I don’t know where to begin.
I woke up early this morning to the usual smack across the face by my fucking dog at 5am and upon checking messages, saw that my Love’s mom had called me. Knowing that she (Love) had only recently emerged from Hospital after having some internal bits rearranged, I feared the worst. Turns out 90-yr old Mom had pressed the wrong button on the iPhone. OK, on to today’s news:
Grandma Yellin speaks today at Jackson Hole, Wyoming. A place you never want to go to unless you are skiing and it is March. Apparently, she has said Cautious Things and one of her butt-boys has said Hawkish Things and the DJIA has been bouncing around like a ping pong ball in Rio ever since. Yellin is the worst Fed Chair in my lifetime.
Iranian Revolutionary Guards posing as Yemenis have lobbed missiles of some sort that have landed somewhere in the vicinity of some Saudi oil operation, causing panic amongst amateur futures traders. Then again, *anything* can cause panic among amateur futures traders who are clueless morons. Oil has retreated from it’s spike over the bogus news from the Kingdom. I picked up some $DWTI on the news.
Japan: Annual deflation deepened last month, with consumer prices falling by 0.5% in the year to July. It followed a 0.4% drop in June and was the biggest fall in more than three years as businesses delayed price hikes because of weak demand. Conclusion: Abenomics has nowhere to go, the Japanese are practically begging Yellin to raise rates, not gonna happen, Abenomics is fukado.
Marie le Pen has fired the next salvo across the bow of the endangered European Union as she ramps up her call for “Frexit”. In other EU news, the British Pound is up smartly as Q2 numbers look good. Italy and Austria hold EU-Exit referendums in October.