Bloomberg:
- Ukraine Seeks Russia Gas Deal After Pro-Europe Poll Win. Ukraine resumes talks with Russia on securing winter gas supplies after voters in the war-torn country overwhelmingly elected pro-European parties to power. Ukrainian Energy Minister Yuri Prodan is meeting his Russian counterpart Alexander Novak in Brussels today in talks brokered by EU Energy Commissioner Guenther Oettinger. Ukraine and the European Union are seeking to avoid a repeat of 2006 and 2009, when disputes over volumes and prices prompted Russian gas exporter OAO Gazprom (GAZP) to cut flows, leading to shortages across the continent amid freezing temperatures.
- China Shadow Banking Shifted to Insurers Alarms Moody’s. A doubling in the trust holdings of China’s insurers has prompted ratings companies to warn the industry may be taking on too much shadow banking default-risk. Insurers held 281 billion yuan ($46 billion) of trust products on June 30, surging from 144 billion yuan at the end of last year, China Insurance Regulatory Commission data show. The companies’ shadow bank assets, including wealth management products and other financing kept off commercial lenders’ balance sheets, reached 1.14 trillion yuan, or 13 percent of their investments, Standard & Poor’s estimated, adding that this made them “vulnerable in times of stress.”
- Rajoy Apologizes as New Wave of Graft Allegations Roils Spain. Prime Minister Mariano Rajoy apologized to the Spanish people yesterday amid mounting public outrage at a new wave of corruption allegations against officials from his party. All members of the governing People’s Party among the 51 arrested this week on bribery allegations have had their party membership suspended and will be expelled if the charges are proved, Rajoy told the Senate in Madrid. “I understand and share fully the indignation of so many Spaniards at the accumulation of scandals,” Rajoy said. “In the name of the People’s Party I want to apologize to all Spaniards for having appointed to positions for which they were not worthy those who would seem to have abused them.”
- The Facebook(FB) of China Suddenly Has a Myspace Feel to It. Renren Inc. (RENN) was touted the Facebook Inc. of China when it debuted in New York in 2011. Today it's looking more like online flameout Myspace.
- Asian Stocks Advance for Fourth Day After U.S. Rally. Asian stocks rose for a fourth day, after the Standard & Poor’s 500 Index closed near a record, amid optimism about U.S. earnings and economic data before a Federal Reserve policy announcement. The MSCI Asia Pacific Index (MXAP) gained 0.4 percent to 139.32 as of 9:01 a.m. in Tokyo, before markets opened in China and Hong Kong.
- Brown Plans Senate Hearing on ‘Disturbing’ New York Fed Tapes. U.S. Senator Sherrod Brown plans to hold a hearing on Federal Reserve Bank of New York oversight of financial firms after a former examiner alleged her colleagues went too easy on firms including Goldman Sachs Group Inc. “That report raised enough questions that we want to know the answers,” the Ohio Democrat said in an interview today in Columbus. “I’m willing to say there’ll be a hearing.”
- Fast Traders Are Getting Data From SEC Seconds Early. Studies Show Lag in Posting to Website. Hedge funds and other rapid-fire investors can get access to market-moving documents ahead of other users of the Securities and Exchange Commission’s system for distributing company filings, giving them a potential edge on the rest of the market.
- Insider-Trading Probe Focuses on Medicare Agency. SEC Investigates Whether CMS Employees Leaked News.
- Bank Regulator Warns of Lax Standards on Auto Loans. A major banking regulator is sounding the alarm about lax car lending standards that are leading to a new round of losses for banks. There’s been a spike in the average size of car loans that banks and other lenders are writing off as a loss following months of unpaid bills by borrowers, an official of the Office of the Comptroller of the Currency, a unit of the Treasury Department, said in a speech at a collections-industry conference on Tuesday.
- Obama Soaks the Rich, Drowns the Middle Class. The ripple effect of the president’s tax hikes is swamping take-home pay. The curse of the U.S. economy today is the downward trend in “take-home pay.”
- Stocks Now Most Overbought In A Year. (graph)
Reuters:
- Western Digital(WDC) beats estimates on higher data storage demand. Hard-disk drive maker Western Digital Corp reported better-than-expected quarterly profit and revenue as businesses spent more upgrading computers or buying storage for servers and data centers.
Obama takes on coal with first-ever carbon limits
Read more at http://www.philly.com/philly/news/politics/20130919_ap_0f857b20e0c144a5a1e1b9dddc9f9d72.html#YRThyDOhArykUeYy.9Brazil cuts 2014 GDP growth forecast, keeps fiscal goaFed's Williams: Can't wait too long to raise rates
Telegraph:Read more at http://www.philly.com/philly/news/politics/20130919_ap_0f857b20e0c144a5a1e1b9dddc9f9d72.html#YRThyDOhArykUeYy.9Brazil cuts 2014 GDP growth forecast, keeps fiscal goaFed's Williams: Can't wait too long to raise rates
- Another emerging markets crisis looms as Brazil opts for the politics of stagnation. Like so many emerging markets, Brazil remains locked firmly in the "middle income" trap, and seems politically incapable of breaking free.
- Chinese Provinces Say Slowdown Pressure Increases. Eight Chinese provinces including Shandong, Jiangsu and Sichuan are asking officials to intensify efforts in 4Q and seek to meet the full-year economic target, citing provincial govt. records. China should still keep monetary policy prudent in 2H, says Zheng Liansheng, researcher at Chinese Academy of Social Sciences.
- None of note
- Asian equity indices are +.25% to +1.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 111.0 -3.0 basis points.
- Asia Pacific Sovereign CDS Index 64.75 -2.25 basis points.
- FTSE-100 futures +.32%.
- S&P 500 futures -.18%.
- NASDAQ 100 futures -.37%.
Earnings of Note
Company/Estimate
- (ADP)/.73
- (CMC)/.24
- (ETN)/1.23
- (EXC)/.72
- (GT)/.70
- (HSY)/1.08
- (HES)/1.06
- (H)/.26
- (IACI)/.63
- (JLL)/1.80
- (PSX)/1.75
- (RL)/2.05
- (PX)/1.63
- (SEE)/.47
- (SKYW)/.40
- (SPW)/1.38
- (WLP)/2.27
- (AKAM)/.57
- (ALL)/1.33
- (CAR)/1.80
- (BIDU)/1.72
- (ABX)/.16
- (CBG)/.36
- (ESV)/1.61
- (FFIV)/1.48
- (IPI)/.05
- (MET)/1.38
- (MUR)/.98
- (RGR)/.94
- (TRLA)/-.08
- (V)/2.10
- (WMB)/.18
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory build of +3,130,000 barrels versus a +7,111,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -663,640 barrels versus a -1,299,000 barrel decline the prior week. Distillate supplies are estimated to fall by -763,640 barrels versus a +1,049,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise +.17% versus a -1.4% decline the prior week.
- The FOMC is expected to leave the benchmark Fed Funds rate at .25%.
- The Fed's QE3 pace for October is estimated to fall to $0B versus $15B in September.
- None of note
- The $35B 5Y T-Note auction, weekly MBA mortgage applications report, (KSS) investor conference and the (GCI) investor meeting could also impact trading today.
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