Today's Headlines

Bloomberg:

• Europe Fortifies Frontier as Germany Imposes Border Controls. European Union countries followed Germany’s lead to fortify their frontiers, slowing the movement of goods on the continent as lines of cars formed in some border areas. Germany’s move on Sunday to introduce the temporary controls on the southern border with Austria, where thousands of migrants have been crossing into the country, set off a ripple effect as others further tightened their frontiers. Austria and Slovakia said they will send more troops to patrol their borders, while Poland said it was ready to take similar actions should such a move prove necessary. The Netherlands also planned to beef up border checks. The re-imposition of controls departs from an effort over the past 20 years to relax restrictions and open Europe’s internal borders under what is known as the Schengen agreement.
• China Data Deepens Concerns of an Economic Slowdown. (video)
• China’s Slowdown May Be More Than a Correction. (video)
• As China Slows, Will We See Further Yuan Devaluation? (video)
• Brazil's Real Falls to 13-Year. Brazil’s real approached a 13-year low and the Ibovespa fluctuated as disappointing Chinese economic data added to concern the nation’s top trading partner is slowing further.
• Brazil Downgrade Leaves Firms With $270 Billion Debt Hangover. Brazilian companies that piled on $270 billion in international debt during the boom years are seeing their funding costs rise after the nation’s credit rating was cut to junk. The spread for five-year credit-default swaps to protect against a government default, one benchmark for setting what Brazilian companies must pay for external funding, has jumped 7.5 percent to 400 basis points since the downgrade, the highest since 2009. Adding to the pain, the dollar surged to a 13-year high, making principal and interest on international borrowing more costly for local firms. “Even very small, unknown companies issued international bonds when Brazil was considered one of the most promising economies after the 2008 financial crisis,” Salvatore Milanese, a partner at debt-restructuring adviser firm Pantalica Partners, said in a interview in Sao Paulo. “Now many of them are facing the consequences.” 
• China's Stocks Decline Most in Three Weeks on Slowdown Concerns. (video) China’s stocks slumped the most in three weeks as data over the weekend added to concern the economic slowdown is deepening and traders gauged the level of state support for equities. The Shanghai Composite Index slid 2.7 percent to 3,114.80 at the close, paring earlier declines of 4.7 percent. About 12 stocks fell for each that rose on the gauge, led by technology and consumer companies. 
• August Correction Places European Stocks in Bearish Death Cross. Last month, it happened to the Dow Jones Industrial Average, then to an index of global non-U.S. stocks. Now, the ominous death cross pattern watched by market skeptics has formed in European equities. Traders who track signals from charts say a death cross in the Stoxx Europe 600 Index -- created when the benchmark’s 50-day average price slipped below its 200-day average -- shows bearish sentiment is prevailing. The index has fallen 14 percent from a record in April.
• Europe Stocks Resume Gains, Rising for First Time in Three Days. (video) After another volatile day, European equities ended lower, with investors gauging the prospects for a Federal Reserve interest-rate increase. Banks fell the most in the Stoxx Europe 600 Index, which lost 0.6 percent at the close of trading in London. The benchmark measure erased gains of as much as 0.9 percent before sliding 0.8 percent.
• Morgan Stanley's Sharma Sees `Long Winter' for Commodities. The commodities bear market may last for many years, with oil dropping as low as $35 a barrel, as production cuts haven’t been sufficient to wipe out the global surplus, according to Morgan Stanley Investment Management Inc. China’s industrial slowdown is weighing on demand growth while a drop in currencies including the Russian ruble has shielded some companies from lower oil prices, deterring them from cutting output, Head of Emerging Markets Ruchir Sharma said. “A long winter in commodities is what we have to be prepared for,” he said by phone from New York. “From places like Russia to Australia the currencies have fallen a lot and so the marginal cost of production for some of these commodities in those countries hasn’t fallen that much.”
• Nickel Poised for Biggest Loss in Three Weeks on Demand Concerns. Nickel for delivery in three months fell 3.7 percent to settle at $9,920 a metric ton at 5:50 p.m. on the London Metal Exchange, the biggest loss since Aug. 24. The commodity has slumped 35 percent in 2015.
• Copper Rally Halted by China Industrial Production. (video)
• Takes More Than a $2 Trillion Stock Rout for Recession Bell. You’ll go broke trying to predict stock selloffs by looking at the economy: the tell-tale evidence is rarely there. But looking for clues to the economy in a stock selloff -- that actually works. So what inferences can economists draw from the past month, when the Standard & Poor’s 500 Index fell 12 percent in the worst tumble since 2011? To summarize, while equity losses suggest odds of a slowdown in the U.S. have risen, they’re not yet severe enough to incite panic.
• Biden Secretly Meets With Top Obama Bundler During New York Swing.

CNBC:

• The bears are jumping on these stocks. (video)

Zero Hedge:

• Citi Just Made "Global Recession In 2016" Its Base Case Scenario.
• UniCredit To Fire 10,000 As EU Bank Pink Slip Pandemonium Continues.
• Obamacare Backfires - 400,000 Immigrants Lose Benefits.
• Enough Already! Raise The Rate To 3 Percent. (graph)
• Russian Tanks, Artillery Massing Near Syrian Airfield, US Officials Tell Reuters.
• "It Looks To Me Like A Bubble Again", Shiller Warns On US Stocks. (video)
•  Behold The European Recovery: Deutsche Bank(DB) To Fire 25% Of All Workers.
• Europe Approves "Military Action" Against Refugee Smugglers As Germany Warns 1 Million Coming.
• WTI Tumbles To $43 Handle As Iran 'Price Cut' Sparks Supply Surge. (graph)
• EM FX Bloodbath Continues As Lira Slides To New Low, Tenge Plunges. (graph)
• Australia Has A New Prime Minister: Ex-Goldman Partner Turnbull Overthrows Tony Abbott.

Business Insider: 

• One of the most bullish traders around says 'the game has changed'.
• RICK RIEDER: The Fed might've missed its chance to hike.
• We are witnessing 'the most significant new Russian military foothold in the Middle East in decades'.
• Prices in India are plummeting. (graph)

The Hill: 

• Poll: More than half expect Iran to break deal. More than half of Americans think Iran will violate the terms of the nuclear agreement, according to a new CNN/ORC poll released Monday. Should Iran violate the deal, 64 percent said America should respond with military action. In addition, a majority disapproves of the way President Obama is handling the U.S. relationship with Iran, according to the poll, which looked at a variety of domestic and international issues.