Week-in-Review (stats in YoY terms): Mon: S&P maintains negative HK outlook, India appoints Urjit Patel central bank governor (inflation hawk), UK economic surprise index 3yr high, Mexico Q2 quarterly GDP contracts 1st time since 2013 (+2.5% yoy), Fed’s Fischer “inflation within hailing distance of 2%,” S&P 500 trailing 12mth PE hits 25.3x (vs post War avg 19.2x), S&P -0.1%; Tue: China FX basket new lows

Hope all goes well… Dusted off an anecdote from summer 2015 about quantum transformation (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: Japan GDP +0.2% (exp +0.7%) IP -1.5%, 10yr Gilt yield record low 0.50%, US declares Puerto Rico Zika health emergency, US Empire manufacturing survey -4.8 to -4.2%, S&P +0.3%;

Week-in-Review (stats in YoY terms): Mon: Japan GDP +0.2% (exp +0.7%) IP -1.5%, 10yr Gilt yield record low 0.50%, US declares Puerto Rico Zika health emergency, US Empire manufacturing survey -4.8 to -4.2%, S&P +0.3%; Tue: Shenzen Connect to be launched by year-end, Yen strengthens past 100, RBA minutes upbeat on economy despite rate cut, India wholesale prices +3.6% (2yr high), Russian stocks hit record, German

Hope all goes well… Dusted off an anecdote from late-2014 about market melt-ups (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 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 refer

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