GLOBAL MARKETS CALL: China Dumping Its Excess Production On The World

The Go Global trade continues to work; August has not interrupted it. Asia's AI-linked stock markets are back in the performance-derby lead after July's shakeout, and the other emerging markets that led this year are leading again.

Last week's action was in bonds. Treasury Secretary Scott Bessent doubled the Treasury's buyback program for longer-dated debt, lifting repurchases to at least $4 billion per operation from September through November and telling CNBC that the size could go higher if liquidity stays poor.