Bloomberg:
- Gloom Descends on Luxury-Goods Industry. The crisis in the global luxury-goods industry deepened after Hermes International SCA abandoned a long-standing forecast and Richemont predicted a profit plunge that Chairman Johann Rupert deemed unacceptable. Richemont, the maker of Cartier jewelry, said first-half operating profit will probably decline about 45 percent and warned it may have to deepen cost cuts. Kelly bag maker Hermes, traditionally among the industry’s most resilient companies, scrapped a target for 8 percent annual sales growth, replacing it with what it described as “an ambitious goal.”
- How Donald Trump Could Wipe $420 Billion Off China's Exports.
- China’s Stocks Fall to One-Month Low on Monetary Policy Concern. (video) Chinese stocks dropped to their lowest level in a month on the last trading day of this week amid speculation the central bank won’t add to stimulus. The Shanghai Composite Index fell 0.7 percent at the close. The gauge has lost 2.5 percent this week, the most since May, after plunging on Monday amid a jump in the cost of borrowing the yuan in Hong Kong. Commodity producers paced a retreat in Shanghai after U.S. oil prices slumped. The Hang Seng China Enterprises Index dropped for a third day.
- Global Oil Glut Set to Worsen as Nigeria, Libya Fields Restart. Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks. Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 barrels a day of supply. In Nigeria, Exxon Mobil Corp. was said to be ready to resume shipments of Qua Iboe crude, the country’s biggest export grade, which averaged about 340,000 barrels a day in shipments last year, according to Bloomberg estimates. On top of that, a second Nigerian grade operated by Royal Dutch Shell Plc is scheduled to restart about 200,000 barrels a day of flow within days.
- IPhone 7 Preorders Normal at Verizon Despite T-Mobile’s Surge. Preorders for the iPhone 7 have come in at the normal range for Apple Inc. device introductions, Verizon Communications Inc. said, putting a damper on speculation that the new product is off to a faster start than usual. While T-Mobile US Inc. and Sprint Corp. said they’d received four times as many orders for the iPhone 7 as previous models, Verizon has a much larger base of iPhone subscribers so its numbers are less dramatic, Marni Walden, an executive vice president, said at an investor conference Wednesday.
Wall Street Journal:
- Bayer-Monsanto(MON) Deal Faces Heavy Regulatory Scrutiny. Combining two of the world’s largest farm suppliers will test politicians wary of consolidation in the $100 billion global market.
- President Obama to Increase Refugees Admitted to U.S. by 30%. Of the 110,000 goal, 40,000 refugees would be from the Near East/South Asia, which includes Syria.
Zero Hedge:
- Leaked Emails Show Colin Powell Was Worried About Hillary's Health Over A Year Ago.
- Riot Police Begin Mass-Arrests At Dakota Access Pipeline; Facebook(FB) Censors Video.
- Venezuela's "Death Spiral" - A Dozen Eggs Cost $150 As Hyperinflation Horrors Hit Socialist Utopia.
- VIX ETF Smashes All Records.
- The Bank Of Japan Unleashes Chaos.
- Germany Shuts Embassies, Schools In Turkey After "Acute Terror Attack" Indications.
- Why A JPM Trader Just Said "This Is The Most Uncomfortable I’ve Felt Investing In 35 Years".
- Oil Pumps'n'Dumps As Algos Fight Over Distillates/Gasoline Inventories Surge & Surprise Crude Draw. (graph)
- The Last Time This Happened, Stocks Crashed. (graph)
- The Chilling Thing CEOs Of Corporate America Said About Jobs.
- US Import Prices Tumble For 25th Month In A Row As China's Deflationary Impulse Hits Fresh 6 Year Lows. (graph)
- Trump Soars In Latest Polls: Sees 5 Point Lead In Ohio And Latest LA Times National Poll.
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