CNN Scrubs Trump Tweet to Exclude the ‘Crooked Hillary’ Moniker

The Clinton News Network (CNN) broadcasted a tweet that Trump sent out, challenging H. Clinton to release her medical records. The only issue with their broadcast is that it was edited to exclude Trump’s term of endearment for her: ‘Crooked Hillary.’

Can you imagine the shit these fuckers were pulling before the internet was around to check them?

What the fuck is a ‘shariah compliant’ note anyway. In this BBG article, they describe the debt as being compliant with the tenets of the Koran. Really, JP Morgan? I mean, what the fuck?

Since crude has been spiraling lower, the jackasses who issue islamic notes have been undergoing buyer disinterest.

So, like the good little lap dogs they are, JP Morgan is trying to stoke interest in this religious debt, by adding them to it indexes.

“We’ve already received several queries from clients who previously have not invested in sukuk and now want to understand the product,” said Hasif Murad, an investment manager at Kuala Lumpur-based Aberdeen Islamic Asset Management Sdn. JPMorgan’s step “will potentially lead to a wider acceptance of sukuk for investors” that don’t want to risk performance diverging too far from their benchmarks, he added.

The inclusion in JPMorgan indexes “will foster stronger market participation for sukuk,” said Angus Salim Amran, the Kuala Lumpur-based head of financial markets at RHB Investment Bank Bhd. “This is market positive. Funds that benchmark against these indices will be required to increase allocation to sukuk.”

“Sukuk will gain more attention from now on, but the market may need variety in terms of offerings to sustain the momentum,” said Sedco’s Fakrizzaki. “Issuers may now consider issuing benchmark sizes and to be rated.”

It’s not known whether JP Morgan will permit women to buy this debt. However, it is widely believed that this product will not be marketed to gays or persons of the Jewish persuasion, as that would be blasphemous and wholly against the will of allah.

According to wikipedia:

Since fixed-income, interest-bearing bonds are not permissible in Sharia or Islamic law, Sukuk securities are structured to comply by not paying interest. This is generally done by involving a tangible asset in the investment. For example, by giving partial ownership of a property built by the investment company to the bond owners who collect the profit as rent, which is allowed under Islamic law. Upon expiration of the Sukuk, the rent payments cease.

Sounds capitalistic. Where do I sign up?

The Dow is higher by 125 and the gorillas are very active this morning, throwing feces at one another. Taking a look under the hood of today’s action, the biggest winners are found in high yielding stocks and bonds–namely REITs, utilities, long dated treasuries, even gold.

How does that make sense with the dollar higher by 0.2%?

Buying financials because you think rates are going up is utterly retarded, if in fact the spread of the yield curve is tightening. That’s exactly what has been transpiring, with spread now just 76 bps between the 2-10yr.

REITs highlight today’s winners in financials.

The ark floats, asshole.

Even overvalued utilities go higher in a negative interest rate world of wonder.

Granted, plenty of other stuff is going higher with these risk off assets. But, it bemuses me to see these assets elevated in price after months of relentless rallies in stocks. The death of the bond trade has been predicted far and wide, for years, and all to no avail. Maybe, just maybe, it is the desired outcome for cash strapped, debt laden, governments to see their borrowing costs as cheap as possible–maybe even profitable via negative rates. After all, don’t you shop for the lowest possible rate when taking out a mortgage or a line of credit?

Scott Mather, CIO of U.S. core strategies, is suggesting investors use this slow grind higher to reduce risk, selling out of higher yielding fuckery in exchange for ‘safer’ stuff. This, of course, is the thinking of a rational man, but also one of a coward. He cites the fact that markets wouldn’t be doing so good, if it weren’t for the explicit rigging of markets by central banks.

Can anyone argue with that?

The trillion dollar question is when will the central banks stop rigging markets? People have been pondering this question dating back to 2009. For nearly half a decade, pundits have been saying ‘The Fed is pushing a string.’ Meanwhile, here we are in 2016 and the central bank hegemony over markets is stronger than ever. They’ve managed to completely eradicate credit risk in Europe, something–at first–thought to be an impossible task. Yields have gone from elevated levels to negative. Markets are at record highs and nothing seems to deter them, not even news!

Commodities are weaker this morning, in spite of a sharply higher stock market.

WTI is off by 1.7% and the dollar is, once again, strengthening v the euro. This comes after expectations for a September or December rate hike soared, given Yellen’s most recent remarks.

This morning consumer spending came in at 0.3%, matching expectations. There is a glow around stocks now that is hard to shake. Even though a stronger dollar and weaker oil price is bad for the fundamentals of the economy, investors are buying stocks regardless.

Like I said last night, don’t expect much of a move this week, until the Friday jobs report. It’s the last week of August. The Bears have been flayed and festooned all over Wall Street. This is nothing less than a celebratory victory lap in the face of harrowing headwinds.

He should’ve known that he was working for a public relations arm of the Democratic Party.

He penned an article about Hillary’s health and was summarily fired and his articles destroyed, erased from history, Xerxes style.

How wonderful and splendid.

Here is a cached version of the article.

In a very unusual move, the tax inversion giant, Mylan, announced it’d launch a generic version of the Epipen, to cannibalize its own branded drug, at the reduced cost of $300. Compared to the branded price tag of $608, $300 seems like a bargain. However, bear in mind, when Mylan acquired this drug in 2007, the price tag was $100.

Our decision to launch a generic alternative to EpiPen is an extraordinary commercial response,” Bresch said on Monday. “We determined that bypassing the brand system in this case and offering an additional alternative was the best option.”

This is a very greedy move by Bresch. By refusing to cut the price of the branded version, she ensures that a certain percentage of people will continue to buy it at the elevated price. If you needed the Epipen for your daughter or son, would you take the chance with an unknown generic version, which is often synonymous with low quality, or pay up for the life saving branded version?

Exactly.

Shares of MYL are higher by 2% this morning.

I hope all of you had wretched weekends, filled with comical slips and falls down empty elevator shafts.

Markets shouldn’t be expected to do much ahead of Friday’s jobs report, especially on the last week of August. Do you have any idea what a blessing this summer has been for Wall Street’s elite? Clearly, you can see why H. Clinton is the preferred President. The status quo is working well for the men in dark navy suits. Profits are bountiful, tax havens are secure, and central banks are working in concert with gigantic pension funds to ensure quality melt ups.

While it’s true, all of the new investment is occurring overseas and the Dow 30 is more of a global mix of oligarchs gone mad, than a true representation of America’s economic power, no one really gives a shit anyway.

With that in mind, the market is pricing in a 33% chance of a Fed rate hike in September and a 60% chance of one in December.

On Friday, the August jobs report is expected to come in at 180k. If that number is met or exceeded, the chances of a September hike will soar. Barring some sort of market malady, the media will go haywire with Fed rate hike commentary, most likely followed up by flurry of hawkish speeches by Fed heads.

This might lead to a sell off in bonds, gold and other safe havens and into financials. Or, it can cause a true and powerful rally in the dollar, which in turn might negatively effect FX markets in Asia and lead to a flight of capital in mainland China, similar to what we saw earlier in the year. I guess it all depends on mood and whether or not investors feel comfortable hiking rates in a low inflation environment.

The last rate hike didn’t bode well for risk assets, bear that in mind.

Enjoy the rest of your 8-balls.

For the past several weeks, copper has been a thorn in the side of the bullish narrative. Gains have all but dissipated and the trends are lower.

Fundamentally, the industry is wrought with ballooning stockpiles, with inventories jumping to 10 mo highs.

As a result, asset managers have been placing bearish bets.

“There’s just no stomach for investors to push their longs in copper,” said Bob Minter, a Philadelphia-based investment strategist at Aberdeen Asset Management, which oversees $402 billion. As demand slows, “the second half of the year is traditionally a challenging time for many of the industrial commodities, so seasonality is working against copper at this point too,” he said.

Hedge funds and other large speculators held a net-short position, or bets on price declines, of 4,991 U.S. copper futures and options contracts in the week ended Aug. 23, according to Commodity Futures Trading Commission data released three days later. They switched from a net-long position, or wagers on a rally, of 2,237 a week earlier. Futures traded on the Comex in New York fell 4.3 percent last week to $2.0845 a pound on Friday. Prices are down 2.4 percent this year.

Copper will fall below $2 before the end of the year, Dane Davis, an analyst at Barclays Plc, said in a telephone interview. The market will face a “difficult time” in the second half after China front-loaded its economic stimulus and the efficacy of such measures starts to fade, he said.

SUPPLY STORM LOOMS.

As demand falters, supplies are set to increase. Production from the companies Goldman Sachs tracks, which account for 60 percent of global mine supply, expanded 5 percent in the first half, analysts led by Jeff Currie wrote in a report Aug. 4. Output will rise as much as 15 percent in coming quarters, signaling the copper market is “entering the eye of supply storm,” the analysts said.

My favorite way to play it, naturally, is by shorting over-leveraged piece of offal, FCX.

The stock is down 16% over the past month and heading lower, inexorably.

Indeed it was an interesting summer. As the season winds down, let’s hope for most interesting occasions.

Don’t forget to reserve your seat to iBC’s 3rd quarter boot camp, scheduled to start tomorrow evening.