Aggregator

Lindsay Clancy's lawyer claimed in court that one juror in the killer mom's murder trial "refuses to listen to the law."

Engelbert, 61, became the first commissioner in league history in 2019, and has guided the league through expansion, revenue growth and TV deals.

This week's new movies on VOD are filled with strong women.

All eyes will be on the NFC West this upcoming season.

The Andoni Iraola Era at Liverpool is off to a rocky start.

Don't leave us hanging, Apple TV!

OpenAI said it could not "meaningfully respond" to the report's findings because it hadn't been allowed to review it ahead of publication.

A jealous lover allegedly kidnapped his ex and hurled her off a highway bridge in Italy – before he took his own life as he was surrounded by cops, reports say.

He is off the boat and back on the court.

Laura Dern is all smiles in Venice, Jennifer Aniston films in Times Square and more snaps...

Laura Dern is all smiles in Venice, Jennifer Aniston films in Times Square and more snaps...

A pre-US Open party seemingly has tennis integrity officials calling fault.

Six passengers were riding in the 5-seater car, according to cops.

It had been an eerily familiar story, with what the Dodgers were hoping would include an identical happy ending.  Just like last year, Teoscar Hernández got off to a decent start at the plate this season. Then, just like last year, he suffered a lower-body injury that derailed his campaign and disrupted his swing mechanics....

"I thought I was dying. I thought I had seen my daughter for the last time.”

World's Largest Sovereign Wealth Fund Cuts Treasury Holdings... But It's Not What You Think

The headlines are running rampant this morning as the world's largest (and most transparent) sovereign wealth fund - Norway's Government Pension Fund - has proposed reducing the amount of government bonds in its $2.3 trillion portfolio to boost holdings of riskier debt, with US Treasuries the most affected.

Norges Bank Investment Management (NBIM), which manages the fund, said in a letter sent to the Ministry of Finance on Tuesday and published on its website, that government debt should be cut to 50% of the bond holdings from 70%.

As Bloomberg reports:

With about 30% invested in bonds, the fund had more than $615 billion of fixed-income assets in its portfolio as of June 30, about 59.5% of which were invested in government bonds, according to the latest figures on its website. Adding in government-related bonds, the allocation is 69%.

The proposed reduction in government bonds’ share to 50% would imply a decrease of about $58 billion of such bonds, according to Bloomberg calculations.

While the proposed change implies holdings of US Treasuries would drop by $75 billion, those of Japanese government bonds could increase by $20 billion, Bloomberg analysis shows. Holdings of euro area government bonds are also projected to decrease.

With growing concerns about global government debt levels and rekindled inflation fears due to the Middle East conflict having fueled a recent global bond selloff (pushing yields to multiyear highs around the world), the headlines write themselves... "PANIC!!!".

But...

They are not shrinking US or dollar exposure in any meaningful way.

The same letter says US non-government fixed income (IG corporates, agency MBS, government-related debt) would rise from 16.2% to 27.6% of the bond index.

Dollar weight in the bond benchmark barely moves: 52.9% → 52.5%.

They also want to switch the remaining government bonds from GDP weights to market-value weights, which lifts JGBs (4.6% → 7.4%) and trims euro-area govvies a bit; UK gilts stay put.

Additionally, Agency MBS are explicitly part of the pitch: high liquidity, credit quality close to Treasuries because of Fannie/Freddie/Ginnie backing, plus a prepayment/credit premium the fund’s long horizon can harvest.

So the giant fund is reducing duration (while adding yield) as MBS duration is considerably lower due to prepayment risk while maintaining its USD exposure... kinda ruining the terrifying headlines.

“NBIM isn’t making a direct call on US fiscal sustainability,” said Kenneth Crompton, head of rates strategy at National Australia Bank Ltd.

“They’re arguing that they already own enough government bonds to satisfy liquidity needs, and that a long-horizon investor should harvest a broader set of fixed income risk premia.”

However, Mohamed El-Erian’s take is probably the right one: the dollars are modest; the signal that a canonical long-term official holder is structurally less hungry for duration at the sovereign level is what matters.

“The size isn’t big, but the signal that traditional holders and buyers are becoming less reliable is a very important one.”

Finally, we do note that this remains a proposal. NBIM follows a benchmark index set by the Finance Ministry, with major allocation changes to its investment mandate requiring approval in parliament, so there’s no guarantee the fund will be allowed to make the change.

State Secretary Ellen Reitan said the government will “address any proposals for adjustments to the investment strategy in the white paper on the fund, which will be presented to the parliament in the spring” after the Finance Ministry “will thoroughly review the recommendations,” in an emailed comment.

So, with all that in mind - and while we are not used to being the calm kids in the theater when everyone is yelling 'fire' - Norway's fund proposal is more portfolio engineering than a geopolitical "dump America" move (for now)...

Tyler Durden Fri, 09/04/2026 - 10:40

Last month, Page Six exclusively reported that the couple's shock move to the UK made locals “more wary than excited.”

Last month, Page Six exclusively reported that the couple's shock move to the UK made locals “more wary than excited.”

Labor Shock: US Adds 162K Jobs In August, 4-Sigma Beat And Above Highest Forecast

In our jobs report preview we quoted JPM's Market Intel desk which said that today's August payrolls number will be a case of "good news is bad news", and sure enough futures are sliding  and yields surging after moments ago the BLS reported that in August, the US added a whopping 162K jobs, up from an upward revised 21K (July is no longer negative -23K), and the second highest monthly increase of 2026 (only March was higher)...

... and printed not only above the median estimate of 50K but above the highest Wall Street estimate of 125K (from Pantheon). In fact, this was a a 4-sigma beat to expectations.

Understandably, today's blowout print was the biggest beat of estimates going back to March. 

For once, revisions were quite favorable, with June numbers revised up by 11,000, from +20,000 to +31,000, and July revised up by 44,000, from -23,000 to +21,000. With these revisions, employment in June and July combined is 55,000 higher than previously reported.

Remarkably, unlike previous months when jumps in payrolls were met with declines in employment, in August we saw a surge of 569K employed workers from 162.177MM to 162.746MM alongside the 162K increase in payrolls.

This meant that after steadily declining for the past year, and diverging with the number of payrolls, the number of employed Americans posted a sizable jump as shown below.

The unemployment rate remained flat at 4.1%, and in line with expectations. Among major groups, the unemployment rate for people who are Asian declined to 3.2%, The rate for teenagers edged up to 14.1% over the month, mostly  offsetting a decline in the prior month. The jobless rates for adult men (4.0 percent), adult women (3.5 percent), and people who are White (3.7 percent), Black (6.0 percent), or Hispanic (4.8 percent) showed little change in August. 

Average hourly earnings rose 0.3% MoM, in line with expectations, and 3.1% YoY. In August, average hourly earnings of private-sector production and nonsupervisory employees rose by 11 cents, or 0.3 percent, to $32.53. The average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.4 hours in August. In manufacturing, the average workweek edged up by 0.1 hour to 40.5 hours, and overtime was unchanged at 3.1 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained at 33.8 hours.  

Some more details from the report:

The number of long-term unemployed (those jobless for 27 weeks or more) changed little at 1.9 million in August. The long-term unemployed accounted for 27.0 percent of all unemployed people. 

The labor force participation rate edged up to 61.6 percent in August but is down by 0.5 percentage point since January. The employment-population ratio, at 59.1 percent, changed little over the month and since January. 

The number of people employed part time for economic reasons decreased by 414,000 to 4.4 million in August. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs. 

In August, the number of people not in the labor force who currently want a job changed little at 5.7 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. 

Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force changed little at 1.7 million in August. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, changed little in August at 441,000. 

Taking a closer look at the composition of jobs per the Establishment survey we find the following: 

• Employment in food services and drinking places increased by 59,000 in August, well above the average monthly gain of 12,000 over the prior 12 months.
• Local government education added 42,000 jobs in August, largely offsetting a decrease in the prior month. Local government education has shown little net change since January 2025.
• In August, employment in manufacturing continued its upward trend (+16,000) and is up by 58,000 since a recent low in December 2025. Employment in machinery manufacturing (+6,000) and in fabricated metal product manufacturing (+6,000) continued trending up in August. 
• Employment in health care continued to trend up in August (+13,000) but at a slower pace than the average monthly gain over the prior 12 months (+32,000). Over the month, home health care services (+11,000) and hospitals (+8,000) added jobs. 
• Information employment declined by 23,000 in August, following losses that had averaged 8,000 per month over the prior 12 months. In August, job losses occurred in computing infrastructure providers, data processing, web hosting, and related services (-8,000), in publishing industries (-7,000), and in broadcasting and content providers (-5,000). 
• Construction employment changed little in August (+22,000). Employment in nonresidential specialty trade contractors continued to trend up (+8,000), similar to the average monthly gain over the prior 12 months (+6,000).

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; wholesale trade; retail trade;  transportation and warehousing; financial activities; professional and business services; social assistance; and other services.

Remarkably, unlike previous months where the data was gamed to cover up underlying weakness, this time we saw a very powerful increase in qualitative components, as full-time jobs surged by 735K to 134.288 million, while part-time jobs dropped by 223K!

The unexpectedly strong print has understandably sent Sept rate hike odds spiking and has hammered risk assets, although the real decider whether we get a rate move this month will be next week's CPI print. As a reminder, according to JPM, a print above 95K will lead to a 0.5% to -1.25% down day for the S&P.

 

Tyler Durden Fri, 09/04/2026 - 10:30

Putin Says There's A Chance Of Ukraine Peace Deal, Wants To Restore Full US Relations

Authored by Guy Birchall via The Epoch Times,

Russian President Vladimir Putin said on Sept. 3 that there was "a chance" of achieving peace with Ukraine and expressed a desire to rekindle relations with the United States.

Putin was speaking at a session of the Eastern Economic Forum (EEF) in Vladivostok when he made the comments.

On the subject of Ukraine, the Russian president said Moscow was "grateful to everyone who is trying to contribute to resolving this issue," and he said that in his opinion there is "a chance" of peace, according to Russian state news agency TASS.

He said that for hostilities to end between Moscow and Kyiv, "Russia and Ukraine must first reach an agreement" between themselves, and he acknowledged that "all other countries are ready to support and assist" in achieving that.

The Russian leader also revealed that contact between Moscow and Kyiv was ongoing via the two nations' intelligence services, but he said that it was difficult for him to say "to what extent these contacts are leading to a peace agreement."

Regarding Russo - American relations, Putin confirmed that Moscow was still in contact with Washington and said he hoped that such contact would continue.

Alluding to the recent trip by CIA Director John Ratcliffe to Moscow for meetings on Aug. 25, the Russian president said that everyone was aware of the cooperation between American and Russian intelligence agencies and administration officials appointed by U.S. President Donald Trump.

He said that the collaboration was "working" and expressed a hope that it will "ultimately lead to a positive outcome."

He further stated, "[Moscow is] in favor of restoring relations with the United States in full, but this does not depend solely on us; it depends on the American side."

However, he stressed that he believed that Trump is "determined to engage in such positive, constructive work."

On Aug. 26, Trump confirmed Ratcliffe's visit to Moscow for meetings on Aug. 25.

The president, however, dismissed all rumors about the purpose of Ratcliffe's trip, denying that he was sent to warn the Kremlin against testing NATO's resolve, striking England, or disregarding Iranian sanctions.

"John Ratcliffe is a fantastic guy. He's the head of the CIA, and he is not in there for any of the things that you said. Now, something may come out, you know, out of it. We're working very hard to get that war ended, and frankly, they both want to see it ended at this point," Trump said.

On the topic of meeting with Putin, Trump said on Sept. 2 that such an occasion would occur only after peace was achieved between Moscow and Kyiv.

"We'd do it if I wanted it, but I want to do it when we're ready to do a peace deal," he told reporters in the Oval Office.

He said that the United States wanted to have good relations with both warring parties, saying it would be "great for business."

"They ought to stop that stupid war," he said.

Ukrainian President Volodymyr Zelenskyy said that his country wanted peace but wouldn't surrender, in an Aug. 24 speech in Kyiv marking Ukraine's Independence Day.

On Sept. 1, Zelenskyy said Ukraine supports "every step toward peace," in a post on X.

"The war needs to end, and leaders are right to tell Putin this. So, for the sake of diplomacy and negotiations, whenever our partners approach us about this, we will ensure that Russian skies are cleared of drones for specified periods of time and along specified routes," he said.

"Safety will return to Russia's skies when there is real movement toward peace. For now, the skies over Russia are for drones - not for civilian aviation."

Tyler Durden Fri, 09/04/2026 - 10:30