Bloomberg:
- Fault Lines Fracture Rebalanced World Economy: Cutting Research. The rebalancing of global demand following the financial crisis may mask fault lines that still threaten the world economy, according to HSBC Holdings Plc and Deutsche Bank AG. The international economy’s overreliance on U.S. consumer demand and Chinese exports were among imbalances policy makers later said helped fuel the turmoil of 2008. By leading to a misalignment of currencies and leverage, they threw the world out of kilter, paving the way for its deepest recession since World War II. While there are some signs the global economy is now on a more even keel, there may be reasons to worry about how that shift occurred and how sustainable it is, according to separate studies published recently by Stephen King at HSBC and Deutsche Bank’s Thomas Mayer and Markus Jaeger.
- Bird Flu’s Return in China Seen Sped by New Year Chicken. The avian flu strain that killed 45 people in Asia last spring is poised to return as poultry flocks swell before Chinese New Year, amplifying the virus that hides undetected in birds.
- Gold Demand in Asia Seen Surging by HSBC as Inflation Fans Sales. Gold demand across Asia will keep expanding as inflation spurs investment purchases, said HSBC Holdings Plc, estimating that the region’s share of worldwide consumption jumped in the past decade.
- Asian Stocks Climb With Won And Copper as China GDP Grows. Asian stocks rose, pushing the benchmark index to a five-month high, and emerging-market currencies gained with copper after China’s economic growth quickened. U.S. equity-index futures climbed as Google Inc. sales topped estimates. The MSCI Asia Pacific Index added 0.2 percent to at 12:32 p.m. in Tokyo as Australian stocks headed for the highest close in five years.
- Rebar Swings as Market Weighs China Inventories, Iron Ore Price. Steel reinforcement-bar futures in Shanghai swung between gains and losses as an increase in China’s inventory of the material weighed against an advance in iron ore prices. Rebar for delivery in January on the Shanghai Futures Exchange fell as much as 0.5 percent and climbed as much as 0.3 percent. The contract was down 0.2 percent at 3,551 yuan ($583) a metric ton at 10:38 a.m. local time and has lost 1.4 percent this week.
- Delayed September U.S. Employment Report Coming Out Next Week. The September U.S. employment figures, delayed by the 16-day partial shutdown of the federal government that ended today, will be issued on Oct. 22, the Labor Department said. A total of nine releases were rescheduled, including the October employment report, which will be pushed back to Nov. 8 from the originally announced Nov. 1, according to an announcement today on the Labor Department’s website.
- Behind Debt Deal: Silence, Distrust and Hardball. Both parties focused mostly on trying to kill any plans that emerged—both from the opposing party and their own colleagues.
- Health Website Woes Widen as Insurers Get Wrong Data. New Errors Indicate Technological Problems Extend Issues Already Identified.
- SEC Pads Case Tally With Easy Prey. Late Surge Helps Offset Steep Drop in Enforcement Actions.
- Fukushima Watch: Protest Filed Vs Decision Not to Indict Tepco. In the latest chapter in the search for justice following the Fukushima nuclear disaster, one person filed a protest Wednesday against a decision by Tokyo prosecutors not to indict former executives of Tokyo Electric Power Co., the operator of the Fukushima Daiichi nuclear plant. In the filing to the Tokyo District Court, Ruiko Muto reiterated her claim that Tepco executives ignored research findings suggesting a tsunami more than 10 meters high could reach the plant, and didn’t take steps to prepare for such a scenario. The group Ms. Muto works with says the worst nuclear power accident since Chernobyl was caused by human error, and could have been prevented.
- Jim DeMint: We Won't Back Down on ObamaCare. Fighting a law that is unfair, unworkable and unaffordable is reasonable and necessary. Now that the government shutdown has ended and the president has preserved ObamaCare for the time being, it's worth explaining why my organization, the Heritage Foundation, and other conservatives chose this moment to fight—and why we will continue to fight. The reason is simple: to protect the American people from the harmful effects of this law.
- House panel on Benghazi eyes White House document, Panetta testimony. As they wrap up their 13-month probe into the terrorist attacks in Benghazi that killed four Americans, congressional investigators have zeroed in on a press release issued the day before the murders by White House Press Secretary Jay Carney. They also are seeking fresh testimony from former Defense Secretary Leon Panetta.
- Google(GOOG) shares hit new high after earnings beat. Google shares hit a new high in after-hours trading Thursday after the Internet giant's earnings blew past expectations as its advertising business expanded. Google shares, which are up around 24 percent this year, rose more than 5 percent in after-hours trading, topping $948 a share. The previous high was $924.30, set on July 15. "They were able to grow their revenue pretty substantially, particularly in their own websites, in spite of having lower overall ad prices,'' said JMP Securities analyst Ronald Josey.
- Fed won't slow easing any time soon, thanks to Congress. "Taper talk" could pretty much be dead until next year.
Business Insider:
Washington Post:
- Budget deal allows for January federal pay raise. The budget measure that ended the partial government shutdown allows for a 1 percent raise for federal employees in January in addition to providing back pay for those furloughed, according to two Democratic Maryland senators.
- White House Weighs Easing Sanctions on Iran With Tapered Release of Assets. The Obama administration, in the wake of a promising first round of nuclear diplomacy with Iran, is weighing a proposal to ease sanctions on Tehran by offering it access to billions of dollars in frozen funds if the Iranian government takes specific steps to curb its nuclear program, a senior administration official said on Thursday.
- Glenn Beck ‘Horrified’ by ‘America’s Latest Propaganda Machine’. Glenn Beck on Thursday broached a topic that he said “horrified” him when it was brought to his attention roughly two weeks ago, describing it as an “effort to re-write our history and catalyze a new culture for America” with the help of “America’s latest propaganda machine.” Beck proceeded to tell his viewers about two groups, the first called “Imagining America” and the second called “The U.S. Department of Arts and Culture.” “…So we have the government, radicals, and the universities, and some of their affiliates are actually public officials. They actually hold conferences and presentations about how to re-author American history, and it’s [funded] by you.”
- Intuitive Surgical(ISRG) profit falls, da Vinci sales drop. Intuitive Surgical Inc on Thursday reported lower third-quarter profit as sales of its high-priced da Vinci surgical robots declined sharply. Intuitive said net profit fell to $157 million, or $3.99 per share, from $183 million, or $4.46 per share, a year ago. Revenue for the quarter fell 7 percent to $499 million, missing Wall Street estimates of $526 million compiled by Thomson Reuters I/B/E/S. The company sold 101 da Vinci surgical units in the quarter, down from 155 a year ago and 143 in the second quarter of this year.
- Chipotle(CMG) lures more diners, profit jumps. Chipotle Mexican Grill Inc on Thursday reported a 15 percent jump in quarterly profit after sales at established restaurants rose more than expected due to an increase in visits from diners. The fast-growing burrito seller's third-quarter net income rose to $83.4 million or $2.66 per share, from $72.3 million or $2.27 per share, a year earlier. Chipotle's sales at restaurants open at least 13 months, a closely watched gauge of industry performance, were up 6.2 percent for the latest quarter, more than the average analyst estimate of 4.7 percent compiled by Consensus Metrix. Shares of the Denver-based Chipotle rose 1.9 percent to $447.50 in after-hours trading.
- Lenovo will face obstacles in any BlackBerry(BBRY) deal -source. Chinese computer maker Lenovo, which has signed a non-disclosure deal to examine BlackBerry's books, faces regulatory obstacles if it bids for all of the company and will likely pursue just parts, a source familiar with the matter said on Thursday.
- A Group of 159 Japanese Lawmakers Visits Yasukuni. Members of a cross-party group formed by Japanese lawmakers with a common interest in visiting Yasukuni went to the shrine today for an annual autumn festival, citing the group.
- Japan PM's Offering to Yasukuni Shrine Same as Visiting. Japanese Prime Minister Shinzo Abe's sending an offering to the Yasukuni Shrine is no difference than visiting the shrine in person, a commentary said. The act has hurt the feelings of the Asian nations and challenged the current international order by hailing back to the spirit of militarism. China is not taking the act "calmly" as reported by Japan's Kyodo News.
- None of note
- Asian equity indices are unch. to +.50% on average.
- Asia Ex-Japan Investment Grade CDS Index 132.75 +.75 basis point.
- Asia Pacific Sovereign CDS Index 101.25 -3.0 basis points.
- FTSE-100 futures +.53%.
- S&P 500 futures +.12%.
- NASDAQ 100 futures +.34%.
Earnings of Note
Company/Estimate
- (BHI)/.78
- (GE)/.36
- (GPC)/1.20
- (HON)/1.24
- (IR)/1.10
- (IPG)/.18
- (KSU)/1.11
- (LH)/1.80
- (MS)/.41
- (PH)/1.47
- (SLB)/1.24
- (STI)/.69
- (TXT)/.48
- None of note
- None of note
- The Fed's Stein speaking, Fed's Evens speaking, Fed's Taruillo speaking and Canadian inflation data could also impact trading today.
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