It is the 15th of September 2019

News

China's $9 Trillion Shadow Banking System Shrinks For The First Time In 9 Months

On the surface, the latest Chinese credit data reported overnight by the PBOC was not particularly memorable: new loans tumbled from the near record 1.540TN Yuan in June to only 825.5BN in July, just above the 820BN expected, while Total Social Financing also declined substantially from June's 1.78TN to 1.22TN, also beating the 1TN estimate. While both July prints were a steep drop from June - reflected in Monday's miss in retail sales, industrial production and capex - they were a significant increase from the year ago numbers. At the same M2 dropped to a new record low, sliding from June's 9.4% to 9.2% in July, missing expectations of a modest rebound to 9.5%.

Read More

JPMorgan Lists Five "Red Flags" That Point To A 10% Downside Correction

The first time JPMorgan warned of market downside was in early March when the bank's US equity strategist Dubravko Lakos-Bujas wrote that while the fundamental backdrop remains supporting, the "short-term downside risk" in the S&P is increasing. Less than two months later, JPM presented six "red flags" why it is starting to sell stock. Just a few weeks later, JPM turned up the alarm again in late May, when the bank "sounded the alarm on the size of US debt, and warned of a financial crisis" while in the interim, JPM's quant Marko Kolanovic on several occasions warned that stocks are poised for a sharp drop due to purely technical and systemic factors. Of course, throughout this period stocks only kept going higher, closing at all time highs last Friday.

Read More

Caught On Tape: ISIS Destroys Abrams Tank With Anti-Tank Missile

With so much chatter about 'cyber-war', we thought a gentle reminder of what real 'kinetic-war' looks like... A Russian-made anti-tank missile reportedly obliterated a US-made Abrams tank involved in the offensive on the terrorist-held city of Mosul, Iraq. Footage of the alleged incident was released by ISIS' propaganda channel.

Read More

Featured Apps