Bloomberg:
- China Exchange Said to Mull Tighter Property Bond Sale Rules. The Shanghai Stock Exchange is considering raising the threshold for property developers to sell exchange-traded notes, according to people familiar with the matter. Under the rules being considered, the exchange would only accept note-offering applications from developers rated AA or higher, according to the people, who asked not to be identified because the details haven’t been announced. The firms would also need to meet at least one of the following requirements: be listed either onshore or offshore; be owned by a province, a provincial capital, some major city or the central government; or be among the top 100 builders ranked by the China Real Estate Association.
- China’s Xiaomi Guns for Apple(AAPL) With Latest Premium Smartphone.
- China’s Shibor Climbs to Seven-Week High as PBOC Withdraws Funds. Yuan borrowing costs in Shanghai rose to a seven-week high as China’s central bank pulled funds from the financial system for the second day in a row. The one-month Shanghai Interbank Offered Rate climbed to 2.74 percent, the highest since Aug. 4, according to the National Interbank Funding Center. The fixing was released after the nation’s monetary authority drained a net 95.1 billion yuan ($14.3 billion) from the financial system, adding to Monday’s 245 billion yuan withdrawal that was the biggest in six months.
- Yen Erases Drop as Traders Switch Focus to Europe’s Banking Woes. The yen rebounded, erasing an earlier decline, as stocks fell and Deutsche Bank AG dropped to a fresh record. The resurgence in demand for the relative safety of the Japanese currency showed the post-U.S. presidential debate effect inherited from Asian markets didn’t last long in the European day. Instead, renewed concerns over the health of the continent’s banking sector and the prospect of U.S. fines for Volkswagen AG came into play, reducing the yen’s fall.
- Saudi Stocks Drop Most in World After Kingdom Cuts Pay, Bonuses. Saudi Arabian stocks fell more than any other market in the world as the kingdom announced measures to cut the budget deficit that are likely to damp consumer spending. Not a single stock rose on the Tadawul All Share Index, which retreated 3.8 percent on Tuesday, the most since January. The hotel and media indexes were the biggest decliners on a percentage basis, while Al Rajhi Bank was the largest contributor to the main gauge’s loss.
- Europe Stocks Halt 2-Day Rout as Banks Pare Drop After U.S. Data. (video) European stocks halted a selloff after better-than-forecast U.S. economic data helped recoup most intraday losses in bank shares. The Stoxx Europe 600 Index added less than 0.1 percent at the close, wiping out a drop of as much as 0.7 percent after data showed American consumer confidence in September rose to a 2007 high, while the services industry expanded more than estimated. Europe’s equity gauge rose 0.7 percent earlier in the session, following a two-day slide. A gauge of Stoxx 600 banks was down 0.2 percent, after slipping as much as 1.3 percent. Commerzbank AG fell 2.2 percent after a report it plans to cut jobs and suspend dividend payments. Credit Suisse Group AG slid 3.3 percent after its chief said the lender is mulling further cost cuts at the global markets unit that posted a loss earlier this year. Deutsche Bank AG was unchanged at a record low. “Markets are nervous, but panic levels haven’t been triggered yet,” said Guillermo Hernandez Sampere, head of trading at MPPM EK in Eppstein, Germany. His firm oversees $260 million. “Some European financials are really not in a very healthy shape, and the market is aware of it. We had a summer during which volatility stayed at the beach, but now we are back in the game and we have to learn to deal with it.”
- Iran Doesn’t Want Oil Deal in Algiers, Won’t Freeze Output. (video) Iran is not willing to freeze its oil output at current levels and doesn’t intend to forge an agreement with other major crude producers at talks in Algiers this week, the nation’s oil minister said. Iran wants to raise its crude production to 4 million barrels a day, Bijan Namdar Zanganeh told Bloomberg Television in an interview Tuesday. OPEC’s third-largest producer -- with daily output of 3.6 million barrels last month -- will talk to other members at the International Energy Forum in the Algerian capital and it’s possible the group could reach a formal supply deal at its November meeting in Vienna, he said.
- IEA’s Birol Warns Oil Supply Will Exceed Demand Until Late 2017. (video) Global oil output will exceed demand until late 2017, the head of the International Energy Agency said before major producing nations gather for talks. "We don’t see the oil market re-balancing until late 2017" provided there’s no “major intervention,” IEA Executive Director Fatih Birol said Tuesday in an interview with Bloomberg Television in Algiers.
- Dallas Police See Exodus as Doubts Rise on Pension Promises. Dallas’s police and firefighters are quitting in droves, wagering that financial-market losses are about to render their promised pensions too good to be true. With the city considering benefit cuts to help close a retirement-fund shortfall that grew by $1.2 billion last year, more than 200 workers have decided to retire or leave, about double the normal rate, said Mayor Pro Tem Erik Wilson, who sits on the Dallas Police and Fire Pension System’s board. That’s threatening to put further pressure on the fund as benefits come due, including lump-sum payouts to older employees who’ve been drawing a paycheck while earning a guaranteed 8 percent return on their pensions. “I’ve had 40 to 50 officers in my office this week asking what they should do,” said James Parnell, 52, secretary-treasurer of the Dallas Police Association and 25-year veteran. “They’re very nervous about what is going to happen, they’re fearing a run on the money.”
- Fed’s Fischer Says Wages Beginning to Respond to Labor Market. (video) Federal Reserve Vice Chairman Stanley Fischer said low interest rates have helped deliver U.S. labor market gains that are feeding through to higher wages. “With unemployment now below 5 percent we’re beginning to see the fruits of a higher-pressure labor market,” Fischer said Monday in response to questions following a speech at Howard University in Washington. “So, we’ve been getting there, and again, it’s pressure keeping, keeping interest rates low, that helps cause this to happen.”
Wall Street Journal:
- China’s Currency? That’s the Least of the Problems for the Next U.S. Leader. China’s ambitious rise presents issues far more complex than Trump’s outdated yuan manipulation charges.
Fox News:
- Lester Holt spins debate for Hillary six huge ways, plays 'Gotcha' with Trump. (video) Journalists got their wish. Presidential debate moderator Lester Holt hoisted Hillary Clinton’s campaign high in the air like Atlas. Holt repeatedly called out Trump, as both the Clinton campaign and the liberal media had begged him to do. Holt reminded viewers he’s liberal – from pushing the birther issue to harassing Trump about his tax returns to a wildly biased question about Clinton as “the first woman nominated by a party” not having “the look.” Clinton skated by with a 15-second response on her emails while Trump was asked repeated follow-up questions while Hillary was not. There was no “deplorables” question and Holt promoted the birther meme without noting its origin in the Clinton camp.
Zero Hedge:
- Hillary vs Donald: So Who Won? (graph)
- Deutsche Curve Inverts As Bundesbank Dismisses State Support Of "Zombie" Banks.
- The Global Housing Bubble Is Biggest In These Six Cities.
- Is This Sleeping Dragon Ready To Awaken?
- Wells Fargo(WFC) May Claw Back Millions From Carrie Toldstedt, John Stumpf As Soon As Today.
- Oil Crashes After Saudi-Iran "No Deal" Headlines. (graph)
- Lester Holt: The Third Debater?
- Global Trade To Grow At Slowest Pace Since Financial Crisis. (graph)
- Deutsche Bank(DB) Contagion: Nord LB, Lufthansa, Korean Air Pull Bond Deals.
- Richmond Fed Disappoints: Employee Head Count Crashes To 7-Year Lows. (graph)
- Consumer Confidence Is The Highest In 9 Years (& The Lowest Since 2015). (graph)
- US Services PMI Bounces But Employment Hits 33-Month Lows. (graph)
- Deutsche Bank(DB) Stock Crashes Near Single-Digits As CDS Spike To Record Highs. (graph)
- US Home Price Growth Slowest In A Year. (graph)
- Goldman(GS) Cuts Oil Price Target From $50 To $43 On Rising Global Surplus. (graph)