It's decision time for the US Federal Reserve
- According to the CME's FedWatch Tool, which measures what the markets are predicting the Fed will do next, the probability of a quarter percentage point rate cut is only 56%, down from 92% just over a week ago.
- The New York Federal Reserve is running a special operation aimed at reducing short-term interest rates and easing stress in financial markets.
- On Tuesday morning, the NY Fed launched what's called an "overnight repo operation," during which the central bank attempts to ease pressure in markets by purchasing Treasuries and other securities.
- The episode demonstrates evidence of emerging strains in financial markets and raises concern that the Fed could be losing its grip on short-term rates.
- Contributing to that decline were global trade disputes, increased costs related to an expansion of FedEx's delivery services and the "loss of business from a large customer," a likely reference to Amazon.
Saudi Arabia says the oil facility hit by drones and missiles will be fully functional again in 12 days
- Saudi Arabia says its flagship oil facility, ravaged by drone and missile strikes on Saturday, will return to full production capacity by the end of September, in just 12 days time.
- The prince, addressing reporters at a press conference in the city of Jeddah, said that full, untapped functionality — 9.8 million barrels-per-day — will be achieved by the end of September.
- While the Aramco facility could be firing on all cylinders by the end of September, Saudi Arabia's total oil production capacity — 12 million barrels a day — will not return until November, the prince said.
- Saudi Arabia on Monday said Iranian weapons were used in the strikes on its major oil facility, Reuters reported, but the kingdom has so far stopped short of directly accusing Iran of perpetrating the attack.
Australian academic detained in Iran sentenced to 10 years in prison
- Speaking Monday, Iranian Foreign Ministry spokesman Sayyed Abas Mousavi said that one Australian "has been sentenced to prison last year for espionage." The following day, however, Iranian judiciary spokesman Gholamhossein Esmaili appeared to contradict his colleague, saying Moore-Gilbert had been "spying for another country," but said her case still had to go to trial.
- Responding to Esmaili's comments, the source reiterated to CNN that Moore-Gilbert -- a British-Australian dual citizen -- had already been tried and sentenced to ten years in prison.
- A specialist in Middle Eastern politics, Moore-Gilbert had begun a course in the Iranian city of Qom last year, according to Australian state broadcaster ABC.
- Separately, Elsami also on Tuesday confirmed the July arrest of an Australian couple who have been held for almost three months are accused of photographing military sites and other "forbidden areas." He said the photos had been taken on a drone.
- A source familiar with the matter told CNN that King is a British-Australian dual citizen.
Pentagon ordered to offer options as US rules out 'knee jerk' response to Saudi attack
- Washington (CNN) - US defense officials were ordered to plan potential responses to the attack on Saudi Arabia's oil facilities in a Monday meeting with President Donald Trump, but the White House is waiting for the Kingdom's rulers to decide on a response before charting a path forward, administration officials and sources familiar their thinking tell CNN.
- Secretary of State Mike Pompeo is set to travel to Saudi Arabia on Tuesday night to consult with rulers there and the source said nothing will be done until Pompeo has returned and Trump's national security team has assembled.
- Deputy Press Secretary Hogan Gidley told reporters Tuesday that the administration "can't say definitively" that Iran was behind an attack on an oil facility on Saudi Arabia and is still in the process of making the case to the American people.
The best hand creams you can buy for dry, chapped hands
- Because of my dry skin, I've accumulated a significant collection of lotions and hand creams.
- Using these products after washing your hands or showering can get you positive results, and try to make a habit of using your lotion or hand cream before bed for overnight moisturizing.
- The cream is greaseless, yet effectively reduces the rate of evaporation on your hands, helping to restore your hands' moisture balance while healing your cracked, irritated skin.
- The Naked Bee Moisturizing Hand & Body Lotion has a 4.3 out of 5-star Amazon rating, based on more than 600 customer reviews.
- You can quickly massage the balm into your hands, and it's ideal for use on dry, cracked skin.
- Lotions, creams, and balms are great ways to treat your irritated hands, but for a deep-moisturizing treatment, NatraCure Gel Moisturizing Gloves give you the intensity that you're looking for.
Here's why Iran would target major Saudi oil fields and risk a US military response
- Secretary of State Mike Pompeo over the weekend explicitly blamed Iran, and Saudi Arabia on Monday said preliminary evidence shows Iranian weapons were used in the attack and that it did not originate in Yemen.
- But if Iran was responsible for the attack it would fall in line with a cycle of events that in recent months as Tehran seeks relief from crippling US sanctions under what the Trump administration's "maximum pressure" campaign.
- Iran has been battling Saudi Arabia for regional supremacy and has reacted to the US sanctions by planting mines on tankers and seizing them at sea, efforts that have largely failed to compel the Trump administration to ease them.
- The US has sought to hit Iran where it hurts with sanctions designed to choke of the oil revenue that is its primary source of income; they went into full effect in May. Some countries, including China, have still taken oil from Iranian tankers and risked economic penalties from the US.
Hong Kong tries and fails to hire PR firms to rebuild image
- Hong Kong's government contacted eight public relations firms to try and rebuild the embattled city's image, but all of them declined the contract.
- Hong Kong leader Carrie Lam and her government have been widely criticised for their response to protesters.
- The PR firms said that "the time is not right" to restore the territory's reputation, Ms Lam told reporters.
- According to the brief, published in the PR industry paper The Holmes Report, the government wanted a firm to "address negative perceptions in key markets overseas to maintain confidence in Hong Kong", and to "underscore the strengths and attributes that differentiate Hong Kong from other cities in the region and bring out the success of one country, two systems".
- The protests began in June in opposition to a proposed bill, which would have made it possible for people in Hong Kong to be extradited to mainland China.
Investors want hedge funds to 'stick to their guns' and not try to 'be heroes' as markets get turned upside down
- The markets are causing a panic.
- But investors are hoping hedge fund managers trust their process and stick to their strategies.
- A crash in high-flying growth stocks last week smacked momentum-tracking hedge funds, with one US pension seeing its trend-following funds surrender their August gains in a couple days.
- And a huge spike in crude oil prices this week hit many funds with bearish views on the commodity.
- The best thing whip-lashed hedge funds can do right now is stay the course, said Jon Aikman, a finance professor at the University of Toronto.
- He sits on the school's endowment and pension investment committees, which allocate more than $5 billion.
A US Navy destroyer sailed into Beirut for the first time in 36 years on Saturday, and it may be a message to Iran
- Saudi Arabia claimed without evidence on Monday that the attacks against its oil facilities were not launched from Yemen and were carried out by Iranian weapons, according to the New York Times.
- Over the last several weeks, Israel has been the target of anti-tank missile strikes from Iranian-backed Hezbollah militants, and rocket and drone attacks from Gaza.
- Israel also claims the Iranian-backed militants in Lebanon are seeking to manufacture precision guided missiles with an accuracy of up to 10 meters.
- The IDF said the attack was carried out by the Islamic Revolutionary Guard Corps Quds Force unit with collaboration from Hezbollah militants, according to a news release.
- As Iran flexes its proxies across the region, Israel appears poised to be dragged into a broader regional war with Hezbollah and Iranian proxies in Lebanon and Syria and Hamas militants in Gaza.
Vaping is leading to a spate of lung injuries, comas, and death. Lung experts say oils like vitamin E may be partially to blame.
- Nicotine isn't always in cannabis-derived e-liquids, suggesting that the vegetable oils and other liquid solvents (PG-VG) — which are used to deliver drugs in all kinds of vape pens, whether there is nicotine inside them or not — could be playing a major role in the lung illnesses.
- It could be the case that this vitamin oil, which is meant to harmlessly deliver drugs, is ending up in people's lungs as an invasive liquid.
- A small study of 31 healthy adults released by the University of Pennsylvania last month suggested, similarly, that some of the "harmless" oils like propylene glycol and vegetable glycerin (PG-VG) inside vape pens might undergo dangerous transformations as they heat up and aerosolize inside vape pens, potentially turning them into toxic substances.
- He points to at least seven different case studies published over the past decade, which all suggest that vape oil could be hurting people's lungs.