It is the 20th of August 2017

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Dan Loeb: "None Of Our Early Predictions Have Come To Pass"

Below are some key highlights from Third Point's latest Q2 letter, in which we find that Dan Loeb, despite some early market turbulence and thesis drift, has again managed to do what 95% of his peers have been unable to do, outperforming the S&P YTD and returning 10.7% through June 30, up 4.6% in the second quarter.

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Even Schwab Is Warning Retail Clients Of "Danger Signs Rising"

You know it's bad when even the traditional 'pumpers' are getting anxious. While obviously counched in its own "well maybe that's not totally terrible" spin, reading the following from Charles Schwab suggests Liz Ann Sonders, Brad Sorensen, and Jeffrey Kleintop were all struggling to defend any bullish position and perhaps more desperate to CYA in case reality doesn't match their hard-sold perception...

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"What Cracks This Egg?" Morgan Stanley Asks, And Answers: "The Debt Ceiling Worries Us Most"

In the latest Sunday Start report from Morgan Stanley's Andrew Sheets, the bank's chief cross-asset strategist looks at the current state of the market - "the S&P 500, Russell 2000 and NASDAQ have hit all-time highs. Volatility has plunged back down near all-time lows. Credit is tighter and yields have been stable" - and asks the same question posed by virtually everyone else in recent weeks : "what rattles this market. What breaks the egg?"

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Is The BoJ About To Shock Markets Anew Tonight?

Nikkei Asian Review's William Pesek wonders if the BoJ is about to shock the markets again as pressure is mounting on Kuroda to save Abenomics...

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FX Week Ahead Preview: Is it "End Of Days" For The Greenback

FX Week Ahead, courtesy of Rajan Dhall from fxdaily.co.uk

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Inflation is no longer in stealth mode

  • IHS Markit index shows UK households pessimistic about finances for 2017-208
  • UK household finances remain under intense pressure from rising living costs
  • 58 percent of respondents expected higher interest rates in 12 months time
  • Inflation in the United Kingdom currently at near four-year high
  • Prices up prices by 2.9pc year-on-year, biggest annual increase since June 2013
  • In May consumer spending in the UK fell for the first time in almost four years

By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. John Maynard Keynes, The Economic Consequences of the Peace (1919)

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