Canada’s Counter-Tariffs Take Effect As Trump Targets Bombardier And Midterm Battlegrounds Canada’s retaliatory tariffs on U.S. goods took effect at 12:01 a.m. Tuesday – raising duties of 15%, 25%, and 50% on hundreds of American products after last month’s collapse of bilateral talks. Ottawa says the package matches the United States “dollar for dollar, rate for rate.” Finance Canada values the covered U.S. imports at $27.6 […]

More – And Less – Of The Same Things By Michael Every of Rabobank It’s more of the same to start this Tuesday, and less too: and that isn’t good news. Japanese Q2 GDP came in at 0.4% q-o-q, 1.3% y-o-y at the second read, backing the BOJ hiking rates again on September 18 – but is it really going to be ‘one and done’? The 2-year JGB yield is at 1.84% today, close to a new multi-decade high, and vs. the more usual 0% seen […]

Houthis Pummel Southwest Saudi Arabia With Ballistic Missiles, As Yemen Air & Ground War Erupts The heaviest fighting since the Iran war began is taking place in Yemen currently, also involving significant overnight attacks on Saudi energy and military sites by the Houthis. The Houthis have since unveiled new operations, in a Tuesday statement saying the Iran-aligned group is targeting critical Saudi oil and military […]

“It’s Pretty Tight”: Vitol Chief Warns Of Global Fuel Squeeze As Refineries Max Out, Leaving Little Room For More Chaos Geopolitical risks in the Gulf pushed Brent crude futures toward $100 a barrel overnight as Yemen’s Iranian-backed Houthi rebels launched new attacks on Saudi cities and economic infrastructure. At 7:45 a.m. ET, the US diesel crack spread remained above $101 a barrel as severe tightness across the world’s […]

Futures Fall As Inflation Fears Mount With Oil Set To Top $100 US futures fell as Brent crude approached $100 a barrel, chasing Shanghai crude which is now trading above $102, reinforcing expectations that central banks will have to raise interest rates to contain inflation while a key CPI print looms on Friday. As of 8:15am, S&P 500 futures were 0.3% lower while Nasdaq futures were fractionally negative after reversing an […]

Copper Hits All-Time-High As Physical Economy Reprices Scarcity Copper futures in London reached a record high on Tuesday as expectations of US tariffs drew record volumes from the seaborne market into US warehouses, tightening availability elsewhere despite subdued demand. As we highlighted on Monday, deteriorating conditions across global mining operations are adding to supply woes. Benchmark three-month futures on the LME […]

We’re Living In A Tragicomic Parody Authored by Charles Hugh Smith via OfTwoMinds blog, We’re blessed/cursed to be living in a very peculiar era in which parodies are taken with the utmost seriousness, an absurdist state of affairs captured by the classic line from the 1959 film North by Northwest: “So horribly sad. How is it I feel like laughing?” The parodies are now so extreme they are self-parodies that cannot be parodied. How […]

Bolsonaro Leads Socialist Lula As “Huge Bet” On Right-Wing Victory Fuels Brazil ETF Options Frenzy Summary: “Explosive Surge” in iShares MSCI Brazil ETF (EWZ) call open interest BTG Pactual/Nexus Survey Shows Bolsonaro Leads Over Socialist Lula  UBS Calls Brazil Election “Extremely Close” – Bolsonaro Win Would Cement LatAm’s Political Shift The BTG Pactual/Nexus survey released earlier today puts right-wing Senator Flávio […]

Europe’s Von der Leyen Wants To Put Private Bank Deposits Under State Direction Submitted by Thomas Kolbe How will we deal with private property in Europe in the future? A highly complex debate follows from this question, one that European Commission President Ursula von der Leyen interpreted in her own very particular way on Friday. In a speech to French business leaders at the MEDEF’s La Rencontre des Entrepreneurs de France […]

Europe Finally Gets Its Own SpaceX Challenger As Isar Reaches Orbit At 10:12pm local time on Saturday, a 92-foot rocket built by Munich startup Isar Aerospace lifted off from a windswept island above the Arctic Circle and reached orbit,  where it deployed five small satellites into a roughly 500-km orbit on what was only its second flight, making it the first commercial European company to deliver payloads to orbit and the first […]

The Bond Selloff Isn’t Fiscal Armageddon, It’s The End Of A Decade Of Financial Repression; Deutsche Bank Authored by Jim Reid, Deutsche Bank global head of macro research, The latest global bond sell-off has revived the idea that markets are fretting over unsustainable public finances. As concerned as I am by this issue in the longer term, the recent bond market weakness at the moment should be seen more as a continuation of the […]

AfD’s Historic Win Shocks German Political Establishment: Here’s What Happens Next The pro-Germany, anti-globalist, anti-mass migration right-wing populist party known as Alternative für Deutschland delivered its strongest election result ever in Saxony-Anhalt on Sunday, dealing a sharp blow to Germany’s political establishment.  On Sunday, AfD secured 43.8% of the vote in Sunday’s regional election, exceeding polling […]

Ukraine’s ‘Mood Swing’ Against Zelensky: Widespread Fraud, Wartime Protests, Unpopular Dismissals The mainstream media is turning on Ukrainian President Volodymyr Zelensky, and more and more of his population may be doing the same, at a moment of multiple high level corruption cases running straight through the presidential office. To review, this was the second straight summer that controversial decisions by Zelensky sparked […]

‘Deeply Shocked’: Merz Speaks Of ‘Consequences’ After Historic CDU Defeat via Remix News, Germany’s political establishment is still absorbing the shock of Sunday’s state election in Saxony-Anhalt, where the Alternative for Germany (AfD) surged to 43.8 percent and the Christian Democratic Union (CDU) of Chancellor Friedrich Merz crashed to 17.2 percent. Merz called the result the CDU’s “heaviest defeat” in decades and said it […]

The Exodus Continues… Britain’s 3rd Largest Taxpayer Escapes To Greece Britain’s highest taxpayers have been drifting offshore since the non-dom regime was scrapped in April 2025 and inheritance tax was extended to worldwide assets. This shift is already visible on the Sunday Times lists: six of the 2026 Tax List’s top 100 (including Revolut’s Nik Storonsky) had left in the previous year, the compiler noted that one in nine […]

Iran To Draw New “Restricted Zone” In Hormuz As Saudi Aramco Facility Hit Again, Oil Climbs At a moment US officials have been boasting of more and more oil tankers making it through the Strait of Hormuz under US naval protection and support, Iran has previewed a new ‘restricted zone’ in the Gulf, which it says will be announced in the coming days. The announcement is expected to include maps of the new shipping corridor through […]

Why Won’t China Cut Ukraine Off From Drone-Related Sales? Authored by Andrew Korybko via Substack, Indefinitely perpetuating the Ukrainian Conflict through these means indefinitely delays the full implementation of the US’ planned “Pivot (back) to (East) Asia”, can lead to Russia selling its natural resource wealth to China at bargain-basement prices, and maintains China’s “active neutrality”. Radio Free Europe/Radio Liberty […]

Europe’s Auto Bloodbath Deepens: Jaguar Land Rover To Axe 4,000 Jobs After VW Targets 50,000 More Job Cuts Europe’s industrial base faces yet another setback, with Bloomberg reporting that Jaguar Land Rover plans to cut 4,000 jobs over the next two years. Britain’s largest carmaker is confronting intensifying Chinese competition and adding to the broadening wave of planned and ongoing layoffs across European automakers. The job […]

Greenland’s Icecap Grew This Year Authored by Paul Homewood via The Daily Sceptic, Greenland’s icecap is melting away thanks to global warming, at least that is what we are told. According to the EU’s European State of the Climate 2025 Report, the ice sheet lost 139 Gt last year. They say that is equivalent to about 1.5 times the amount of ice stored in all the glaciers in the European Alps, and raised global mean sea level by 0.4 […]

Asia Leads Global Value Rotation On Chip Woes By Abishek Vishnoi, Bloomberg Markets Live reporter and strategist A rotation from growth to value stocks is more pronounced in Asia than anywhere else globally, as doubts grow over the chip rally’s staying power. MSCI’s gauge for value stocks in Asia Pacific has risen about 6% this quarter, compared with a 2% drop in its growth counterpart, on track for its biggest outperformance […]

Prolific Recruiter Of Teenage Suicide Bombers Earns US Sanctions Relief, Days Before 9/11 Anniversary Authored by Max Blumenthal via The GrayZone As the US prepares to mark 25 years since Sept. 11, 2001, Donald Trump has removed top Al Qaeda figures from the US list of designated terrorists. Among those he delisted was Abdullah Muhaysini, a Saudi cleric who recruited child fighters and teen suicide bombers to wreak havoc across […]

Rise Of The Machines: China’s Military Prepares Humanoid Robots For Combat At the start of the year, we warned about the prospect of humanoid robots moving beyond factory floors and into military operations. China’s World Humanoid Robot Games last month showcased advances in robotic speed and mobility, while reports of Beijing’s expanding military research suggest preparations for eventual battlefield deployment are gathering pace. […]

Central Asia Is Escaping The ‘Backyard’ Label Authored by Ziaulhaq Tanin via RealClearWorld, Three decades after their independence, Central Asia is still often viewed through outdated geopolitical lenses – a region once called “Russia’s backyard” and more recently as an arena of competition among Russia, China, and the West. Yet this familiar narrative no longer captures the region’s strategic reality. Central Asian states are […]

Japan’s NEC Halts Quantum Computer Project After Decades Of Research NEC has ended its effort to develop a working quantum computer, reportedly deciding that the project would take too long to deliver an acceptable return on investment, according to a new report by Nikkei. The move represents a significant change in direction for a company that has been involved in quantum computing research for more than three decades. NEC was […]

China’s Provinces Show Evidence Of Financial Pressure And The Economy’s Imbalances Authored by Milton Ezrati via The Epoch Times, Some 28 provinces and separate jurisdictions increasingly have had to turn to Beijing for help closing budget gaps, according to China’s Ministry of Finance. People walk next to a screen with a stocks indicator in the Jing’an district in Shanghai, China, on April 7, 2025. Hector Retamal/AFP via Getty […]