Monday , June 17 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

Two Million Protesters Flood Streets of Hong Kong: What’s It All About?

Protests began a week ago when the Hong Kong government passed a bill authorizing extraditions to mainland China. The extradition legislation would allow residents and visitors to be sent for trial in China’s Communist-controlled courts, effectively squashing freedom of speech. Hong Kong's chief, Carrie Lam, rescinded the bill and even issued a rare apology following a week of massive protests, but that is not enough. The protesters demand the resignation of Lam who insisted on pushing...

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Whole Lotta Nothin’: Trump’s Secret Trade Deal With Mexico

A few avid Trump supporters asked me yesterday why I was silent on Trump's big success with Mexico. Let's investigate. "Weird, nothing on Mexico Mish?" was one such comment from yesterday. There is really not much to this success story as I pointed out on June 8 in Trump Declares Victory in Staged Mexico Crisis. However, since readers insist, let's tie up some loose ends with an investigation of allegedly secret details as well as outright lies. Secret Deal Exposed Yesterday, the Rolling...

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Trade War With India Starts: How Trump is Winning the Global War in 10 Tweets

After a year of talks on U.S. barriers to Indian steel and aluminum, India retaliates against Trump. The Hindu reports India to Impose Retaliatory Tariffs on 29 U.S. Goods Starting June 16. India has decided to impose retaliatory tariffs on 29 goods imported from the U.S. from June 16 onwards, officials in the Commerce Ministry told The Hindu. The decision comes a year after New Delhi initially decided to do so. The tariffs will place a burden of $220-290 million on the U.S., about the same...

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Preparation for War: US Blames Iran for Gulf of Oman Attacks, Who is Likely?

The US military is itching for a war with Iran. An excuse is found. But the incident, as blamed, makes no sense. Near the strategic Strait of Hormuz, two oil tankers were attacked. The US points a finger at Iran. The Guardian notes the crew of two tankers was evacuated following Oil Tanker Attacks in the Gulf of Oman. Tensions in the Gulf have been close to boiling point for weeks as the US puts pressure on Iran in an attempt to force Tehran to reopen talks about the 2015 nuclear deal,...

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Another One Bites the Dust: Ultimately it will Be Johnson vs Hunt or Gove

Matt Hancock dropped out today but refused to endorse anyone. Unless he does, both Javid and Stewart will drop next. With the elimination of Hancock, Raab is highly likely to find the 33 votes he needs in the next round of eliminations on Tuesday. The same cannot be said for Javid or Stewart. The votes for Leadsom and McVey (both strong Brexiteers) eliminated in the first round, will go to Johnson or Raab. There are about 30 votes (20 Hancock and 10 Harper) that will be split between Hunt,...

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Strong Retail Sales Report Counting Upward Revisions

The May retail sales number missed expectations slightly but the Census Bureau upgraded April from -0.2% to +0.3%. The Census Bureau's Advance Retail Sales Report was a strong one, especially in light of revisions. Advance estimates of U.S. retail and food services sales for May 2019, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $519.0 billion, an increase of 0.5 percent from the previous month, and 3.2 percent above May 2018. Total...

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Economic Bill of Rights: Bernie Wants Same Healthcare Promise as Venezuela

Trump has succeeded in one thing: Pushing Democrats so far to the Left they look like economic fools in comparison. Economic Bill of Rights Kicking off his 2020 election campaign at George Washington University, Bernie Sanders pitched his Democrat Socialist Plan to the US. Sanders seeks an "Economic Bill of Rights" that would include the right to a decent job that pays a living wage, quality health care, a complete education, affordable housing, a clean environment and a secure retirement....

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BoJo’s Odds of Being UK’s Next PM Soar to 83% Following Massive 1st Round Ballot

Boris Johnson secures enough votes in the first round of the Tory leadership process to guarantee he is a finalist. Here's a synopsis of the First Round of Leadership Voting. The odds on Boris Johnson becoming the next prime minister are now 1/5, down from 4/7 this morning, the betting website Oddschecker says. That’s an implied probability of 83.3% that he will win the Conservative leadership contest. I had Johnson at 80% from the outset. The betting odds were way off before. Don't go by...

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Agricultural Export Prices Down 2.5% in Two Months, Down 5.3% Year-Over-Year

Import and export prices continue to decline. Agriculture leads the way on export prices, energy on import prices. Import Prices Prices for U.S. imports declined 0.3 percent in May, the U.S. Bureau of Labor Statistics reported today, the first monthly decline since a 1.4-percent drop in December. Import prices advanced 1.8 percent from December to April before the downturn in May. The price index for overall imports decreased 1.5 percent over the past 12 months, matching the drop in January....

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