Saturday, September 24, 2016

Today's Headlines

Posted by Gary .....at 8:31 PM
Bloomberg:
  • Schaeuble Urges Lawmakers to Go Tough on Draghi, Bild Reports. German Finance Minister Wolfgang Schaeuble has urged lawmakers to take a tough stance with European Central Bank President Mario Draghi when he goes before legislators in the lower house of parliament next week, Bild reported. Schaeuble told lawmakers in the Bundestag to push Draghi to defend the central bank’s low interest rates when he speaks to them on Sept. 28, the newspaper reported, citing those who were present at the meeting. Schaeuble expressed irritation at Draghi’s criticism of Germany’s trade surplus, saying it’s the ECB that’s at fault, according to Bild. The German minister has criticized the ECB’s extraordinary monetary measures under Draghi, saying low rates have squeezed savings for Germans and created excessive liquidity in markets.
  • Merkel Says Germans Fulfill Refugee Duty, Now Time for EU to Act. Chancellor Angela Merkel made it clear Saturday that Germans have done their duty to alleviate Europe’s refugee crisis and now the rest of the continent needs to do its share. European Union countries have to accept refugees at a faster rate in order to alleviate the backlog of people stuck in the continent’s southeastern flank, Merkel said in Vienna after meeting with nine other heads of government. Their discussions focused on strengthening the EU’s border along the so-called Balkan route preferred by refugees from Afghanistan, Iraq and Syria.
  • Turkey Cut to Junk as Moody’s Concludes Its Post-Coup Review. Turkey’s sovereign credit rating was cut to junk by Moody’s Investors Service, which concluded a review initiated after an unsuccessful coup attempt on July 15. Moody’s cited rising risks related to Turkey’s external financing needs and a weakening in its credit fundamentals as economic growth slows. The rating was cut to Ba1 from Baa3, leaving Fitch Ratings as the only major ratings company to keep Turkey at investment grade. Erdogan Doesn’t Care at All If Turkey Gets Downgraded to Junk. “The risk of a sudden, disruptive reversal in foreign capital flows, a more rapid fall in reserves and, in a worst-case scenario, a balance of payments crisis has increased,” Moody’s said in an e-mailed statement announcing the decision late Friday. “This slow deterioration in Turkey’s credit profile will continue over the next two to three years and the balance of risks are better captured at a Ba1 rating level.”
  • Currency Volatility Poised to Surge as U.S. Election, Fed Loom. Volatility in the $5.1-trillion-a-day foreign-exchange market is down, but not out, according to UBS AG. Currency swings will increase later this year as investors weigh the potential outcome of the U.S. presidential election and the likelihood of a Federal Reserve year-end interest-rate increase. The predicted volatility resurgence follows a period of calm that started in July, after traders absorbed the initial shock of the U.K.’s Brexit vote. A JPMorgan Chase & Co. gauge of currency volatility fell to a two-week low this week. 
  • Fed Rules Seen Speeding Commodity Trader Exodus From Banks. The spread of business and talent out of Wall Street and into merchant trading firms will probably accelerate after the Federal Reserve’s new bid to restrict bank commodity holdings, according to one employment specialist. The rules proposed Friday will be another boon for merchant houses including Trafigura Group Pte and Vitol SA, which already are luring employees away with the promise of better pay and less red tape, said Ross Gregory, managing consultant at Commodity Search Partners, a London-based employment company.
  • Snapchat Will Release $130 Sunglasses With Built-In Camera. Snapchat said it will release a wearable gadget called Spectacles, which resembles a pair of sunglasses with a built-in camera for shooting video. A limited supply of the product will be sold this fall for $129.99, a spokeswoman said on Saturday. Spectacles will come in one size and three colors. The wearer can tap a button near the hinge to record video of up to 10 seconds using the wide-angle lens on the glasses.
Wall Street Journal:
  • Syrian Troops Advance Near Aleppo as Aerial Bombardment Continues. Fighting intensifies this week, cutting off nearly two million people in the beleaguered city from running water. Syrian troops captured a rebel-held area on the edge of Aleppo on Saturday, tightening their siege on opposition-held neighborhoods in the northern city after what residents described as the heaviest air bombardment of the 5 ½-year civil war. The new government push came as the U.N. said nearly two million people in Aleppo, Syria's largest city and onetime commercial center, are without running water, following the escalation in fighting over the past few days.
  • Doubts About Digital Ads Rise Over New Revelations. Advertising industry grapples with questions about viewer metrics, adding to rebate concerns.
  • Cops and Political Narratives. In case you hadn’t heard, the Charlotte police shooter is black. 
Barron's:
  • Had bullish commentary on (CMI), (DE), (CBS), (CAT), (PH), (SAVE),(DLPH), (srpt) and (ACM).
  • Had bearish commentary on .
Fox News:
  • Obama reportedly used pseudonym to email with Clinton on her private server. President Obama used a pseudonym when sending or receiving emails through the private server system Hillary Clinton used as secretary of state, according to nearly 200 pages of documents released Friday by the FBI. Included in the documents are notes from an April 2016 interview with long-time Clinton aide Huma Abedin, conducted in connection with the FBI’s two-year investigation into Clinton’s use of the private server for official correspondence.
Zero Hedge:

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