Michael Is Now A Hurricane, Will Continue To Strengthen As It Approaches Florida Panhandle

Update from Reuters: MICHAEL BECOMES A HURRICANE AND CONTINUED STRENGTHENING EXPECTED, HEAVY RAINFALL AND STRONG WINDS SPREADING ACROSS WESTERN CUBA, RISK OF LIFE-THREATENING STORM SURGE, HEAVY RAINFALL, AND DANGEROUS WINDS INCREASING FOR THE NORTHEASTERN GULF COAST: NHC * * * A new tropical storm has…

NYC Home Sellers Are Slashing Prices “Like It’s 2009”

The crumbling New York City real estate market has continued apace during the third quarter, after more than half of homes sold in Manhattan during the second quarter closed below asking price – the worst Q2 tally since 2009. And while real-estate brokers had hoped…

Existing Home Sales At Lowest In 30 Months, Inventories Rise First Time In 3 Years

Following continued weakness in July, analysts once again hope for a rebound in home sales in August but once again they were disappointed. August existing home sales were unchanged from July’s -0.7% drop, hovering at 5.34mm SAAR – the lowest since Feb 2016. Expectations were…

World Stocks, 10Y Yields Rise As Trade Tensions Ease; Dollar Slides

World stocks and US equity futures continued to rise on Thursday in thin trade amid relief that the latest U.S. and Chinese tariffs on were less harsh than feared despite concerns about next steps in the US-Sino trade war, helped by a dollar which slid…

Meet The Plunge Protectors: Here’s Everything Investors Should Know About China’s “National Team”

After flying under the radar for months while Chinese domestic markets continued to drift lower, rattled by trade war fears, a strengthening dollar and anxieties tied to the PBOC’s deleveraging campaign, China’s National Team made its presence felt several weeks ago, just as the domestic…

WTI Extends Losses After Smaller Than Expected Crude Draw

WTI continued to drift lower today into the inventory data amid concern that “emerging-market contagion is going to suppress economic growth and limit demand,” said Gene McGillian, manager of market research at Tradition Energy. API reported a third weekly draw in a row for Crude inventories…

Italy’s Populist Leaders Challenge Brussels, Vow Much More Spending

After an initial burst of panic selling in May, Italian bond yields have continued to drift higher – the yield on the Italian 10Y is now well above the May highs – as the coalition government’s fiscal plans and expensive election promises have remained a…

WTI Dives Back Below $67 After Surprise Crude Build

WTI continued in its rangebound mode (slightly weaker into tonight’s print) but slumped back below $67 tonight after API reported a surprise crude build.   API Crude +3.66mm (-2.5mm exp) Cushing +1.64mm  (+500k exp) Gasoline _1/56mm Distillates +1.94mm The last few weeks have seen crude…

Iran Protest Deaths Reported Ahead Of Monday’s Renewed Sanctions

As we predicted last week, protests have continued across multiple Iranian cities through the weekend fueled by general dissatisfaction over a collapsing economy, runaway inflation, and a sharp hike in prices on imported products, all of which has made life miserable for many Iranian citizens. However, it…

In Angry Tweetstorm Trump Escalates Attack On Media: “They Can Also Cause War”, Claims US Winning Trade War With China

Trump started off his Sunday early with a tweetstorm that continued his spirited defense of trade war with China from the previous day, claiming his rising tariffs on other nations are “working big time,” vowing to tax any nation that doesn’t manufacture its products in…