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Week-in-Review (stats in YoY terms): Mon: China exports +2.9% (imports -5.7%), China 10yr yield 2.7% record low, iron ore prices hit 2yr high, OPEC to hold informal Sept meeting, Italy high court approves Renzi constitutional referendum (Nov vote expected), Spain 10yr bond yields below 1%, Greece CPI -1.0%, Swiss CPI -0.2%, S&P -0.1%; Tue: China CPI -0.1 to 1.8% (core +1.8%) PPI -1.7%, Japan machine tool orders -

Hope all goes well… Dusted off an anecdote about trading (see below). Taking my annual August break from writing. See you again in September with full weekend notes. Week-in-Review (stats in YoY terms): Mon: China PMI +2.0 to 50.6, Japan PMI +1.2 to 49.3 (sub-50 for 5th mth), Abe aide Hamada favors proclaiming debt monetization policy (JGB yields surge), Aussie CPI -0.5 to +1.0% (home sales +1.0%), India PMI +0.1 to

Week-in-Review (stats in YoY terms): Mon: China PMI +2.0 to 50.6, Japan PMI +1.2 to 49.3 (sub-50 for 5th mth), Abe aide Hamada favors proclaiming debt monetization policy (JGB yields surge), Aussie CPI -0.5 to +1.0% (home sales +1.0%), India PMI +0.1 to 51.8, Indonesia PMI -2.5 to 48.4, EU banks stocks fall despite generally positive ECB stress test (Monte dei Paschi is exception, rallying following bailout), UK PMI

Week-in-Review: Mon: Japanese trade surplus surges (exports fall for 9th mth, imports fall for 18th mth), Bank of Israel hold rates at 0.1% (cites Brexit risks), UK biz confidence hits post-GFC lows, German business confidence jumps, Greece loosens capital controls, Mexico retail sales +8.6%, Brazil consumer conf +5.7 to 76.7, odds of 2016 Fed rate hike rise to 50%, Verizon buys Yahoo for $4.8bln, S&P -0.3%; Tue:

Hope all goes well… Dusted off an anecdote about climbing mountains from 2011 (see below). Taking my annual August break from writing. See you again in September with full weekend notes. Week-in-Review: Mon: Japanese trade surplus surges (exports fall for 9th mth, imports fall for 18th mth), Bank of Israel hold rates at 0.1% (cites Brexit risks), UK biz confidence hits post-GFC lows, German business confidence jumps,

Hope all goes well… “We’re in the zone of a turning point,” said Eagle, soaring high above Gotham. Far below, countless little creatures starved for yield, scurrying after crumbs, panicked. Eagle recalled the 2011 Fukushima disaster, the ensuing Yen rally, Nikkei decline, Japan’s existential crisis. Followed by Abe’s 2012 election, the market’s explosive reversal. “I don’t yet see the bond market’s equivalent of the

“This uprising is a gift from God,” exclaimed the autocrat, ebullient. “They’ll pay a heavy price,” continued Erdogan, unleashing his purge of political opponents. 10,000 were arrested, 60,000 civil servants dismissed, hundreds of schools closed. “It looks as if something had been prepared, the lists are available, which indicates they were to be used at a certain stage,” said EU commissioner Hahn, overseeing Turkey’

“I do one thing really well,” said the CIO, raising an index finger, looking at it, considering it, so simple. “I am really good at identifying things that in 60-90 days will appear to have been patently absurd,” he continued. “In February, everyone was consumed by the bear case.” China slowing, populations ageing, the world overburdened by debt, leverage and excess capacity. “People took these arguments so far that

Overall: “I would rather run the risk of taking a sledgehammer to crack a nut than taking a miniature rock hammer to tunnel my way out of prison,” said Andy Haldane, Bank of England’s chief economist, referencing the movie classic, Shawshank Redemption. Everyone loves that flick; a jailbreak, executed with patient precision, interwoven with wisdom. In the closing scene, Morgan Freeman explains, “In 1966, Andy Dufresn