- Dow Drops
The Dow is currently down approximately 218 points as Wall Street attempts to understand the move by China yesterday to devalue the yuan against the dollar. The move by the People’s Bank of China is thought to be in response to China’s abysmal July export number. This move by China clearly shows just how worried China’s ruling elite are about China’s economy.
- Oil Drops Again
At one point today oil was down below $43 in a move not see since March. The downward progression made by oil today was in response to concerns about weaker demand from China and an increase in production from Iran. For a more detailed analysis click here
- GOP Tries to Gain Support for an Iran Veto Override
The GOP House leader said in an interview in Jerusalem that there is a chance for a President Obama veto override as the debate regarding the Iran Nuclear deal continues to heat up. Congress is almost certainly not going to pass the deal and with President Obama saying he will veto any resistance from Congress the GOP has been trying to get enough support to override a veto.
- After All Night Negotiations Greece Has a Deal
While Greece has a deal negotiated with European Union heads of state, the deal still has to be ratified by Greece’s parliament in which the Syriza party, who oppose austerity, currently hold a majority. Due to this fact I am not confident that the deal will indeed pass through parliament. For a more detailed analysis click here