Today's Headlines
Bloomberg:
- China’s Oil Lifeline to North Korea Targeted After Nuclear Blast. (video) Even before North Korea detonated its most powerful nuclear bomb yet, Japan was calling for moves to cut off its oil supply. Afterward, U.S. President Donald Trump threatened to halt all trade with any country that does business with Kim Jong Un’s regime. China, which supplies most of its food and fuel, on Monday called the warning “unacceptable.” Some sort of oil embargo is likely to come up as the international community discusses a response to the nuclear test, with the United Nations Security Council meeting overnight. China has resisted such a move in the past over fears that North Korea might collapse, but has grown increasingly frustrated with its rogue ally.
- U.K. Retail Sales Tick Up as Food Prices Drive Faster Inflation. Shoppers are spending more, but retailers shouldn’t get too excited just yet. Retail sales climbed in August at the fastest rate since Easter, with the like-for-like gain increasing to 1.3 percent from a year earlier, the British Retail Consortium and KPMG said Tuesday. While that’s the third consecutive month of rising sales, growth has been mainly driven by higher food prices rather than because shoppers are buying more goods, according to the BRC. Purchases of non-food items picked up in the three months to August after a spell of weakness.
- Stocks Fall as Korea Tensions Flare; Dollar Drops. S&P 500 Index futures retreated and the Stoxx Europe 600 Index declined after a report that Pyongyang is preparing to launch an intercontinental ballistic missile. Most European government bonds advanced and the yen and Swiss franc led currency gains. Gold rose to an 11-month high. Gasoline declined to the lowest in more than a week as some U.S. Gulf Coast refineries said they plan to resume operations following shutdowns forced by flooding from Hurricane Harvey. The MSCI All-Country World Index retreated 0.2 percent, the largest dip in more than two weeks.
- Aramco Raises Oil Pricing to Asia in Sign of Greater Demand. Saudi Arabia raised oil pricing for October sales to Asia, increasing its lighter grades for a second consecutive month, in an indication the world’s largest crude exporter sees strengthening demand in its biggest market. State-owned Saudi Arabian Oil Co., known as Saudi Aramco, increased its official pricing for Arab Light crude to Asia by 55 cents to 30 cents a barrel more than the regional benchmark, it said Monday in an emailed statement. The company had been expected to raise pricing by less than that, according to a Bloomberg survey.
- Five Things You Need to Know to Start Your Day.
- United Technologies(UTX) Agrees to Buy Rockwell Collins(COL). United Technologies Corp. agreed to buy Rockwell Collins Inc. for about $23 billion, creating an aerospace behemoth that can outfit jetliners and warplanes from tip to tail. Rockwell Collins shareholders will receive $140 a share in cash and stock, the companies said in a statement Monday. Including net debt, the total deal value is about $30 billion.
Wall Street Journal:
MarketWatch.com:- In Beaumont, Residents Put Aside Their Harvey Woes to Aid Others. ‘They feel obliged to give back...because they sense others have it much worse’.
- Houston’s Environmental Threats Come Into Focus. As Harvey’s flooding recedes, risk of toxic pollutants tests health inspectors.
- Investors Hedge Their Bets Entering Choppiest Season for Markets. Political risks, possibility of downturn appear to factor more heavily ahead of volatile October.
- Three Hard Truths Govern the Confrontation With North Korea. For the U.S., solving the issue means facing the realities about allies, economic sanctions and diplomacy.
- European stocks break 3-day win streak after North Korea tests its nuclear arsenal. The Stoxx Europe 600 index SXXP, -0.52% fell 0.5% to close at 374.20, snapping a three-session winning streak.
Fox News:
CNBC:
- Trump vows to 'dramatically reduce income taxes'.
- Texas moves toward post-Harvey recovery as evacuation order lifted near chemical plant.
- US envoy says North Korean leader 'begging for war' as UN mulls sanctions.
- Alibaba(BABA) Launches 'Smile to Pay' Facial Recognition System at KFC in China.
- It's time to stop oil exports to North Korea as sanctions, experts say. (video)
Zero Hedge:
- Ethereum, Bitcoin Crash After China Declares Initial Coin Offerings Illegal.
- Christopher Columbus And The Falsification Of History.
- Precious Metals Flash-Crash After Silver Surged To 4-Month Highs, Gold Nears Election-Day Spike Highs. (graph)
- Moral Outrage Over Low Wages: Canada Joins Trump With Threats To Leave NAFTA.
- Florida Declares State Of Emergency As Category 4 Hurricane Irma Barrels Straight For Miami. (map)
- Political Backlash Grows Over Google's(GOOG) Pressure To Censor "Independent" Think Tank.
- Japan Prepares For Mass Evacuation Of 60,000 Citizens From South Korea.
- Japan Prepares For Mass Evacuation Of 60,000 Citizens From South Korea.
- Europe: Jihadists Posing As Migrants.
- China Raises Radiation Threat Level, Begins "Emergency Monitoring" Along North Korean Border.
- The Hypocrisy Of AntiFa.
- Trump Has Decided To End DACA, "Igniting A Political Firestorm".
Night Trading
- Asian indices are -.25% to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 77.50 +1.5 basis points.
- Asia Pacific Sovereign CDS Index 18.5 +.25 basis point.
- Bloomberg Emerging Markets Currency Index 74.60 +.02%.
- S&P 500 futures -.27%.
- NASDAQ 100 futures -.22%.
Earnings of Note
Company/Estimate
- (CASY)/1.45
- (PLAY)/.55
- (HPE)/.26
Economic Releases
10:00 am EST
10:00 am EST
- Factory Orders for July are estimated to fall -3.2% versus a +3.0% gain in June.
- Final Durable Goods Orders for July are estimated to rise +1.0% versus a prior estimate of a -6.8% decline.
- None of note
- The Fed's Kaplan speaking, Eurozone Retail Sales report, (MXIM) update call, (FLIR) update call, Citi Healthcare Conference, Piper Select Tech Conference, Barclays Consumer Staples Conference, Barclays Energy/Power conference and the Barclays Media/Telecom Forum could also impact trading today.
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