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Business News & Views - Metals, Markets, Shipping, Energy, More

Discussion in 'Coffee Shack (Daily News/Economy)' started by searcher, Aug 25, 2017.



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Rather than continuing the weekly "R.T.M. ~ Frontrunning ~" thread decided to start a daily business news, views & commentary thread along the same lines. Feel free to join in.
     
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    COT Gold, Silver and US Dollar Index Report - August 25, 2017
    By: GoldSeek.com
    COT Gold, Silver and US Dollar Index Report - August 25, 2017

    Gold Seeker Weekly Wrap-Up: Gold and Silver End Slightly Higher on the Week
    By: Chris Mullen
    Gold waffled between $1288.40 and $1285.60 in London before it jumped up to $1293.20 in early New York trade and then spiked down to $1276.50 shortly before 10AM EST, but it quickly rebounded to a new session high at $1294.00 by late morning and ended with a gain of 0.38%. Silver rose to as high as $17.167 and ended with a gain of 0.53%.
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Ira Epstein's End of the Day Financial Video 8 25 2017
    Ira Epstein



    Published on Aug 25, 2017
     
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    Ira Epstein's End of the Day Agriculture Video 8 25 2017
    Ira Epstein



    Published on Aug 25, 2017
    Ira Epstein reviews the days trading in the agriculture markets
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Ira Epstein's Metals Video 8 25 2017
    Ira Epstein



    Published on Aug 25, 2017
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    SD Weekly Metals & Markets Wrap.............

    BREAKING: 21,000 GOLD CONTRACTS DUMPED ON MARKET | Turd Ferguson
    SilverDoctors



    Published on Aug 25, 2017
    https://sdbullion.com
    http://www.silverdoctors.com/precious...

    21,000 contracts were just dumped on the gold market…

    Gold and silver have recovered after this morning’s manipulation. But Gold and silver were capped throughout this week. Silver was capped at it’s 200 day moving average, while gold breaks below the key 1300 level. What’s next? Craig Hemke (Turd Ferguson) joins for this week’s exclusive SD Metals & Markets.

    Fort Knox vault was open for the first time in over 40 years. Steve Mnuchin and other politicians visited Fort Knox. They say the gold is safe, but there are reasons to think otherwise…
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Lior Gantz – Record High Personal Debt Could Cause Financial Avalanche
    Greg Hunter



    Published on Aug 22, 2017
    Financial newsletter writer Lior Gantz says the most dangerous debt problem in the world is not debt held by governments, but personal debt held by the public. Gantz says, “Personal consumer debt is at an all-time high. When student debt is at an all-time high, when mortgage debt is at an all-time high, when you have car loan delinquencies at an all-time highs, these are debts the government will not insure. You don’t think the government will come in and save every student or people with credit card debt, do you? This is the debt people need to worry about. What happens when the people can’t pay their own debt? That is a game changer because that will not be backed by any government. This could create the avalanche that will send the markets tumbling down.”

    Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Lior Gantz.
     
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    Are Crypto-Currencies Doomed to be Crushed by the Banks? | David Morgan
    Reluctant Preppers



    Published on Aug 26, 2017
    =================
    Get Silver at SPOT PRICE and Support ReluctantPreppers!
    https://www.SDBullion.com/RP

    Donate to Support ReluctantPreppers!
    https://www.Patreon.com/ReluctantPrep...
    or
    https://www.paypal.me/ReluctantPreppers
    ==================

    David Morgan, renowned silver guru consulted globally by high net-worth investors, and frequent speaker at conferences all over the world, joins Reluctant Preppers to address these pointed questions: - Is There Enough Silver in the World to Power the World with Solar? - Is There Enough Silver in the World for Everyone to Invest In? - Where Has All the Silver Gone? , and - Are Crypto-Currencies Doomed to be Crushed by the Banks?


    =====================

    Where Has All the Silver Gone?
    Total 50B oz silver ever mined in history.
    Half has been lost & landfilled (25B oz)
    Most of the remaining has been dispersed (silverware, jewelry, electronics)
    Roughly 2.2B oz investable (bullion, coins, rounds, commercial bars)
    Very small percentage of physical available at current prices

    Is There Enough Silver in the World for Everyone to Invest In?
    5% of World population in US
    “Everyone should own a little” … How much is everyone? How much is a little?
    2 oz per person in US only would absorb world’s entire annual production
    Watch “Silver Market Myth” on YouTube:
    https://www.youtube.com/watch?v=IHcus...
    Gold represents 1% of world’s “money” supply
    Silver 0.02% of world’s “money” supply
    See: USDebtClock.org $782/oz silver, $6448/oz gold

    Crypto-Currencies Role with Precious Metals vs. Fiat Currency?
    BitCoin & blockchain: proposed to be de-centralized, anonymous, private,
    Will governments and banks crush cryptocurrencies, once cryptos become a credible threat to their power monopoly?
    Can any alternatives such as asset-backed cryptos (tea, timber, precious metals, etc..) survive being crushed?


    Subscribe (it's FREE!) to Reluctant Preppers for more ► http://bit.ly/Subscribe-Free

    Channel graphics by http://JosiahJohnsonStudios.com
    Promotion by http://FinanceAndLiberty.com
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    RMR: Exclusive Interview with Roger Ver - Bitcoin (08/26/2017)
    ROGUE MONEY



    Streamed live on Aug 24, 2017
    Roger Ver, World's first Investor in Bitcoin startups including https://Bitcoin.com , https://Blockchain.com , http://Z.cash , BitPay, Kraken, Purse.io & interested in Voluntaryism.
    Roger provides an update regarding Bitcoin, Bitcoin cash, cryptocurrencies and forecast regarding utilization and government attempts to slow down the adaptation of bitcoin.

    RogueNews is a dedicated group of political scientists, editorial engineers, and radio show developers drawn together by a shared vision of bringing Alternative news through digital mediums that evangelize our civil liberties.

    Please subscribe for the latest shows daily!

    http://www.roguemoney.net
    https://www.facebook.com/ROGUEMONEY.NET/
    https://twitter.com/theroguemoney
     
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    TBP - 10 Sunday Reads 08/27
    http://ritholtz.com/2017/08/sunday-reads-104/

    Naked Capitalism Links 08/27
    https://www.nakedcapitalism.com/2017/08/links-82717.html

    SA - Market News Live Feed 08/27
    https://seekingalpha.com/market-news

    LT - Outlook for week of August 28
    https://lunatictrader.com/2017/08/27/outlook-for-week-of-august-28/

    SA - Weighing The Week Ahead: How Can We Create More Jobs At Better Pay? 08/27
    https://seekingalpha.com/article/4102105-weighing-week-ahead-can-create-jobs-better-pay
     
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    Futures Flat As Gasoline Soars On Harvey Devastation, Rising Euro Sends European Stocks Lower

    [​IMG]
    by Tyler Durden
    Aug 28, 2017 6:55 AM

    With billions in economic losses and unknown supply chain shocks to come following devastating and historic flooding in Texas, S&P futures are virtually unchanged (down less than 0.1% at time of writing) while European and Asian shares are modestly lower as oil was little changed. As reported yesterday, gasoline futures surged as the greater impact of the storm that shut more than 10% of U.S. fuel-making capacity was becoming more evident. The Bloomberg Dollar Spot Index fell to its lowest since January 2015 after Janet Yellen and Mario Draghi refrained from discussing monetary policies at Jackson Hole on Friday.

    The US dollar continued to slip against the euro after central bankers’ comments at Jackson Hole provided little reason for a change in this year’s trend. U.S. Treasury futures were steady ahead of a combined $60 BN worth of two- and five-year debt auctions and Friday's payroll numbers. USDJPY hovered above 109.00 handle, with initial main support at 108.60, the low on Aug. 18. EURUSD little changed after rallying initially, but failed to break above 1.20 handle. European bond markets were waiting for impetus as a bank holiday in the U.K. weighed on trading volumes.

    Unlike the US, European stocks started the week on the back foot, with every sector retreating following Friday’s euro surge. the European Stoxx 600 index declined following a surge in the euro towards $1.20 after Draghi did not express concern about the currency’s recent rally at Jackson Hole as some analysts had expected. The Euro Stoxx 50 falls 0.7%, while the exporters-heavy DAX drops 0.7% and France’s CAC falls 0.7%; U.K. markets are closed for public holiday. Germany’s DAX Index fell 0.5 percent to the lowest in a week.


    [​IMG]

    “The strong euro is weighing on European stock markets,” said London Capital Group analyst Ipek Ozkardeskaya. “Tapering talks could further demoralise stock traders in the run-up to the ECB verdict (next month). IT stocks are again on the chopping block.”

    Media shares were among the big losers in the Stoxx Europe 600 Index. European outperformers include Bolsas y Mercados Espanoles +0.9%, Novo Nordisk +0.8%, Steinhoff International Holdin +0.8%, Swiss Prime Site AG +0.7%, Michelin +0.7%, Aryzta AG +0.7%. Underperformers include: EMS-Chemie -1.9%, Vivendi -1.5%, Stora Enso -1.5%, SAP -1.4%, UPM-Kymmene OYJ -1.4%, Infineon -1.2%, SCA -1.1%, Dialog Semiconductor PLC -1.1. German 10yr yields are little changed at 0.38%, while the Italian benchmark yield is little changed at 2.1%. The currency trends from Friday continue with the Euro spot up another 0.06% at 1.1931, as the dollar index declines another 0.31% to 92.454.

    UK PM May has pencilled in August 30th 2019 as the date she will quit as PM, giving her two years to see the UK through Brexit.

    In Asia, South Korea’s won led gains among emerging Asian currencies as broad dollar weakness more than offset the impact of more missile tests from Pyongyang on Saturday morning. The MSCI EM Asia Index of shares rose for a sixth day, up 0.1% while government bonds were mixed. The yen led gains among major currencies even as Bank of Japan Governor Haruhiko Kuroda vowed to maintain an accommodative monetary policy. “We can expect the upside momentum in Asian currencies to continue, at least in the near term,” said Peter Chia, an FX strategist at United Overseas Bank Ltd. in Singapore. “However, we still maintain our view of slightly weaker Asian currencies from now till end-year. The upcoming announcement on U.S. balance-sheet reduction in September should trigger a meaningful rebound in the dollar."

    As noted on Friday, the latest tapering by the BOJ, when it cut purchases in the 5-to-10 year bucket has not had an adverse impact on JGB yields, with 10Y yields sliding again to 4 month lows, down to 0.1% and on the verge of turning negative once again.

    [​IMG]

    Among the more notable Asian events, the onshore yuan rose, while 10-year bonds fell as the Shanghai Composite Index continued its recent advance above 3,300, rising 0.9% to a 20 month high of 3,362.65 after a series of strong earnings. On Monday, the PBOC set the strongest yuan fixing in a year. The onshore yuan extended last week’s gain above 6.65 per dollar after the central bank set the reference rate at the strongest level in a year and the greenback tumbled in late trade Friday. At the same time, the CNY advanced 0.31% to 6.6277 per dollar, set for strongest close since August 2016.

    [​IMG]

    QQ.com reported that in its latest crackdown on bitcoin and other virtual currencies, China may regulate offerings of new crypto-currencies. Early data show China manufacturing and smaller businesses strengthened while picture is slightly dimmer for sales managers and steel sector. Over the weekend, Chinese Industrial Profits rose Y/Y 16.5%, down from 19.1% previously; the slowest growth in 3 months.

    As Bloomberg recaps the recent action, with the much-anticipated - and disappointing - Jackson Hole meeting now behind them, investors this week will be eager for signs of constructive progress in U.S. politics after comments on Friday from Gary Cohn, director of the National Economic Council, cut through much of the gloom that had been generated by recent White House scuffles. Cohn said in an interview he expects tax reform to pass this year and that he didn’t intend to resign over the president’s reaction to riots in Virginia.

    Over the weekend, North Korea conducted another missile test in which it launched short-range projectiles into the sea which travelled around 250km. Separately, there were some reports on social media that suggested that South Korea had said that North Korea has completed preparations for a nuclear test.

    Treasury traders face a week headlined by Tuesday’s auction of bills that mature Sept. 29. They will then look forward to inflation and payrolls data that will be key for determining the Fed’s next moves. Federal Reserve Bank of Cleveland President Loretta Mester urged her colleagues to look past recent weak inflation data and to stick to their gradual pace of lifting interest rates.

    In currencies, the Bloomberg Dollar Spot Index dipped less than 0.05 percent to the lowest in more than two years. The euro increased 0.1 percent to $1.1935, the strongest in more than two years. The British pound rose 0.1 percent to $1.2899, the strongest in a week.

    In rates, the yield on 10-year Treasuries increased less than one basis point to 2.17 percent. Germany’s 10-year yield gained one basis point to 0.39 percent.

    In commodities, gasoline futures soared as much as 6.8 percent as the storm, which came ashore on Friday, continued to batter the state. They were last up 4.5 percent. The impacted region is home to a quarter of U.S. crude oil refining capacity and some areas are expected to receive a year’s worth of rainfall in a week. At least two people have died so far. Harvey has knocked out a quarter of oil production from the Gulf of Mexico, prompting fears it could overturn years of excess U.S. oil capacity and low prices.

    “Although the full impact of the storm’s damage is yet to be determined, the markets expect the impact will be felt globally and affect energy markets for many weeks,” an analyst at FxPro said in a note.

    U.S. economic growth more than halved in the quarter after Hurricane Katrina mauled Louisiana in August 2005, but bounced back by early 2006 as reconstruction began and gasoline prices moderated. After surging on Friday, oil prices were mixed on Monday as markets tried to gauge Harvey’s impact on oil production and refinery demand.

    the biggest move was the surge in gasoline while oil was unchanged as flooding from Tropical Storm Harvey inundated refining centers along the Texas coast, shutting more than 10% of U.S. fuel-making capacity. West Texas Intermediate crude dipped 1.2 percent to $47.28 a barrel, the lowest in more than a week. Gold rose 0.4 percent to $1,296.73 an ounce.

    Economic data include wholesale inventories and Dallas Fed manufacturing activity. Catalent, Parexel and Prospect Capital are among companies reporting earnings.

    Market Snapshot
    • S&P 500 futures down 0.1% to 2,441.50
    • VIX up 4.70% to 11.75
    • STOXX Europe 600 down 0.3% to 372.96
    • MSCI Asia up 0.1% to 160.62
    • MSCI Asia ex Japan up 0.01% to 531.65
    • Nikkei down 0.01% to 19,449.90
    • Topix up 0.2% to 1,600.12
    • Hang Seng Index up 0.05% to 27,863.29
    • Shanghai Composite up 0.9% to 3,362.65
    • Sensex up 0.4% to 31,736.56
    • Australia S&P/ASX 200 down 0.6% to 5,709.89
    • Kospi down 0.4% to 2,370.30
    • German 10Y yield rose 0.9 bps to 0.389%
    • Euro up 0.09% to $1.1935
    • US 10Y yield up 0.1% to 2.17%
    • Italian 10Y yield fell 1.0 bps to 1.809%
    • Spanish 10Y yield unchanged at 1.609%
    • Brent futures down 0.02% to $52.42/bbl
    • Gold spot up 0.4% to $1,296.72
    • U.S. Dollar Index down 0.3% to 92.42
    Top Overnight News
    • WTI crude reverses Friday’s increase; floodwaters overwhelmed swathes of Houston as Tropical Storm Harvey continued to inundate southeastern Texas, pounding America’s fourth-largest city with unprecedented levels of rainfall and crippling the core of the U.S. energy industry.
    • President Donald Trump is planning to kick off one of the most important sales pitches of his presidency this week -- getting Americans fired up about rewriting the U.S. tax code. But there’s no plan to sell.
    • Floodwaters overwhelmed swathes of Houston as Tropical Storm Harvey continued to inundate southeastern Texas, pounding America’s fourth-largest city with unprecedented levels of rainfall and crippling the core of the U.S. energy industry
    • Gasoline surged to the highest in two years and oil declined as flooding from Tropical Storm Harvey inundated refining centers along the Texas coast, shutting more than 10 percent of U.S. fuel-making capacity
    • Uber Technologies Inc. will appoint Expedia Inc.’s Dara Khosrowshahi to run the global ride-hailing leviathan, two people familiar with the matter said. He’ll succeed co-founder Travis Kalanick, who led the firm to $20 billion in annual bookings before scandals forced him out
    • Under pressure from its banks, Toshiba Corp. is racing to resolve several final disagreements with Western Digital Corp. before it can complete a deal to sell its chips business to the U.S. company and other investors by the end of August, according to people familiar with the matter
    • Athene Holding Ltd., untested at running pension funds, wants to compete with the industry’s oldest and biggest firms
      More investors are joining the cast of Wall Street veterans from Jeff Gundlach to Ray Dalio in warning that risky assets are overvalued
    • Samsung to Invest $7 Billion in China Flash-Memory Production
    • China Allows Merger to Create World’s Largest Power Company
    • Traders Ditch Risk as Dalio to Gundlach Warn on Emerging Markets
    • Cohn or Yellen? Bond Managers of $1 Trillion Say Same Difference
    • CBS Squeezes Out Murdoch to Snap Up Ailing Australia Network
    • Altice to Buy Back Up to $1.2 Billion in Stock, Will Eye M&A
    • DLF Founders Sell Stake in Rental Assets to GIC for $1.4 Billion
    • Toshiba Is Said in Talks on Last Hurdles in Western Digital Deal
    • Trump’s Pivot to Taxes Is Fraught With ’Pitfalls Everywhere’
    • Trump’s Afghan Plan Poised to Fail, Pakistan Premier Says
    • White House Sanctions May Scare Off Venezuela Vulture Investors
    Asia stocks traded mixed with most bourses dampened after a lack of fireworks at last week's Jackson Hole symposium, while participants also digested North Korean concerns and the devastation from tropical storm Harvey. ASX 200 (-0.6%) and Nikkei 225 (unch) traded subdued with the former underperforming amid weakness in its largest-weighted financials sector, as CBA shares declined on reports the APRA is to undertake an inquiry into the governance at the bank. KOSPI (-0.2%) was also cautious on further provocation by North Korea. Chinese markets bucked the trend as the Shanghai Comp. (+0.9%) advanced and Hang Seng (+0.1%) briefly broke above 28,000 for the 1st time since 2015, amid earnings including Sinopec which reported an over 40% increase in H1 net. 10yr JGBs initially gained amid the cautious risk tone in the region and with the BoJ also present in the market for JPY 710bln of government debt concentrated in the short-end, although prices then failed to sustain the upside and gradually returned flat.
    Chinese Industrial Profits (Jul) Y/Y 16.5% (Prey. 19.1%); slowest growth in 3 months.

    Top Asian News
    • Kuroda Sees Yield-Curve Control Allowing BOJ to Buy Fewer JGBs
    • Kuroda Cautions That Japan Can’t Maintain Current Growth Rate
    • India, China End Months-Long Military Face-Off in Himalayas
    • Wanda Drops on Reports of Chairman Wang Stopped at Airport
    • Nomura Hires Citigroup’s Rob Webb as Head of Equity Products
    • Singapore Says Sept. 23 Elections If Presidential Post Contested
    • World’s Second-Largest Stock Market Is Getting Interesting Again
    European equity markets are lower with all the sectors trading in negative territory. Reinsurers in Europe are lower after Hurricane Harvey battered Houston and other cities in Texas, although Hannover Re have said they do not expect damage from the Hurricane to be as large as that seen from Katrina. European bonds have opened the week with little fanfare, as the German benchmark lOy yield is mostly unchanged at 0.38%. French yields are higher by over a basis point as Macron's popularity continues to decline, according to recent polls. Italian yields are lower by over a basis point as Italian economic confidence hits its highest level since the financial crisis.

    Top European News
    • May Under Pressure From Labour and EU as Brexit Talks Resume
    • Macron Dreams of Start-Up Nation But First He Must Face the Past
    In currencies, the USD remains under pressure although as EUR/USD reached its highest level since January 2015 after the Jackson Hole Symposium. Draghi's comments were light on details but markets have viewed his refusal to comment on the strength of the EUR as an opportunity to push the pair higher. Cable also gapped higher at the open, although this has been due to general USD weakness rather than any UK specific news, given the public holiday in the UK today. USD/JPY has also drifted lower but has so far found support ahead of 109.00 where there are said to be strong domestic bids.

    In commodities, Hurricane Harvey caused a spike in gasoline futures, up as much as 6% at the open of electronic trade, as refining capacity along the east coast was shut down. Platts estimates that 2.2mln bpd of capacity is shut or in the process of being shut because of the flooding. The WTI/Brent spread also continues to widen with supply disruptions in Libya continuing to support Brent as the Sharara and El Feel oil fields remain shut.

    US Event Calendar
    • 8:30am: Wholesale Inventories MoM, est. 0.3%, prior 0.7%
    • 8:30am: Advance Goods Trade Balance, est. $64.5b deficit, prior $63.9b deficit, revised $64.0b deficit
    • 8:30am: Retail Inventories MoM, prior 0.6%, revised 0.6%
    • 10:30am: Dallas Fed Manf. Activity, est. 16.8, prior 16.8
    DB's Jim Reid and his team concludes the overnight wrap

    No update from Jim yet but I know that he will be over the moon that the likely last game Liverpool have played before the twins are due was a 4-0 hammering versus my beloved Arsenal side. A gritted teeth congratulations knowing that he is reading this with a big grin. The bad news though is that the twins have probably missed the peak for Liverpool this season. Although maybe that is a good thing.

    A bit like Arsenal yesterday, Friday’s Jackson Hole speeches from Yellen and Draghi ended up being something of an anticlimax too. In fact the most interesting aspect of President Draghi’s speech was that he voiced no concern about the recent appreciation in the Euro at all. That gave the green light for the single currency to surge again on Friday evening and it closed up +1.06% at 1.1924 versus the Greenback for its highest close since 5th January 2015. It has now also finished firmer in six of the last seven weeks. This morning the Euro initially opened another +0.33% higher but has since pared those gains as we go to print. On Friday there was some mention from the ECB President of still not seeing evidence of a self-sustained convergence of inflation towards the ECB’s objective but in reality that was nothing new either.

    So markets now have a bit of breathing room until the ECB’s governing council meeting on September 7th. With regards to Fed Chair Yellen, her speech was equally dull in all honesty. M uch of the focus was on her comments around warnings about dismantling some of the post-crisis financial regulation but really there wasn’t much in it for markets. There had been some chatter in the market leading into the speech that Yellen could choose to address the recent easing in financial conditions but this didn’t end up being the case.

    In the end then there was no Sintra repeat although at least both Draghi and Yellen remained co-ordinated, only this time it was a co-ordinated silence. Looking ahead, with the Jackson Hole now out of the way, it feels like a lot of the focus is already turning to the debt ceiling debate which will surely only ramp up in the next couple of weeks. In case you were away last week, we had President Trump warn that he was prepared to shut down the government should Congress not commit to paying for the Mexico border wall. The President also attacked two senior members of his own party – House Speaker Ryan and Senate majority leader McConnell - over the topic while Fitch warned about a possible sovereign rating implication. So expect this saga to rumble on particularly as political negotiations have a habit of going to the wire.

    On a related note an interesting test this week for the bond market might be Tuesday’s 4-week bill offering given that the maturity lines up nicely with the September 29th date that Treasury Secretary Mnuchin called critical for raising the ceiling. Mnuchin also said on Friday that he is 100% certain that the ceiling will be lifted so this should be an interesting test given that last week we saw a bit of selling pressure in that part of the curve.

    We’ve also got some interesting data to come towards the back end of the week as you’ll see in the week ahead at the end. Of most significance for the Fed will be the PCE inflation data on Thursday, while on Friday we’ll then get the August employment report. It’s worth noting that those releases will also be out just before the US heads into a 3-day weekend next week. So it could be a busy week. Closer to home the next round of Brexit negotiations are due to kick off today. The news over the weekend is that the Labour Party have voiced their backing for the UK remaining in the single market for a transition period after leaving the EU. There is some talk now of a potential parliamentary vote when MPs return in early September and with PM May suffering from a divided cabinet it is one to keep an eye on.

    In terms of other weekend news, the Cleveland Fed President Mester reiterated her thoughts on the US economy. On inflation, she views the current softness as largely one-off and noted “I would be worried if the low inflation were telling us that aggregate demand was really falling off…I don’t see that in the data..” and “I do expect inflation to remain below 2% over the next couple of months… and then eventually rise up to our 2% goal”. On the balance sheet unwind, she expects it to begin “soon” and doesn’t anticipate any disruption in the financial markets. Overall Mester also signalled that she favours a “gradual” pace of hikes by the Fed.

    Overnight in Asia markets are a bit mixed with newsflow relatively thin. The Nikkei (-0.08%), ASX (-0.66%) and Kospi (-0.40%) are weaker (the latter not being helped by the news of more missile launches in North Korea), but the Hang Seng is up +0.56% following solid corporate results and Chinese bourses are up 0.9%-1.4% as we type. The big mover in commodity markets has been Gasoline which is up over +5% reflecting the impact of Tropical Storm Harvey over the weekend in Texas.

    Recapping markets on Friday quickly. US equities closed slightly higher following the two speeches and Trump’s top advisor Gary Cohn noting that tax reforms are likely to be done by the end of the year and that he has no intention to resign. The S&P closed +0.17% higher and the Dow nudged up +0.14%. European markets were broadly softer, with the Stoxx 600 closing -0.12%, although these moves preceded Draghi’s speech at NY. Elsewhere bond yields fell modestly in the US (UST 10y -3bp) but were little changed in Europe. In commodities WTI oil was up +0.9% on Friday, following concerns about the impact of the aforementioned storm on the refining hubs at Texas (accounts for c.10% of US refining capacity). Gasoline was little changed.

    In terms of the macro data on Friday, in the US, the core durable goods orders (ex-transportation items) for July was slightly higher than expected at 0.5% (vs. 0.4% expected), while the capital goods new orders (ex-aircraft) were in line at 0.4%. Over in Germany, the final readings for 2Q GDP were confirmed at 0.6% qoq and 2.1% yoy, supported by a solid contribution from domestic demand (+2.8% yoy). The August IFO expectation index were higher than expected at 107.9 (vs. 106.8), which is the best reading since January 2014 and one that suggests that stronger GDP growth lies ahead, while the business climate index was also slightly higher at 115.9 (vs. 115.5 expected). In France, the August consumer confidence indictor was in line at 103, with the index now 5pts below its post-election peak, but still 4pts higher than where it ended 2016.

    To the week ahead now. Today kicks off with the Eurozone’s M3 money supply stats for July. Then Italy’s August confidence indicators for consumer, manufacturing and the broader economy are due. Over in the US, there is the Dallas Fed manufacturing activity index for August and July wholesale and retail inventories data. Onto Tuesday, Japan’s July jobless rate and UK’s August Nationwide house price index will be out in early morning followed by Germany’s consumer confidence index. Then France’s preliminary 2Q GDP stats and consumer spending for July are due. In the US, there is the Conference Board consumer confidence index for August and the June Case-Shiller house price indices. Turning to Wednesday, Japan’s July retail sales will be due in the early morning. Then we have Germany’s inflation readings for August and Italy’s July PPI data. In the UK, the July mortgage approvals and data on money supply as well as net credit lending are due. Elsewhere, the Eurozone’s August confidence indicators for business, consumer and the economy are also due. Across the pond, US’s ADP employment change for August and second readings for 2Q GDP and core PCE are due. For Thursday, China’s August manufacturing PMI and Japan’s July industrial production, vehicle production, housing starts and construction orders will be due in early morning, along with UK’s consumer confidence data and Germany’s July retail sales. Then we have the July unemployment rate for the Eurozone and Italy, along with the August unemployment change stats for Germany. The inflation data for the Eurozone, Italy and France are also due. Over in the US, the July PCE, personal income / spending data, initial jobless claims, continuing claims, pending home sales and Chicago business barometer are all due. Finally on Friday, China’s caixin manufacturing PMI for August and Japan’s capital spending for 2Q and final reading for Nikkei manufacturing PMI will be due in early morning. Then we have the final markit PMIs for Germany, Eurozone, UK, France and Italy. In the US, there is the August ISM manufacturing stats, unemployment rate and of the course the employment report for August, along with the July construction spending and University of Michigan confidence indicators.

    Away from the data, on Monday, the next round of Brexit talks is set to start. Turning to Wednesday, the Fed’s Powell will speak. Then onto Thursday, the China President will host the 9th BRICS summit. Finally, on Friday, ECB governing council member Nowotny joins a panel discussion and ECB VP Constancio will speak. Elsewhere, the second round of NAFTA negotiations begins in Mexico City.

    http://www.zerohedge.com/news/2017-...station-rising-euro-sends-european-stocks-low
     
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    Frontrunning: August 28

    [​IMG]
    by Tyler Durden
    Aug 28, 2017 8:00 AM

    • European shares hit two-week low as euro surges (Reuters)
    • Harvey Pounds Texas as Epic Flooding Paralyzes Houston (BBG)
    • Gasoline soars and dollar dented as Tropical Storm Harvey rages (Reuters)
    • Oil markets roiled as Harvey hits U.S. petroleum industry (Reuters)
    • Harvey Shuts Two of the Largest U.S. Ports (BBG)
    • Trump’s Pardon of Joe Arpaio Widens Republican Split (WSJ)
    • Trump’s Immigration Crackdown Is Making New Homes More Expensive (BBG)
    • Trump's firm sought Moscow real estate deal during presidential run (WaPo)
    • Amazon Rewrites Rule Book for Grocers (WSJ)
    • Britain Argues With Itself Over Brexit, Again (BBG)
    • Divers Find Remains of All Missing From USS McCain Collision (BBG)
    • In a Blast From a Financial Crisis Past, CDOs Are Back (WSJ)
    • The Dogs of War Are in High Demand (BBG)
    • Pakistani bank says New York regulator seeks to fine it up to $630 million (Reuters)
    • Danone Sends 5,000 Cows to Siberia in Quest for Cheaper Milk (BBG)
    • China Is Creating the World's Largest Power Company (BBG)
    • Gilead to Buy Kite Pharma for Roughly $11 Billion in Cash (WSJ)
    • Euro hits 2-1/2-year high near $1.20 (Reuters)
    • Islamic State readies to evacuate Syria-Lebanon border zone (Reuters)
    • Uber Gets Deal-Maker, Trump Agitator in Expedia’s CEO (BBG)
    • In Syrian skies, U.S. pilots learn how fast air war can morph (Reuters)
    • Russia's new Washington envoy meets U.S ambassador to Russia (Reuters)
    • Western Digital group finalizing $17 billion deal for Toshiba chip unit (Reuters)
    • Samsung scion Lee appeals against five-year jail term for bribery (Reuters)
    • FDA Warnings Meant to Protect Consumers Fall Under Trump (BBG)
    • Danish court fines Uber drivers for illegal taxi driving (Reuters)
    • GE shifts strategy, financial targets for digital business after missteps (Reuters)
    • Trump was wrong to pardon controversial sheriff, Ryan says (Reuters)

    Overnight Media Digest

    WSJ

    - Uber Technologies Inc’s board has voted to appoint Expedia Inc Chief Executive Dara Khosrowshahi as its new CEO, capping a tumultuous nine-week search after Travis Kalanick resigned in late June, according to people familiar with the matter. on.wsj.com/2iBXIJZ

    - Facebook Inc is once again in hot water for allowing objectionable videos on its website, this time drawing a rare rebuke from a United Nations agency. on.wsj.com/2iAkySh

    - The Occupational Safety and Health Administration is reducing its reporting of fatalities in the United States, part of a series of moves by the agency that are cutting back the amount of information about workplace accidents made available to the public. on.wsj.com/2izt1Fa

    - Mall-based retailer Perfumania Holdings Inc has sought Chapter 11 protection with plans to reorganize around its better-performing stores. on.wsj.com/2iBQMN6

    - Wireless networks along the Texas coast suffered outages as a result of Hurricane Harvey, federal regulators said, leaving customers in some counties with limited or no cellphone service. on.wsj.com/2iztUO0

    FT

    * British prime minister Theresa May is facing renewed pressure from her own Conservative party over Brexit after the opposition Labour Party said on Sunday it would keep Britain in the European single market and customs union for a transitional period after Brexit.

    * Tropical Storm Harvey caused widespread flooding in Houston that inundated homes and submerged highways on Sunday as residents of the fourth most populous U.S. city hunkered down in anticipation of several more days of "unprecedented" rainfall.

    * Uber Technologies Inc's field of candidates for a new chief executive officer narrowed further on Sunday when Jeff Immelt, chairman of General Electric Co, said he was no longer in the running for the top leadership position.

    NYT

    - Uber Technologies Inc chose Dara Khosrowshahi, who leads online travel company Expedia Inc, to be its chief executive on Sunday, two people with knowledge of the decision said. The selection capped a contentious search process as the ride-hailing company seeks to move past a turbulent period. nyti.ms/2xF4JfD

    - CBS Corp, owner of the most-watched United States television network, agreed to buy Australian free-to-air broadcaster Ten Network Holdings Ltd, the broadcaster’s administrators said on Monday. nyti.ms/2wLhwRB

    - The formal agenda and corridor conversations at the annual conference hosted by the Federal Reserve Bank of Kansas City instead of arguing about the best ways to return to faster economic growth, focused mostly on making sure things don’t get worse. nyti.ms/2ghh46v

    - A Memphis movie theater’s announcement that it will discontinue its annual screening of “Gone With the Wind” over concerns that the film is insensitive has prompted a heated discussion online. nyti.ms/2xEYQ20

    Britain

    The Times

    * Four in five BHS stores lie vacant a year after the department store chain closed its doors as the failure of the retailer continues to haunt the high street. bit.ly/2wggF8l

    * Most of the five million people who have valuable pension rights clocked up from previous jobs are being neglected by their ex-employers, according to former pensions minister Steven Webb. bit.ly/2wgGxks

    The Guardian

    * AstraZeneca, Britain’s second-largest drugmaker, is to announce further investment in its Macclesfield site in northern England, in a boost for Britain’s 60 billion pounds life sciences industry. bit.ly/2wAQN9D

    * Traditional broadcasters such as the BBC, ITV and Sky could lose a combined 1 billion pounds per year if rival services from Amazon, Facebook and YouTube become dominant players in the TV industry over the next decade, according to a report by OC&C Strategy Consultants. bit.ly/2wBhdYP

    The Telegraph

    * Analytics upstart AppScatter is planning to float on the London Stock Exchange’s junior Aim market with a value of 41 million pounds. bit.ly/2wBaSgd

    * British cannabis-derived medicines company GW Pharma is planning to gear up its plant growing and processing operations in the UK over the next year. bit.ly/2wB8gi8

    Sky News

    * Canyon Bridge Capital Partners has hired advisers from the Wall Street bank Citi to work on an offer for Imagination , one of Britain’s leading technology businesses, according to Sky News. bit.ly/2wg5igv

    * Lee Jae-yong, the billionaire heir to the Samsung empire has been sentenced to five years in prison after being convicted of offering bribes to South Korea’s former president. bit.ly/2wgo879

    The Independent

    * Aldi customers have been advised to check their bank accounts after the supermarket chain doubled-charged shoppers for their purchases. ind.pn/2wAXY1y

    * German business confidence fell less than expected in August after climbing to three record highs in a row, suggesting that a consumption-led upswing in Europe's largest economy will continue despite concern about a car emissions scandal. ind.pn/2wAVDDR

    http://www.zerohedge.com/news/2017-08-28/frontrunning-august-28
     
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    Asian Metals Market Update: August-28-2017
    By: Chintan Karnani, Insignia Consultants
    This is a big week for the US dollar. As usual the US August nonfarm payrolls (NFP) will decide the possibility of a December interest rate hike. Over the past two months gold and silver have always fallen after the release of NFP, only to pare most of their losses the following week. Political news after the release had nullified the effects of NFP. If the trend of the past two months happens over the next seven days then Gold and silver can rise till the NFP and thereafter see a sharp fall and then begin the journey for another short term bull run.
     
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    TVR [#379] 08-28-2017 PRE-MARKET PULSESCAN - SILVER FLASH CRASH
    ALGO CAPITALIST



    Published on Aug 28, 2017
    Please remember to RATE, SHARE, FAVORITE, COMMENT AND SUBSCRIBE.
     
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    Morning Farm Report Ag Forecast CORRECTION - Aug 28, 2017
    Agrible, Inc.



    Published on Aug 28, 2017
    In this video, I correct one of my maps showing the Sept 6 Average Minimum Temperatures.
     
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    Officially whole: Amazon completes its $13.7billion takeover of the organic grocer creating lower food prices in the process
    • Amazon closed its $13.7billion buyout of Whole Foods on Monday
    • The supermarket chain will also start selling foods at lower prices
    • Along with lower prices, Whole Foods brands will be available on Amazon's site


    Read more: http://www.dailymail.co.uk/news/article-4830508/Amazon-closes-13-7billion-deal-Foods-buyout.html#ixzz4r4VMXKE7
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
     
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    Asian Metals Market Update: August-29-2017
    By: Chintan Karnani, Insignia Consultants
    North Korean risk is adding to the support of gold and silver bulls. Everywhere there is fear of Islamic terrorists striking anytime. The problem is not with Islam as a religion. The problem is with Saudi Arabia’s form of “Wahhabi Islam” which is very brutal and inhumane. Saudi’s are luring more and more people to practice “Wahhabi Islam” with the sole motive of ruling the world in the future. Crude oil money has ensured that Saudi’s finance the globalization of “Wahhabi Islam” in every nook and corner of world.
     
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    European Stocks Tumble To 6 Month Lows As Euro Surges Above 1.20; VIX, Havens Surge

    [​IMG]
    by Tyler Durden
    Aug 29, 2017 6:53 AM


    “Financial markets think the only realistic option for the U.S. and North Korea will be to sit down and talk at some point because other options are too costly for everyone involved. But no one can rule out the risk of accidents. Markets think the chicken game will continue for now and North Korea will remain a risk.”

    - Masayoshi Kichikawa, chief strategist at Sumitomo Mitsui.

    Following last night's "unprecedented" North Korea missile launch over Japan, which was a clear taunt to Donald Trump, the biggest moves this morning are not to be found in South Korea, where the Kospi index closed Tuesday just 0.2% lower after falling as much as 1.6% as local BTFD spirits were ignited late in the session, or in Japan where the Nikkei pared much of its losses to end down 0.5% as the BOJ bought a few billion more in ETFs (but not before hitting a 4 month low), but across developed markets where the Euro finally surged above the "profit crushing" psychological barrier of 1.20 for the first time since January 2015, sending European stocks reeling to 6 month lows as exporters, mostly in Germany, were slammed. The VIX was up over 20% in early trading, jumping 2.42 vols to 13.74.

    [​IMG]


    None other than chancellor Angela Merkel commented on the Euro this morning, and when asked about the impact of the euro’s rise on Germany’s trade surplus, says it’s a simple fact that the euro’s exchange rate has an impact on terms of trade. “I don’t decide about the euro’s exchange rate”: Merkel says at news conference in Berlin. Clearly that's Mario Draghi's responsibility. “Personally, I don’t see the trade surplus as so dramatic” she added. We'll see if German investors agree.

    “The market is still digesting Draghi’s comments from Jackson Hole and the U.S. outlook is looking difficult with concerns around the budget and a looming shutdown,” said Esther Maria Reichelt, an FX strategist at Commerzbank in Frankfurt.

    Meanwhile, in a broader move, world stocks tumbled and safe-haven assets jumped on Tuesday on worries the North Korea situation could devolve into an all out military conflict. S&P futures fell as much as 0.7% to the lowest in more than seven weeks. The European STOXX 600 index fell more than 1% to a six-month low.

    North Korea military tensions also sent both European, Japanese and US Treasury yields tumbling, with the 10Y Bund down to 0.33%, the lowest in two months, the 10Y Treasury tumbling as much as 2.10%, the lowest in 10 months, and the benchmark JGB sliding back to Japan's target of 0.0%. The risk off tone has spurred a broad flight into other safe-havens, with JPY, CHF and gold surging higher.

    Some of course, tried to spin the overnight news: “the North Korean escalation has triggered a significant risk-off move,” Alessandro Balsotti, head of asset management at JCI Capital Limited, said in his daily note to clients. “However ... observers believe it won’t be enough to trigger a material reaction from the United States-South Korea axis. It wouldn’t be surprising, then, if investors take advantage of this geopolitical fear to buy the dips.

    Meanwhile, equities dropped and volatility surged across the globe in classic risk-off moves, with U.S. stock futures also tumbling, down 17 at pixel time. Japan called Kim Jong Un’s latest provocation an “unprecedented, grave and serious threat.” Gold surged to the highest this year, while the Swiss franc and the yen were the best-performing major currencies.


    [​IMG]

    In Europe, the Stoxx Europe 600 Index sank 1.5% to the lowest in almost seven months, as the EURUSD crossing 1.20 has spooked investors, worried that exporter profits are about to be wiped out. In the UK, the U.K.’s FTSE 100 Index declined 1.3% to the lowest in 16 weeks on a closing basis ahead of grueling, and chaotic, Brexit negotiations. Germany’s DAX Index decreased 1.7% to the lowest in more than five months, led by sliding exporters.

    As Bloomberg writes,
    Tuesday’s launch thrust the confrontation between the U.S. and North Korea back to the fore after the hermit kingdom had been praised by Secretary of State Rex Tillerson last week for its “restraint.” Tillerson said that North Korea hadn’t carried out “provocative acts” since the UN Security Council imposed new sanctions earlier this month, and that Pyongyang’s temperance might lead to negotiations “in the near future.” Kim Jong Un last tested a missile on July 28.

    Oops.

    “Some observers had thought the U.S. and North Korea were pursuing discussions behind closed doors, but it turns out North Korea continues to pursue missile development,” said Chihiro Ohta, a Tokyo-based senior strategist at SMBC Nikko Securities. “The risk-off stance is likely to continue even if the U.S. responds calmly.”

    The dollar was down 0.6 percent at 108.63 yen after hitting its lowest level since mid-April despite Japan’s proximity to North Korea. Also the safe-haven Swiss franc strengthened, with the dollar falling 0.6 percent to a one-month low against the Swiss currency. Across EM, Predictably, Russia’s ruble (due to ongoing Harvey-related oil price woes) and South Korea’s won (for obvious reasons) led losses among emerging-market currencies after North Korea fired a ballistic missile over Japan on Tuesday, damping appetite for riskier assets. The Ruble falls 0.6% against dollar, most among 24 major peers tracked by Bloomberg as oil price weakens 2nd day. The South Korean won fell the most in 2 weeks, even as the Kospi wiped out most trading losses to close only 0.2%.

    Meanwhile, in its now traditional mirror response to the sliding dollar, the Yuan climbed for the 10th consecutive day, rising above 6.60 to a new 14-month high. Both onshore and offshore yuan extend gains against dollar to beyond 6.60 and to strongest for both since June 2016; in onshore markets, the CNY was up 0.14% at 6.5920 vs USD, climbed 0.7% overnight, the most since Jan. 17, after the PBOC strengthened the fixing for a second day to 6.6293 from 6.6353. The Yuan was the best performer among 11 Asian currencies tracked by Bloomberg over past month, gaining 2.1% vs U.S. dollar.

    [​IMG]

    In rates, bund futures opened higher and extended the recent rally, with 30y yields breaking below 1.10%. US Treasuries outperformed, with price action pointing to stops on the break below 2.10%, the lowest level since mid-November. Curves bull flatten as swap spreads snap wider, in typical risk-off fashion after North Korea fires missile over Japan. Germany’s 10-year yield decreased five basis points to 0.33 percent, the lowest in two months. Britain’s 10-year yield declined six basis points to 0.992 percent, the lowest in almost 11 weeks.

    Meanwhile, gold prices jumped 0.85% to $1,321 an ounce, hitting its highest level in more than nine months and rising for a third straight session. The metal also drew support from uncertainty surrounding the Trump administration after remarks last week raised fears of a government shutdown.

    Crude oil bounced back on the back of supply disruptions in Colombia and Libya, a day after U.S. crude futures dropped on worries that refinery shutdowns caused by flooding could boost inventory. WTI crude futures rose 0.26% to $46.69 a barrel after falling to as low as $46.15 in the previous session. Gasoline price, which surged as much as 7 percent to a two-year peak of $1.7799 a gallon on Monday, traded at $1.7263 in early Tuesday trade as storm Harvey picked up strength again after inundating refineries along the Texas coast.

    Today's economic data include Conference Board Consumer Confidence Index for August. Bank of Montreal, Bank of Nova Scotia, Best Buy and H&R Block are among companies reporting earnings.

    Bulletin Headline Summary from RanSquawk
    • Tensions on the Korean peninsula rises after N.Korea fires a missile over Japan.
    • Risk off tone spurs flow into safe-havens with JPY, CHF and gold surging higher.
    • Looking ahead, highlights include Fed’s Evans and API Crude Report
    Market Snapshot
    • S&P 500 futures down 0.8% to 2,423.90
    • STOXX Europe 600 down 1.4% to 366.98
    • MSCI Asia down 0.1% to 160.27
    • MSCI Asia ex Japan down 0.5% to 528.40
    • Nikkei down 0.5% to 19,362.55
    • Topix down 0.2% to 1,597.76
    • Hang Seng Index down 0.4% to 27,765.01
    • Shanghai Composite up 0.08% to 3,365.23
    • Sensex down 1.2% to 31,370.01
    • Australia S&P/ASX 200 down 0.7% to 5,669.01
    • Kospi down 0.2% to 2,364.74
    • Brent futures up 0.2% to $51.80/bbl
    • Gold spot up 1.1% to $1,325.06
    • U.S. Dollar Index down 0.6% to 91.661
    • The VIX is up 2.42 to 13.74
    • German 10Y yield fell 4.8 bps to 0.328%
    • Euro up 0.6% to $1.2052
    • Italian 10Y yield fell 2.0 bps to 1.789%
    • Spanish 10Y yield fell 2.4 bps to 1.577%
    Top Overnight News
    • Kim Jong Un’s rattled Asian markets as the U.S. and its allies weighed a response to Kim Jong Un’s latest provocation.
    • South Korean President Moon Jae-in ordered a show of force in response to North Korea’s ballistic missile, with four F-15K jet fighters conducting bomb-dropping drills.
    • Tropical Storm Harvey drifted into the Gulf of Mexico, poised to recharge before crashing ashore again Wednesday on the Texas-Louisiana border.
    • President Donald Trump promised swift emergency funding to help Texas recover from Hurricane Harvey, but Republicans in Congress will have the ultimate say over how much aid is delivered -- and how quickly it begins to flow
    • Lloyd’s of London insurers dropped amid speculation that they will suffer losses from Tropical Storm Harvey that’s battering Houston, the epicenter of the U.S. oil industry
    • Google faces a Tuesday deadline to tell the European Union how it plans to comply with an order to stop discriminating against rival shopping search services under threat of new fines that would add to a record 2.4 billion-euro ($2.9 billion) penalty
    • Gilead Sciences Inc.’s acquisition of Kite Pharma Inc. has brought it back to a familiar -- and contentious -- dilemma: How much should a drugmaker charge for a novel drug that has the potential to cure a disease
    • Insurers got burned badly in the 2008 financial crisis. So almost a decade later, BlackRock Inc. scoured the industry’s $5 trillion in U.S. investments to figure out how they would fare if markets crash so hard again. The answer: Worse
    • Buyout Firm Leonard Green Agrees to Purchase Cinven’s CPA Global
    • Statoil Strikes Out at Norway’s Biggest Arctic Prospect
    • TPG’s Bonderman to See $425 Million Windfall in Kite Pharma Sale
    • Foot Locker Falls, Shoe Stocks May Move as Finish Line Cuts View
    • Smallest Hedge Funds Will Be Quick to Drop Research Under MiFID
    • Indonesia Wrests Ownership of Top Copper Mine From Freeport
    • BMW Softens Electric i3 City Car’s Boxy Look to Counter Tesla
    • EU’s Juncker Slams U.K.’s Brexit Position Papers as Talks Resume
    • Brexit Branching Logjam Looms at BOE as EU Banks Consider Moves
    • Ghana Banks on IMF Backing as Country Seeks Ambitious Growth
    Asian equities traded mostly lower as markets were spooked by the latest North Korean provocation, after it fired a suspected
    intermediate ballistic missile that flew over Japan and landed in the waters off Hokkaido. This sparked condemnation from its
    neighbours with Japan branding it an unprecedented and grave threat, while South Korea conducted bomb dropping drills as a
    show of force and stated that the US is considering deploying assets to the Korean peninsula. As such, the region's bourses were
    pressured with ASX 200 (-1.0%), Nikkei 225 (-0.6%) and KOSPI (-0.8%) all negative, although Australian gold miners and South
    Korean defence stocks outperformed with the former underpinned after the precious metal settled above USD 1300/oz for the first
    time since November. Elsewhere, Chinese markets were mixed as the Hang Seng (-0.4%) conformed to the negativity, while
    downside in Shanghai Comp. (+0.1%) was stemmed and later reversed due to strong earnings results. Finally, both Tnotes and
    10yr JGBs began marginally higher as the risk averse tone spurred demand for safe-havens, although JGBs then pared some of its
    gains following the enhanced liquidity auction for super-long JGBs in which the b/c declined from prior.

    Top Asian News
    • Axiata Is Said to Near $1 Billion Deal for Veon Pakistan Towers
    • Freeport to Invest $17-20 Billion in Indonesia Through 2031
    • Freeport Agrees to Divest Majority Stake in Indonesian Unit
    • This Is the Only Asian Stock Market That’s Surging Today
    • Hyundai Halts Production at Four China Plants on Parts Shortage
    • China’s $1 Trillion Power Industry Overhaul Is Just Starting
    European shares have hit their worst level in 6-months (Eurostoxx -1.2%) as rising tensions over North Korea weigh on
    sentiment. All sectors are trading with losses, in particular media names as Prosiebensat plunges after the company stated that
    they may consider a separate stock market listing for their content production and digital commerce businesses. Elsewhere, gold
    miners are performing well this morning with, Rangold Resources and Fresinllo supported by the rise in gold prices, which has
    soared to its highest level YTD. Flight to quality flow this morning has supported EGBs with bunds up over half a point. The German curve has
    also bull flattened with 2s/10s flatter by 3.7bps and 10s/30s 1.4bps flatter. Peripheral bonds modestly weaker as spreads in the
    Portuguese 10Y are wider by 8.1bps, while Italy is wider by 5.1bps against its German counterpart.

    Top European News
    • Unwind of ECB Set-Up Evident as Hike Pricing Pushes More Dovish
    • ProSiebenSat.1 Drops as European TV Giants Hit by Soft Ad Market
    • Denmark’s $450 Billion Covered-Bond Market Draws Record Demand
    • U.K. House-Price Growth Slows in Line With Weakening Economy
    • Carmignac Says Russian CPI-Linked Bonds Offer ‘Unusual’ Return
    In FX, Reports that North Korea had fired an intermediate range missile over Japan prompted safe-haven flows during Asia-Pac trade, with USD/JPY dropping below 109.00 before stabilising, as markets await a clear response from the UN, Japan and US President Trump. Bids are said to be building around 108.50 but IFR note that Japanese institutional investors are not committed to buying the dips in the pair. There are not any huge option expiries today although there are strikes at 108.35-50 (430mln) and 109.00 (282mln). EUR/USD has risen to its highest level since Jan’15 after tripping stops above 1.20. Some also suggest that the rise in EUR has been due to Draghi neglecting to talk down the currency in his Jackson Hole speech on Friday. Additionally, cross related buying has been observed in EUR/GBP, which is currently testing 93.00 to the upside, further resistance lies at 93.65 (Oct’16 high). The CHF benefitted from safe haven demand following the missile test with USD/CHF dropping to 0.9500 before finding some support at the level. Cable has been relatively unperturbed by the North Korean missile launch and has been holding around the 55DMA of 1.2934. Comments from the latest round of Brexit negotiations have failed to provide the pair with a catalyst for a move in either direction as talks continue between UK Brexit Secretary Davis and EU Chief Negotiator Barnier.

    In commodities, gold prices been further underpinned by safe-haven flows, after the precious metal had already settled above the
    USD 1300/oz level for the 1st time since November. Elsewhere, copper was steady in which prices held around its best levels in
    nearly 2 years. Crude prices off worst levels with WTI up 0.6% to approach USD 47.00 to the upside.

    Looking at the day ahead, there is the Conference Board consumer confidence index for August and the June Case-Shiller house price indices.

    US Event Calendar
    • 9am: S&P CoreLogic CS 20-City MoM SA, est. 0.1%, prior 0.1%; CS 20-City YoY NSA, est. 5.6%, prior 5.69%; 20-City NSA Index, prior 199
    • 10am: Conf. Board Consumer Confidence, est. 120.7, prior 121.1; Present Situation, prior 147.8; Board Expectations, prior 103.3
    * * *

    DB's Jim Reid concludes the overnight wrap

    The bank holiday in the UK yesterday and a damp squib of a Jackson Hole on Friday meant that markets were a bit quiet yesterday although news of another ballistic missile launch by North Korea, only this time over Japan, has seen activity pick up a bit overnight. Late last night reports emerged that North Korea had fired several ballistic missiles including one that flew over Japan(Northern island of Hokkaido) and eventually landed in the Pacific Ocean with no reports of damage. Japan’s PM Abe said “a missile passing over Japan is an unprecedented and serious threat” and has asked the UN Security Council to hold an emergency meeting. Abe also said that he has spoken to President Trump and agreed to increase the pressure on North Korea. Markets in Asia broadly sold-off following the news with the Nikkei (-0.61%), Kospi (-1.13%), ASX 200 (-0.87%) and the Hang Seng (-0.40%) all still in the red as we type. The Yen (+0.39%) and Gold (+0.48%) have firmed while US equity futures are down half a percent.

    So once again geopolitics is front and centre for markets at the start of a new week. In terms of the rest of the week for the benefit of those in the UK out yesterday we’ve included the remainder of the week ahead at the end again. Payrolls and PCE inflation data highlight the back-end of the week but one event worth keeping an eye on today is the slated four-week T-Bill auction in the US given that the maturity lines up nicely with the debt ceiling deadline of September 29th that Treasury Secretary Steven Mnuchin called “critical”. It’ll be interesting to see what the demand is given some of the selling pressure in that part of the curve last week. For what it is worth a fairly packed day of Treasury auctions yesterday passed without any issues for the bond market.

    Back to yesterday where the main price action came in the commodity complex and specifically in energy markets in reaction to the awful flooding in the state of Texas following Tropical Storm Harvey. The latest update is that around 30 inches of rain has already fallen but the suggestion is that we could see double that by the end of the week. In terms of the movers the standout was Gasoline which initially surged well over +6% at the open before paring that move as the day progressed but still finished up +2.74% and at the highest level in 4 months. It has extended that move this morning too to be up another +1.57%. The huge flooding hit the supply side of the equation hard with a number of key pipelines closed and over 2 million barrels of crude and condensate capacity in the state of Texas shutdown. Royal Dutch Shell and Exxon Mobil were among those to shutdown plants. On the other hand, WTI Oil fell -2.72% and the most in 7 weeks reflecting the huge drop off in crude oil demand. This morning, WTI has recovered some losses to be +0.52%.

    It still appears to be far too early to assess the economic impact of the damage caused by Harvey but Bloomberg reported yesterday that costs could surpass $100bn. To put it in perspective Katrina – which was the most expensive hurricane to hit the US – cost nearly $120bn and Sandy cost about $75bn. Based on the experiences of prior hurricanes DB’s Brett Ryan has just published a note looking at the potential economic impacts from Harvey. He noted that Harvey could potentially drag on 2H real GDP growth by c.20bp mainly through disruption to exports, but the timing of these disruptions are difficult to be precise. Notably, some of the hit to economic growth will likely be offset by a boost to construction spending as rebuilding efforts get under way. Hence, the net impact will not likely affect the overall trajectory of the economy.

    So while energy stocks closed down, gains for the more defensive sectors helped US equity markets broadly close flat. The S&P 500 ended +0.05% and the Dow -0.02%, with listed refiners based away from Texas up c.9%. Prior to this, markets in Europe finished a tad weaker albeit on thin volumes. The Stoxx 600 closed -0.48%. A late afternoon surge for the Euro didn’t help with the single currency adding to Friday’s gains by closing up +0.46% and at the highest (1.1979) since January 2015. Away from that both Treasuries (10y -1bp yesterday and -3bp this morning) and significantly Gold (+1.5%) – which passed $1300/oz for the first time since November – were well bid which seemed to reflect a slight risk off tone but also the lack of any hawkish surprises from Yellen on Friday.

    Moving on. The first day of the next round of Brexit talks kicked off yesterday and it didn’t go smoothly. EU’s chief negotiator Michael Barnier said he is “concerned” about the progress of the talks and urged the UK to start “negotiating seriously”. Barnier welcomed the UK government’s position papers but noted “we need UK papers that are clear in order to have constructive negotiations”. His mandate effectively means the UK has to reach an agreement of its share of the EU’s 2014-20 budget, the Irish border and EU citizen rights before discussing a future relationship with the EU. One EU diplomat said many countries were ready to wait until the end of the year for the divorce deal, rather than the early autumn as the British had hoped.

    Away from politics, yesterday we received the latest ECB CSPP data. As of August 25th, the ECB held €106.2bn which meant net purchases settled last week of €0.94bn. The average daily run rate was €188m which compares to a €348m average since the program started while the CSPP/PSPP ratio was 10.3% (versus previous weeks’ 9.6%, 11.4%, 12.8% and 6.1%). So another week of below average purchases but unsurprising in the context of the summer markets so not much to read into.

    With regards to the other remaining data yesterday. In the US, the August Dallas Fed manufacturing activity index was in line with expectations at 17. Within the details, the hiring index slipped modestly from last month’s 19-month high, but the capex index rose to its highest level since January. Elsewhere, the July wholesale inventories were slightly higher than expected at 0.4% mom (vs 0.3% expected), while retail inventories fell 0.2% mom. Over in Europe, the Eurozone’s July M3 money supply was modestly lower than expected at 4.5% (vs. 4.9% expected as per Bloomberg Cons). In Italy, the August consumer confidence index increased 3.9pts to 110.8 (vs 106.9 expected), which is the highest reading for this year. Manufacturing confidence was in line at 108.1, while the economic sentiment indicator strengthened to 107 (vs. 105.6 previous), the highest reading since November 2007.

    Looking at the day ahead, UK’s August Nationwide house price index (2.5% yoy expected) will be out in early morning, followed by Germany’s consumer confidence index (10.8 expected). Then France’s preliminary 2Q GDP stats (0.5% qoq and 1.8% yoy expected) and consumer spending for July are due. In the US, there is the Conference Board consumer confidence index for August and the June Case-Shiller house price indices.

    http://www.zerohedge.com/news/2017-...nth-lows-euro-surges-above-120-vix-havens-sur
     
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    Frontrunning: August 29

    [​IMG]
    by Tyler Durden
    Aug 29, 2017 8:00 AM

    • Stocks Drop, Gold Leads Haven Rally on Korea Fears (BBG)
    • Trump heads for Texas as flood waters rise (Reuters)
    • Destruction Tests U.S. Shale (WSJ)
    • Gulf Coast Faces Billions in Damage (WSJ)
    • Harvey Recharges as Crippled Houston Counts the Cost (BBG)
    • North Korea's 'reckless' missile launch over Japan sharply escalates tension (Reuters)
    • North Korea Missile Launch Into Pacific Provokes Japan (WSJ)
    • Tough choice for Trump if Congress refuses border wall financing (Reuters)
    • Oil prices dip as market grapples with hurricane damage (Reuters)
    • At Whole Foods, Amazon Takes Rare Lead in Cutting Prices (WSJ)
    • U.N. nuclear watchdog opens uranium bank in Kazakhstan (Reuters)
    • Regulators, Auto Lenders Dig Into Customer-Refunds Process (WSJ)
    • Pentagon Faces $65 Billion in Budget Cuts (BBG)
    • Russia rejects allegations it will use war games to launch an invasion (Reuters)
    • Iran rejects U.S. demand for U.N. inspector visit to military sites (Reuters)
    • Apple, Studios at Odds Over Movie Pricing Ahead of Apple TV Rollout (WSJ)
    • Islamic State convoy reaches east Syria after ceasefire (Reuters)
    • Freeport Gives Up Majority Stake in Indonesia’s Grasberg Mine (WSJ)
    • Trump Punishes Longtime Aide After Angry Phoenix Speech, Sources Say (BBG)
    • Lufthansa wants Air Berlin long-haul planes (Reuters)

    Overnight Media Digest

    WSJ

    - The United States Navy says it has recovered the remains of all 10 sailors who went missing when the USS John S. McCain collided with a tanker near Singapore a week ago, a development that focuses attention on investigations under way into the causes of the crash and what will happen next to the stricken destroyer. on.wsj.com/2gl8fZc

    - The United States government Monday called on Guatemalan President Jimmy Morales to rethink his attempt to expel a United Nations-backed anticorruption prosecutor who is investigating the president and other top politicians for possible breaches of campaign finance laws. on.wsj.com/2glUt8N

    - North Korea launched a ballistic missile over Japan Tuesday, in the latest in a string of direct provocations that have destabilized the region and triggered global alarm. on.wsj.com/2gl8iUS

    - Ricardo Darre has resigned as chief executive of Argentina’s state-run oil and gas producer, YPF SA , the company said Monday. on.wsj.com/2gkrJN

    - Pope Francis will travel to Myanmar in late November for a visit likely to highlight struggles of the country’s embattled Muslim minority. on.wsj.com/2gluvCd

    - China and India said they had negotiated a solution to a more than two-month-long standoff on a remote Himalayan plateau, ending a stalemate that had raised concerns about a potential military conflict. on.wsj.com/2gluxKl

    FT

    * The European Union’s chief negotiator Michel Barnier said on Monday he was concerned at the slow progress of Brexit talks, while his British counterpart David Davis called for “imagination and flexibility” to move on.

    * North Korea fired a missile early on Tuesday that flew over Japan and landed in the Pacific waters off the northern island of Hokkaido, South Korea and Japan said, in a sharp escalation of tensions on the Korean peninsula.

    * Gilead Sciences Inc agreed to buy Kite Pharma Inc in a nearly $12 billion deal on Monday, as it looks to replace flagging sales from hepatitis C drugs with an emerging and expensive class of cancer immunotherapies that are expected to generate billions of dollars in revenue.

    NYT

    - Dara Khosrowshahi, 48, is on the threshold of becoming one of the world’s most prominent entrepreneurs. On Sunday night, he was selected to be chief executive of Uber Technologies Inc, the ride-hailing company that is the world’s most valuable start-up. The deal is almost official, according to the travel reservations site Expedia Inc, which Khosrowshahi currently runs. nyti.ms/2iDUYMj

    - Hurricane Harvey may inflict as much as $30 billion in damages on homeowners, according to preliminary estimates. But only 40 percent of that total may be covered by insurance — and of that, the federal government will bear the biggest liability. nyti.ms/2wO74sg

    - The drugmaker Gilead Sciences Inc said on Monday that it would buy Kite Pharma Inc for about $11.9 billion to bolster its aging portfolio with an emerging cancer treatment. nyti.ms/2iEIK64

    - The drugmaker Gilead Sciences Inc said on Monday that it would buy Kite Pharma Inc for about $11.9 billion to bolster its aging portfolio with an emerging cancer treatment. nyti.ms/2iEIK64

    - The Food and Drug Administration announced a crackdown on dangerous stem cell clinics on Monday, while at the same time pledging to ease the path to approval for companies and doctors with legitimate treatments in the growing field. nyti.ms/2iEPAIH

    - The Guardian has established a nonprofit venture in the United States, theguardian.org, to focus on tapping philanthropic organizations — or even corporate foundations and think tanks — for financial help to report on issues including human rights and climate change. nyti.ms/2wjYNt1

    Canada

    THE GLOBE AND MAIL Caterpillar construction-equipment dealer Toromont Industries Ltd has struck a deal to buy privately held Hewitt Group for C$1.02 billion ($819.01 million)in cash and stock as it seeks to ride a mining-sector recovery and tap into a massive pool of public-infrastructure spending planned over the next decade, particularly in Quebec. (tgam.ca/2wFKF01)

    As NAFTA negotiations enter the second round of talks this week, the duty-free threshold for e-commerce purchases could provide some negotiating leverage for Canada, some observers say. (tgam.ca/2wFwzM3)

    Amid Bay Street speculation about who will buy Canadian construction company Aecon Group Inc , AltaCorp Capital Inc is placing an early bet that it will be a large international firm such as Kiewit Corp or ACS Group. (tgam.ca/2wFB3lK)

    Britain

    The Times

    - The European Union’s chief negotiator Michel Barnier has warned Britain to start “negotiating seriously” as the stand-off over the Brexit divorce bill intensified. Speaking before the latest round of talks began in Brussels today, Barnier voiced frustration at the government’s “ambiguity” and the failure of ministers to publish a position paper on UK’s potential financial liabilities. bit.ly/2wEdnyb

    - High street lenders are enjoying windfall gains from a 115 billion pounds ($148.61 billion) Bank of England funding scheme that was supposed to boost growth rather than profits. Net interest margins for some of the biggest users of the Bank’s term funding scheme have risen significantly since it was launched as part of a post-Brexit stimulus package in August last year. bit.ly/2wE7Pnm

    The Guardian

    - Companies that are publicly listed in the UK will be obliged to publish the pay ratio between their chief executive and their average British worker under government plans. The proposals, which will be announced on Tuesday and will come into force by next June, will also aim to give workers a voice at the boardroom level. bit.ly/2wDpvzK

    - Manufacturers are demanding that the UK government provide urgent clarity on the future of EU workers’ rights, warning they will face shortages of skilled staff if they cannot recruit from Europe after Brexit. bit.ly/2wDpBr6

    The Telegraph

    - The pension deficits weighing down thousands of Britain’s businesses grew by billions of pounds last year, with black holes widening despite moves to close “gold-plated” defined benefit schemes. The total cost of pension liabilities among blue-chip FTSE 100 companies grew 95 billion pounds to 681 billion pounds in 2016, according to JLT Employee Benefits. bit.ly/2wEezl9

    - Nissan Motor Co Ltd will increase production at its Sunderland plant by a fifth and double the amount of parts it sources from within the UK in an attempt to offset higher costs following Britain’s withdrawal from the EU. The Japanese car company will step up production by 20 percent to around 600,000 vehicles per year. bit.ly/2wEedLp

    Sky News

    - Leading shareholders in Dixons Carphone Plc want directors to accelerate a search for its next boss after last week’s shock profit warning wiped nearly a quarter off the company’s stock market value. bit.ly/2wEcBk

    http://www.zerohedge.com/news/2017-08-29/frontrunning-august-29
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    DB - Opening Bell: 8.29.17
    http://dealbreaker.com/2017/08/opening-bell-8-29-17/

    Naked Capitalism Links 08/29
    https://www.nakedcapitalism.com/2017/08/links-82917.html

    SA - Market News Live Feed 08/29
    https://seekingalpha.com/market-news

    CWS - Morning News: August 29, 2017
    http://www.crossingwallstreet.com/archives/2017/08/morning-news-august-29-2017.html

    SA - Wall Street Breakfast: Markets Rattled By Korea Crisis 08/29
    https://seekingalpha.com/article/4102561-wall-street-breakfast-markets-rattled-korea-crisis

    RR - Stocks Are Soaring, and Other Good Problems to Have 08/29
    https://www.bloomberg.com/view/arti...s-are-soaring-and-other-good-problems-to-have

    MtM - Dollar Losses Accelerate After North Korea Sends Missile over Japan 08/29
    http://www.marctomarket.com/#!/2017/08/dollar-losses-accelerate-after-north.html
     
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    Gold Surges 2.6% After Jackson Hole and N. Korean Missile
    By: Mark O’Byrne
    – Gold surges as N. Korea fires ballistic missile over Japan
    – Safe haven buying sees gold break out to 10-month high after Jackson Hole and rising North Korea risk of attack on Guam
    – South Korea’s air force dropped eight MK 84 bombs near Seoul; simulating the destruction of North Korea’s leadership
    – Gold rises from $1,291 to $1,325; Silver surges 3.2% from $17.05 to $17.60
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    TVR [#382] 08-29-2017 PRE-MARKET PULSESCAN - PRECIOUS METALS EXPLODE IN OVERNIGHT MARKET
    ALGO CAPITALIST



    Published on Aug 29, 2017
    Please remember to RATE, SHARE, FAVORITE, COMMENT AND SUBSCRIBE.
     
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    Hurricane Harvey may sideline 7% of the trucking industry
    Regional trucking operations will be hardest hit, noted research firm FTR, but the storm will affect national capacity across the entire U.S.
    Aug 29, 2017 Fleet Owner Staff

    More About:


    Related Media
    [​IMG]
    Full extent of damage from Hurricane Harvey remains unclear


    Hurricane Harvey will “strongly affect” over 7% of U.S. trucking during the next two weeks, with some portion of that fraction out of operation entirely, according to analysis by freight research firm FTR Transportation Intelligence.

    During the first week, almost 10% of all U.S. trucking will be affected, the firm said; a number that jumps near 100% for the Gulf Coast region west of the Mississippi.

    After a month, the numbers fall but are still significant, affecting nearly 2% of trucking on a national basis and 25% on a regional level.

    Due to the already tight nature of the truck environment, that means that loads could be left on the docks, according to Noël Perry, one of FTR’s partners. And though the largest ripple effects of Hurricane Harvey will be “regionalized” where freight shipments are concerned, transportation managers across the entire U.S. “will be scrambling,” he added.

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    “Look for spot prices to jump over the next several weeks with very strong effects in Texas and the South Central region,” Perry said in a statement. “Spot pricing was already up strong, in double-digit territory. Market participants could easily add five percentage points to those numbers.”

    There are four broad effects from those storm-generated trucking disruptions, he pointed out:
    • The most obvious is idle trucks waiting for water to recede from roads and loading docks.
    • The second effect is the extra shipments of relief and construction supplies.
    • The third effect is extra shipments and lower productivity due to out of cycle supply chain demands.
    • Finally, a slowdown in operations due to congestion, circuity and backed up loading docks.
    There is also the question of how contract rates between shippers and trucking companies will be affected, emphasized FTR’s Perry.

    “There is always a lag between spot rate increases and contract rates,” he pointed out. “Analysts have been wondering when trucking contract rates will begin following spot rates up. The combination of regional and fuel effects from Harvey, coupled with the electronic logging device (ELD) mandate in December, could be the catalyst to a pricing spiral.”

    More broadly, FTR said it has studied the freight transportation impacts several major weather events, starting with Hurricane Katrina in New Orleans 12 years ago.

    [​IMG]
    Photo: Texas MIlitary Department

    That research indicated major “weather events” such as hurricanes generate “significant pricing effects” in the freight sector, FTR said, highlighted by seven extra percentage points of annualized pricing for the five months following Katrina in 2005 and a peak of 22% year-over-year spot price increases following the “monster winter” of 2014.

    On top of those more generalized impacts, the firm stressed that Texas provides 30% of U.S. petroleum refinery capacity – a production base hard hit by Hurricane Harvey.

    The Texas Gulf Coast is home to 4.944 million barrels per day (b/d) of refining capacity, while the Louisiana Gulf Coast is home to 3.696 million b/d of capacity, according to the U.S. Energy Information Administration (EIA).

    As of Aug. 28, roughly 2.2 million b/d of Texas refining capacity remained down, the agency noted.

    As a result of that, FTR said regional diesel supplies will be strongly affected, with national prices jumping as well.

    “With companies such as Exxon Mobil and Phillips 66 closing down their refineries, we are talking about impacts to fuel and energy,” noted Larry Gross, another FTR partner, in a statement.

    “In addition, Houston is a big interchange point for rail and intermodal, so it’s not just trucking which will be disrupted. Freight cars are sitting idle outside of Houston,” he added. “Will they wait out the storm or be re-routed? Of course, those final miles from the rail yards are still dependent on trucks. Freight transportation is an integrated system, and this becomes more obvious during major weather events when disruptions occur.”

    http://fleetowner.com/operations/hu...m=email&elq2=fd0317248aa4475dafda4b0c32ef23cb
     
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