Business

As Jim Reid writes, "it's been a very dull 24 hours" in the markets, so to pass the time the Deutsche strategist recapped his bigger picture thoughts "on government bond yields given the sell-off of the last two weeks." Hardly surprising, he goes along with the consesus, and expects yields to rise as more central banks turn hawkish (for reasons we have discussed on countless occasions, most recently yesterday) although what is interesting is Reid's take on what happens after the initial reaction, and it's here that the gloom descends because in a world with 327% debt/GDP...

Blue Apron is trading down 7% in the pre-market, down over 30% from its IPO-day highs and down 25% from the IPO/Open price... in 10 days. Today's decline, following SNAP's crash yesterday, seems catalyzed by the first analyst rating since the IPO.. at $2!

As Bloomberg reports, the stock got its first analyst rating since the June 28 IPO; the company’s business model has severe cost challenges and intensifying competition,:

Northcoast Research analyst Chuck Cerankosky writes in note...

Having v-shaped recovered yesterday after disappointing Russian comments (on no news whatsoever), crude prices are tumbling once again this mornig, WTI back to $43 handle, after Saudi Arabia told OPEC it pumped 10.07 million barrels a day in June, a person with knowledge of the data said, exceeding its production limit for the first time since brokering a deal to curb global crude supply to counter a glut.

• Trump Looks to Wall Street for Fed Bank Regulator (WSJ)
• Rates play prods dollar to four-month high versus yen, kiwi dollar falls (Reuters)
• Kaspersky Lab Has Been Working With Russian Intelligence (BBG)
• Buffett’s Berkshire Moves Away From Stock Picking (WSJ)
• OPEC's Barkindo says all producers should help balance market (Reuters)
• China hits back at criticism over North Korea (Reuters)
• North Korea’s Missile Might Not Survive Reentry, South Says (WSJ)
• Trump's election panel puts hold on voter data request (Reuters)

Just hours after Snap(chat), or rather its shareholders, were gravely injured when the stock tumbled below its IPO price, one of the company's IPO underwriters Morgan Stanley decided to add some insult, when its analyst Brian Nowak downgraded the social network, or photo app, or whatever it is these days, to equal-weight, cutting its price target to $16 from $28 on ad product and competition concerns. Shares promptly tumbled another 2.7% to $16.50 in pre-market trading on the downgrade .