Bloomberg:
- Pop-Up Army Shows How Splintering Ukraine Girds for War. A training grenade arcs toward a group of nine men practicing combat with trench shovels. This is the Ukrainian government’s volunteer civilian army, getting a crash combat course as the country braces for war. “I’m sure they won’t lay down their guns during the first fight,” Colonel Volodymyr Gornik, who lobbed the projectile, said at the base outside Kiev, the capital. “They won’t be cannon fodder.”
- Russia Close to $400 Billion Gas Pipeline Deal in Pivot to China. Russia is close to signing a decades-long contract to supply natural gas to China at a price that would value the deal at about $400 billion, according to Prime Minister Dmitry Medvedev. Medvedev’s boss Vladimir Putin arrives in Shanghai today to try and complete an agreement after more than 10 years of talks. The stumbling block has been price, but with Putin facing trade and financial sanctions from the U.S. and European Union after he annexed Crimea from Ukraine, a deal is seen as probable. “It’s time we reached an agreement with the Chinese on this issue,” Medvedev said in a Bloomberg Television interview in Moscow yesterday. “It is very likely that there will be a contract, which means long-term contracts.”
- China’s Casino-to-Internet Bust Deepens as ChiNext Sinks. Chinese stock investors are running out of places to hide. First, it was the Macau casinos, which began tumbling in January after an average 217 percent rally in the previous two years. Then came the selloff in Internet shares, which dragged down Tencent Holdings Ltd. and Sina Corp. more than 15 percent since March. Small-cap stocks were the latest to buckle, with the ChiNext Index entering a bear market last week. The few pockets of strength in the $3.2 trillion stock market are disappearing as China’s weakening economy reduces investor appetite for even the fastest-growing companies. All 10 industry groups in the CSI 300 Index of mainland-traded shares have retreated this year while just 1 percent of the 170 Chinese stock funds tracked by Bloomberg recorded gains, versus more than 70 percent last year.
- China Plans Additional 100 IPOs in Second Half of 2014. China plans to have about 100 initial public offerings from June through the end of this year as the government pushes for development in capital markets. The stock sales will be spread over time to ensure there are a similar number each month, China Securities Regulatory Commission Chairman Xiao Gang said in a statement posted on the regulator’s website yesterday.
- Irish Jump Into Real Estate Game as Bubble Echoes Grow. Charles O’Rourke reckons it’s different this time as he jumps into the real estate game. The 81-year-old retiree says he took “massive” losses on his bank stocks when Ireland’s financial system melted down in 2008. Now he’s joined billionaires George Soros and John Paulson in acquiring shares in one of the real estate investment trusts buying property in the Irish capital, Dublin.
- Credit Suisse Agrees to Plead Guilty in Tax Case Says US. Credit Suisse AG representatives appeared in a Virginia federal court to plead guilty on behalf of the Swiss firm to helping Americans cheat on their taxes, making it the first bank in more than a decade to admit to a crime in the U.S. The prosecution marks a tougher stance by the Justice Department, which has faced criticism that it avoided pursuing large banks after the 2008 financial crisis because of the potential economic fallout. U.S. prosecutor Mark Lytle today said the bank would enter a plea.
- Asian Stocks Swing After U.S. Shares Gain on Low Volumes. Asian stocks swung between gains and losses as information technology companies rose and industrial shares fell, after U.S. equities increased amid low volume as Internet and small-cap shares extended a rebound. Yahoo Japan Corp. soared 14 percent as brokerages raised its rating after the nation’s largest Internet portal canceled plans to acquire eAccess Ltd. from SoftBank Corp. Ryman Healthcare Ltd., aNew Zealand healthcare provider, dropped 2 percent. Sumitomo Metal Mining Co. rose 4.3 percent in Tokyo. The MSCI Asia Pacific Index was little changed at 139.32 as of 9:29 a.m. in Tokyo after falling 0.8 percent over the past two days.
- Putin Again Orders Troops at Ukraine Border to Return to Bases. NATO, U.S. Officials Say They See No Evidence Yet of Pullback. President Vladimir Putin ordered Russian troops involved in exercises near the Ukrainian border to return to base—again—and called anew on Monday for Ukraine's government to withdraw its military from the restive east. The North Atlantic Treaty Organization and the Obama administration were skeptical, however, saying they have yet to see evidence of any drawdown of Russian troops despite a series of similar claims from the Kremlin.
- Worries of a Bank-Loan-ETF Exodus Mount. Investors have been pulling money out of exchange-traded funds backed by bank loans, once again raising concerns about the ability of lightly traded financial markets to handle a big exodus from ETFs. Leveraged-loan ETFs last month had three consecutive weekly net withdrawals, together valued at $107.5 million, marking the only such streak of investors pulling money out of the group since the first bank-loan ETF was launched in 2011,...
- J.P. Morgan's(JPM) Dimon Aims to Stay Put. CEO Tells Group of Shareholders, 'I'm Going Nowhere.
- What Would Warren Do? (video)
Reuters:
- Fed's super-easy policies pose risks, officials say. The Federal Reserve's super-easy policies, if pursued for too long, could have adverse consequences in the long run, two top Fed officials said on Monday, although the biggest risk is not runaway inflation. Instead, San Francisco Fed President John Williams told reporters after participating in a monetary policy conference at the George W. Bush Institute in Dallas, one major risk is that low rates for too long could push asset prices too high, or encourage investors to take on too much risk.
Obama takes on coal with first-ever carbon limits
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Read more at http://www.philly.com/philly/news/politics/20130919_ap_0f857b20e0c144a5a1e1b9dddc9f9d72.html#YRThyDOhArykUeYy.99
MNI:
Australian Financial Review:- China's Trade Outlook Remains Severe, Mofcom Official Says. External demand is still weak with the recovery in developed economies remaining unstable and demand from emerging economies shrinking, citing Zhang Ji, the head of the foreign trade department of the Ministry of Commerce. It would be an arduous job for China to meet its 7.5% full-year trade growth target, Zhang said.
- Australia's AAA Rating May Be Reviewed Without More Cuts. S&P sovereign analyst Craig Michaels cited as saying that the ratings agency is "looking to see the government improve budget performance over the next few years."
- None of note
- Asian equity indices are -.50% to +.50% on average.
- Asia Ex-Japan Investment Grade CDS Index 121.0 +2.0 basis points.
- Asia Pacific Sovereign CDS Index 85.75 +.25 basis point.
- FTSE-100 futures +.01%.
- S&P 500 futures -.03%.
- NASDAQ 100 futures +.03%.
Earnings of Note
Company/Estimate
- (DCI)/.47
- (DKS)/.53
- (TRB)/.68
- (MDT)/1.12
- (TJX)/.67
- (ADI)/.56
- (TDW)/.62
- (INTU)/3.50
- (CRM)/.10
- (HD)/.99
- (RRGB)/.72
- (SPLS)/.21
- None of note
- (AWH) 3-for-1
- The Fed's Dudley speaking, Fed's Plosser speaking, Fed's Fischer nomination vote in Senate, UK inflation data, weekly US retail sales reports, Goldman Sachs Basic Materials Conference, UBS Financial Services Conference, (CSCO) investor day, (WFC) investor day and the (ARMH) investor day could impact trading today.
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