Hesitation that hindered trading Monday faded somewhat in markets awaiting Janet Yellen's Jackson Hole speech coming on Friday. The Dow was up nearly 100 points early but faded to up 20 by the close. Eurpean markets were much stronger with gains of more than 0.5% to well over 1% for major markets. The pan-European STOXX 600 closed up 0.93%.
WASHINGTON (Reuters) - The U.S. budget deficit is expected to grow to $590 billion in fiscal year 2016 due to slower than expected growth in revenues and higher spending for programs including Social Security and Medicare, the Congressional Budget Office said on Tuesday.
WASHINGTON (Reuters) - State insurance regulators in a court brief on Monday said a powerful U.S. council made up of the heads of all the federal financial regulatory agencies disregarded their work when it designated of MetLife Inc. as "too big to fail."
WASHINGTON (Reuters) - The number of regional Federal Reserve banks calling on the central bank to raise the rate it charges commercial banks for emergency loans rose to eight in July, minutes from the Fed's discount rate meeting released on Tuesday showed.
NEW YORK (Reuters) - General Motors Co said Tuesday a Texas judge had denied its bid to throw out a lawsuit over a fatal 2011 crash blamed on a faulty ignition switch, after the company accused a car driver and his lawyers of fabricating evidence about the vehicle's key.
WASHINGTON (Reuters) - New U.S. single-family home sales unexpectedly surged in July, reaching their highest level in nearly nine years amid robust demand, brightening the housing market outlook and bolstering views that economic growth will pick up in the third quarter.
BERLIN (Reuters) - Volkswagen and two of its parts suppliers on Tuesday resolved a contract dispute that had hit output at more than half of the carmaker's German plants and threatened to undermine its recovery from a diesel emissions scandal.
US and European manufacturing PMIs disappointed (but don't tell the mainstream media), European consumer confidence tumbled, Richmond Fed business survey crashed... but New Home Sales managed a completely normal 6 standard deviation beat...
and so stocks rallied...
While not as obvious as yesterday's malarkey, today's market action had an odd pattern to it - the on-the-hour selling pressure... (note the overnight mini flahs crashes in VIX - which seemed to provide a day session marker)
As Realized Vol has collapsed to its lowest since 1994...
Stocks gapped higher at the open thanks to pre-market exuberance in futures, with S&P banging new record highs during the day... but - apart from Small Caps - stocks drifted lower from the gap open...
Vince Foster was a mentor to Hillary when they worked together at the Rose Law Firm in Little Rock, Arkansas. When Bill was confirmed as the 42nd President of the United States on January 20, 1993, Foster took a role as his Deputy White House Counsel. 6 months later, to the day, Foster was found dead in Fort Marcy Park, along the Potomac River, of a apparent "suicide" resulting from a gun shot from a .38 caliber revolver.
Like a lot of things surrounding the Clintons, Foster's "suicide" has always been shrouded in mystery. A few months ago, The Daily Mail interviewed former FBI agents Coy Copeland and Jim Clemente who claimed that Hillary "triggered" Foster's "suicide" by "humiliating" him in front of colleagues just a few days before his death.
'Hillary put him down really, really bad in a pretty good-size meeting,' Copeland says. 'She told him he didn't get the picture, and he would always be a little hick town lawyer who was obviously not ready for the big time.'
Indeed, Hillary went so far as to blame Foster for all the Clintons' problems and to accuse him of failing them, according to Clemente, who was also assigned by the FBI to the Starr investigation and who probed the circumstances surrounding Foster's suicide.
If ordinary Germans were not traumatized enough by this weekend's shocking official announcement that they should prepare to stockpile several days of food and water "in case of an attack of catastrophe" as part of the country's revised "Civil Defense Concept", then the latest news from German press agency DPA, which cites a confidential document prepared by the government according to which the government is considering "bringing back nationwide conscription in times of crisis", such as situations in which the country needs to "defend NATO's external borders," will surely put them over the edge.
"An attack on German territory that would require conventional defence is unlikely," the document said. However, civil defence measures are necessary because a "major security threat in the future cannot be ruled out," it added.
The German government abolished compulsory military service in 2011, arguing that there was no longer a geopolitical need for it. Even before then, many young men had avoided military service by opting to perform non-military service, such as working in care homes or in hospitals.
However, it appears that the government is now quietly considering its reintroduction under the controversial Civil Defense Plan, which is due to be discussed by the German cabinet on Wednesday, and focuses on fulfilling Germany's obligations to defend NATO's external border. However, as DPA adds, the proposal to revive military service is not readily apparent and can only be found buried in a section entitled "Civil support for the ...
If The British needed any more confirmation of their decision to leave The EU, Jean-Claude Juncker, president of the European Commission, just gave them a big one. The often incoherent "when it's important, you have to lie" politician spewed more United States Of Europe tripe this morning when he called for European nations to drop border controls, claiming that borders were "the worst invention ever." Britain's new PM, Theresa May, was not amused...
Speaking at the European Forum Alpbach in Austria's Tyrol, Mr Juncker said: "Borders are the worst invention ever made by politicians" and said solidarity must be given to refugees and their children... (Border bullshit starts at 10:15 - note the mindless applause from the audience when Juncker drops his line)
As The Express reports,
Mr Juncker's comments were taken as a sign that he intends to block attempts to tighten border checks to deal with the migrant crisis overwhelming Europe.
It is also a challenge to France and Belgium who have pushed for an end to the Schengen free-move ...
Big banks have long complained about the costs of holding large pools of inactive deposits, especially in countries where interest rates have turned negative. Increasingly, they are charging customers to look after their cash.
For decades, beer, wine and liquor producers have been helped by a notion that a little alcohol can provide modest coronary and other health benefits. Now health-policy officials around the world scrutinize their previous advice in the light of research pointing to possible cancer risks.
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