Aggregator

Karl-Anthony Towns has a chance to lean even harder into his role next season.

Richmond's Got Talent, and Easter eggs!

The anguished family of a Brooklyn grandmother who went missing two weeks ago on a trip to Las Vegas has taken desperate measures to locate her, including checking local morgues for her body. Alisa Goods, 63, was in town visiting a longtime friend when she left his apartment near the Las Vegas Strip the afternoon...

The cancer-stricken monarch reunited with the Sussexes in England weeks before news broke of their impending move back to the UK.

The cancer-stricken monarch reunited with the Sussexes in England weeks before news broke of their impending move back to the UK.

How Can This Be Real?

Authored by Steve Watson via Modernity News,

The Home Office in the United Kingdom is now handing asylum seekers a nine-page booklet and posters spelling out that rape is illegal, sex with children is a crime, women are equal to men, and you cannot mutilate girls' genitals.

Yes, really. This is how bad it's gotten.

Britain's borders have become so porous that the state feels obliged to tutor new arrivals in the most basic rules of civilised society.

If you have to publish these and send them out to 'Asylum seekers' perhaps they shouldn't even be considered for asylum. pic.twitter.com/GbnVlJE7w0

— m o d e r n i t y (@ModernityNews) August 19, 2026

Officials openly acknowledge that "laws and customs here may be different from your home country." The document, published this week, is the clearest admission yet that large numbers of those arriving do not share the fundamental values that keep women and children safe.

It's like reverse colonisation, bring the third world here and pretend you can modernise them in a few days.

It took decades and most of the developing world is exactly that, still developing.

The Home Office seems to believe a pdf file will change that.

Absolutely insane. https://t.co/VeIkFeqxyC

— Nick, 30 (@an0n_Nic) August 19, 2026

GB News presenter Martin Daubney reacted with visible shock: "It's very rare a story comes in that completely takes my breath away, but this is it."

'It's very rare a story comes in that completely takes my breath away, but this is it!'@MartinDaubney shares his outrage as migrants are issued a guide by the Home Office on how to avoid committing rape in Britain, and other guidance on harassment and paedophilia. pic.twitter.com/hhTRpmir1k

— GB News (@GBNEWS) August 19, 2026

The guide, titled Understanding Behaviours and Expectations in the UK: A Guide for Asylum Seekers, is available on the government website and is being distributed to new arrivals.

A section on sex and consent states: "In the UK, the law is clear and strict: both people must agree to sex or sexual contact of any kind."

It continues: "Never try to have sex with someone who is asleep, drunk, or unable to consent clearly."

Rape is described as a serious crime that can lead to prison, loss of support and accommodation, and damage to an asylum claim.

The booklet also states "The legal age of consent in the UK is 16. This means that anyone under the age of 16 is considered a child and cannot legally agree to have sex. Sex with someone under the age of 16 is a serious crime in the UK. There are no exceptions to this rule. Even if they say yes, it is still illegal."

There have been a few articles over the years about asylum seekers who loiter outside schools and photograph children.

The Home Office "Consequences of Behaviour" document given to asylum seekers advises them not to take photos or videos of people without consent. pic.twitter.com/M15WRraNai

— Charlie (@charliecolecc) August 19, 2026

Gender equality is explained in similarly elementary terms. Women "do not need permission from a husband, father, brother or any other man" to work, study, travel or make decisions. Domestic abuse is illegal. Public behaviour rules ban whistling, kissing noises, sexual comments "even if you think it is a compliment," following people or blocking their path.

?Breaking News....
Home Office are handing out leaflets to new arrivals explaining that its not ok to have sex with kids and in the uk men & women are equal. How are they going to know if theyve read the leaflets & actually understand. If these men are decent people then why... pic.twitter.com/JV6uUYCGS8

— ???? (@jomickane) August 19, 2026

'Perpetrators have tried to use ignorance as a way of getting off. This could be useful in subsequent legal cases...'

Political Consultant Kevin Craig reacts as the Home Office faces criticism for issuing migrants a guide on how to avoid committing sexual assault in Britain. pic.twitter.com/oKxUfgxNzM

— GB News (@GBNEWS) August 19, 2026

The UK Government is literally having to tell these savages you can't rape women when they're unconscious

WHY ARE WE LETTING THEM INTO OUR COUNTRY? pic.twitter.com/fzqhsjDDVz

— Basil the Great (@BasilTheGreat) August 19, 2026

Reform UK's Zia Yusuf called the publication a disgrace, saying the government had produced "a handy guide for illegal migrants on how not to be a rapist, not to be a paedophile, how not to beat women and how to leave babies alone."

The government is handing out guides to illegal migrants training them not to rape women, not to beat women, have sex with children or leave babies alone.

The political class are knowingly enabling the assault of our women and girls at your expense. pic.twitter.com/uwmjjhHDmT

— Zia Yusuf (@ZiaYusufUK) August 19, 2026

?BREAKING?

An excerpt from a guide being issued to illegal migrants in an attempt to tackle rampant sexual assaults and rapes on women and children in the UK.

The government are attempting to mitigate the rape epidemic with a brochure. pic.twitter.com/INEyrGqDSV

— Robbie (@Robbie_Reasons) August 19, 2026

Shadow Home Secretary Chris Philp said the priority should be deportation rather than "trying to train these mainly young, male illegal immigrants [to] behave in a civilised way towards women."

If the Home Office believes it is necessary to tell grown adults arriving in Britain that they must not sexually abuse children, rape women or mutilate girls, then I want to know why they believe those warnings are necessary in the first place https://t.co/xvyN5CTtEt

— Jess Caine (@jessalinecaine) August 19, 2026

Patrick Christys noted the obvious contradiction: the Home Office knows the risk is high enough to require explicit warnings about rape, child sex and genital mutilation, yet continues to place large numbers of these arrivals in communities across the country.

The Home Office knows illegal immigrants are so dangerous they have the tell them not to rape kids, beat up women of mutilate genitals. And yet they're about to plonk a load of them in rural villages. pic.twitter.com/jPHcZATxfw

— Patrick Christys (@PatrickChristys) August 19, 2026

Meanwhile, the welfare bill for foreign nationals keeps climbing. Almost 1.3 million migrants were claiming Universal Credit in May 2026, up around 20,000 on the previous year.

'It is shocking!'@DawnNeesom reacts to figures that confirm a record 1.6 million migrants are claiming Universal Credit. pic.twitter.com/IWQ9kdfezq

— GB News (@GBNEWS) August 19, 2026

Centre for Migration Control analysis shows the number of refugees on Universal Credit jumped 44 per cent in twelve months, from 90,709 to 130,618.

April 2022: 402,000 foreigners claiming Universal Credit who were not in any form of work.

April 2026: the figure has increased to 652,000.

1/4 of a million additional welfare dependants in just four years. And this is BEFORE the Boriswave settles.

— Centre for Migration Control (@migrationCtrl) August 18, 2026

ONS data suggests a further 623,000 are claiming other benefit combinations, bringing the total close to two million migrants on benefits.

1.3 million migrants on Universal Credit.

ONS data suggests a further 623,000 are claiming a non-UC benefit combination – although this is likely an undercount.

We have close to 2 million migrants claiming benefits in Britain. https://t.co/GcQ3fe6OKg

— Centre for Migration Control (@migrationCtrl) August 19, 2026

Rob Bates of the Centre for Migration Control pointed to the Channel crisis and the drive to clear the asylum backlog as key drivers of the refugee rise.

'The striking data point is the increase we're seeing in individuals classed as refugees, in large part because of the Channel crisis.'

Rob Bates of the Centre for Migration Control reacts as it is revealed almost 1.3 million migrants were claiming Universal Credit in May 2026. pic.twitter.com/7WFNdR9wH1

— GB News (@GBNEWS) August 19, 2026

Out-of-work foreign claimants have also increased sharply. Taxpayers are funding this at a time when the overall Universal Credit caseload has hit a record 8.4 million.

Separately, the Home Office is accelerating plans to reopen and expand Haslar Immigration Detention Centre on the Gosport seafront in Hampshire.

The site, closed a decade ago, is set to become one of Europe's largest, with capacity for 600 foreign criminals and illegal migrants.

Ministers have designated the project of "national importance" under the Crown Development process, taking decisions out of local hands.

Home Office 'scared of scrutiny' as it rushes through plan to build one of Europe's biggest immigration detention centres on seafront site https://t.co/ovfn5eH210

— Daily Mail (@DailyMail) August 18, 2026

Gosport Borough Council leader Zoe Huggins accused the government of fearing scrutiny and demanded an open process and a community liaison panel.

Local MP Dame Caroline Dinenage said the approach removes decision-making from residents and hands it to Whitehall.

The Home Office insists the expansion is necessary to remove more than 45,000 additional foreign offenders over the next decade and makes "no apology" for increasing detention capacity.

The pattern is consistent. Officials acknowledge cultural incompatibility serious enough to require explicit instructions against rape and child abuse.

They record hundreds of thousands more foreign claimants on benefits.

They expand detention capacity while still allowing large-scale arrivals.

Leaflets will not change the fundamental problem of who is being allowed in and allowed to stay.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Thu, 08/20/2026 - 08:45

Lifetime access to essential software.

Initial Jobless Claims Refuse To Blink Amid Increasingly Fragile Labor Market Signals

Unchanged from near 1969 lows for the last five years...

That's quite a statement amid the sound and fury of markets and macro over the same period, but sure enough, the number of Americans filing for unemployment benefits for the first time ticked up to 206k last week - the same level as they were back in 2001...

Michigan was the standout state with the largest decline in initial jobless claims by far while Kentucky saw the biggest increase (albeit only modest)

Continuing jobless claims remain below the 1.8 million Maginot Line...

Yet this resilience contrasts with clear deterioration elsewhere in the labor market and broader economy: nonfarm payroll growth has slowed sharply (July’s -23,000 print and downward revisions left the recent three-month average near just +20,000), the household survey has shown softer employment and a declining labor-force participation rate even as the unemployment rate edged down to 4.1%, job openings and hiring rates have cooled into a classic “low-hire, low-fire” equilibrium, and GDP growth itself decelerated to a 1.5% annualized pace in Q2 from 2.1% in Q1.

The divergence suggests firms are reluctant to shed workers but equally reluctant to expand headcount amid softening demand, leaving the labor market stable for now yet increasingly fragile if the broader slowdown intensifies.

Tyler Durden Thu, 08/20/2026 - 08:37

No, seriously, what's the deal with The Shards's strange release schedule?

Futures Slide As Treasury Yields Surge, Erasing Bessent Intervention, Driven By Oil Spike

US futures slide and are trading at session lows, as bond yields surge after yesterday’s Treasury announcement, having now erased the entire post buyback-boost move; yields are 4-5bps higher as the curve bear steepens sharply with the 10Y yield now at 4.69%, above where it was before the Treasury's press release yesterday, driven by a surge in Brent above $94 after Trump vowed to unleash an "Economic D-Day" on Iran's economy.  As of 8:00am ET, S&P futures are down 0.2% and Nasdaq futures slide 0.3%. Pre-mkt, Memory / Semis are leading the Tech tape after a stronger APAC Tech session; Mag7 / Software are lagging. Cyclicals are seeing broad-based strength. Defensives are lagging with HC seeing profit-taking. Momentum continuing to unwind has triggered reversals lower from pre-mkt strength, over the past few sessions. This appears to be quant / systematic rather than discretionary players with Goldman pointing to the biggest systematic one-day loss since 2023. Retail activity remains muted. USD is mixed, erasing much of its earlier weakness as yields surge. Commodities are led by Energy as Brent moves towards $95/bbl, base metals outperform precious, with Ags are mixed. US economic data calendar includes weekly jobless claims, the Philadelphia Fed business outlook and leading index. Fed speakers scheduled for the session include, San Francisco Fed President Mary Daly and St. Louis Fed President Alberto Musalem.

In premarket trading Mag 7 stocks are mostly lower (Alphabet -0.3%, Amazon -0.3%, Apple -0.08%, Meta +0.4%, Microsoft 0.0%, Nvidia +0.2%, Tesla -0.7%)

• Cryptocurrency-linked stocks climb as Bitcoin’s rally unleashed the biggest wave of short liquidations in records going back to 2021. The stocks were also boosted as President Donald Trump met with crypto executives from firms including Coinbase, Payward and Blockchain.com.
• Advance Auto (AAP) tumbles 15% after the parts provider reported second-quarter sales that fell short of analyst estimates.
• Alibaba ADRs (BABA) fall 3% after the Chinese internet giant reported weaker-than-expected revenues for its core domestic e-commerce business
• Coty (COTY) falls 14% after the beauty conglomerate refrained from providing full-year guidance, predicting a “transition” period in the current fiscal year.
• Ethan Allen (ETD) rises 3% after the home furnishings company declared a special cash dividend of $3 a share.
• Nordson (NDSN) rises 5% after the maker of applicators used to dispense adhesives boosted its adjusted earnings per share guidance for the full year.
• Ultragenyx Pharmaceutical (RARE) rises 7% after the drugmaker received accelerated FDA approval for its gene therapy to treat a rare genetic metabolic disorder.
• Valvoline (VVV) climbs 1% after getting a new bull as Benchmark starts coverage of the operator of quick-oil-change stations with a buy rating, saying the stock is at an attractive entry point for investors.
• Walmart (WMT) falls 6% as quarterly sales fell short of expectations, a rare miss that’s likely to stoke concern about the leading big-box retailer decelerating alongside a slow-growing US economy.
• Webull (BULL) climbs 11% after the digital investment platform reported second-quarter results that beat expectations.
• Wolfspeed (WOLF) falls 8% after the semiconductor-device company’s fourth-quarter results were seen as disappointing.

In other corporate news India’s securities regulator banned a Mauritius-based unit of JPMorgan from its capital markets, the first enforcement action over alleged manipulation of the country’s new closing auction for stock price.  Apple’s camera-equipped AirPods remain on track for 2027, despite a leak from the company indicating that the product might arrive sooner. Starlink has reapplied to India’s space regulator for approval of its Gen 2 satellite constellation, which includes direct-to-device connectivity, ET reports.

Under the hood of quiet, low volume trading, there have been some significant thematic rotations. Perceived AI losers have rallied, high beta losers spiked, while high beta momentum have extended their historic collapse and are now just shy of their July lows. In fact, according to Goldman Prime, systematic funds just suffered their worst drop on Wednesday since 2023 as Nasdaq volatility remains very elevated, despite the apparent surface calm.

With so much focus on AI, traders will seek clues from Alibaba results. Headline first quarter revenue was at 268.95B Yuan, roughly matching consensus. The stock had run hard Into the print, considered among the best-placed Chinese AI developers to turn increasingly capable models into revenue, with Qwen’s near-frontier agentic performance at lower prices than leading US models.

 

Elsewhere, Brent rose for a fifth straight day, topping $94 a barrel after Trump announced a package of measures intended to smother Iran’s economy, dimming prospects for both an imminent breakthrough in the conflict between the US and Tehran and a normalization of crude flows from the Middle East. 

Traders are taking stock after Treasury Secretary Scott Bessent announced a surprise increase in long-term bond buybacks to stem a rise in yields that had taken them to a near two-decade high. When it comes to Bessent’s plan to increase buybacks of longer-dated debt, Vital Knowledge founder Adam Crisafulli says “the Treasury action is somewhat minor and insignificant compared to the powerful secular forces pushing yield higher,” and JPMorgan sees credibility risk from the actichion. And with many warning the plan may be a short-term fix given concerns about large fiscal deficits and oil-driven inflation, that has already been realized as yields rise above where they were before the intervention yesterday!

“If there’s a structural reason why bond yields are drifting higher, a bit of short-term intervention buys you a little bit of time, but doesn’t necessarily change the longer-term trajectory,” said Graham Secker, equity strategy head at Pictet Wealth Management.

Elevated yields have kept equity prices in check, with the S&P 500 down since Monday after hitting a record high last week. Chipmakers have been under pressure in recent days, paring this month’s rebound after a volatile July.

In politics, a group of Democratic lawmakers are urging Fed Chair Warsh to disclose any conversations he has had with Trump since taking over the central bank in May. The Trump administration is poised to reduce tariffs on automobiles imported from Canada to 15% from 25% as part of a broader deal that would see the US neighbor drop retaliatory trade measures. Meanwhile, Norway is bracing for more tariffs from the US after talks on trade in Washington.

In Europe, the Stoxx 600 was down 0.1% and on track for a seventh day of losses, its longest losing streak of 2026 as energy firms outperformed as Brent crude rose toward $94 a barrel. Here are the biggest movers Thursday:

• Novonesis shares climbed as much as 11%, the most since October 2015, after the Danish maker of industrial enzymes beat expectations in the second quarter and upgraded its guidance for the full year
• Sartorius rose as much as 6%, the most in six weeks, after the stock was upgraded to buy from neutral at UBS
• Sartorius Stedim Biotech climbed as much as 6.7%, the most in more than four months, after the stock was upgraded to buy from neutral at UBS, which cited a “positive setup into 2027”
• Michelin shares rose as much as 2.5% and Nokian Renkaat gains as much as 6.4% after JPMorgan upgraded both tire stocks, citing favorable earnings potential
• Ferrovial shares rose as much 4%, the most since April, after a consortium led by the infrastructure company was selected to deliver Tennessee’s I-24 Choice Lanes project in Nashville
• JD Sports declined as much as 16%, the most since November 2024, after sales fell in the second quarter and the sports apparel retailer lowered its full-year profit before tax forecast to account for underlying sales trends and the promotional market backdrop
• Steel stocks SSAB and Norsk Hydro traded lower while ArcelorMittal pushed higher as people familiar with the matter said a potential trade deal between the US and Canada could lower tariffs on certain Canadian exports of steel and aluminum to 25%
• Orkla fell as much as 7.6%, the most since May, after the Norwegian consumer goods firm reported its latest earnings
• Aryzta shares fell as much as 8.5% to the lowest since 2022 after UBS cuts the Swiss baker to sell, expecting the past year’s flattish volume growth to continue into and beyond 2026
• Trainline dropped a further 8.8% on Thursday, extending strong declines after Wednesday’s announcement of a UK competition watchdog investigation into so-called drip pricing, as JPMorgan cuts its price target to a new Street-low 
• Aegon shares fell as much as 4.5%, the worst drop since March, after the insurer released interim results

Asian stocks climbed, led by gains in South Korea, as a drop in global bond yields after the US signaled increased Treasury buybacks eased concerns over high borrowing costs. The MSCI Asia Pacific Index advanced 1.8%, led by SK Hynix and Samsung following buyback reports. Korea’s benchmark rallied 5.9% while Japan and Hong Kong also rose. The drop in yields has reignited the artificial-intelligence rally after higher cost concerns briefly interrupted the recent tech advance thanks to strong earnings. Fresh reports of new business growth added to the momentum. Samsung Electronics rallied more than 5% after MoneyToday reported the chip giant will announce a shareholder return program soon. Meanwhile Reuters also reported the firm plans to raise some prices, lifting Taiwanese memory chip peers. SK Hynix jumped 4% after the company unveiled plans later on Wednesday to buy back 40 trillion won ($29 billion) of shares and return more profits to investors.

With little on the calendar for the rest of the week and holiday-thinned volumes, traders are looking to Nvidia’s earnings next week for a fresh read on the state of the AI buildout. “People are waiting for either new information or the market signaling something,” Secker said. “When you see the Korean market going up 5% and then down 5% the next day, particularly for the hedge fund community that level of volatility is not encouraging confidence.”

Traders will also be keen to hear remarks from Federal Reserve Chairman Kevin Warsh at the annual Jackson Hole symposium next week. His lack of guidance on when or whether the central bank will adjust rates has added to uncertainty over the policy outlook. 

In FX, the dollar slide has continued with the credibility concerns triggered by yesterday’s buyback announcement flowing through to today’s trade and sending the Bloomberg Dollar Spot Index to its lowest level since mid-May, lifting EUR/USD onto a 1.17 handle. The pound headed for its highest level against the dollar since February, while the euro also gained ground.

In rates, treasuries are fading as higher oil prices push up US government yields by 4 to 5 basis points. In fact, yields have now erased almost all of yesterday's Treasury intervention. US 10-year yields trade around 4.70%, higher by 6bp on the day with bunds outperforming by 6bp and gilts up 3bp in the sector. A rally spurred by Wednesday’s Treasury buyback proposals has run out of steam just one day later, with the 30-year back to 5.24% erasing its entire 9bps drop from the prior session. Gilts are also on the defensive while Europe is mixed, with German bunds trading a touch firmer. Treasury auctions include a $8bn reopening of a 30-year TIPS sale. The WI 30-year around 2.98% is some 50bps above the February sale stop-out as the price of oil has risen ~40% over the period

In commodities, WTI futures higher by around 2.8%, adding to underperformance of Treasuries versus G10 rivals, rising to highest levels since July 24, as the US seeks to isolate Iran and its economy. Brent crude prices advanced for a fifth day above $94 a barrel, reaching the highest this month.  Precious metals are failing to capitalise on the softer dollar with spot gold and silver posting respective losses of 0.7% and 0.6%. Bitcoin has built on yesterday’s rally, up 4%. 

US economic data calendar includes weekly jobless claims, the Philadelphia Fed business outlook and leading index. Fed speakers scheduled for the session include, San Francisco Fed President Mary Daly and St. Louis Fed President Alberto Musalem

Market Snapshot

Top Overnight News

• The US’s national debt has hit a record $40tn as borrowing rises at a historic pace, fuelling investor concerns about the state of America’s public finances despite Donald Trump’s vow to bring spending under control. FT
• Scott Bessent’s shock Treasury intervention reverberated through markets, with analysts warning his plan risks being a short-term “circuit breaker” at best. Underscoring jitters, long end US yields edged higher. Bessent is emerging as the most interventionist Treasury chief in decades. BBG
• The US will begin what Donald Trump called “unprecedented” economic warfare against Iran after failing to reach a deal. He gave no details but also threatened to target Iran’s trading partners. Brent rose above $93. BBG
• The U.S. military has quietly established a shipping corridor in and out of the Strait of Hormuz to transport millions of barrels of oil each day — a notable success even as the broader war remains at a stalemate. Axios
• In the battle for global technological mastery being fought in the labs of AI companies, China is rapidly closing the gap with the US. By several key metrics — usage and cost — it’s even taking the lead. BBG
• North Korea has fired a barrage of ballistic missiles, just hours after dismissing US President Donald Trump’s overture to reopen diplomatic contacts between Pyongyang and Washington. FT
• The U.S. and Canada are closing in on a trade deal in which Washington could cut some contentious tariff rates on Canadian-built cars and trucks, ‌and key metals, a source familiar with the matter said on Wednesday. RTRS
• Four Democratic senators have written to Kevin Warsh urging him to disclose any conversations he has had with Trump since becoming Fed chair, according to people familiar. BBG
• Japan’s exports expanded at the fastest pace since 2022 last month, rising 23.2% from a year earlier as a weaker yen and strong demand for chips and cars boosted shipments. BBG
• Mutual fund cash balances sit near historical lows. Following a brief increase around the start of the US-Iran war, mutual fund cash balances stood at 1.2% of assets at the end of June. Cash balances reached a low of 1.1% in December 2025. Goldman

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were predominantly higher following a similar positive lead from Wall Street, where most of the major indices gained as yields and the dollar declined after the US Treasury doubled buybacks of long-term bonds. ASX 200 marginally gained with outperformance seen in miners and as participants digested a slew of earnings updates, although the upside is capped as financials lagged, and following disappointing jobs data. Nikkei 225 was underpinned by a rebound in tech, a pullback in yields and stronger-than-expected trade data. KOSPI led the advances in the region amid upside in the tech heavyweights, with SK Hynix shares up double digits following the announcement of a KRW 40tln share buyback, while there were reports that Samsung Electronics is planning to announce a shareholder return plan topping KRW 100tln. Hang Seng and Shanghai Comp conformed to the positive mood but with gains capped amid a deluge of earnings updates and as participants await Alibaba's earnings report, while the mainland is also contained after the PBoC kept its 7-day reverse repo operations at zero, and it maintained the benchmark Loan Prime Rates at their current levels for the 15th consecutive month.

Top Asian News

• Japan's METI reportedly plans to request around JPY 7.7tln for its FY27 budget, which is a significant boost from its FY26 allocation.

European bourses trade mixed, with underperformance in Germany's DAX 40 (-0.6%) while the majority of other indices are flat/slightly firmer. European sectors point to a mixed picture. Autos top the sector pile, with Construction and Utilities rounding out the top 3 performers. To the downside is Basic Resources, paring back some of Wednesday's gains. Telecoms and Travel & Leisure round out the sector laggards.

Top European News

• German PPI (Jul MM) 1.1% vs. Exp. 0.7% (Prev. -0.3%).
• German PPI (Jul YY) 3.0% vs. Exp. 2.7% (Prev. 1.8%).

FX

• Quiet action in FX after broad based USD weakness vs all peers on the surprise Treasury announcement yesterday, an update which led to significant curve flattening with the 30yr yield falling in excess of 10bps. Although the figure announced by the Treasury was modest, it shows Bessent’s commitment to keeping yields in check when above 5% in the long segment; alongside this, FOMC minutes encouraged some dovish action in shorter dated USTs. Yields will remain in focus and we have Fed speakers Daly and Musalem set to speak on business TV later today, likely to be asked on this topic. USD action is mixed against G10 peers, weaker vs. cyclicals, firmer/flat vs havens. DXY is modestly weaker after slipping below May’s support around 98.80, it is essentially no man's land below with 98.00 the likely next support.
• SEK weakness after the Riksbank announcement which, in short, was broadly as expected but failed to convince some market expectations of tightening later in the year (i.e. Danske expecting two hikes, JPMorgan seeing one). While keeping the door open to tightening later in the year, some dovish leads can also be interpreted from the mood of language on the economy, where the reiterated language comes despite a rebound in domestic GDP. EUR/SEK moved higher throughout the morning to a peak just below 11.06, +0.4% on the day.
• Action elsewhere is quiet. AUD is towards the bottom of the G10 pile despite the constructive risk environment; underperformance a function of disappointing jobs data in which headline Employment Change contracted and the Unemployment Rate rose. AUD/NZD fell in excess of 40 pips after the data, selling which was halted just under the 1.1950 mark, AUD/USD is flat despite a kneejerk lower after the data.

Fixed Income

• Fixed income benchmarks are lower/flat. Yields are firmer across the curve this morning, albeit only mildly so. This comes after the curve flattened in the prior session, following the US Treasury’s decision to double long-end buybacks, attempting to provide greater liquidity support. However, by all intents and purposes, markets have received the news as the Treasury being concerned about recent elevated yields. Some will also point towards the recent US-Japan cooperation on JPY intervention; whilst unlikely to be a main factor for the Treasury’s buy-back announcement, the timing is interesting.
• For now, yields are off recent peaks, but still remain towards multi-year highs. Fiscal concerns continue to remain the theme, with the US gross national debt now above the USD 40tln mark. The US30yr (5.22%) holds beyond the 5% mark, whilst the US10yr (4.66%) remains above the key 4.5% mark. ING opines that it is “unlikely” that the 10yr will fall below 4.5%, but believes it is “clear” that any move above 5% “or even the material threat thereof” would receive active resistance by the US Treasury.
• The key dates to watch are as follows: September 9th (the new doubled buyback goes into effect) and then November 4th (next QRA, where the current program window ends, and the Treasury will provide more updates on sizes/frequency).
• Bunds (+3 tick) and Gilts (-8 ticks) remain flat/lower, in what has been a quite domestic newsflow session for the respective regions. On a macro level, energy benchmarks continue to rise (Brent Oct’26 +2.5%), with the latest bout of geopolitical updates indicating a resurgence of hostilities in the Middle East (see commodities for details).
• France sells EUR 12.5bln vs exp. EUR 10.5-12.5bln 2.40% 2029, 2.70% 2031, 3.25% 2032 and 3.00% 2034 OAT.
• Japan sells JPY 532.1bln 20-year JGBs; b/c 3.98x (prev. 4.52), average yield 3.698% (prev. 3.626%), tail in price 0.17 (prev. 0.00).

Commodities

• WTI and Brent October futures are firmer intraday amid a slew of geopolitical updates, with the headline developments being Trump announcing economic measures and Iran threatening to withdraw from the NPT (details below). Modest downticks were seen after Al Arabiya reported that US President Trump "told his negotiating team that the chances of an agreement with Iran have become slim", with the downside possibly as traders take these reports with a pinch of salt, as it is highly unusual for local Arab media outlets to break major source reports directly from inside a US admin before domestic US media outlets. Since then, prices have resumed an upward trend, with Brent currently sitting near its session high in a USD 91.47-94.04 range (vs yesterday’s USD 92.81/bbl high) and WTI similarly towards the upper end of a USD 84.23-86.61/bbl band (vs yesterday’s USD 85.84/bbl peak). Dutch TTF futures post modest gains but remain above EUR 64/MWh after trading north of EUR 64.50/MWh in early trade and then finding support just under EUR 63.50/MWh.
• Metals are softer across the board despite the softer USD as the complex pulls back from yesterday’s US Treasury-induced gains whilst also feeling the weight of higher oil prices. Spot gold has fallen back under its 200 DMA (4,512/oz) to trade towards the bottom of a USD 4,478-4,524/oz range (vs yesterday’s 4,325-4,524/oz parameter). Spot silver resides towards the bottom of a USD 66.40-67.32/oz range. Elsewhere, 3M LME copper briefly tested USD 14k/t to the downside to trade in a current USD 13,980.68-14,083.00/t range.

Trade/Tariffs

• The US is reportedly set to cut the tariffs on imported Canadian autos to 15% from 25%, Bloomberg reported.

Central Banks

• The Riksbank maintained its rate at 1.75% as expected and assesses that the probability of a rate increase later this year remains. The Bank stated that the outlook for the economy remains largely unchanged but that if the unexpectedly high inflation during the summer were to be the start of a larger and more lasting upturn in inflation, the Riksbank would adjust its monetary policy in a tighter direction.
• In the post-policy press conference, Riksbank's Thedeen said they are somewhat concerned about the recent inflation outcomes and that the economy is showing signs of strength.

Geopolitics: Middle East

• US President Trump posted "No one has given the Islamic Republic of Iran a greater opportunity to make a Deal than me. TRAGICALLY, for them, they have failed to take it. Therefore, today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY! This will be Economic Warfare and Isolation on an unprecedented scale. Trump added that "ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences. Oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies — It all needs to stop NOW. You know who you are. This will be an ECONOMIC D-DAY".
• US President Trump reportedly told his negotiating team that the chances of an agreement with Iran have become slim, according to Al Arabiya, citing sources. The source added that Trump ordered a freeze on negotiations with Iran for several weeks, with the possibility of extending them. Additionally, the report added that the US administration saw reports of an Iranian plan to resume attacks on ships and was briefed on information regarding a potential Houthi escalation in Bab al-Mandab and on an Iranian plan for operations that go beyond targeting ships. Trump informed his team of the possibility of launching massive attacks on Iran if economic pressure fails.
• Iranian Foreign Minister Araghchi said that insisting on failed policies will only lead to more failures and will lead to hostility from Iranians.
• Iranian Supreme Leader adviser Rezaei said the best response to Trump's escalation of economic warfare is to withdraw from the NPT.
• The US administration believes that the Iran-Oman discussions broke down weeks ago, according to Semafor citing an official source.
• Iranian Foreign Minister Araghchi held talks with Pakistan's Army Chief on regional developments, with the two sides discussing ongoing diplomatic initiatives, potential political solutions and ways to deepen consultation and cooperation.
• Yemeni sources reported that Houthis are preparing to enter a new phase of escalation against Saudi Arabia, according to Tasnim.
• Israeli warplanes attacked the Tal al-Dabsha area northwest of Ali al-Taher Hill in southern Lebanon, according to IRIB news.
• Turkish Defence Ministry said that they will continue to support Syria's efforts to develop their own military capability.

Geopolitics: Ukraine

• Russia attacked military facilities and a logistics hub in Kyiv and the region, while it also hit a drone component production facility in Kyiv, according to Russian press, quoting the Defence Ministry.
• Several explosions were heard in central Kyiv, Ukraine, according to witnesses. This was later confirmed by the Kyiv Mayor, stating the city is under attack from Russian ballistic missiles.
• Polish Armed Forces said the Polish military activated aircraft and air defences as Russia carried out strikes on Ukraine.

Geopolitics: Other

• Japan said North Korea fired what could be a ballistic missile, which was later announced by South Korea, stating that North Korea's military fired an unidentified projectile towards the east sea. The missile has landed outside of Japan's Exclusive Economic Zone

US Event Calendar

• 8:30 am: Aug Philadelphia Fed Business Outlook, est. 24.75, prior 41.4
• 8:30 am: Aug 15 Initial Jobless Claims, est. 210k, prior 209k
• 8:30 am: Aug 8 Continuing Claims, est. 1788k, prior 1777k
• 10:00 am: Jul Leading Index, est. 0.1%, prior -0.2%

Central Bank speakers 

• 8:30 am: Fed’s Daly Appears on Bloomberg TV
• 11:10 am: Fed’s Musalem on CNBC

DB's Henry Allen concludes the overnight wrap

Markets finally recovered again yesterday, with a big rally for long-end Treasuries after the US Treasury Department announced an increase in its buyback operations. The unexpected move dominated the market agenda, with 30yr Treasury yields (-9.2bps) posting their biggest decline since June, to close at 5.19%, with a further move lower overnight to 5.18%. But whilst the measures led to a pullback in long-dated yields, concerns about financial repression also meant that gold prices (+4.18%) had their biggest gain since March, whilst the dollar index (-0.83%) fell to a three-month low. So the announcement had big effects across multiple asset classes.

That announcement from the US Treasury said they were going to increase “by at least double”, the size of their buyback operations for longer-dated Treasuries. So that covers 10-20 year maturities, and 20-30 year ones too, taking the maximum size from $2bn per operation to at least $4bn. They said that would kick in from September 9 and be effective for the rest of this refunding quarter, which goes up to November 4. The news took investors by surprise as well, because it was just two weeks earlier that the Treasury had released their tentative buyback schedule for the upcoming quarter as part of their regular refunding announcement.

Admittedly, the increase in buybacks isn’t a particularly big amount relative to the number of outstanding Treasuries. But it offers a signal that officials are willing to support the long end, not least after the 30yr Treasury yield closed at a post-2007 high of 5.31% on Monday. So that led to a significant flattening of the yield curve yesterday, with the 2s30s slope (-8.5bps) also seeing its biggest daily decline in the last couple of months.

Elsewhere, the announcement also led to a sharp weakening in the US dollar, which fell against every other G10 currency yesterday. Deutsche Bank’s George Saravelos published a note yesterday (link here), in which he argued that the buyback represented a soft-form financial repression policy aimed at containing the long-end of the US yield curve, and this was negative for the dollar. His case is that if the market price of US Treasuries isn’t “allowed” to adjust lower, then the foreign exchange price of Treasuries owned by foreign investors has to adjust via a weaker dollar. He also points out the parallels with the Fed’s Operation Twist of the early 2010s, back when the FOMC sold short-term securities to purchase longer-dated Treasuries, in order to lower long-term rates.

Speaking of the FOMC, the minutes of the July meeting were also released yesterday. They said that “many participants assessed that policy tightening would likely be necessary if inflation did not decline”. So that confirmed a hawkish bias, but the wording “many” is typically used for a group that is shy of a majority, so it fell short of an imminent hiking signal. As a result, investors dialled back the likelihood of a September rate hike, with market pricing falling from 35% to 32% over the session. And looking further out, the number of hikes priced by December fell -1.5bps on the day to 22bps, its lowest since Warsh’s first FOMC meeting in June, which was unexpectedly hawkish. Overall, that left 2yr yields -0.8bps lower on the day at 4.16%, having been as high as 4.20% just before the minutes’ release. Still, given the US Treasury buyback announcement, the rally was much bigger at the long-end, with 10yr yields down -5.7bps to 4.65%.

As all that was happening, there were few signs that broader inflationary pressures are disappearing either. Indeed, yesterday saw Brent crude oil (+0.66%) post a 4th consecutive gain to close at $91.62/bbl, and overnight there’s been a further +0.37% increase to $91.96/bbl. That comes as President Trump posted overnight that he was announcing the “MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY!”, which he said would be “Economic Warfare and Isolation on an unprecedented scale.” In addition, he said that “ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences.” Otherwise, there’s still no sign of any talks between the US and Iran, and when Trump was asked whether talks would resume, he said “maybe at some point”. Meanwhile, the ongoing blockage of the Strait of Hormuz meant investors priced in more inflation as well, with the 1yr US inflation swap (+3.6bps) and the 1yr Euro inflation swap (+0.5bps) both moving higher yesterday.

For equities, the last 24 hours have seen a relatively better performance, with the S&P 500 (+0.21%) finally ending a run of 3 consecutive declines. That was primarily driven by the sharp decline in long-end yields, and S&P 500 futures saw a clear move higher following the US Treasury’s announcement. On top of that, there were huge gains for Moderna (+176.97%) and Merck & Co. (+12.60%) after they announced successful trial results for a skin cancer vaccine, which led the S&P 500 healthcare sector (+3.52%) to its best day since April 2025. In fact, US equities would have seen an even stronger performance were it not for a fresh decline in chip stocks, with the Philly semiconductor index (-2.12%) losing ground again.

That positivity has also been clear overnight, with S&P 500 futures up another +0.17%, whilst the major indices in Asia have also moved higher. That includes a sharp bounceback for the KOSPI (+6.25%), alongside gains for the Nikkei (+1.18%), the Hang Seng (+1.14%), the Shanghai Comp (+0.28%) and the CSI 300 (+0.21%). Moreover, we’ve seen fresh gains for bond markets, with Japan’s 10yr yield coming down -4.8bps this morning, whilst Australia’s is down -5.3bps.

Earlier in Europe, markets didn’t do as well as their US counterparts, as they didn’t directly benefit as much from the US Treasury announcement, and were more exposed to the latest gain in energy prices. So equities struggled, and the STOXX 600 (-0.11%) posted a 6th consecutive decline for the first time since 2023. Meanwhile for bonds, there were fresh multi-year highs for several yields. For instance, the German 5yr yield (+1.2bps) hit a post-2008 high of 2.99%, with France’s 5yr yield (+0.5bps) also at a post-2008 high of 3.51%. The 10yr horizon was more mixed however, with the 10yr bund yield (+0.2bps) inching up to a post-2011 high of 3.26%, whilst yields on 10yr OATs (-0.5bps) and BTPs (-1.7bps) came down a bit.

In trade news, the US and Canada are continuing to work towards a deal after the US postponed their tariffs by 3 days. Bloomberg reported that it would see US tariffs on Canadian autos fall from 25% to 15%, with steel and aluminium tariffs falling from 50% to 25%. However, the report also said the details were yet to be finalised.

Finally, there was very little data yesterday, but we did get the UK CPI print for July. That showed headline CPI rising to +2.9% as expected, whilst core CPI remained at +2.6% (vs. +2.5% expected).

Looking at the day ahead, data releases include German PPI for July, the US weekly initial jobless claims, and the Philadelphia Fed’s manufacturing business outlook survey for August. Central bank speakers include the Fed’s Musalem and the ECB’s Sleijpen. And today’s earnings releases include Walmart.

Tyler Durden Thu, 08/20/2026 - 08:29

Mad Max proved to be an apt nickname.

The nearly 300-pound animal also destroyed the vehicle's interior trying to escape.

Angelo Camera chatted with his wife just moments before the fatal crash as he headed home from his job as a mechanic.

 Bryson DeChambeau and the model are officially an item.

Comey's '86 47' Post Could Objectively Be Read As Threat Against Trump, DOJ Argues

Authored by Matthew Vadum via The Epoch Times,

The U.S. Department of Justice (DOJ) defended the ongoing prosecution of former FBI Director James Comey in a new court filing on Aug. 18, saying “an objective viewer” could interpret his social media post as threatening the president.

The DOJ has denied that Comey is being prosecuted for his political views and said in the new filing that “there is no serious dispute” that a post of seashells arranged to read “86 47” that he made last year could be understood as a threat against President Donald Trump.

Comey is charged with two federal felony counts of threatening the life of the president and transmitting a threat.

Comey was charged after he posted a photograph on Instagram in May 2025 showing seashells arranged to read “86 47.”

To “86” is to remove or get rid of someone, and the term has been used in some contexts as a euphemism for killing someone.

The number 47 has been interpreted to refer to Trump, who is the 47th president.

Comey said he found the seashells arranged on a beach and snapped a photo of them.

He said he assumed the shells were intended as a political message and that he was making a political statement in opposition to Trump when he posted online.

Comey subsequently deleted the post, saying he did not know at the time that “86” was associated with violence.

Comey filed multiple motions challenging the indictment on various legal grounds, arguing in one that this is an example of a vindictive and selective prosecution.

He also filed a motion demanding access to grand jury materials and to suppress evidence.

A vindictive prosecution is a due process violation that takes place when prosecutors file or escalate criminal charges against a defendant primarily to punish or retaliate against them for exercising a legal or constitutional right.

A selective prosecution claim alleges a violation of equal protection principles when the government charges a person based on protected characteristics such as race, religion, or the exercise of First Amendment rights.

Prosecutors said in a new filing that the Instagram post was part of an effort they allege was calculated to generate publicity for Comey’s novel about a social media personality whose words inspire his fans to attack his foes.

The novel, “FDR Drive,” has been described as a work in which a federal prosecutor is “trying to take down Samuel Buchanan, a far-right media personality with a popular podcast,” according to the filing.

“There is no serious dispute that an objective viewer of Comey’s post could read it to mean ‘Kill President Trump,’” the DOJ said in the brief.

U.S. Attorney W. Ellis Boyle said in a separate affidavit that he was not pressured to charge Comey and relied on his own independent judgment when deciding to move forward with the indictment.

He said the grand jury approved the indictment on April 28 and that he “had no communication with [then-Acting Attorney General Todd Blanche] about this case until the day before the grand jury returned a true bill indicting Defendant, notifying him of the potential that a grand jury might indict Defendant as required by the Justice Manual.”

“My involvement in matters concerning Defendant James Comey is limited to this prosecution. I was not involved in the investigation or prosecution of Defendant in the Eastern District of Virginia. Neither was any member of the current prosecution team,” Boyle added.

The court has ordered Comey’s legal team to reply to the government’s filings by Sept. 1.

If U.S. District Judge Louise W. Flanagan allows the case to proceed, Comey is expected to be arraigned on Sept. 30, with a trial to begin on Oct. 21.

Tyler Durden Thu, 08/20/2026 - 08:05

The Duke of Sussex and his wife, Meghan Markle, fled the United Kingdom in 2020 and have since been living in Montecito, California.

The Duke of Sussex and his wife, Meghan Markle, fled the United Kingdom in 2020 and have since been living in Montecito, California.

Who's in the current "dad movie" hall of fame? (And where can you watch their best action flick ever?)

Married father of two Roger Duarte, 42, died alongside five other passengers and the pilot after the helicopter crashed near the foothills of a mountain in northern Kenya on Wednesday morning. 

Unitree Founder Sees Humanoids Going "Mass Market" Within Decade As IPO Rally Fades

Lower US long-end yields, a softer dollar, and SK Hynix's share buyback announcement stabilized sentiment across Asian markets. However, shares of Chinese humanoid robot maker Unitree erased some of those massive 460% gains following Wednesday's blockbuster debut. 

Risk appetite was also tempered after President Trump declared "Economic D-Day" against Iran and threatened severe consequences for any country providing support to Tehran. Against that backdrop, investors may continue rotating toward safer (see here), higher-quality companies with limited exposure to geopolitical and macroeconomic shocks.

Turning to the world's top humanoid robot maker by global deliveries, founder Wang Xingxing told the World Robot Conference in Beijing that mass-market adoption of these robots will be achieved within the next decade. That timeline is broadly in line with the forecasts we have provided readers from multiple institutional desks.

Wang said demand is likely to accelerate once robots can complete 80% of tasks assigned through voice commands in unfamiliar surroundings. He expects that threshold to be reached within two to 10 years.

The founder said humanoids already perform well under controlled conditions, but their performance deteriorates when objects or surroundings shift even slightly. He noted that this lack of versatility leaves current models trailing human workers.

According to Unitree's IPO prospectus, one of the company's major priorities is advancing the "humanoid brain," or embodied AI. About half of the IPO proceeds will be invested in improving the intelligence of its models.

Unitree shares in Shanghai closed down nearly 19% on Thursday after surging 460% on Wednesday. The IPO was 5,550 times oversubscribed as retail demand went through the roof.

Bloomberg Intelligence analyst Ian Ma said, "Unitree's debut surge signals strong appetite for China's embodied AI sector," adding that the IPO proceeds should accelerate product development and commercialization.

Unitree's IPO sucked liquidity out of other robotics stocks tracked by the Solactive China Humanoid Robotics Index (Bloomberg ticker: SOLCHRBP Index). The index fell 2.5% on Thursday and is down more than 27% on the year.

Related:

• China Dominates The Humanoid Robot Race. Can Trump Close The Gap?

Smart Analytics Global said global humanoid shipments tripled to 19,100 units in the first half from 5,100 a year earlier. The research firm expects deliveries to reach roughly 60,000 this year and climb to 500,000 by 2030.

The estimates are similar to those from major institutional research desks, including UBS, whose most bullish forecast projects nearly 400,000 global deliveries by the end of the decade.

Via UBS.

Our latest notes dissecting the humanoid robot value chain and examining how to profit from the key companies that manufacture critical components, such as motors and actuators, show that many of these companies are based in Asia, more specifically in China.

Read: 

• Physical AI Faces One Critical Chokepoint, And Here's How To Profit
• Digging Deeper Inside Physical AI's Hardware Stack Powering Humanoids

The short answer to whether Trump can close the gap with China in the humanoid race is difficult, given that the US lacks robust supply chains for motors, actuators, and other critical components, and building those supply chains could take years.

Tyler Durden Thu, 08/20/2026 - 07:45