Bear Radar

Style Underperformer:

• Small-Cap Growth -.3%

Sector Underperformers:

• 1) Biotech -.8% 2) Hospitals -.7% 3) Drugs -.5%

Stocks Falling on Unusual Volume:

• INSY, CLVS, PHH, CHMA, VRX, TM, JBT, AGN, NOV, UA, ENDP, NSC, BLOX, FMX, WDFC, SON, FLTX, PAHC, SIMO, CAR, BIB, WIRE, FL, SHLM and HUM

Stocks With Unusual Put Option Activity:

• 1) SHLD 2) PYPL 3) Z 4) COH 5) OIH

Stocks With Most Negative News Mentions:

• 1) NOV 2) ENDP 3) VLO 4) UA 5) VRX

Charts:

• ETFs Falling on Unusual Volume
• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer: 

• Small-Cap Value +.2%

Sector Outperformers:

• 1) Gold & Silver +5.3% 2) Steel +3.9% 3) Computer Hardware +1.5% 
  

Stocks Rising on Unusual Volume: 

• HTS, ASA, YRD, BAP, SA, USLV, SLW and TAHO

Stocks With Unusual Call Option Activity: 

• 1) STLD 2) AMAT 3) LXK 4) AIG 5) MCD

Stocks With Most Positive News Mentions: 

• 1) AA 2) BLMN 3) UNH 4) UEPS 5) LGIH

Charts:

• ETFs Rising on Unusual Volume
• Stocks Rising on Unusual Volume

Morning Market Internals

NYSE Composite Index:

• Volume Running -1.9% Below 100-Day Average
• 10 Sectors Rising, 0 Sectors Declining
• 81.3% of Issues Advancing, 16.5% Declining
• 76 New 52-Week Highs, 5 New Lows
• 45.9% of Issues Above 200-day Moving Average
• Average 14-Day RSI 43.6%
• Vix 15.0 -2.0%
• Total Put/Call .81 -16.5%
• TRIN/Arms .93 -8.0%

Monday Watch

Today's Headlines
Bloomberg: 

• Abenomics rebuked as BlackRock joins $46 billion Japan pull-out. While markets elsewhere are climbing back from a global selloff, investors in Japan see fewer reasons for optimism. For global equity investors and Shinzo Abe, it’s splitsville. Starting in the first days of 2016, foreign traders have been pulling out of Tokyo’s stock market for 13 straight weeks, the longest stretch since 1998. Overseas traders dumped $46 billion of shares as economic reports deteriorated, stimulus from the Bank of Japan (BoJ) backfired and the yen’s surge pressured exporters. The benchmark Topix index is down 17% in 2016, the world’s steepest declines behind Italy. Losing the faith of foreigners would be a blow to the Japanese Prime Minister—they’re the most active traders in a market Abe has held up as a litmus on his growth strategies.
• Aussie Hazards From Mortgages to Mines Lift Macquarie Bond Risk. Those Australians struggling with mortgage payments and the possibility of damage from the global commodity price slump are helping to inflate bond risk for Macquarie Group Ltd.’s banking unit. The cost of insuring Macquarie Bank notes against non-payment climbed to as much as 172 basis points last month, the highest since June 2013, after the lender flagged a rise in overdue home loans. The Sydney-based bank’s credit-default swaps have increased 40 basis points in 2016, the most in the benchmark Markit iTraxx Australia index, and were at 157 basis points April 7.
• Emerging Markets That Fueled Agriculture Boom Now Driving a Bust. The expression emerging markets has a whole new meaning for farmers across the globe. In the late 2000s, food demand from China and India’s growing populations sparked a frenzy for agriculture investment and sent prices soaring. Now, the other two big emerging markets -- Russia and Brazil -- are behind the collapse in prices as farmers ramp up grain production and stockpiles swell. Weak currencies make it profitable for growers in those countries to boost output and may prolong the bear market for another three to five years, according to Dan Basse, president of researcher AgResource Co. in Chicago.
• Bank Sees Low Growth for Latin America as Commodity Boom Fades. Latin American economies will contract this year and face low growth in years to come as nations adjust to the end of a commodity price boom, the Inter-American Development Bank said in its annual outlook. Dragged down by recessions in two of its largest countries, Brazil and Argentina, the region will post a 0.3 percent contraction in 2016 before bouncing back to annual growth of 1.5 percent through 2018, the bank said in a statement released during its annual meeting in Nassau, Bahamas, on Sunday.
• Panama Furor Rumbles Into Second Week as Global Pressure Mounts. The fallout from the Panama leaks showed no sign of abating as U.K. Prime Minister David Cameron was forced to provide more transparency over his wealth and European officials pledged measures to require companies to report their offshore bank accounts. Cameron will face lawmakers on Monday as he seeks to draw a line under the crisis stemming from information about the use of offshore tax havens leaked from Panama-based law firm Mossack Fonseca. Iceland’s prime minister has resigned, Malta’s government faces a confidence vote and Argentine President Mauricio Macri promised to put his assets in a blind trust after he was linked to two companies listed in Panama.
• Japanese Stocks Fall as Yen Strengthens, Machine Orders Decline. Japanese stocks fell, extending two weeks of losses, as the yen rallied for a seventh day and a report showed machine orders dropped in February for the first time in three months. The Topix index lost 1.4 percent to 1,269.39 at 9:37 a.m. in Tokyo, with all but two of its 33 industry groups retreating. The Nikkei 225 Stock Average fell 1.3 percent to 15,611.71. The yen traded at 107.99 per dollar, extending gains. Core machine orders slipped 9.2 percent in February from the previous month. Analysts had expected a 12 percent drop.
• Asian Stocks Decline as Japanese Shares Slump Amid Economic Data. Asian stocks fell, ahead of Chinese data on inflation and factory prices, as Japanese shares retreated amid a slump in machine orders. Energy producers climbed as U.S. oil topped $40 a barrel. The MSCI Asia Pacific Index dropped 0.4 percent to 125.83 as of 9:08 a.m. in Tokyo.
• Iraq Boosts Oil Production to Record Before Talks to Cap Output. Iraq increased crude output to a record level in March, ahead of a meeting in Qatar of OPEC members and other producers on capping production to curb a global glut. Crude output in OPEC’s second-biggest producer rose to 4.55 million barrels a day last month from 4.46 million barrels in February, according to the state-run Oil Marketing Co. Exports increased to 3.81 million barrels a day in March from 3.23 million the previous month, the company, known as Somo, said in an e-mailed statement.
• Record Pork-Price Jump Seen Reversing China Bond Advance: Chart. (graph) The price of pigs in China surged a record 61 percent in the first quarter, the most in Shanghai JC Intelligence Co. data going back to 2011. This helped set inflation up for its fifth monthly advance in a row in data due Monday, threatening to halt a tumble in bond yields. “CPI is China Pork Index,” said Hao Hong, chief China strategist at Bocom International, adding that rising inflation may reduce the need for rate cuts and hurt bond prices in the months ahead.

Wall Street Journal:

• Syrian Government Plans to Retake Aleppo With Russian Support. Move clouds the future of already-fragile cease-fire. Syrian government forces, with support from Russia, are planning an operation to retake Aleppo and battle an Islamist rebel offensive in the region, the Syrian prime minister said Sunday after a week of clashes. The use of Russian firepower in the Syrian government offensive to retake Syria’s largest city, which has been partly controlled by rebels since 2012, clouds the future of upcoming peace talks.
• Spreads Point to Growing Stress in Japanese Government Bond Market. The gap between the prices at which investors are willing to buy and sell long dated Japanese bonds is growing.  The Bank of Japan enormous stimulus programs are an unmissable presence in the government bond market, and it’s now starting to show some signs of stress. The central bank joined in the negative interest rate club in January, adding to its already Herculean efforts to encourage growth and inflation. The BOJ also now buys almost as much sovereign debt as the government issues, and owns over a third of the total amount outstanding. Japan Macro Advisors suggests that in two years, at its current pace of purchases the central bank will own 50% of the market.
• Delegate-Selection Fight Plays to Ted Cruz’s Strength. GOP presidential candidate steps up pressure on Donald Trump in state contests. Ted Cruz shut out his Republican presidential rivals in the Colorado delegation-selection contest this weekend, and he is intensifying pressure on front-runner Donald Trump to step up his game in similar state and local conventions that are taking on heightened significance in the campaign’s next phase.

Fox News:

• Iran to US: Missile program ‘not open to negotiation’. (video) Iran’s foreign minister said Sunday the Islamic Republic’s ballistic missile program is “not open to negotiation” with the United States, seemingly spurning an overture from Secretary of State John Kerry. Kerry said Thursday during a visit to Bahrain that the U.S. and its regional allies were “prepared to work on a new arrangement to find a peaceful solution” to the dispute over recent Iranian ballistic missile tests.

MarketWatch:

• Yahoo(YHOO) may get buyout bid from U.K.’s Daily Mail. Two purchasing scenarios laid out ahead of April 18 deadline.

 Zero Hedge:

• Obama Announces Unexpected Meeting With Yellen Following Tomorrow's "Expedited Procedures" Fed Meeting.
• Austria Just Announced A 54% Haircut Of Senior Creditors In First "Bail In" Under New European Rules.
• Iraq Is Latest To Announce Record Oil Production: Why This Is Just The Beginning Of The Supply Glut. (graph)
• "It's Pure Chaos Now; There Is No Way Back" - Venezuela Hits Rock Bottom As Its Morgues Overflow. (graph)
• The U.S. Dollar - Return Of The King? (graph)
• Italy Seeks "Last Resort" Bailout Fund To "Ringfence" Troubled Banks, Meeting Monday.
• Obama Defends Hillary In Email Scandal: "There's Classified And There's Classified".
• Japan Needs A Stronger Dollar, China Wants A Weaker Dollar: The Fed Can't Please Both.
• Did The Canary Of New York's Luxury Housing Market Just Die: Real Estate Developer Files For Bankruptcy.
• "I Used To Be A Big Deal... And Then A Billion Dollars Walked Out The Door" - Hugh Hendry's Sad Story. 
• Barclays Warns "Grexit" May Return This Summer While Tsipras "Demonizes" IMF.
• "The People Aren't Stupid" - Germany Takes Aim At The ECB, May Sue Draghi: Spiegel.
• Why USDJPY Matters (Or The Carry Collapse Cometh).
• "Where Else Can I Put My Money?" - China Starts Arresting People As Crisis It Created Comes Full Circle.
• Ukraine Prime Minister Resigns, Says "Destabilization Inevitable" Without New Government.
• Has The Global Earnings Recession Finished, Morgan Stanley Asks And Answers. (graph)

Business Insider:

• A French bank boss says he's 'much more worried than I was in 2009'. The chairman of France's second-biggest retail bank is more worried about Europe's banking sector now, in some ways, than when he took the reins at BPCE bank during the depths of the global financial crisis in 2009. Francois Perol said on the sidelines of an economic conference in Italy on Saturday that negative interest rates in the eurozone are a major problem, squeezing interest margins in a way that was unsustainable over the longer term. "I am much more worried than I was in 2009 in certain respects," Perol said outside the closed-door conference, held on the shores of Lake Como. "It was 100% clear what had to be done (in 2009)," he added. "I think it's more of a difficult situation for banks (now) because fundamental changes are underway in an environment that's incredibly challenging due to negative interest rates." 
• China is trying to make a huge industrial shift that could have disastrous consequences.
• Hillary Clinton can't exactly divorce Bill right now — but she should fire him.
• 'DEPORTATIONS TO BEGIN': Boston Globe prints provocative anti-Trump cover.
• Jihadists initially planned on a 2nd France strike but chose Brussels after investigators 'surprised' them.
• JAMIE DIMON: The US has 'serious issues that we need to address'.
• Tesla(TSLA) is about to repeat a huge mistake — and this time it could be even worse.
• The Syria ceasefire 'is about to collapse'.
• German spy chief: ISIS wants to attack us and the situation is 'very serious'.

CNN:

• Rocket strikes in Kabul intended for John Kerry, Taliban say. U.S. Secretary of State John Kerry was the intended target of rocket strikes in Afghanistan's capital Saturday, the Taliban said in a statement claiming responsibility for the attacks. The attacks in Kabul on Saturday night came within an hour after Kerry had departed Afghanistan, following a visit aimed at defusing a political crisis in the unity government he helped build.

@Callum_Thomas:

• China Containerized Freight Index (CCFI) dropped again last week. (graph)

Reuters:

• U.S. banks' dismal first quarter may spell trouble for 2016. It is only April, but some on Wall Street are already predicting a rotten 2016 for U.S. banks. Analysts say it has been the worst start to the year since the financial crisis in 2007-2008 and expect poor first-quarter results when reporting begins this week. Concerns about economic growth in China, the impact of persistently low oil prices on the energy sector, and near-zero interest rates are weighing on capital markets activity as well as loan growth.

 Financial Times:

• BlackRock’s(BLK) Larry Fink warns negative rates could hit spending. Negative interest rates risk hitting consumer spending and undermining the economic growth they are intended to encourage, the head of the world’s largest asset management group has warned. Larry Fink, chief executive of BlackRock, said that not enough attention was being given to the effect of negative rates on saving habits in a downbeat annual letter to his shareholders.
• Global economic recovery ‘in danger of stalling’. In a publication ahead of the spring meetings of the International Monetary Fund and World Bank this week, the index provides sober reading, highlighting sluggish capital investment, falling industrial production and declining business confidence.
• US faces ‘disastrous’ $3.4tn pension funding hole. The US public pension system has developed a $3.4tn funding hole that will pile pressure on cities and states to cut spending or raise taxes to avoid Detroit-style bankruptcies. According to academic research shared exclusively with FTfm, the collective funding shortfall of US public pension funds is three times larger than official figures showed, and is getting bigger.

 Telegraph:

• Beijing risks 'ERM-style' currency crisis as deflation persists. A top adviser to the Chinese government has warned that Beijing risks a currency blow-up akin to Britain's traumatic ordeal in 1992, if it continues trying to defend its exchange rate peg amid a deepening deflation crisis.
• The West's central banks are ignoring the basic lessons of economic history. 

Night Trading

• Asian indices are -.75% to -.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 147.0 -1.25 basis points.
• Asia Pacific Sovereign CDS Index 59.50 -1.25 basis points.
• Bloomberg Emerging Markets Currency Index 72.15 +.03%.
• S&P 500 futures -.32%.
• NASDAQ 100 futures -.35%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (AA)/.03
• (OZRK)/.57

Economic Releases 

• None of note

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Kaplan speaking and the Japan bank lending report could also impact trading today.

BOTTOM LINE: Asian indices are lower, weighed down by industrial and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the week.

Weekly Outlook

• Week Ahead by Bloomberg.
• Wall St. Week Ahead by Reuters.
• Weekly Economic Calendar by Briefing.com.

BOTTOM LINE: I expect US stocks to finish the week modestly lower on rising European/Emerging Markets/US High-Yield debt angst, Fed rate-hike fears, global growth concerns, commodity weakness, yen strength and technical selling. My intermediate-term trading indicators are giving neutral signals and the Portfolio is 50% net long heading into the week.

Today's Headlines

Bloomberg:

• Worst Week in Two Months Rattles Equity Bulls as Earnings Loom. It’s official -- the rally in U.S. stocks that erased the worst-ever start to a year has fizzled, with the biggest weekly slide since February depriving the bull market of momentum ahead of what’s forecast to be the steepest earnings slump since the financial crisis. The Standard & Poor’s 500 Index fell 1.2 percent in the five days to 2,047.60, the second slide in the three weeks since the gauge erased an 11 percent loss for the year. The period was tumultuous, with the average daily swing of 0.8 percent the most in a month, while three days of 1 percent moves ended a 15-day stretch of calm, the longest since March 2015. The Chicago Board Options Exchange Volatility Index capped its biggest weekly advance since January.
• China State Researcher Sees Downside Risks in Property Sales. There are downside risks for the China property market in the second quarter because of the tightening measures that have been reintroduced to some cities, a Chinese government researcher said. The curbs in first-tier cities are limiting property sales’ growth, Zhang Changcai, deputy director general at the Information Research Department of the State Council, said at a conference in Beijing Saturday.
• Brazil Heads for Cliffhanger on Impeachment in Decisive Showdown. Brazil’s drawn-out political crisis is moving into a decisive phase next week with two key votes in Congress that could seal the fate of President Dilma Rousseff’s political future. A special committee in the lower house began a marathon session on Friday in order to decide by Monday whether to move forward with an impeachment request against Rousseff. The full Chamber of Deputies could vote as early as April 17, either killing impeachment or setting the stage for Rousseff’s ouster in the Senate.
• ECB's Mersch Warns of Diminishing Returns in Central Bank Action. Central banks’ extraordinary measures to spur growth may eventually show diminishing returns while a key part of the European Central Bank’s quantitative easing program carries a “certain risk” that has been mitigated, ECB Executive Board member Yves Mersch said. Mersch, in a speech to the Ambrosetti Workshop in Cernobbio Italy, on Saturday, reviewed the various policy instruments that the ECB and other central banks have used to aid economic recovery. 
• Spanish Bonds' Slide Shows Shortcomings of Expanded ECB Stimulus. (graph) The first full week of the European Central Bank’s expanded bond buying highlighted the program’s limitations in the face of heightened political risks in the euro area. The extra yield, or spread, that investors get for holding Spain’s 10-year bonds instead of similar-maturity German securities widened to the most in two months. That was even as the ECB increased the size of its monthly bond purchases to 80 billion euros ($91 billion) from 60 billion euros starting April 1 and officials signaled they were ready to further ease monetary policy to support a flagging economy and boost inflation.
• The Yen's Puzzling Surge, Explained in One Morgan Stanley Theory.
• SAP Sales Miss Estimates as Some Deals Slip to Next Quarter. SAP SE reported sales that missed analysts’ estimates as some deals in the Americas region were signed later than expected, though the software maker reiterated its forecast for the year. Revenue rose 5.1 percent to 4.73 billion euros ($5.4 billion) in the first quarter, compared with analysts’ average estimate of 4.82 billion euros, according to data compiled by Bloomberg. Operating profit was 1.1 billion euros, Walldorf, Germany-based SAP said in a statement, compared with analysts’ estimate of 1.15 billion. The announcement of results Friday night in Germany came ahead of SAP’s full first-quarter report scheduled for April 20.
• Three Oil Majors Have Debt Ratings Cut by Moody's on Price Rout. Three of the world’s largest energy companies had their credit ratings lowered by Moody’s Investors Service on the expectation that oil prices will stay low for longer and cause leverage concerns. Chevron Corp. and Royal Dutch Shell Plc had their ratings reduced by one level, while Total SA’s was cut two steps, according to statements by the New York-based rating company on Friday. Chevron will generate negative cash flow amid rising debt for at least the next two years, while Shell will have elevated leverage following its acquisition of BG Group Plc, Moody’s said. Prices are expected to stay low through this year and next and continue to pressure Total’s operating cash flows and credit metrics, Moody’s said.
• Paulson's Advantage Funds Each Tumbled 15% in First Quarter. (video) Billionaire John Paulson is joining some of the most recognizable hedge fund managers in posting big losses in the first quarter despite a rebound in global equities. Paulson & Co.’s Advantage and Advantage Plus funds, which wager on companies going through corporate events including spinoffs and bankruptcies, tumbled 15 percent in the first quarter, according to a person familiar with the matter. Both funds fell 7 percent last month, missing the 6.8 percent rally in the Standard & Poor’s 500 Index.

Wall Street Journal:

• Cruz Collects Most Colorado Delegates. Sen. Ted Cruz of Texas swept up a fresh cache of delegates in Colorado on Friday as his supporters won a majority of the state’s 37 slots at the Republican National Convention even before the state’s full GOP convention meets here Saturday. In a series of party meetings by congressional district over the last week, Mr. Cruz’s supporters shut out his rivals to win all 21 delegate slots–3 from each of the state’s 7 congressional districts. The last meeting was Friday, in advance of the state convention that will award another 13 delegates tomorrow; 3 remaining slots are filled by top state party officials.
• Belgium Terror Suspect Is Said to Confess in Airport Attack. Mohamed Abrini confesses to being ‘man in hat’ at Brussels airport, prosecutors say; second person present at Maelbeek metro station identified. Terrorist suspect Mohamed Abrini confessed Saturday to being the third attacker at the Brussels national airport as Belgium’s probe into the suicide bombings last month took a leap forward.
• Apple(AAPL) Stores See Shrinking Share of iPhone Sales. More buyers are buying directly from telecom carriers.
• Bernie Sanders Wins Wyoming’s Democratic Caucuses. Delegates to be distributed proportionally; Hillary Clinton maintains lead. Sen. Bernie Sanders won the Wyoming caucuses on Saturday, adding to a string of recent victories and giving his underdog campaign a shot of momentum heading into the more important New York primary this month. The Associated Press projected that Mr. Sanders would beat front-runner Hillary Clinton with 96% of the precincts reporting.

Barron's:

• Had bullish commentary on (DIS), (TOL), (OI), (STX) and (AAPL).

MarketWatch.com:

• These 4 charts say it’s time to sell the rally. 

Fox News:

• Sotomayor wants more diversity on court, after Obama picks Garland, a white Ivy male. (video)

CNBC:

• North Korea Claims Successful Test of ICBM Engine.
• First-quarter economy looks bleaker by the day. (video) The closely watched Atlanta Fed GDPNow model now shows first-quarter growth tracking at 0.1 percent, compared to a 0.4 percent estimate earlier in the week. JPMorgan economists now forecast the economy only expanded by 0.2 percent in the first quarter, from 0.7 percent.

Zero Hedge:

• The Global Bubble Has Burst - "Will Tear At The Threads Of Society".
• Janet's Jabbering Leaves Investors "On The Edge Of A Live Volcano". (graph)
• "It's Just An Illusion" Santelli & Schiff Slam Fed-Watchers' "Blind-Eye" To Yellen's "Phony Recovery". (video)
• Hillary Reeling As Sanders Makes It Seven In A Row - Wins Wyoming Caucus.
• Hillary’s Bold Predictions: No Doubt She’ll Win, Not Even Remotest Chance She Ends Up In Handcuffs.
• These 2 Charts Show The Next Recession Will Blow Out The US Budget. (graph)
• The Beginning Of The End For Obamacare: Largest US Health Insurer Exits Georgia, Arkanasas.
• BofA Notices Something Troubling: China's Debt Bubble Has Burst. (graph)
• WTF Chart Of The Weekend: Down Is The New Up. (graph)
• The ECB Effect: European Telecom Issues Largest Ever Junk Bond After More Than 100% Upsizing.
• Why Janet Yellen Can Never Normalize Interest Rates. (graph)
• Minimum Wage Jobs Are Safe: Robot Waiters Fired For Spilling Food And Drinks, Malfunctioning. (graph)
• Something Just Snapped In Saudi Money Markets.
• Weekend Reading: The Fourth Turning. (graph)
• Banks Battered As Yen-magedddon Sends Stocks To Worst Week In 2 Months. (graph)

Business Insider:

• US companies are undergoing a transformation so huge it's 'nothing short of stunning'. Instead of continuing to invest in the business and focus on growing over time, according to Thompson, managements are trying to undercut possible disruptions by showing constant earnings growth and streamlined companies. This activist-style, short-term attitude is exactly what Blackrock CEO Larry Fink decried in a letter to all S&P 500 CEOs at the start of 2016. Thompson said that these larger firms are most susceptible due to their size.
• New drugs that could save the US billions just got an approval that will change the face of Big Pharma.
• Saudi Arabia and Russia might sabotage the 'most important meeting of the last 3 decades'. The actions and intentions of Saudi Arabia and Russia—the two largest oil-producing nations attending the Doha meeting on April 17 — have dashed all hopes of any fruitful outcome. The most important meeting of the last three decades, which has promised to forge new friendships and a new cartel, is turning out to be the biggest farce, even before the curtain is raised.
• The 'largest deal failure ever' suggests the M&A boom is over.
• Here's why SoulCycle might be in big trouble. (video) SoulCycle is a much-hyped boutique fitness chain. But there might be some issues with the brand that could affect its longevity.
• People aren't sharing on Facebook like they used to, and the social-media site is worried.
• US Army Chief warns that US is understaffed and at 'high military risk'.
• Wells Fargo(WFC) just agreed to pay $1.2 billion to settle 'shoddy' mortgage practices. 
• NEW POLL: 7 in 10 Americans do not want Trump as their president. (video)

Reuters:

• Financial turmoil at SunEdison(SUNE) imperils solar projects worldwide. In November, solar energy giant SunEdison Inc  reported that its project pipeline had grown by 75 percent in just a year, the result of an aggressive growth strategy. Now, five months later, many of those projects are imperiled as SunEdison reportedly prepares to declare bankruptcy.

The Telegraph:

• 'No end in sight' for global economic misery, warns World Bank. The global growth slowdown has no end in sight as policymakers drag their heels on reforms and a “robot revolution” threatens living standards, the World Bank’s chief economist has warned.