Business

By Chris at www.CapitalistExploits.at

In the late 90's and early 2000's, I spent a lot of time travelling through a host of the world's airports.

12,000 jobs may not sound like much but that's roughly how many jobs Canada adds to its economy each month. Only in this case, that's how many workers are about to find themselves without a job because overnight Sears Canada announced plans to liquidate its remaining 150 stores instead of restructuring, the latest admission of brick and mortar defeat in the war with Amazon, with the result some 12,000 job losses in the coming weeks.

WTI/RBOB had bounced back modestly today (on OPEC jawboning) ahead of the API data with bulls hoping the trend of gasoline builds stalls. With the effects of Harvey beginning to fade (and exports at record highs), we are getting a cleaner picture of the state of the energy complex and it's no so pretty for the record-long-specs. Crude inventories saw a surprise 3.1mm build (expectations for a 2.4mm draw), Cushing saw the 7th straight week of restocking and while gasoline inventories dropped, distillates saw a big build.

Think you had a bad day...

Overnight saw market watchers celebrate the exuberant run in Japan's Nikkei 225 to its highest levels since 1996 (up 200% from its 2008/9 lows)...

Rationality Versus The Market

Posted with permission and written by John Rubino, Dollar Collapse