United Kingdom

• European shares hit two-week low as euro surges (Reuters)
• Harvey Pounds Texas as Epic Flooding Paralyzes Houston (BBG)
• Gasoline soars and dollar dented as Tropical Storm Harvey rages (Reuters)
• Oil markets roiled as Harvey hits U.S. petroleum industry (Reuters)
• Harvey Shuts Two of the Largest U.S. Ports (BBG)
• Trump’s Pardon of Joe Arpaio Widens Republican Split (WSJ)
• Trump’s Immigration Crackdown Is Making New Homes More Expensive (BBG)
• Trump's firm sought Moscow real estate deal during presidential run (WaPo)

Global markets are stuck in a holding pattern with S&P futures up modestly after fluctuating overnight, as European and Asian shares rise with oil while the dollar has dipped lower ahead of the biggest central bank event of the year: the Fed's Jackson Hole symposium where Janet Yellen and Mario Draghi will speak at 10am and 3pm ET, respectively. Meanwhile, world stocks drifted toward their best week in six on Friday, as a near three-year high in emerging markets shares and a roaring rally in industrial metals bolstered the year’s global bull run.

Authored by Giulio Meotti via The Gatestone Institute,

By Bill Blain of Mint Partners

Blain's Morning Porridge

Provident Financial. What a mess. Is it an opportunity?

UK subprime lender Provident Financial Plc crashed the most on record, its stock plunging over 73%, on what analysts called a "quadruple whammy": a profit warning forecasting a full-year loss, scrapping its dividend, a regulator probe into its Vanquis Bank unit, and the departure of CEO, the aptly named, Peter Crook. “This is without doubt a disaster,” said Shore Capital's Gary Greenwood. “Future profit performance will depend on management’s ability to rescue the situation, which is highly uncertain. We expect that further heads will roll.”