Wednesday , October 16 2019
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The author Mike Shedlock
Mike Shedlock
Mike Shedlock (Mish) is a registered investment advisor representative for SitkaPacific Capital Management (http://www.sitkapacific.com/). Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Mish’s Global Economic

Trump Accuses Turkey of War Crimes, What About the Nukes?

Trump accused Turkey of creating a humanitarian Crisis. Europe fears a flood of refuges. US nukes held hostage. Tensions in Turkey keep rising. In response to US abandonment of Kurdish rebels in Northern Syria, the Kurds entered a pact with Syria to stave of a bloodbath at the hands of Turkey. The invasion by Turkey went further into Syria than Turkey claimed it would, so Trump Responded with Steel Tariffs and threats of shutting of US dollar transactions for Turkey. “Turkey’s military...

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Russia the Biggest Winner in Syria’s Pact With Kurds

The Kurds entered a pact with Syria to stave of a bloodbath at the hands of Turkey. Syrian forces gain territory. The Wall Street Journal reports Assad Expands Control in Syria After U.S. Pullback, Pact With Kurds. A quickly forged agreement between Kurdish forces and the Syrian government to confront a Turkish military campaign has reshaped alliances in Syria, transforming an erstwhile partner of the U.S. in the fight against Islamic State into a force more closely aligned with Russia and...

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Shanghai Housing Sales Plunge 86% in Golden Week

Golden Week, a seven-day Chinese holiday, is traditionally a peak period for home sales. This year, sales plummeted. The South China Post reports ‘Golden Week’ Property Sales Plunge in Major Chinese Cities. Property sales in China’s major cities saw one of their worst “golden week” holidays in years, as buyers held back amid a slowing economy and tight restrictions on mortgage loans. Sales of new homes in Beijing dropped to their lowest level since 2014 during the week following the...

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Jeremy Corbyn Rips Queen’s Speech as a Farce

Prime Minister Boris Johnson presented the Queen's Speech outlining his agenda. Jeremy Corbyn said it was a farce. Queen's Arrival for Queen's Speech ​ Queen Elizabeth II is now at Westminster for the State Opening of Parliament and her Queen's Speech, prepared and given by prime minister Boris Johnson. The Queen's Speech outlines Johnson's agenda for the session. The Guardian Live Blog has coverage. Labour Leader Jeremy Corbyn has condemned the government’s planned legislative programme...

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Trump Thanks China for the Greatest Stalemate in History

For a deal not yet signed and whose details are totally lacking, Trump thanks China. No Deal Yet Despite the hype, there is no deal. Nothing is signed. Pleased to Be Behind Trump is very pleased to be behind where we supposedly were 10 months ago. It was a great deal then and an even greater deal today. China Wins The Wall Street Journal reports China Emerges With Wins From U.S. Trade Truce China is emerging with wins in this week’s trade talks, with the U.S. shelving new tariffs against...

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Boris Johnson’s Brexit Ace in the Hole Revealed

The UK PM is committed to obeying a law that requires him to do something that he says he will not do. What's the catch? The Benn Bill requires UK prime minister Boris Johnson to request a Brexit extension that Johnsosn has vowed not to do. Yet, he insists he will not break the law. For obvious reasons, Johnson has not explained how that is possible. Coercion Please consider 1969 Vienna Convention: Article 51 Coercion of a Representative of State This article deals with one of the most...

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Austria’s Central Banks Says More QE is Counterproductive

Dissent within the ECB over QE is at unprecedented levels and rising. But what does "counterproductive" really mean? Several members of the European Central Bank’s Governing Council are against the ECB buying more bonds. Add Austrian central bank Governor Robert Holzmann to the list. Holzmann says Draghi’s QE Policy Is Counterproductive “The view was that the attempt to inject even more liquidity isn’t good, even counterproductive,” Holzmann told Austrian public TV broadcaster ORF in an...

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Trump Threatens to Shut Down All US Dollar Transaction in Turkey

Reports surface of war crimes against the Kurds after Turkey Invaded Syria. Trump threatens sanctions. World Peace Trump Orders U.S. Forces to Withdraw From Northern Syria The Wall Street Journal reports Trump Orders U.S. Forces to Withdraw From Northern Syria The U.S. military is evacuating its roughly 1,000 troops from northern Syria at the direction of President Trump, Defense Secretary Mark Esper said, removing a last impediment to Turkey’s expanding incursion into Syria and marking...

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Trump’s No Meat on the Bones Trade Announcement With China

The market rallied yet again on Friday on still more rumors of a trade deal with China. Details are lacking. Phase 1 China walked out of negotiations with Trump last week because of Trump's insistence on an all encompassing deal. Since Trump is more desperate than China, Friday's announcement should not surprise anyone. Reuters reports U.S. Outlines 'Phase 1' Trade Deal With China, Suspends October Tariff Hike. U.S. President Donald Trump on Friday outlined the first phase of a deal to end a...

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GDPNow Forecast Dips Slightly to 1.7%, Nowcast Steady

Economic news took a tenth of a percent off the Atlanta Fed GDPNow forecasts. The New York Fed Nowcast was stable. The latest Atlanta Fed GDPNow and New York Fed Nowcast were little changed on economic news this week. The Nowcast was steady at 2.0%. The GDPNow base forecast and real final sales forecast slipped to 1.7% on October 9 from 1.8% on October 4 following wholesale trade report from the U.S. Census Bureau. These are muddle through, not recessionary numbers. Mike "Mish" Shedlock

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