Bloomberg:
- EU Slows New Russia Sanctions as It Gauges Ukraine Truce. European Union governments abruptly put on hold for at least a “few days” new sanctions against Russia, allowing more time to assess the viability of a cease-fire in Ukraine without risking further trade retaliation by the Kremlin. The EU’s second package of economic penalties against Russia was delayed late yesterday in Brussels by the bloc’s 28 governments, which approved the measures in principle while stopping short of giving the green light for their publication in the Official Journal and entry into force.
- BofA’s(BAC) China Bear Sticks to His Stock Call Amid Rally. China’s stock rally will evaporate within weeks, said Bank of America Corp.’s strategist David Cui, sticking with his bearish call amid the biggest advance in 19 months.
- Australia Gives Up on Australia as Investment Dwindles. Australia’s biggest companies are giving up on growth. Investment by businesses in the benchmark stock index will probably slip below rising dividend payouts within two years, according to data compiled by Bloomberg. Wesfarmers Ltd., the country’s biggest private-sector employer with operations spanning retail, mining and manufacturing, returned a record A$2.75 billion ($2.58 billion) to shareholders last year.
- Most Asian Stocks Advance as Weaker Yen Boosts Topix. Most Asia-Pacific stocks rose, after the benchmark index declined for the past three days, as a weaker yen buoyed Japanese shares. SoftBank Corp. provided the biggest boost to the regional gauge. Honda Motor Co. (7267), a carmaker that gets about 84 percent of sales abroad, added 1.5 percent as Japan’s currency touched an almost six-year low. SoftBank extended its two-day gain to 4.5 percent after Alibaba Group Holding Ltd., in which the Tokyo-based phone carrier owns a stake, unveiled details of its initial share sale. Newcrest Mining Ltd., Australia’s biggest gold producer, slid 2.2 percent after the price of bullion closed yesterday at a three-month low. About two shares rose for each that fell on the MSCI Asia Pacific Index (MXAP), which slipped 0.1 percent to 148.10 as of 9:32 a.m. in Tokyo.
- Iron Ore Bound for Further Drop Set to Last Years, Calderon Says. Iron ore prices may tumble a further 15 percent and stay low for as long as three years as expansions add to a global surplus, according to former BHP Billiton Ltd. (BHP) executive Alberto Calderon. Prices may trade between $70 and $80 a metric ton for two to three years as the market adjusts to increases in supply and a decline in demand in China, Calderon, a board member of Orica Ltd. (ORI), the biggest supplier of chemicals and explosives to the mining industry, said in an interview.
- CFTC Said to Alert Justice Department of Criminal Rate Rigging. Derivatives regulators told the U.S. Justice Department they’ve found evidence of criminal behavior following an investigation into banks’ alleged manipulation of ISDAfix, a benchmark used to set rates for trillions of dollars of financial products. The U.S. Commodity Futures Trading Commission, which first sent subpoenas to the world’s largest banks in November 2012 to determine whether ISDAfix was rigged, has flagged its findings to prosecutors, according to a person familiar with the matter. The CFTC’s enforcement powers are confined to bringing civil, not criminal, cases. It isn’t clear who the CFTC suspects broke the law.
- Most Influential 50 Are the Bankers, Investors Who Move Markets. To arrive at our 50, we start with a larger group of candidates assembled with the help of Bloomberg News journalists in bureaus across the globe. Rankings and profiles published in Bloomberg Markets throughout the year help guide the selection process, with the magazine's editors narrowing the final list to 10 people in each of five categories: Money Managers, Thinkers, Corporate Power Brokers, Bankers and Policy Makers. We select individuals based on what they're doing now, rather than past achievements, and almost three-fifths of this year's list is made up of people who are appearing for the first time.
- Fed to Hit Biggest U.S. Banks With Tougher Capital Surcharge. Extra Padding in Case of a Financial Crisis Would Surpass That Required by International Regulators. The Federal Reserve is preparing to hit the biggest U.S. banks with a tougher version of a capital surcharge than agreed to by international regulators, a top official said in testimony prepared for a hearing Tuesday. "By further increasing the amount of the most loss-absorbing form of capital that is required to be held by firms that potentially pose the greatest risk to financial stability, we intend to improve the resiliency of these firms," Fed Gov. Daniel Tarullo, the central bank's point man on...
- The Myth of ObamaCare's Affordability. The law's perverse incentives will have the nation working fewer hours, and working those hours less productively. Whether the Affordable Care Act lives up to its name depends on how, or whether, you consider its consequences for the wider economy. Millions of people pay a significant portion of their income for health insurance so they and their families can get good health care when they need it. The magnitude of their sacrifices demonstrates the importance that people ascribe to health care. The Affordable Care Act attempts to help low-...
- Islamic State Is Getting Stronger, and It's Targeting America. U.S. air strikes in Syria are essential to defeating IS, but we should not cooperate with Iran or its militias.
MarketWatch.com:
CNBC:
- General Mills(GIS) buying Annie's(BNNY) for $46 a share. General Mills announced on Monday that it will acquire organic food producer Annie's for about $820 million—in an attempt to boost its presence in the natural food space. Annie's shares spiked more than 37 percent in extended-hours trading after the announcement. General Mills shares were unchanged.
- No! The US Is Not 'Decoupling'. (graph)
- You Are Welcome, Fed. (graph)
- The S&P 500 Is One Day Away From Completing A Streak We Haven't Seen Since The Nixon Administration.
- None of note
- Asian equity indices are -.50% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 89.0 -.5 basis point.
- Asia Pacific Sovereign CDS Index 62.25 +.25 basis point.
- FTSE-100 futures -.20%.
- S&P 500 futures -.20%.
- NASDAQ 100 futures -.18%.
Earnings of Note
Company/Estimate
- (BKS)/.04
- (PANW)/.11
- (KKD)/.16
- (TITN)/.10
7:30 am EST
- The NFIB Small Business Optimism Index for August is estimated to rise to 96.0 versus 95.7 in July.
- JOLTS Job Openings for July are estimated to rise to 4700 versus 4671 in June.
- (UGI) 3-for-2
- (CPK) 3-for-2
- (CLR) 2-for-1
- The Fed's Tarullo speaking, UK Trade balance, $27B 3Y T-Note auction, US weekly retail Sales reports, RBC Industrials Conference, Deutsche Bank Tech Conference, (SPW) analyst event, (CHS) analyst event and the (WDC) analyst briefing could also impact trading today.
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