aug. is estimated to rise +8.8% versus a +9.8% gain in July.
- PPI Ex Food and Energy MoM for Aug. is estimated to rise +.3% versus a +.2% gain in July.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory gain of +1,890,750 barrels versus a +8,845,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -757,000 barrels versus a +333,000 barrel gain the prior week. Distillate Inventories are estimated to fall by -410,750 barrels versus a +95,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.35% versus a -1.8% decline prior.
Upcoming Splits
- (PANW) 3-for-1
Other Potential Market Movers
- The Eurozone Industrial Production report, weekly MBA Mortgage Applications report, Bank of America Healthcare Conference and the Morgan Stanley Laguna Conference could also impact global trading today.
- 9:30 am - 4:00 pm EST