World stocks hit new record highs on Tuesday amid a continuation of Monday's risk-on theme which unleashed a dramatic relief rally on easing North Korea tensions and signs that Hurricane Irma caused less damage than feared (which according to Keynesians should be GDP negative). The MSCI All-Country World Index gained 0.2%, hitting the highest on record with a fifth consecutive advance.
British people have suddenly stopped buying cars and as BI's Jim Edwards notes, it's not clear why.
As the following chart from Barclays shows, both new- and used-car sales have collapsed...
While the slump in consumer confidence remains a major factor...
But as Edwards notes, a number of other factors are colliding simultaneously to hurt UK car sales:
Authored by John Bolton via The Gatestone Institute,
Today marks the 16th anniversary of al-Qaida's 9/11 attacks. We learned much that tragic day, at enormous human and material cost.
Perilously, however, America has already forgotten many of Sept. 11's lessons.
Automakers in the US and Europe that have dedicated vast resources to developing electric or hybrid vehicles are slowly waking up to an uncomfortable reality: The market for electric vehicles in the West would simply not exist without subsidies.
Submitted by Francseco Filia of Fasanara Capital
Measuring the Bond Bubble
A key conviction of ours is that we live through a Twin Bubble in asset markets: an Equity Bubble, particularly in the US, and a Bond Bubble, particularly in Europe.