4,244
0.87%
4,244
0.87%
12,940
1.25%
12,940
1.25%
33,526
0.57%
33,526
0.57%
1,812
0.27%
1,812
0.27%
23,947
-0.04%
23,947
-0.04%

*XI PLANNING TO MEET WITH BIDEN IN ASIA IN NOVEMBER, DJ SAYS
Thrilled that so many people seem to be spending their summers reading about commodities (thank you for the photos!!!).

I'm heading to the Pyrenees mountains for a short break from the energy crisis and commodities. Regular Twitter service will resume in 10 days.
Nasdaq now up 23% off its low. Congratulations, we now have the average bear market rally. Across 26 bear market rallies from 1929-1932 and 2000-2002, the average is 23%. After 2000, there were two 40%+ bear market rallies and one 50%+ rally before the market bottomed.
We have nothing to fear but the lack of fear.

Weekly $VIX
“Truth emerges more readily from error than from confusion.”

— Francis Bacon, c. 1610, “The Works of Francis Bacon,” edited by J. Spedding, R.L. Ellis and D.D. Heath (1896)
What I find amazing is that Rs haven't decided to cut their losses over their ludicrous attempts to debunk the CPI. They just keep digging the hole deeper, revealing their ignorance and bad faith with each attempt
Move up for August ⁦@UMich⁩ Sentiment Index to 55.1 vs. 52.5 est. & 51.5 in prior month; current conditions down to 55.5 vs. 57.8 est. & 58.1 in prior month; expectations up to 54.9 vs. 48.5 est. & 47.3 prior
How to drag your feet, abandon systematic policy, and in so doing, amplify the late-1970's inflation, encourage a mortgage bubble => global financial crisis, provoke an "everything bubble" of yield-seeking speculation => 😬, and contribute to the highest inflation in 40 years.
*PELOSI: MUST ENSURE GASOLINE PRICES AT PUMPS CONTINUE TO FALL

She bought puts
Quote of @michaeljburry
spending more is not really a choice during runaway inflation
Net consumer credit balances are rising at record rates as consumers choose violence rather than cut back on spending in the face of inflation. Remember the savings glut problem? No more. COVID helicopter cash taught people to spend again, and it's addictive. Winter coming.
Positioning for the Fed’s next moves — Subscribe now at — critical, in-depth, analysis of the issues facing our country and the world economy with emphasis on how central bank moves cause ripples.

#Quillintelligence
#ResearchRevolution
Positioning for the Fed’s next moves — Subscribe now at — critical, in-depth, analysis of the issues facing our country and the world economy with emphasis on how central bank moves cause ripples.

#Quillintelligence
#ResearchRevolution
Quote of @wowinteresting8
I must have done it wrong. Ribs often broke, not that it stopped me.
What happens inside the body when CPR is applied.
The world's preeminent safe haven assets are German & Dutch government bonds, not US Treasuries. It was Germany (DE) & the Netherlands (NE) that got foreign inflows during the chaos of the first COVID wave in 2020, alongside Australia (AU) and Canada (CA). The US had outflows...
Dow and Nasdaq both up 129 points.
Five years after calling #Bitcoin an “index of money laundering,” BlackRock’s Larry Fink is getting laser eyes. - @politico

Eventually, everyone sees the light.
What is the best meme on the European sentiment?

I will start..
Prediction: Ken Griffin’s investment ends up underwater
G.A. Roeders, a 200-year-old German aluminum foundry, will institute regular shutdowns due to Germany’s skyrocketing gas prices. The Germany’s sanctions against Russia are destroying German industry. Trouble is brewing. Germans will soon be in the streets.
I'm not sure the divergence between the VIX (equity implied vol) and the MOVE (fixed-income implied vol) has gotten enough airtime. It's been steadily happening for a while...but I don't know why. I tend to lean more on fixed-income indicators; I just don't know what this means.
Last time Turkish Lira was this stable was in June - July 2020, when $/TRY was anchored at 6.80 and there was official intervention to avoid devaluation. That episode ended in August 2020 with $/TRY going above 7.00. Markets see the current becalmed status of Lira similarly...
Quote of @CT_Osprey
…what dealers & lenders DON’T want to be aired in public.

Oh well!
Mark your calendars for next Thursday, 1:00 pm ET.
@DiMartinoBooth interviews @AutomotiveLife1 for her new series on @HedgeyeTV

Here's the link...

Breaking news

Salman Rushdie attacked during panel in western New York, report says |  Link
The back-to-school shopping season has kicked off strongly, offering some relief amid concerns about US consumer resilience, according to Bank of America |  Link
These are the shares to watch next week as earnings reports roll in |  Link
With an easy path to re-election in November, California Governor Gavin Newsom is stepping up his national presence by trolling the GOP and expressing Democratic frustration |  Link
.@EquityAnimal CEO @itsmarkmoran on investor relations: “The companies we work with have to have strong management, management that thinks on their feet and can handle questions that aren't coming from equity research analysts.”
Banks are pushing back on key parts of Washington’s latest bid to get them to boost lending to lower-income communities, setting up a policy clash with key Biden administration regulators and Democratic lawmakers |  Link
Could Disney actually sell ESPN? The sports network is expensive to operate and viewership has declined... |  Link
Ron Insana: The Fed may have retired 'transitory' too soon to describe inflation |  Link
What came down could continue to go up -- or not via @opinion Link
A Chinese solar tycoon has doubled his fortune to $13 billion after US sanctions — and he's expanding his operations in Xinjiang |  Link
The House is on track to send Biden a roughly $437 billion tax, climate and drug price package for his signature, a hard-fought victory that follows a year of Democratic infighting |  Link
Five news stories that captured the City of London's attention this week |  Link
China’s Xi Jinping Plans To Meet With Biden In First Foreign Trip In Nearly Three Years - @WSJ Link
Falling gas prices buoy consumer sentiment, temper inflation expectations |  Link
Foreigners own less than 3% of US agricultural land, and American farmers are retiring. Here's what we should do to improve food security, says @AdamMinter via @opinion Link
Barloworld, the South African car dealer and supplier of equipment to the mining industry, is marketing the nation’s first sale of debt linked to gender-diversity targets |  Link
Nakheel, the developer of Dubai’s artificial palm-shaped islands, plans to raise a loan of about $4.6 billion to refinance existing debt, sources say |  Link
Salt Bae restaurant makes £7 million in just four months in London—even without its celebrity chef |  Link
From @Breakingviews: Giorgia Meloni’s popularity is soaring. Her manifesto, drafted with right-wing allies, favors tax cuts and fiddling with EU recovery cash, says @LJucca. Yet EU and market vigilance will tame radical fiscal ideas that may endanger Italy’s big state debt
Hedge fund billionaire @StevenACohen2 is reportedly setting up a separate, crypto-focused asset manager to trade spot cryptocurrencies and derivatives. @BrandyBetz reports |  Link
BREAKING: Author Salman Rushdie was attacked Friday as he was about to give a lecture in western New York via @AP Link
Bitcoin is wrestling with $24,000. What chart analysts see happening next with the crypto's comeback |  Link
Russia's wealth fund could add China's yuan as the Kremlin explores other currencies while sanctions keep dollar and euro assets frozen |  Link
Fed's Barkin says rate increases need to continue until inflation holds at 2% |  Link
Ron Insana: The Fed may have retired 'transitory' to soon to describe inflation |  Link
Elon Musk says the Tesla Semi Truck will be delivered in 2022 |  Link
House to vote on major climate, tax and health bill, teeing up huge win for Biden |  Link
While there’s little doubt now that food inflation is real, measuring price changes can be fiendishly difficult and highly subjective. Mayonnaise is a perfect example |  Link
"Not everything that can be virtualized will have value," says billionaire Mark Cuban. The Dallas Mavericks owner took to Twitter to explain why he doesn't value virtual real estate after slamming #metaverse properties on Altcoin’s YouTube podcast.
US consumer sentiment rose in early August to a three-month high on firmer expectations about the economy and personal finances |  Link
Mastercard is facing pushback from retailers over a new product that allows customers to pay off their purchases in installments |  Link
Investors are fleeing these bonds that protected you against inflation |  Link
Fed's Barkin wants to keep hiking interest rates until there is a 'sustained period' of inflation under control |  Link
Warren Buffett's Berkshire Hathaway has plowed over $25 billion into Chevron and Occidental this year. One energy guru suggests why. |  Link
Traders expect the ether rally to fizzle out as upcoming merge to proof-of-stake system will be a ‘sell the news’ event |  Link
Malcolm Gladwell, addressing criticism: 'Solitary work' can be done at home but for creative work, 'offices really do matter' (via @CNBCMakeIt) |  Link
DOJ plans to retry Philip Esformes despite Trump commuting sentence of Florida nursing home owner |  Link
The Senate’s budget plan is a step forward, but the work of fixing the benighted American tax system has barely begun via @opinion Link
Toast $TOST Rallies After Guidance Tops Analyst Estimates |  Link
🚨TUNE IN: Colombia's new leftist government headed by Gustavo Petro wants to cut inequality and raise money for poverty-fighting programs. It might not be so easy. Join the LIVE discussion 🎙@JPSpinetto 🎙@anjaralop 🎙@mjbristow 🎙@PattyLaya
After a UBS analyst's note sparked a two-day plunge in the drug makers, their shares rallied Friday after they said there is no evidence the heartburn drug causes cancer. A J.P. Morgan note also called the selloff overdone. |  Link
It may not be unexpected, but the trend is unmistakable and growing |  Link
See where high earners moved and drove up typical incomes, making it even harder for locals who make a good salary to buy a home |  Link
With Alibaba stake cut, SoftBank's Son cools toward China tech |  Link
The share of young US workers filing for unemployment has surged during the pandemic |  Link
Africa’s biggest wireless market is moving ahead with a proposed 5% tax on voice calls, mobile data and text messages to tackle a mounting fiscal crisis |  Link
The US equity market rebound can keep confounding skeptics as inflation trends lower, according to Deutsche Bank’s Dirk Steffen |  Link
Headwinds for the UK economy spell trouble for the pound |  Link
Ciena $CIEN Gains Following Morgan Stanley Upgrade |  Link
2 simple, everyday ways to help keep the people around you from burning out at work (via @CNBCMakeIt) |  Link
France is contending with its worst nuclear outages in decades, putting it at greater risk of blackouts this winter than big neighbors experiencing their own energy headaches |  Link
“It's playing out as a sanctions action against @TornadoCash ... not an individual associated with it, but the smart contract itself ... a much more nuanced issue to discuss." Listen to the conversation with @jillrgunter of @EspressoSys and @nlw. |  Link
Friday, August 12, 2022: Why this sector is strong on falling oil prices |  Link
WATCH: Britain's economy contracted by less than feared in June, when public holidays had been expected to exert a big drag, although sectors most exposed to a worsening cost-of-living crisis struggled |  Link
U.S. consumer sentiment up more than expected in August, survey shows |  Link
Wedbush lowered its stock rating to Neutral and kept the $88 price target on the stock unchanged. |  Link
The SEC is looking into Melvin Capital Management risk controls and investor disclosures after the hedge fund was crippled by the meme-stock rally last year |  Link
While there’s little doubt now that food inflation is real, the key question is by how much? The answer isn’t straightforward, but mayonnaise can help answer it |  Link
Heard on the Street: China’s chip champion had some bumper years thanks to the pandemic. Now SMIC has to grapple with two big problems at once: a drop-off in demand and intensifying geopolitical risks. |  Link
Gas prices dropped below $4 in most states—here's how much a gallon costs where you live (via @CNBCMakeIt) |  Link
Shipping container fees are falling around the world, but not in the U.S. |  Link
Elon Musk tells Joe Biden to 'free some people in jail for weed here too' |  Link
A new report from Bank of America perfectly captures the current market by @MylesUdland Link
China tariffs: 3 factors that could affect whether Biden eases the Trump-era duties by @kevcirilli Link
💰 Love #crypto? Join our community and discuss the hot new virtual currency. 👇
China's housing crash has wiped out $90 billion from builders' stock and bond values this year as debt crisis looms |  Link
The San Diego company slashed its forecast for revenue growth in 2022 to between 4% and 5% from 14% to 16%. |  Link
Pelosi is so skilled at delivering legislative wins that it can be taken for granted, says @jbview via @opinion Link
Investors in the US housing market are starting to pull back in a move that could exacerbate the market's slowdown |  Link
Texas’ two Republican senators aren’t fans of the Inflation Reduction Act. Yet few states stand to gain as much from it as theirs does via @opinion Link
Five Chinese state-owned companies to delist from NYSE amid U.S. tensions |  Link
Colombia's new leftist government wants to cut inequality by redistributing wealth, rethinking the war on drugs, and raising money for poverty-fighting programs. It won't be so easy. 🚨Tune in for a discussion with our LatAm team at 11 a.m. ET |  Link
India’s retail inflation softens for a third straight month, taking some pressure off the central bank from pursuing steep rate hikes to control inflation |  Link
Germany is on Track to Meeting its Gas Saving Target |  Link
📻🎙 Inflation may have cooled to a degree in July, but pressures are still simmering. @johnauthers weighs in on Bloomberg’s Opinion podcast with @VonnieQuinn Listen to the full conversation ⤵️ Apple: Spotify: |  Link Link
Germany is on Track to Meeting its Gas Saving Target |  Link
Bitcoin mining hosting firm @APLDBlockchain signed a $15 million loan with a North Dakota bank to pay off its debt and continue building its data centers. @egreechee reports |  Link
Polio detected in New York City sewage suggesting local circulation of virus, health officials say |  Link
There's more than one important number when it comes to inflation. Bloomberg's @TheStalwart explains how to interpret the latest CPI data |  Link
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