- Spain’s Aid From EU Can Be Short of Full Bailout, Katainen Says. Finnish Prime Minister Jyrki Katainen said any financial assistance for Spain would stop short of a full bailout, as French President Francois Hollande backed the country’s demand for clarity over European aid. European Union leaders must show solidarity should Spain request funds, though assistance could take the form of a “precautionary” program, Katainen said today at a conference in Bucharest. Hollande underscored a divide with Germany as government chiefs prepared to gather for a summit in Brussels tomorrow, saying that measures taken by Spain in return for any help should be laid out in detail.
- Singapore September Exports Unexpectedly Decline on Electronics. Singapore’s exports unexpectedly declined for a second month in September as manufacturers sold fewer electronics and pharmaceuticals to customers abroad. Non-oil domestic exports slid 3.4 percent from a year earlier, after a revised 10.7 percent drop in August, the trade promotion agency said in a statement today. The median of 16 estimates in a Bloomberg News survey was for a 1.2 percent gain. Singapore’s central bank held off from easing monetary policy last week even as the gross domestic product contracted in the third quarter, and the Trade Ministry said growth will be weighed down for the rest of the year by a “subdued” world economy. The International Monetary Fund this month cut its projections for global expansion this year and next, saying it sees “alarmingly high” risks of a steeper slowdown. “Continued weakness in leading indicators like the SEMI book-to-bill ratio and global PMIs suggested continued volatility in exports and manufacturing can be expected ahead,” Leslie Tang, an economist at OSK-DMG in Singapore, said before the report, referring to semiconductor orders and shipments and purchasing managers indexes. Singapore’s electronics shipments by companies such as Venture Corp. fell 16.4 percent in September from a year earlier, after slipping 11 percent the previous month.
- Russian Investment Unexpectedly Fell First Time in 18 Months. Russian investment unexpectedly slid last month for the first time since March 2011 as uncertainty over the economy prompted businesses to reduce spending. Fixed-capital investment fell 1.3 percent in September compared with a year earlier, the Federal Statistics Service in Moscow said in an e-mailed statement today. Economists predicted an increase of 2.1 percent, according to the median of 15 forecasts in a Bloomberg survey.
- Japan Stimulus Restricted as Diet Standoff Prevents Extra Budget. Japan’s government plans to tap discretionary budget funds to counter an economic slowdown as a legislative stalemate threatens to leave the Noda administration without cash as soon as next month.
- Mack: I'm Disappointed with Obama's Divisive Nature. (video)
- CMBS Faces Risk of ‘Disruptive Shocks’ Regulators Told. Commercial mortgage-backed securities have more risk than last year as landlords need to repay maturing debt and vacancies remain elevated, according to an analysis prepared for insurance regulators. “Downside risk for CMBS relative to last year’s assumptions has clearly increased,” according to a report for the National Association of Insurance Commissioners and posted on the group’s website. The market is “proving itself subject to highly disruptive shocks” and has less time to deal with the coming wave of loan maturities, consultants and NAIC staff said in the report.
- ThinkEquity Closing Stock-Trading Unit as Volumes Decline. ThinkEquity LLC is closing its stock-trading business today amid a market slump and preparing to transfer its remaining investment-banking unit to another firm, Chief Executive Officer Greg Wright said. ThinkEquity, which employs a total of about 100 people, is determining how many jobs will be cut, he said in a telephone interview. Wright said another firm, which he declined to identify, has offered to take over San Francisco-based ThinkEquity’s investment-banking business and hire some workers. Details may be announced as soon as tomorrow, he said.
- Home Starts Rise to Highest In Four Years. Beginning home construction jumped last month to an 872,000 annual rate, the fastest since July 2008 and exceeding all forecasts in a Bloomberg survey of economists, Commerce Department figures showed today in Washington.
- Debate Hotspots: Energy, Benghazi, Taxes.
- Militant Suspected in Attack in Libya Remains At Large. The founder of Libya's Islamist militia Ansar al-Sharia was at the U.S. consulate compound during the deadly attack here, Libyan officials say, but he remains free a week after those allegations were disclosed to Libyan political leaders and U.S. investigators. Ahmed Abu Khattalah—who current Libyan officials and former Islamic militants describe as propagating an al Qaeda-style ideology—was seen during the Sept. 11 attack at the diplomatic mission where two of the four Americans died, said two senior Libyan security officials familiar with the investigation.
- Violent Crimes Rose by 18% Last Year. The number of violent crimes rose by 18% in the U.S. last year while property crimes went up by 11%, the government reported Wednesday. It was the first year-to-year increase for violent crime since 1993, marking the end of a long string of declines.
- Amazon(AMZN) Sets Sites on Kids.
- A President Without a Plan. A more spirited Obama, but he still has no agenda for the next four years.
CNBC:
- Who's Moving In? Adult Kids, Aging Parents. Almost a third of homeowners expect their grown children or aging parents to eventually move in with them, according to a survey by one of the nation's largest home builders. About one in seven say they already have a "boomerang kid" — an adult child who moves back home — or elderly parent living under their roof.
- Apartment Bubble Inflating Fast.
- Bank Of America(BAC) Gimmicks Continue - Chargeoffs Soar To Highest In A Year, As Loan Loss Release Surges.
- Spanish Bonds At Six Month Highs As 'Half Pregnant' Bailout Looms. (graphs)
- Germany Wants To Be Europe's Currency Tsar.
- Once "Jollying The Markets" With "Faith, Hope And Charity" Fails, What Comes Next: A Primer On Europe's Next Steps.
- Taxpayers To Recover $0 On Solyndra.
- GALLUP: Mitt Romney Now Has A Gigantic 6-Point Lead Over Obama.
- Forget Libya, The Syrian Conflict Is What's Going To Make The Middle East Explode.
- Last Night's Debate Showed Obama Doesn't Have Any Solutions, He Just Doesn't Like Romney's.
- UH-OH: The Official Economic Indicators Are Showing Early Signs Of Contraction.
- JIM ROGERS: The China Boom Could All Come Apart Over Water.
- Iran further expanding enrichment capacity - diplomats. Iran is believed to be further increasing its uranium enrichment capacity at its Fordow plant buried deep underground, Western diplomats say, in another sign of Tehran defying international demands to curb its disputed nuclear programme.
- CDC says deaths rise to 19 in worsening meningitis outbreak.
- CSX(CSX) sees soft utility coal demand continuing into 2013.
- Europe banking supervisor plan ‘illegal’. A plan to create a single eurozone banking supervisor is illegal, according to a secret legal opinion for EU finance ministers that deals a further blow to a reform deemed vital to solving the bloc’s debt crisis. A paper from the EU Council’s top legal adviser, obtained by the Financial Times, argues the plan goes “beyond the powers” permitted under law to change governance rules at the European Central Bank.
- German Chancellor Angela Merkel aims to thwart expansion of the EU's 2014-2020 budget that's now being forged by leaders of the 27-state trade bloc, citing German negotiator Michael Link, a deputy foreign minister.
- Schulz Rejects EU Intervention in National Budgets. No EU minister should be able to modify the budget of a member country, citing European Parliament President Martin Schulz. Schulz rejects demand from German Finance Minister Wolfgang Schaeuble.
- Germany is pressuring Italy to request European aid alongside Spain so that the government of Prime Minister Mario Monti doesn't reap the benefit of lower borrowing costs without being tied to tougher economic reforms, citing European and Spanish officials. Italy is resisting the proposal.
- Brazil Auto Sales Fall 11% Through Mid-Oct from Mid-Sept. Sales totaled 135,700 units.
- Shanghai to Continue Home Curbs. SHANGHAI will continue to strictly enforce its property curbs to fight speculation even as it proceeds with its affordable housing program for low to mid-income households, a senior government official said yesterday. The measures, including home buying curbs and differentiated mortgage policies, will remain, Liu Haisheng, director of the Shanghai Housing Support and Building Administration Bureau, told a municipal conference held yesterday."In general, tightening measures aimed at curbing speculative demand have proved effective so far, and we will spare no effort to retain them," Liu said.
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