Wednesday, September 27, 2017

Today's Headlines

  • S&P Warns of Correction as Asia Bond Spreads Hit Decade Low. The trend of falling premiums on Asian bonds amid abundant liquidity may not last for long, as global monetary stimulus will inevitably fade, according to S&P Global Ratings. “A significant correction in prices of assets such as bonds, equity, and real property, is likely,” the ratings firm said in a note dated Sept. 26. “Abundant liquidity and steady yields have desensitized markets to tail risks, which could shock markets if they were to occur.”
  • Iraqi Kurds Choose Independence in Face of Regional Backlash. Iraqi Kurds voted overwhelmingly in favor of independence, risking retaliation from neighbors as well as the government in Baghdad who have pledged to do whatever it takes to prevent secession. Almost 93 percent of 3.3 million eligible ballots backed statehood, the Kurdistan High Election Committee said in a press conference in Erbil on Wednesday. Results will be considered final after approval from Kurdistan’s Court of Appeal, according to a report by the Kurdish Rudaw news service.
  • Your Evening Briefing.
  • Trump Tax Cut Odds Start to Make Waves Again in the Stock Market. (video) Amid FANG flu and another trash rally, a trade tied to Donald Trump has come quietly back into vogue with U.S. equity investors. It’s buying stocks seen benefiting the most from the president’s promised tax cuts. A Goldman Sachs basket of companies that pay the highest rates just beat the market for a fifth straight day.
  • JPMorgan(JPM) Suggests Bet Against CBS(CBS) Amid NFL Anthem Controversy. JPMorgan Chase & Co.’s Shawn Quigg is encouraging investors to bet against CBS Corp.stock ahead of this weekend’s NFL broadcasts. The bank recommends buying an option that gives you the right to sell the shares at $57.50 on the likelihood that the stock will fall below that price after the company discloses ratings for the games. CBS closed at $58 on Tuesday.
Wall Street Journal:

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