As we reported earlier this morning, at the “request” (whatever that means in the context of Russian politics) of Vladimir Putin, Russian lawmakers have approved airstrikes in Syria and unlike the rather deliberate pace of Washington’s efforts to rout ISIS, Moscow doesn’t appear to be wasting any time.
As CNN reports, Russia has conducted its first strikes near Homs after effectively warning the US to stay out of the sky.
Update: it did not take long to find the possible bombing suspect:
Suspect is a local 33 year-old guy. http://t.co/wz94pSItvW So far 7 dead, 2 missing, 48 injured
— Fergus Ryan (@fryan) September 30, 2015
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Over the weekend when we reported that one of China’s largest coal miners had laid off 100,000, or 40% of its workforce, we noted that China’s hard-landing is starting to hit where it really hurts: employment, or rather the lack thereof, and the one logical consequence: “now, many migrant workers struggle to find their footing in a downshifting economy. As factories run out of money and construction projects turn idle across China, there has been a rise in the last thing Beijing wants to see: unrest.“
Following yesterday’s collapse in the Nikkei, when a 4% drop pushed it red for the year below 17,000, down 20% from a high of 21,000 hit just over a month ago, we had just one question for Japan’s pension fund “fudiciaries” who have been “greatly rotating” out of bonds for the past few years as the primary sources for BOJ debt monetization, dumping trillions in fixed income yen, and promptly buying up equities: equities which have gone nowhere in 2015, and which have posted massive losses in the third quarter. The question was:
What are Japan’s pension fund losses after the Nikkei wipeout from 21k to 17K?
— zerohedge (@zerohedge) September 29, 2015
Less than 24 hours we got the answer, when moments ago Nikkei reported thatQ3 losses at (at least one) pension funds were just under JPY 10 trillion in the third quarter.
For the first time since 2009, all six major Fed regional activity surveys are in contraction territory… time to hike rates?
According to ADP, for the first time this decade, the US hasn’t created a single manufacturing job for the entire year. In fact, it has lost some 6,600 jobs. But don’t worry: we hear “economic recoveries” driven by hiring of minimum wage retailers, low-wage teachers, and of course, waiters and bartenders, are all the rage in this business cycle.
With Syria making national headlines on a daily basis, it’s easy to forget about the Middle East’s other proxy war raging in Yemen.
For months, a Saudi-led coalition has been battling Iran-backed militants for control of the country which was effectively wrested from Mansour Hadi earlier this year when the Sauid-backed President was forced to flee to Riyadh as the Houthis advanced on Aden.