New York, Tokyo, and Mumbai

(1) Earnings hotter than expected. (2) Forward revenues and earnings of S&P 500/400/600 rising to fresh record highs at end of July. (3) Lots of good reasons to be bearish on bonds, yet yield of 10-year Treasury remains calm just under 3.00%. (4) US bond yield is tethered to near-zero yields in Germany and Japan. (5) Trade uncertainties depressing Germany. (6) BOJ keeps priming inflation pump, which continues to run dry. (7) Inflation remains relatively subdued in US. (8) One person’s debt is another’s asset. (9) A guided tour of the latest developments in India.