Bloomberg:
- Islamic State Oil in Syria Said to Be Hit by U.S. Strikes. U.S. and Arab warplanes struck small oil refineries in eastern Syria controlled by Islamic State to reduce the extremist Sunni group’s revenue and impede its mobility, the Pentagon said. Thirteen strikes by the U.S., Saudi Arabia and the United Arab Emirates used manned aircraft and drones to attack 12 “modular” refineries used by Islamic State in its oil-smuggling operations, U.S. Central Command said today in an e-mailed statement. Initial indications were that the strikes succeeded, the command said.
- Japan Steps Up Russia Sanctions, Protests Island Visit. Japan announced new sanctions on Russia, and lodged a protest after a senior official visited an island claimed by both nations, adding to tensions that have delayed a visit by Russian President Vladimir Putin to Tokyo.
- China Steel Mills Hawk Rebar on Alibaba to Export Surplus. A glut in the world’s biggest steel-making country means that prices for basic products like rebar used in construction have collapsed, so Tangshan Donghua is targeting buyers outside China who pay more. The company now ships as much as 40 percent of its output everywhere from Southeast Asia to South America to the Middle East, and wants to expand exports even further.
- Goldman(GS) Sees Japan Stocks Dropping as Abe Runs Out of Tools. Japan Prime Minister Shinzo Abe is running out of policy options to extend a rally that sent stocks to a six-year high, according to Goldman Sachs Group Inc. Investors have largely factored in more share-buying by the nation’s $1.2 trillion Government Pension Investment Fund and further fiscal and monetary stimulus to counter the deepest economic contraction in five years, Kathy Matsui, chief Japan strategist at the brokerage, said in an interview in Tokyo on Sept. 19. Goldman Sachs cut Japanese equities to underweight for the next three months on Sept. 5, projecting the Topix index will slide 5.7 percent from yesterday’s close in the period.
- Asian Stocks Outside Japan Fall as Kiwi Plunges With Gold. Asian stocks outside Japan slipped and the dollar climbed after a four-year high as surging U.S. new-home sales signaled improvement in the world’s biggest economy. Gold retreated and New Zealand’s dollar slid after the central bank said again that its strength is unjustified. The MSCI Asia Pacific excluding Japan Index dropped 0.3 percent at 12:18 p.m. in Tokyo, as Chinese shares in Hong Kong dropped after the country’s foreign exchange watchdog said it uncovered $10 billion of trade fraud.
- BlackRock Junk-Bond ETF Sinks as Debt Yield Spikes. A slump in the U.S. junk-bond market stretched into a third day as the biggest exchange-traded fund that buys the debt fell toward the lowest level this year and yields climbed to the highest since October.
- Authors Group Will Ask Justice Department to Probe Amazon(AMZN). A group of authors protesting Amazon.com ongoing contract negotiation with publisher Hachette Book Group plans to ask the Justice Department to investigate the retailer’s business practices.
- As Doctors Lose Clout, Drug Firms Redirect the Sales Call. At Big Hospital Systems, Salespeople Woo Administrators to Get on 'Formulary'.
- Deal With Saudis Paved Way for Syrian Airstrikes. Talks With Saudi Arabia Were Linchpin in U.S. Efforts to Get Arab States Into Fight Against Islamic State.
- Junk-Bond Investors Start to See Warning Signs. Some Pare Riskiest Holdings as They Gird for Long-Running Rally to Falter. Brian Kloss isn't letting buoyant markets and U.S. economic expansion dull his sense of danger. Mr. Kloss, a portfolio manager who helps oversee junk bonds at Brandywine Global Investment Management, has been selling bonds from companies with some of the lowest ratings and highest levels of debt, or leverage. He's doing so despite a long-running rally in so-called junk bonds at a time when many analysts forecast that U.S. growth...
- The Big Money Democrats. The liberal superrich may save the Senate for Harry Reid. Harry Reid and his fellow Democrats have made a campaign fetish of denouncing the Koch brothers and other rich conservative donors for allegedly buying elections. This turns out to be one of the great misdirection plays of all time because big money might save the Democratic Senate majority in November.
- Climate change? China rebuts Obama. While President Obama challenged China at the United Nations to follow the U.S. lead in pushing for drastic reductions in national carbon emissions to save the planet from “climate change,” it appears that China has dramatically different ideas. As in: no.
- Kurds issue desperate plea from Syrian border town as ISIS closes in. Even as U.S. airstrikes continued to pound Islamic State positions in Syria, Kurdish fighters told FoxNews.com the terror organization was advancing on the Syrian town of Kobani, where as many as 400,000 residents and refugees are holed up. “Tell the world what is happening” said Rooz Bahjat, a senior Kurdish military officer said Wednesday by phone. “This could be a massacre if no help arrives.”
Business Insider:
Reuters:
- Your medical record is worth more to hackers than your credit card. Your medical information is worth 10 times more than your credit card number on the black market. Last month, the FBI warned healthcare providers to guard against cyber attacks after one of the largest U.S. hospital operators, Community Health Systems Inc, said Chinese hackers had broken into its computer network and stolen the personal information of 4.5 million patients.
Financial Times:
Voice of Russia:- ‘Supranationals’ borrow at record levels. The effects of the global financial crisis have pushed “supranational” organisations such as the World Bank to issue record levels of debt to international investors. Pan-national borrowers such as the European Investment Bank, World Bank and Inter-American Development Bank have raised $219bn on global debt markets so far this year – the largest sum ever raised at this point in the year, according to data from Dealogic.
- Xi Says China Won't Support Russia Sanctions. President Xi Jinping said China will never support nor participate in sanctions against Russia no matter how much pressure China faces, citing Russian Federation Council Chairman Valentina Matviyenko, who made comments to reporters after meeting Xi Sept. 23.
- None of note
- Asian equity indices are -.25% to +.50% on average.
- Asia Ex-Japan Investment Grade CDS Index 95.0 -1.0 basis point.
- Asia Pacific Sovereign CDS Index 63.75 -1.25 basis points.
- FTSE-100 futures unch.
- S&P 500 futures -.10%.
- NASDAQ 100 futures -.10%.
Earnings of Note
Company/Estimate
- (SCHL)/-.84
- (NKE)/.88
- (DMND)/.15
- (MU)/.81
8:30 am EST
- Initial Jobless Claims are estimated to rise to 296K versus 280K the prior week.
- Continuing Claims are estimated to rise to 2440K versus 2429K prior.
- Durable Goods Orders for August are estimated to fall -18.0% versus a +22.6% gain in July.
- Durables Ex Transports for August are estimated to rise +.6% versus a -.8% decline in July.
- Cap Goods Orders Non-Defense Orders Non-Defense Ex Air for August are estimated to rise +.4% versus a -.5% decline in July.
- Preliminary Markit US Services PMI is estimated to fall to 59.2 versus 59.5 in August.
- Kansas City Fed Manufacturing Activity for September is estimated to rise to 6.0 versus 3.0 in August.
- None of note
- The Fed's Lockhart speaking, Japan CPI, $29B 7Y T-Note auction, weekly Bloomberg Consumer Comfort Index and the weekly EIA natural gas inventory report could also impact trading today.
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