Trump Threatens to Resume Bombing Iran If Tehran Declines Latest Offer

WTF Chart Of The Day: Retail Sales Record High, Consumer Sentiment Record Low Following last month's ugly decline ("see the consumer is getting crushed because of Trump"), August's retail sales is expected to rebound strongly ("see, Trump's war is causing Americans to spend more on gas and less on Louboutin shoes"). BofA's omniscient analysts agree with consensus, seeing a 0.8% MoM jump... Quick reality check - July retail sales weakness was driven by a plunge in non-discretionary spending by higher income households... So, what did August bring? Headline US retail sales rose a...

Ukrainian Drone Hits Russian Nuclear Plant Days After Trump Energy Truce Plea President Trump raised eyebrows when on Monday he declared that Russia and Ukraine had agreed to stop attacking each other's oil and energy infrastructure, amid global crude and diesel supply problems related mostly to the Hormuz Strait crisis. But then within days later it became clear that the default reality on the ground has persisted, as energy sites continue to get pummeled. And it's not only refineries and ports which have continued getting hit, but as of Thursday morning...

No Takers, Nor Tankers By Molly Schwartz, cross-asset macro strategist at Rabobank Daily crossings through the Strait of Hormuz increased substantially after the US and Iran announced a “peace” agreement in mid-June. However, those numbers have started to dwindle as the ceasefire—peacefire, shmeasefire—appears increasingly shaky. According to Bloomberg, the Joint Maritime Information Center said that traffic through the Strait remains at “reduced levels,” (around 24% of pre-war transit) even though US-assisted vessel transits have been largely uninhibited. Reuters reports that “some war insurers advise shipowners to pause Hormuz voyages after attacks,” adding...