- U.K. Prepares to Strike Islamist Militants in Iraq After Parliament Backs Action. (video) The U.K. is preparing to begin airstrikes against Islamic State militants in Iraq, after Parliament voted overwhelmingly to support action. The House of Commons backed a government motion authorizing attacks on the Sunni extremist group by 524 votes to 43 today. Prime Minister David Cameron earlier told lawmakers in London they should be prepared for a long fight.
- Draghi May Discover Weaker Euro Doesn’t Buy Enough Recovery. (video) Mario Draghi may find a falling currency can’t buy much of an economic recovery. The euro has dropped toward a two-year low against the dollar since the European Central Bank president boosted stimulus earlier this month. Economics textbooks say that should lift Europe’s struggling growth rate by boosting exports and speed inflation by raising import prices. Such effects will be more welcome if falling commodities deal a disinflationary blow.
- European Stocks Climb as U.S. Economy Grows; Total Rises. European stocks rose, rebounding from a four-week low, as data showed the U.S. economy expanded in the second quarter at the fastest rate since the last three months of 2011. Total SA advanced 2.3 percent following a report that it may sell a stake in the Gulf of Mexico’s Tahiti oil field. Air France-KLM Group dropped 1.7 percent after the board said pilot demands don’t fit with its plan for a low-cost model. J Sainsbury Plc lost 3.1 percent as data from researcher Nielsen Holdings NV showed 12-week sales at the grocer fell 1.8 percent. A gauge of retail companies fell the most of the 19 industry groups on the Stoxx Europe 600 Index. The Stoxx 600 climbed 0.3 percent to 342.3 at the close of trading, after earlier rising and falling as much as 0.5 percent.
- Dollar Climbs as Growth Bolsters Rate Speculation; Yen Weakens. The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major currencies, jumped 0.5 percent to 1,067.58 at 1:37 p.m. New York time, headed for its highest close in four years and a sixth-straight week of increases, the most since November 2012. It has climbed 3.7 percent in September and 6.4 percent this quarter.
- Corn Prices Slump to Five-Year Low on Bumper U.S. Crop. Corn futures for December delivery dropped 0.9 percent to close at $3.23 a bushel at 1:15 p.m. on the Chicago Board of Trade. Earlier, the price touched $3.2275, the lowest for a most-active contract since Sept. 24, 2009.
- Pimco's Ivascyn on Shortlist to Succeed Gross; Has Beaten 99% of Peers Over Past 3 Years. (video) Pacific Investment Management Co. is likely to name Daniel Ivascyn chief investment officer of the $1.97 trillion bond firm after Bill Gross left to join Janus Capital Group Inc. (JNS), according to a person familiar with the matter.
ZeroHedge:
- What Comes Next? (graph)
- 3 Things Worth Thinking About. (graph)
- Now Taliban try to seize ISIS crown for brutality as they launch massive offensive and behead civilians. Taliban fighters have beheaded 15 civilians in battles for control of a key district near Kabul in a chilling echo of the brutality meted out by the Islamic State in Iraq and Syria. The Ghazni provincial government said it has lost contact with police in the province's western district of Ajrestan after hundreds of insurgents stormed several villages in the area. The attack by an estimated 700 Taliban fighters began about five days ago and early reports were that more than 100 people had been killed, provincial deputy governor Ahmadullah Ahmadi said. At least 15 of those were decapitated, he added.
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