Morning 8-28

What a week, not done yet though. In China’s Afternoon Session Stocks started to lift, invisible hand at work? Looks like it. They closed higher by 4.8%, taking 2 day total to a gain of 10%.Shanghai still Down 8% for week. EM in Asia all closed higher, Taiwan +2.5%.In Europe both stoxx and Dax have a good chance to close higher this week. Mondays lows clearly in the rear view Mirror. Some European Numbers overnight but markets paid little attention. German CPI a touch Weaker, UK GDP in line and Euro Zone Economic Confidence better. Almost every move in Stocks, Bonds and commodities have not seen volatility like this since 2008-09.The Move yesterday up in OIL was amazing. The Short covering rally was coming we never know when.
The FED is front and center, September hike Expectations stand at 30%.jackson Hole Symposium starts today in full.3 fed presidents will be interviewed on Bloomberg TV, Bullard on Now, Korlekota and Meister later. They probably will show up on fox, cnbc. China has Blamed FED for stock Market crash, other central bank heads urge Fed to get on with it and raise Rates! Not an easy situation for fed now. Fischer Speech on Inflation tomorrow is important for Fed policy. Bullard said this morning that Fed should look past last 10 days of volatility.
• Markets have seen Record outflows, Merrill Lynch said 26b outflows in August from Stock markets.
• China pumped another $9.4b into markets last night. Trying to stem outflow of yuan.
• Venezuela calling for emergency opec meeting falls on Deaf ears
• Watch For FED headlines throughout day

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