by Tyler Durden

Wed, 09/09/2020 – 11:00

What’s the perfect visual metaphor I claimed to have for all of this: In Turkey, a large bear with a cardboard box stuck on its head managed to enter into a military base, and then to climb up to the top of a tall communications tower.

By Michael Every of Rabobank

I have the perfect visual metaphor for a day on which the headlines show:

• The UK government openly admitting it is going to break international law –but just a little bit– prompting resignations among senior legal staff and pointed questions from a former prime ministers asking how the country can ever be trusted again. Not to worry, Theresa: poisonings, assassinations, dismembering, and kidnappings all seem to have a short political half-life; then it’s back to business as normal – “because markets”. Not so sure it applies to GBP itself though.
• The Hong Kong justice minister wades into a debate prompted by comments from CEO Carrie Lam over the ‘separation of powers’ to argue it “has no place” there. (The Hong Kong Bar Association rejects this as “unfounded and inconsistent” with the Basic Law.)
• The US imposes more sanctions on China, again focused on Xinjiang and allegations of forced labor, and this time potentially impacting the entire textile complex, given it covers cotton, and staple foods, given it also covers tomatoes grown there. From the perspective of the market press, spilling a cheap frozen pizza on a cheap cotton T-shirt while day-trading at home may just have become far more expensive.

Continued here: A Bear With A Cardboard Box On Its Head