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By Tyler Durden

Some say Sanders sold out to Hillary, others that he had no choice if Democrats are to beat Trump, but one thing is for sure – the unholy union of Sanders and Clinton today on stage in Portsmouth, New Hampshire will be must-watch for awkward body-language. Sanders is expected to endorse Hillary and her Wall Street money… Trump had a few things to say, as you can imagine…

Bernie Sanders, who has lost most of his leverage, has totally sold out to Crooked Hillary Clinton. He will endorse her today – fans angry!

— Donald J. Trump (@realDonaldTrump) July 12, 2016

I am somewhat surprised that Bernie Sanders was not true to himself and his supporters. They are not happy that he is selling out!

— Donald J. Trump (@realDonaldTrump) July 12, 2016

Live Feed:

…read more

Source: Bernie Sanders & Hillary Clinton ‘Stronger Together’? – Live Feed

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By Tyler Durden

Following an upwardly revised April 0.7% rise in inventories, May saw yet another build (+0.1% MoM) but for once sales outpaced it with a 0.5% MoM gain. However, inventories remain 0.5% higher YoY with sales down 2.5% leaving the inventories-to-sales ration hovering at 1.35x – previous recession highs.

Inventories continue to rise and sales drop…

leaving inventories-to-sales at recessionary peaks…

Of course Bernanke’s helicopter money will fix all this right? Or will corporations front-run the exuberance and overbuild the wrong inventories again?

…read more

Source: Wholesale Inventories-To-Sales Holds At Recessionary Highs

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By Tyler Durden

Following The Hague's ruling that China has no legal claim to most of The South China Sea, authorities have taken to the media to proclaim their disdain for the decision. Editor-in-Chief Wang Xiaohui of The China People's Daily (quasi-official mouthpiece of the China Communist Party) unleashed a sniping rebuke provaliming: “South China Sea arbitration: A US-led conspiracy behind the farce.”

Since U.S. President Barack Obama took office, “Pivot to Asia” has become one of Washington's political pursuits and military strategies. The disputes between China and the Philippines over the South China Sea, which was provoked by former Philippine President Aquino III, came just in time as it offered Washington a good excuse and easy approach to return to the region.

In January 2013, the Philippines unilaterally initiated arbitral proceedings on the South China Sea issue. To circumvent the law, it secretly changed relative concepts, deliberately separated the Nansha Islands, and asked the tribunal to issue an award over the legal status and maritime claims of some of the islands and reefs that belong to the Nansha Islands as a whole.

What Aquino III did was a clear violation of international law. However, Washington chose to ignore the facts and the law, giving full support to its flunkey in Asia without hesitation.

So, we can tell that Washington has taken sides from the very beginning. What has it done before and behind the curtain then? Generally, it took four kinds of actions.

First, colluding with its allies to rubbish China.

Regarding the South China Sea arbitration, U.S. government officials and media have expressed many negative opinions of China, so as to portray Beijing as a “violator” of international order. U.S. Secretary of Defense Ash Carter used to say in public that China's activity in the South China Sea could lead to a “great wall of self-isolation.” Japan, as an ally of Washington, was also active and enthusiastic in helping the U.S. to suppress China.

Second, showing off military force and putting pressure on China.

The U.S. has been stepping up military actions in the South China Sea recently. Particularly, in the middle of June, two U.S. aircraft carriers, the USS John C. Stennis and USS Ronald Reagan, launched joint operations in the South China Sea, staging a show of force aimed at China.

In the meantime, Japan also launched joint military exercises with the Philippines and conducted arms sales with the latter, which is meant to put pressure on China. On July 8, Washington and Seoul jointly announced the deployment of the THAAD (Terminal High Altitude Area Defense) systems in South Korea, and the ulterior motive behind it was obvious enough.

Third, playing China and ASEAN countries off each other.

Chu Yin, a research fellow at the Center for China and Globalization said that “the U.S. escalates the tensions in the South China Sea with an essential purpose of containing China.” For the U.S., sabotaging the relations between China and ASEAN countries is an effective way to hinder China's development, apart from being a best solution with …read more

Source: China Lashes Out At "Washington-led Conspiracy" After Hague Decision "Farce"

    

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By Tyler Durden

In an op-ed originally posted by Jamie Dimon in the NYT, the JPM CEO explains that what is plaguing the US is not anger at bailed out banks, some of which like HSBC were confirmed to have been “too big to prosecute” and hatred of crony capitalism which has bailed out banks like, oops, JPMorgan, and is instead mostly due to “wage stagnation and income inequality”, which according to Dimon is due to minimum wage pressures. We kept looking for some additional comments about how the average Wall Street CEOs on average made 124 times the average worker at the banks, but couldn’t find it. Instead we read many words why raising the wage for a tiny subset of JPM workers who still make $10.15 to $12 or even, gasp, $16.50, should fix the US.

* * *

Jamie Dimon: Why We’re Giving Our Employees a Raise

WAGE stagnation. Income inequality. A lack of quality education. Insufficient training and skills development.

Issues like these have led approximately two-thirds of Americans to believe that the next generation will be worse off than the last. And it is true that too many people are not getting a fair opportunity to get ahead. We must find ways to help them move up the economic ladder, and everyone — business, government and nonprofits — needs to play a role.

At JPMorgan Chase, we’re starting by giving thousands of employees a raise.

Our minimum salary for American employees today is $10.15 an hour (plus meaningful benefits, which I’ll explain later), almost $3 above the current national minimum wage. Over the next three years, we will raise the minimum pay for 18,000 workers to $12 to $16.50 an hour, depending on geographic and market factors.

A pay increase is the right thing to do. Wages for many Americans have gone nowhere for too long. Many employees who will receive this increase work as bank tellers and customer service representatives. Above all, it enables more people to begin to share in the rewards of economic growth.

And it’s good for our company, helping us attract and retain talented people in a competitive environment. While businesses, including ours, are understandably cautious when it comes to expenses, there are good expenses (investments that will pay off in the long run) and bad expenses (waste and inefficiencies). We have never hesitated to invest aggressively if we thought it would improve our long-term prospects.

While a higher wage is important, so are benefits. Our lower-compensated employees receive a medical plan — subsidized up to 90 percent by the company — as well as dental, vision and other coverage. Many of these and other benefits, including a 401(k), pension, a special annual award, paid family leave, paid vacation and bereavement, have been increased in recent years. In total, the annualized value of all of our benefits for these employees is on average approximately $11,000 a year above their existing wages.

It is true that some businesses cannot afford to raise wages right now. But every business can do its …read more

Source: Jamie Dimon Explains Why He Is Raising The Wage For Some JPM Workers From $10.15 To $12 Or More

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By Tyler Durden

A quick headline search for the phrases “Japan stimulus” and “helicopter money” is all one needs to understand the very familiar reason for today latest overnight global stock rally, which has sent the USDJPY surging some more, in the process pushing the Nikkei higher by 2.5%, China up over 1% (with the help of some late FX intervention by the PBOC), European stocks up 1%, US equity futures up 0.5%, and so on, in what is a global wave of green on the back of the helicopter money which after Bernanke’s visit to Japan, market participants are now convinced is just a matter of time.

As Bloomberg puts it, “global stocks advanced for a fourth day and commodities rose, buoyed by the prospect of stimulus in major economies.” And that is all there is to it.

While risk on assets soared, government bonds sank with the yen, which has now tumbled by over 300 pips since our warning to cover any USDJPY shorts last Thursday, when we previewed precisely these events warning that “something big” was coming. The MSCI All-Country World Index reached its strongest level since June 24, and the yen had its biggest two-day slide since 2014 after Japanese Prime Minister Shinzo Abe vowed to speed up efforts to defeat deflation. The pound rose for a third day as Home Secretary Theresa May prepared to take over as the U.K.’s next prime minister. Daimler AG led gains in European stocks and credit markets strengthened after earnings that beat analysts’ predictions. U.S. crude rebounded from a two month low.

In case it is still confusing what continues to drive the rally, here are some more hints:

“Risk remains very much on, as central banks around the world are turning more accommodative. That is trumping any fears investors may have concerning global growth,” Societe Generale strategists write in note.

“Risk appetite is in the ascendancy, and as a consequence we are seeing higher-yielding currencies rally and haven currencies including the yen decline,” said Jeremy Stretch at CIBC. “It’s a case of hopes for additional Japanese fiscal stimulus.”

Oh and remember Brexit, and the doomsday warnings should it pass? Well, global equities are now back to where they were when the U.K. voted for Brexit. Since then, futures traders have cut wagers on higher interest rates from the Federal Reserve while Abe won an election and said he would order ministers to begin compiling fresh stimulus. The majority of economists expect the Bank of England to cut interest rates this week and traders are betting there will be further monetary easing in the euro area this year.

And since central banks are once again pushing equities higher, this means that the Stoxx Europe 600 Index rose 1 percent as of 10:58 a.m. London time, after surging 4.4 percent over the last three trading days. Japan’s Topix climbed 2.4 percent and the MSCI Asia Pacific Index gained 1.2 percent. The U.K.’s FTSE 100 Index reached its highest level since August 2015. Futures on the …read more

Source: Global Stocks Surge On Rising Hopes Of Japan "Helicopter Money"

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By Tyler Durden

Yesterday, when referring to the latest interview Jeff Gundlach gave Barron’s, we presented the bearish DoubleLine “bond king’s” portfolio which he broke down as follows: “high-quality bonds, gold, and some cash.” He promptly added the following rhetorical response to inbound inquiries: “People say, “What kind of portfolio is that?” I say it’s one that is outperforming everybody else’s. I mean, bonds are up more than 5%, gold is up substantially this year [28%], and gold miners have had over a 100% gain. This is a year when it hasn’t been that tough to earn 10% with a portfolio. Most people think this is a dead-money portfolio. They’ve got it wrong. The dead-money portfolio is the S&P 500.”

Today, the market is doing its best to prove Gundlach wrong, with the S&P breaking out to new all time highs while gold takes a modest leg lower.

But while the market remains entirely reliant on the actions of central banks, and as we noted earlier, the latest push higher appears to have come from Bernanke whispering in Abe and Kuroda’s ear about the fringe benefits of helicopter money, Gundlach does not see the gains in the market trickling down into the broader economy. Just the opposite, because in another part of the same Barron’s interview, when asked if things are going to get worse – both in the economy and society – Gundlach responds as follows:

What is really happening here is that there’s massive technological change, and big changes almost always lead to political instability. People who benefit from the old construct are loath to see it change, because they don’t want to lose their power and economic advantage. And so they dig their heels in even harder. That’s what we’re seeing in Britain right now. People who remember the good old days when they had factory jobs and made a good living—that’s been taken away, and they want to do something about it… Robots are taking an awful lot of jobs. Driverless cars are coming; just think about how many jobs that is going to take away. Think of all the taxi drivers; think of all the Uber drivers who have found a source of income. How about the truck drivers? How about the livery people? A lot of people are out there driving around and getting paid for it. You get a driverless car, and all of a sudden they’re unemployed. Not all of them, of course, and not all at once. This is all part of this process.

It’s not just technology, though. Gundlach is just as worried about slumping demographics, not only :

One of the big problems in parts of Europe is a collapsing labor force. In Italy, the fertility rates are so low, and the baby-boom piece so big, that their labor force will plunge, absent immigration. Demographics are a problem that takes a generation to go away. And then you’ve got the robots, and they’re never going away. And you’ve got all this debt—the world’s …read more

Source: Why Gundlach Thinks It’s Going To Get Worse, And Why He Is "Pretty Sure That Trump Will Win"

    

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By Tyler Durden

North Korea on Monday threatened to take a “physical counter-action” if the United States follows through with plans to deploy an advanced missile defense system in the South.

As we detailed previously, Obama described the North Korean regime as “a massive challenge.”

“Our first priority is to protect the American people and our allies, the Republic of Korea, Japan, that are vulnerable to the provocative actions that North Korea is engaging in,” Mr. Obama said.

He said North Korea is “erratic enough” and the country's leader, Kim Jong Un, is “irresponsible enough that we don't want them getting close.”

“But it's not something that lends itself to an easy solution,” Mr. Obama said. “We could, obviously, destroy North Korea with our arsenals. But aside from the humanitarian costs of that, they are right next door to our vital ally, Republic of Korea.”

So how is Obama preparing to fend off threats from North Korea? It appears that the US will set up a missile defense system to surround North Korea and shoot down any future flying nuisances.

“One of the things that we have been doing is spending a lot more time positioning our missile defense systems, so that even as we try to resolve the underlying problem of nuclear development inside of North Korea, we're also setting up a shield that can at least block the relatively low-level threats that they're posing right now,” Obama said.

Which has apparently upset Kim and his buddies… As Military.com's Kim Gamel reports,

The warning came three days after Washington and Seoul agreed to establish a Terminal High-Altitude Area Defense system, known as THAAD, on the divided peninsula to guard against missiles being developed by the North.

North Korea vowed to “take a physical counter-action to thoroughly control THAAD, aggression means of the U.S. for world domination, from the moment its location and place have been confirmed in South Korea,” according to the state-run Korean Central News Agency.

The report cited the Artillery Bureau of the General Staff for the Korean People's Army.

“The U.S. had better understand that the more massively it introduces war weapons to South Korea and its vicinity, the closer they will come into the firing range of the KPA and the more miserable end the U.S. will meet without even a moment to make a shrill cry,” it said.

KCNA also criticized South Korea for allowing the system to be deployed on its territory. The two countries are technically still at war after the 1950-53 conflict ended in an armistice instead of a peace treaty. About 28,500 U.S. service members are stationed in the South.

“We once again warn the enemies that it is the steadfast will of the KPA to make merciless retaliatory strikes to reduce South Korea to a sea in flames, debris once an order is issued,” the report said.

South Korea's Ministry of Defense said it was ready to respond in kind.

“North Korea needs to clearly see who is responsible for putting the Korean …read more

Source: North Korea Threatens To Retaliate "Physically" If US Deploys THAAD On Peninsula

    

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