Today's Headlines
Bloomberg:
- Saudi Prince's Corruption Sweep Reaches Aramco. A Saudi Aramco director and a member of the royal council overseeing the world’s biggest oil exporter were arrested along with other top officials as Crown Prince Mohammed bin Salman seeks to strengthen his hand amid a reform push that includes a stake sale in the company next year. The board member, Ibrahim Al-Assaf, a former finance minister, was among at least 17 princes, current and former government ministers and businessmen taken into custody, according to an infographic published by Al-Eqtisadiah newspaper. Adel Fakeih, the minister of economy and planning and a member of Saudi Arabia’s oversight council, was relieved of his post and replaced by his deputy, according to the state-run Saudi Press Agency.
- Shakeup Stuns Analysts Who Say It Shows Saudis Mean Business. Saudi Arabia’s unprecedented decision to arrest senior princes and billionaires shocked analysts across the region, but to some it’s a sign the kingdom is serious about change. A newly formed anti-corruption committee, headed by Crown Prince Mohammed bin Salman, instructed police to arrest 11 princes, four ministers and dozens of former ministers, the Saudi-owned Al Arabiya television said. The decision comes about two weeks after the kingdom announced a series of projects, including a $500 billion city, as part of a plan to overhaul an economy that has been almost entirely dependent on oil revenue for decades. The Tadawul All Share Index closed 0.3 percent higher on Sunday, erasing losses of as much as 2.2 percent.
- Trump Warns Against Challenging U.S. on First Stop in Asia. President Donald Trump warned nations against challenging the U.S. as he rallied American troops in Japan on the first stop of his 11-day tour of Asia. Speaking to U.S. and Japanese military personnel on Sunday at Yokota Air Base in western Tokyo, Trump said he would push for freedom in the region and fair trade in meetings with other leaders. He also exuded confidence in the U.S. military as tensions rise with North Korea.
- China's Shadow Banking Halts as Regulation Bites, Moody's Says. China’s shadow banking sector, estimated by some analysts to be worth 122.8 trillion yuan ($18.5 trillion), stopped growing in the first half of the year as issuance of wealth management products declined, according to Moody’s Investors Service. For the first time since 2012, China’s gross domestic product grew faster than shadow banking assets in the six-month period, Moody’s said in a statement Monday. Following last month’s Communist Party Congress, further regulation will continue to rein in shadow banking and address some of the key systemic imbalances, Moody’s said.
- Catalan Leader Puigdemont Turns Himself In to Belgian Police. Ousted Catalan President Carles Puigdemont, who faced an international arrest warrant for his role in an ill-fated declaration of independence, turned himself in voluntarily to Belgian police on Sunday. Puigdemont and four former ministers of the Catalan regional government surrendered at 9:17 a.m. in Brussels. The investigative judge now has exactly 24 hours to make a decision on whether to keep them in detention or conditionally release them, Gilles Dejemeppe, a spokesman for the Brussels prosecutor office, told reporters.
- Asia Stocks Drop, Yen Slides to Lowest Since March. (video) The yen tumbled to the weakest since March after Bank of Japan Governor Haruhiko Kuroda said it’s crucial for inflation to exceed the 2 percent target. Asian stocks slipped after China’s central bank chief warned again about excessive leverage and President Donald Trump brought up trade grievances on a trip to the region. Hong Kong’s Hang Seng dropped the most in more than two weeks in the wake of People’s Bank of China Governor Zhou Xiaochuan’s latest salvo on the continuing accumulation of financial risks. Japan’s stocks outperformed as the yen’s decline offered support. Kuroda underscored in a speech Monday that the BOJ is committed to overshooting its inflation goal, auguring no appetite for tapering stimulus. Oil extended an advance above $55 a barrel, with traders keeping an eye on the surprise power shakeup in Saudi Arabia over the weekend. The Topix index was down 0.1 percent percent and the Nikkei 225 Stock Average was little changes as of the midday break. Australia’s S&P/ASX 200 Index fell 0.2 percent, while South Korea’s Kospi index fell 1 percent. Hong Kong’s Hang Seng Index fell 1.4 percent.
Wall Street Journal:
- Why Companies Are Betting Big on Growth. For the first time in years, investors are encouraging companies to spend cash on capex and R&D.
- Iran-Saudi Cold War Intensifies as Militant Threat Fades. Riyadh, Tehran and proxies vie for regional dominance; a return to the Middle East’s ‘great game’.
- Amazon(AMZN) Snips Prices on Other Sellers’ Items Ahead of Holiday Onslaught. The move allows the retail giant to compete more fiercely with low-cost rivals, but could hurt its relationship with big-name brands, manufacturers and merchants.
- Corporate Tax Reform Is the Key to Growth. It could increase the U.S. capital stock by $5 trillion and cause a $500 billion rise in annual income.
- Is Roger Goodell Deliberately Pushing the NFL Leftward? A year ago he hired a Democratic operative, Joe Lockhart, as his top communication exec.
Fox News:
CNBC:
Zero Hedge:
Night Trading
- Asian indices are -.50% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 74.5 -.25 basis point.
- Asia Pacific Sovereign CDS Index 14.75 -.25 basis point.
- Bloomberg Emerging Markets Currency Index 72.30 -.02%.
- S&P 500 futures -.17%.
- NASDAQ 100 futures -.17%.
Earnings of Note
Company/Estimate
- (CAH)/1.00
- (CVS)/1.49
- (LPX)/.74
- (KORS)/.83
- (MYL)/1.20
- (SYY)/.72
- (ANDE)/.16
- (CAR)/3.04
- (MTW)/-.02
- (MCHP)/1.35
- (PCLN)/34.29
- (RRGB)/.29
- (SWKS)/1.76
- (THC)/1.53
- (TDW)/-1.16
- (TRIP)/.35
- (WTW)/.51
Economic Releases
- None of note
- None of note
- The Eurozone Services PMI report, Eurozone PPI report, CSFB Healthcare Conference, (FAST) Oct. sales report and the Citi Financial Tech Conference could also impact trading today.
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