Services Sector Survey Surge Sparks US Growth Rebound Hopes In August

World Economic Forum Boss Borge Brende Quits As Epstein Fallout Deepens The Jeffrey Epstein fallout continues to spread across the corporate and political worlds, with new headlines daily. Bill Gates told foundation staff earlier this week, "I did nothing illicit." Goldman Sachs' top lawyer, Kathy Ruemmler, stepped down last week over her ties, and former Prince Andrew was arrested on suspicion of misconduct related to sending Epstein trade documents. Now, the World Economic Forum chief executive, Børge Brende, is stepping down following an investigation by the organization into his connections...

Multifamily CRE Meltdown Keeps Getting Uglier Authored by Wolf Richter via Wolf Street,There are about $2.3 trillion in multifamily commercial real estate (CRE) loans out there, backed by buildings with rental apartments. The US government, via Fannie Mae and Freddie Mac, holds about $1.2 trillion of that. Fannie and Freddie have become very aggressive multifamily CRE lenders. So, dear taxpayer, you're on the hook for about half of the multifamily CRE debt.The rest is held around the globe by banks, insurance companies, real estate funds, alternative asset managers - a...

China Panics, Urges Ceasefire To Reopen Strait Of Hormuz As Beijing Is Addicted To Cheap Iranian Crude Chinese Foreign Ministry spokeswoman Mao Ning said at Tuesday's regular press briefing in Beijing that all parties in the Iran conflict must ensure the safe transit of commercial shipping through the critical maritime energy chokepoint of the Strait of Hormuz. "China urges all parties to immediately cease military operations, avoid escalating tensions, and safeguard the safety of navigation in the Strait of Hormuz," spokeswoman Ning said. We've briefed readers that China is heavily exposed to...