Monday, September 09, 2013

Today's Headlines

  • Obama Shrinking Second-Term Hastened by Syria Opposition. As Barack Obama seeks approval for a military strike in Syria, he finds the footprint of his historic presidency shrinking. It’s the fate of most second-term presidents as it becomes harder to keep public support and win legislative fights while their power wanes. For Obama, it’s arrived early.
  • Italy Senate Panel Probably Will Delay Vote on Berlusconi Ouster. An Italian Senate panel that must decide whether to expel former Italian Prime Minister Silvio Berlusconi probably will delay a vote on the issue after its first review today. The 23-member panel is still discussing legal and procedural issues outlined in a report presented today in Rome by Senator Andrea Augello of Berlusconi’s People of Liberty Party. Senator Mario Giarruso of the Five-Star Movement told reporters that the first vote on the procedural matters raised by Augello may occur later today or tomorrow.
  • European Stocks Little Changed on Chinese Export Data. European stocks were little changed after their biggest weekly advance since April, as Chinese exports rose more than expected and investors awaited a U.S. decision this week on possible air strikes against Syria. BG Group Plc retreated 5.1 percent as the U.K.’s third-largest oil and gas producer said output next year will fall short of its estimates. Vallourec (VK) SA climbed 3.6 percent after Kepler Cheuvreux upgraded the producer of steel pipes for the oil-and-gas industry. The Stoxx Europe 600 Index lost 0.1 percent to 305.84 at the close of trading.
  • Japan Dispatches Fighters After China Bomber Flight Near Islands. Japan Defense Minister Itsunori Onodera described a flight by two Chinese bombers between southern Japanese islands as “unusual,” two days before the anniversary of the purchase of islands disputed with China. Japan dispatched fighter planes when the Chinese H-6 bombers flew between the main southern island of Okinawa and Miyakojima about 280 kilometers (174 miles) further southwest on Sunday, without entering Japanese airspace, the Defense Ministry said in a statement on its website. China said the flight was legal and that it would continue such maneuvers. 
  • Fed’s Williams Says Data Signal Gradually Improving Job Market. Federal Reserve Bank of San Francisco President John Williams, who has backed record stimulus, said recent economic data signal gradual job market improvement in line with his expectations. The “latest data” is “consistent with the forecast that I’ve had for the U.S. economy of gradual improvement and doesn’t change my particular views” on policy, Williams said to reporters today after a speech in San Francisco. “We are continuing to get closer to this marker of substantial improvement” in the labor market, said Williams, who doesn’t vote on policy this year.
Wall Street Journal:
  • White House Wants 'Hard Look' at Syria Weapons Offer. Syria said it welcomed a Russian proposal that it hand over chemical weapons to be destroyed, without saying whether it would comply, as opponents of a military strike against Syria leapt at the chance for another delay to possible U.S. attack. The White House said it would take a "hard look" at the proposal from the Russian government to get Syrian President Bashar al-Assad to turn over his chemical-weapons stockpiles, but said it didn't have confidence that Mr. Assad would do so.
Fox News:
Zero Hedge:
Business Insider:
Automotive News:
  • Tesla's(TSLA) State battles yield mixed results. A federal approach might be next. After mixed results in a flurry of state-level battles with dealers over its direct-selling model, Tesla Motors is pondering whether to take the fight to Washington. The rest of the auto industry intently awaits Tesla's decision. A federal challenge -- through legislation or a lawsuit -- may be a long shot. But some dealers say they fear for the future of the franchise system if Tesla succeeds.

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