United States

Luckily for residents of New Jersey, New York and New England, Hurricane Jose isn’t expected to pass close enough to the northeastern US coast during its journey north through the Atlantic to cause any real damage.  While the National Hurricane Center has warned that the category one storm is expected to cause “dangerous surf and rip currents” along the east coast for a few more days, the region will thankfully be spared the devastation of Sandy, which battered areas with comparatively tame 80 mph winds. By comparison, Irma battered Puerto Rico with gusts of up to 135 mph.

Whether in response to rising scorching tensions with the US, or simply to provide support for the ruble, on Tuesday Russian President Vladimir Putin instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, RT reported citing the Kremlin website.

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Trump’s UN Speech

Paul Craig Roberts

I listened to part of Trump’s UN speech this morning. I was so embarrassed for him and for my country that I had to turn it off.

Toys “R” Us Inc., the largest US "brick and mortar" toys retailer, filed for bankruptcy late on Monday night, as a result of a crushing post-LBO debt load and relentless competition from warehouse and online retailers, the "latest blow to a retail industry reeling from store closures, sluggish mall traffic and the gravitational pull of Amazon.com" according to Bloomberg.  The Chapter 11 filing is among the largest ever by a specialty retailer and casts doubt over the future of its about 1,600 stores and 64,000 employees.

S&P futures are little changed as the Fed begins its two-day FOMC meeting pushing the VIX below 10, down 1.3% and falling for the 7th day; European shares are lower as is the dollar while Japanese stocks soar on the back of a tumbling yen as a snap election in Japan now appears imminent. Despite the cautious action ahead of the Fed, the The MSCI All-Country World Index rose 0.1% to a new record high.