Actually, if people are lawabiding, they never think about endangering National Security, there is no cause for concern whatsoever. Is if therelegation is a National Security law in hong kong, the law should be enacted in hong kong by the Legislative Council. It should not be happening in beijing. The Hong Kong Government has been kept in the dark and the process. Again, this is wrong. Firstly, this is a national law. Of course if it is International Law it will have to be decided how to enact the law. Now, basic law states clearly that for matters of national , thise or Foreign Affairs is a matter for the cbg. No one would question that National Security is something outside the high degree of autonomy. Its a matter of sovereignty of the country. 18 after basic law, theres a process that allows National Laws to be added for implementation through hong kong through a specified procedure. The third point is the political reality. If you believe given the current political reality, given
Days of selling. Volatility is back and in a big way. Do you say the course origin to move to the side lines for a bit . I think you stay the course im sure everybody is shocked to hear that thats what i would say obviously, people were seeking protection they did that in many cases through the s p 500 the iwm, the qqq, of course, the vix, but thats really the deep end of the people the vix itself. So what i think move yesterday that was 44 in a single day, the ninth largest move in volatility in the vix is history, only the ninth largest. The big set over 65 but nonetheless, what that told me was a lot of the people that had been putting on these ratio spreads, one by three, one by four, they have been getting more aggressive with that, so if they have some protection against a small move in volatility, you get a big move like this, they chase, theyre the ones also throwing gasoline on the fire. Yes. Thats why a 1. 5 move results in that. What an incredible move in just a few days. Ye
Close to 85 points. Nasdaq up by about 27. Also take a look at treasury yields. Yesterday at one point the 30year hit a record low yield again. The 10year is yielding above where it had been. 1. 458 . Lets take a look at what happened overnight in asia after those strong results here in the United States. It carried out through the night. The hang seng up by 1. 6 . In europe in the early trade markets are stronger there as well. At least most of them. The dax is up 1. 5. The ftse just went slightly negative, but take a look at italy. That stock narcotic up about 2 . Spain the ibex is up 1. 9 . Crude oil prices, you can see equities higher this morning. Yesterday wti closed at a twomonth low. This morning up. On todays economic agenda, theres one report. Expected to show inventory rose slightly, but we have plenty of fed speaks today. Cleveland fed president spoke overnight in sidney. Chef said maintains stability in the Financial Markets should not be an explicit goal for the ed. A lot
1. 75 . And in europe in the early trading there, very similar trends. Dax down by 1. 5 . The cac off by 1. 75 . And the ftse 100 down by 1. 25 . Wti is up by 30 cents. Of course, we did see give back at the end of last week with wti pushing back near 44. 78. A couple big stories we are watching today on the economic calendar, we are looking for august new home sales out at 10 00 a. M. Eastern time. The fed officials are speaking today. The minneapolis fed press Neel Kashkari and dallas fed press rob kaplan. And well hear from Carnival Cruise lines and vail resorts. And then the big geopolitical plan from the boj. They are ready to use every tool to hit the inflation target. Theres no limit to Monetary Policy and that in designing policy the boj will relentlessly pursue innovation. Im not sure what all that means, but nevertheless, well talk about Deutsche Bank today. The shares of Deutsche Bank tumble to a record low according to a report in the german magazine focusing that Angela Me
The strong dollar and weakness in its eye care business weighing on the bottom line. Could apple fall far from the tree . The stock closes in in the red ahead of earnings. Signs iphone sales are slowing. Here we are. The week is going by so weekly. Lets look at u. S. Futures and how theyre fairing. The implied open obstetricaling us were seeing gains today above fair value. We should be up just about one point or so. Meantime the Dow Jones Industrials prized higher and then the tech heavy nasdaq, were looking at declines a little bit by maybe half a point or so. Lets check in on european markets first. Im get too excited arent i . James bond, the premiere last night and we have casino opening in macau to way ahead of myself here. Were not going anywhere today the cac 40 down by a third of 1 . The german dax on a four day winning streak giving back some of that so we could see the end of this today. And the ftse 100 seeing losses of a third. Its over to you now, right, wilf. Indeed. Yes