Today's Headlines
Bloomberg:
- China's Home Prices Rise in Fewest Cities Since January 2016. China home prices rose in the fewest cities since January 2016, adding to signs of a property slowdown as curbs on buyers bite. New-home prices, excluding government-subsidized housing, in September rose in 44 of 70 cities tracked by the government, compared with 46 in August, the National Bureau of Statistics said on Monday. Prices fell in 18 cities from the previous month and were unchanged in eight.
- Yen Falls, Japan Stocks Advance on Abe Victory. A landslide election victory for Japan Prime Minister Shinzo Abe sent the yen down and stocks in Tokyo higher, with the path paved for a continuation of loose monetary policy. With Abe now in good political shape ahead of a pending decision on nominating the Bank of Japan’s leadership, the Japanese currency slumped to its weakest since July. The nation’s two main benchmarks extended their recent rallies that sent them to the highest in at least a decade. Elsewhere in Asia, equities nudged higher. The New Zealand dollar extended losses amid continued skepticism among traders about the country’s economic-growth outlook under incoming Prime Minister Jacinda Ardern. Japan’s Topix index climbed 0.9 percent, cementing a rally to the highest since mid 2007. The Nikkei jumped 1.1 percent to continue trading at the highest since 1996. South Korea’s Kospi index fluctuated. Hong Kong’s Hang Seng was little changed. Australia’s S&P/ASX 200 gained 0.1 percent. New Zealand is closed for a holiday.
- Five Things You Need to Know to Start Your Day. (video)
- Oil Extends Gains as OPEC Says All Options Open on Re-Balancing. Oil extended gains as OPEC and its allies reiterated that all options are open to re-balance the market. December futures increased as much as 0.8 percent in New York. OPEC and its partners including Russia achieved a record level of compliance to output cuts during September, according to a statement Saturday from the committee responsible for monitoring the agreement. In the U.S., drillers reduced the rig count a third week to the lowest since June, according to Baker Hughes.
- Tesla(TSLA) Reaches Deal for Shanghai Facility, WSJ Reports. Tesla Inc. has reached an agreement with the Shanghai government to set up its own manufacturing facility in the city, the Wall Street Journal reported Sunday, citing people briefed on the plan. The Palo Alto, California-based carmaker is working with the local government on the timing and details of an announcement, the people told the newspaper. The deal, which without a local partner likely won’t negate China’s 25 percent import tax, will still allow Tesla to reduce its production costs drastically, according to the report.
- Cisco(CSCO) Near Deal for Software Maker BroadSoft. Cisco Systems Inc. is close to a deal to acquire software maker BroadSoft Inc., according to people with knowledge of the situation. A deal could be announced as soon as Monday, the people said, asking not to be identified because the details aren’t public. BroadSoft, which has a market value of about $1.7 billion, has been working with Jefferies Group to seek suitors. It earlier attracted interest from buyout firms Searchlight Capital Partners and Siris Capital Group, people familiar with the matter said Oct. 4.
Wall Street Journal:
- Fear of Violent Protests Raises Cost of Free Speech on Campus. White nationalist’s speech at University of Florida was peaceful but the school spent $500,000 on security.
- Hunt For Yield Fuels Boom in CLOs. Volumes of collateralized loan obligations, which slice and dice risky, leveraged bank loans, hit a record so far this year.
- Health Advocates Gear Up for Open Enrollment. Groups and some states push to get people signed up for coverage under the ACA.
- Trump Backs Some GOP Senators as Bannon Escalates ‘War’ on Incumbents. Former White House chief strategist courts primary competitors in several states, while president makes calls of support to at least three senators.
Fox News:
Zero Hedge:
- For The First Time In 26 Years, US To Put Nuclear Bombers On 24 Hour Alert.
- Censorship In The Digital Age.
- 93-Year-Old President Carter: Russians Didn't Alter Election, Obama Didn't Deliver, We Didn't Vote For Hillary.
- "They Called Him 'The Pig'" - Driver Speaks Out About Harvey Weinstein's Disgraceful Behavior.
- China's Government Is Expected To Buy 24% Of All Residential Real Estate For Sale In 2017.
- Maxine Waters Threatens To "Go And Take Out 'Moron' Trump", The Most "Dangerous President Ever".
- "It Could Open A Pandora's Box": Italy's 2 Richest Regions Are Voting In Historic Autonomy Referendums.
- Big Tech's Dangerous Influence: "Coming Between Us And Reality".
- Turkish Lira Tumbles As Erdogan Re-Escalates US Tensions.
- Exit Polls Project Sweeping Victory, Supermajority For Japan's Abe.
- Trump To Allow Release Of 3,000 Never Before Seen Documents On JFK Assassination.
- What The ECB Will Announce This Week: A Summary Of All QE Tapering Scenarios.
Night Trading
- Asian indices are -.25% to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 74.5 -.75 basis point.
- Asia Pacific Sovereign CDS Index 15.50 -.25 basis point.
- Bloomberg Emerging Markets Currency Index 73.46 +.01%.
- S&P 500 futures +.02%.
- NASDAQ 100 futures +.02%.
Earnings of Note
Company/Estimate
- (HAL)/.38
- (HAS)/1.95
- (ITW)/1.65
- (KMB)/1.54
- (PETS)/.30
- (STX)/.86
- (STT)/1.61
- (VFC)/1.13
- (CR)/1.10
- (OI)/.74
- (WHR)/3.93
Economic Releases
8:30 am EST
8:30 am EST
- The Chicago Fed National Activity Index for Sept. is estimated to rise to -.1 from -.31 in August.
Upcoming Splits
- None of note
- The China Sept. House Price report could also impact trading today.
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