Coffee's on, and the big one hit this morning: the state news agency reports the Central Bank of Iraq has decided to adopt a new exchange rate for the dollar, with sales to the public set at 1,520 dinars. It's flagged as a developing story, so watch for the full details. Contractors are already warning al-Zaidi that a higher rate threatens their projects, and a legal researcher lays out how far parliament's authority actually reaches on the new rate. Out on the wider board, Europe's bond crisis spreads from France to Spain, Goldman and Deutsche say markets are pricing a whole new regime, Hurricane Isaias takes aim at Gulf rigs and refineries, Pakistan, Turkey and Saudi trigger a Mecca defense pact, and Germany's former spy chief is under arrest. Here's the drop.
Iraq & the Dinar
- The Central Bank of Iraq decides to adopt a new exchange rate for the dollar and sets sales to the public at 1,520 dinars — Iraqi News Agency (Arabic)
- Iraqi contractors warn al-Zaidi: raising the exchange rate threatens the continuation of projects — Shafaq News (Arabic)
- Legal researcher clarifies the limits of parliament's authority over the new exchange rate — Baghdad Today
Money & Markets
- Spain joins the party: snap election adds Madrid to Europe's “Red October” bond crisis — ZeroHedge
- France is cracking, the euro is imploding… and now Sánchez joins the mess — ZeroHedge
- Bonds and stocks are “pricing a fundamentally different macro regime”; Deutsche is watching these 5 market dislocations closest — ZeroHedge
- “Correlated with almost nothing but itself”: Goldman's top derivatives trader says the S&P is no longer the clearing price for risk — ZeroHedge
- World Bank warns Asia is running out of money to fight the energy shock — OilPrice.com
Oil, Energy & the Wider Board
- Isaias forecast to become the season's first Atlantic hurricane, threatening Gulf Coast rigs and major refineries — ZeroHedge
- Pakistan, Turkey and Saudi Arabia trigger a Mecca defense pact — ZeroHedge
Around the World
- Germany's former spy chief arrested in the biggest espionage scandal of the century — ZeroHedge
- 256,000 join protests across France marked by far-left chants and clashes with police over school conditions — The Epoch Times
Links are shared for discussion. Not financial advice — always do your own research.