United States

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.

Authored by Wayne Madsen via The Strategic Culture Foundation,

After carrying out bombing drills over the Korean peninsula on Monday following North Korea’s firing of an intermediate-range missile over the Japanese island of Hokkaido, US and South Korean forces are planning to continue their displays of military might early next month, according to a report from Yonhap, the South Korean news agency. However, in a move that is sure to provoke a barrage of threats from North Korea, the US is reportedly sending a nuclear-armed aircraft carrier to the waters off the Korean peninsula, where it will take part in an upcoming round of military drills.

Authored by Soeren Kern via The Gatestone Institute,