Evening Headlines
Bloomberg:
- Why China's Experiment in Direct Democracy Was Doomed to Fail. Five years ago Wednesday, the tiny fishing enclave of Wukan drew international attention after villagers rose up in a land dispute, eventually securing a landmark localelection in China. It has since become a cautionary tale for the nation’s democratic reformers. The village about 150 kilometers (90 miles) northeast Hong Kong erupted anew this month, as protesters returned to the streets to challenge the graft conviction of one of the last remaining leaders elected after the 2011 uprising. Videos circulated on social media showed riot police clashing with brick-throwing demonstrators and raiding the homes of alleged organizers. Authorities said Sept. 13 that they had detained at least 13 villagers over their suspected role in the protests.
- The Battle for China's Smartphone Market. (video)
- Japanese Exports Decline for an 11th Straight Month in August. Japan’s poor exports performance continued in August, with shipments falling for for 11th straight month as the strong yen and tepid global economy undercut demand.
- Asian Stocks Are Little Changed, Await Japan Policy Decision. Asian stocks were little changed as investors braced for policy statements Wednesday from the Bank of Japan and the Federal Reserve. The MSCI Asia Pacific Index gained less than 0.1 percent to 138.72 as of 9:02 a.m. in Tokyo. Global markets have oscillated amid an uptick in volatility the past two weeks, with concern mounting that central banks are becoming less committed to stimulus amid persistently mixed economic data. Traders are split over what action the BOJ will take in its review Wednesday in Tokyo, while bets on an interest-rate increase from the Fed remain around 22 percent, from over 40 percent in late August.
- iPhone 7 Teardown Shows Margins Slimming on Storage, Displays. Apple Inc.’s iPhone margins have narrowed with the release of its latest smartphone line, the iPhone 7, with higher costs to provide greater storage options, a glossy black cover and more advanced displays, according to an analysis by IHS Inc. The component analysis firm estimates that the total manufacturing cost of an entry-level iPhone 7, a model with a 4.7-inch screen and 32 GB of storage, is $224.80. This compares with an updated IHS estimate of $200 for an entry-level iPhone 6S in 2015. IHS didn’t perform an analysis of the larger iPhone 7 Plus but said the costs are likely higher than last year’s iPhone 6S Plus due to the presence of additional components.
Wall Street Journal:
- Fully Autonomous Robots: The Warehouse Workers of the Near Future. Grocery baron Rick Cohen is pitching bots that can pick and stack goods untethered, promising to cut inefficiency in a low-margin business.
- U.S. Believes Russia Bombed Syrian Aid Convoy. U.S. officials said new intelligence indicates Russian forces conducted strike that killed at least 12.
- Bill Clinton’s Speaking Fee Overlaps With Foundation Business. Former president was paid by fragrance industry that later benefited from family charity’s Haitian project.
Zero Hedge:
- "We Haven't Seen This Since The Great Depression" - Gallup CEO Destroys The "Recovery" Lie. (graph)
- China’s First Half “Credit Deluge” Is At Risk In The Second Half Of 2016. (graph)
- Dallas Police Pension On Verge Of Collapse As Record Number Of Cops Seek Full Withdrawals.
- BOJ Needs To Go All The Way.
- Are You Ready For The Next Recession?
- Markets Need To Realize That Nothing Is Forever.
- Microsoft(MSFT) Announces $40BN Share Buyback 1 Month After Its Largest Bond Offering Ever. (graph)
- The ZIRP/NIRP Gods & Their PhD Priesthood Have Failed. (graph)
- Retirement Crisis Looms As Average U.S. Household Has Saved $2,500 For Retirement.
- WTI Crude Jumps After Surprise Massive Inventory Draw. (graph)
- US Federal Debt Is Expanding At The Fastest Rate Since The Crisis. (graph)
- Traders Buy Everything As Yellenado & Kurodageddon Loom. (graph)
- The wife of the accused NYC bomber left the US before the explosions.
- Bernie Sanders: 'Wells Fargo's business model is fraud'.
- 'The people there have lost trust in everything’ — a Mosul resident shares what it's like to live under ISIS.
- Here's everything you need to know ahead the Fed's big statement on Wednesday.
Night Trading
Earnings of Note
Company/Estimate
10:30 am EST
- Asian equity indices are -.25% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 121.75 +10.25 basis points. (new series)
- Asia Pacific Sovereign CDS Index 31.75 -6.0 basis points.
- Bloomberg Emerging Markets Currency Index 72.39 +.02%.
- S&P 500 futures +.04%.
- NASDAQ 100 futures +.07%.
Earnings of Note
Company/Estimate
- (KMX)/.88
- (GIS)/.75
- (ALOG)/1.17
- (BBBY)/1.16
- (FUL)/.67
- (MLHR)/.62
- (JBL)/.25
- (RHT)/.54
- (SCS)/.32
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory build of +3,361,110 barrels versus a -559,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,300,000 barrels versus a +567,000 barrel gain the prior week. Distillate inventories are estimated to rise by +38,890 barrels versus a +4,619,000 barrel gain the prior week.
- The FOMC is expected to leave the benchmark Fed Funds rate at .25%-.5%.
- None of note
- The Fed's Yellen speaking, FOMC Policy Update & Economic projections, BoJ rate decision, weekly MBA mortgage applications report, (YRCW) analyst day, (INTU) investor day and the (AMAT) analyst day could also impact trading today.
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