US and UAE Launch Airstrikes Against al-Shabaab in Northern Somalia

Existing Home Sales Slump (Again) In August, Supply Hits 10 Year High Existing home sales tumbled for the 3rd straight month in August, falling 2.0% MoM, sparking its biggest annual decline since January... This implied an annualized rate of 3.98 million in August, marking one of only two times since the fall of 2024 that sales have dipped below 4 million... “Mortgage rates and home sales move in opposite directions, so it's not surprising to see a mild dip in home buying activity due to high mortgage rates,” said NAR Chief Economist...

Bessent Blames China For Derailing G20 Joint Communique The Group of 20 finance meetings in Asheville, North Carolina, concluded on Tuesday after four days of discussions among finance ministers and central bank chiefs on global trade. The news late Tuesday was that China had derailed the group's efforts to issue a joint communiqué by refusing to endorse specific language targeting trade surpluses and export-dependent economic models. "The country with the world's largest and unsustainable current account surplus, the People's Republic of China, was the dissenter," Treasury Secretary Scott Bessent told...

US Limits Its Air Defense Coverage For Tankers Sailing Through Hormuz: Report Via The Cradle The US military has reduced the daily window in which it offers air defense to commercial ships transiting the Strait of Hormuz, the Financial Times (FT) reports on Saturday. Since May, Washington has sought to break Iran's control of Hormuz by providing air defense for vessels sailing through the strategic strait along a southern route hugging the coast of Oman. Image source: US Air Force Iran imposed a blockade on the strait shortly after the US and Israel launched an...