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With the Fed decision just one day away, followed the very next day by the increasingly more irrational BOJ, stocks had no desire to make significant moves and overnight's boring session was the result, as European stocks and U.S. index futures rose modestly but mostly hugged the flatline while Asian declined 0.2% for a third day as raw-material shares declined and Tokyo equities slumped before central bank meetings in the U.S. and Japan this week. China’s stocks rose the most in almost two weeks, up 0.6% but failed to rise above 3000 on the Shanghai Composite, in thin trading.

Submitted by Andrew Zeitlin of Moneyball Economics

Semiconductors Tell the Real Story of Global GDP

The industrial slowdown predicted by semiconductors is coming true.

• Obama sending more forces to Syria to consolidate gains against Islamic State (Reuters)
• Global stocks, dollar stumble ahead of Fed, BOJ meetings (Reuters)
• The Rise and Deadly Fall of Islamic State’s Oil Tycoon (WSJ)
• Oil Producers Lock In Once-Snubbed Prices (WSJ)
• Yellen's Scope for Summer Rate Hike Widens as ECB Signals a Hold (BBG)
• 11,000 jobs at risk as BHS teeters on brink (The Times)
• China's Xi Shakes Up Rival Power Base Before Party Reshuffle (BBG)
• As Bond Yields Rise, Some Investors Fear Another False Dawn (WSJ)

Ahead of two key central banks events this week, the Fed announcement on Wednesday - in which Yellen is expected to do nothing and most likely will continue the dovish relent first seen a month ago - and then the BOJ on Thursday (which also mark the anniversary of the second longest and most artificial bull market in history) where Kuroda is increasingly expected to shock with something even more ridiculous, global shares have fallen modestly around the world as oil declined on signs a global surplus of crude is likely to persist.

Submitted by Adam Dick via AntiWar.com,

It all started so “harmless.” The Federal Bureau of Investigation (FBI) wanted to access the information of a person being investigated for mass murder so, the FBI said, it could try to prevent more terrorist attacks.