Bloomberg:
- A Record in Records for U.S. Stocks Rallying Sixth Straight Week. Earnings-day blowups, leverage warnings in China, Apple’s worst rout since August. Oh, and a sixth straight week of gains for the S&P 500. No matter what happens lately, stocks just keep rising, with record closes piling up in U.S. benchmarks at a rate that is starting to defy precedent. The Nasdaq 100 Index has finished at all-time highs 62 different times this year, on par with the most ever in 1999, while the S&P 500 and Dow Jones Industrial Average are closing in on history, too. For bears, the elongating list of highs bespeaks euphoria, particularly when the market has been spared a 3 percent pullback for more than a year. Investors have ignored bad news ranging from North Korea to political drama at the White House to what may be the biggest profit slowdown in six years.
- Spain’s Rajoy Will Oust Catalan Leaders. Prime Minister Mariano Rajoy invoked the most far-reaching powers in the Spanish Constitution as he aimed to strike a decisive blow against the Catalan separatist campaign that has divided the nation and put its economic expansion at risk. Spain will dismiss Catalan President Carles Puigdemont and the rest of his regional government as part of a barrage of actions under Article 155 of the Constitution, Rajoy said at a press conference in Madrid Saturday. The decision has to be ratified by a vote in the Senate, potentially within a week.
- Iran Nuclear Deal Terms Can't Be Renegotiated, Minister Says. The nuclear deal between Iran and world powers can’t be renegotiated despite U.S. President Donald Trump’s objection to the terms, according to the Middle East country’s deputy foreign minister. That includes all annexes, clauses and proposed additions, Abbas Araghchi was quoted by the state-owned Islamic Republic News Agency as saying. The U.S. has already violated the accord through actions that undermine its implementation, he said. “We say clearly and unequivocally, no possibility exists for any negotiations regarding the nuclear deal or its annexes or any additions,” the minister told a conference in Moscow on Saturday.
- OPEC Says ‘All Options are Open’ With Compliance at Record Level. OPEC and its non-OPEC allies reiterated that all options to rebalance the oil market “are left open” as the producers announced the highest level of compliance with their agreement to curtail production. The joint ministerial committee responsible for monitoring the agreement, known as JMMC, said on Saturday that producing countries achieved a record-high conformity level on their voluntary production adjustments at 120% in September, according to a statement on the website of the Organization of Petroleum Exporting Countries.
- Oil Investors Jump Back Into the Fray. Oil investors are back in the ring. Hedge funds are finding betting on West Texas Intermediate crude more attractive again, with total positioning on the U.S. benchmark increasing to the highest in almost a year. The surge comes as oil prices have held steady above $50 a barrel -- a key psychological level -- for about two weeks.
Wall Street Journal:
- Spain Moves to Seize Control of Catalan Government, Call Regional Elections. Prime Minister Mariano Rajoy seeks to use measures to quell Catalonia’s push for independence.
- Drop in Teen Birthrate Helps Drive Decline in Fertility. Economists track the trend because it suggests how many people will be competing for food—and jobs.
- Trump Signals Yellen Still a Top Candidate for Fed Job After Meeting This Week. President also highlights candidates Taylor and Powell by name.
- GOP Gears Up for Tax-Overhaul Push. With passage of Senate budget, Republicans are setting their sights on finishing a tax bill before year-end.
- China’s Road to Electric-Car Domination Is Driven in Part by Batteries. But foreign auto makers and experts say it has set up the market to favor domestic suppliers.
Barron's:
- Had bullish commentary on (MS), (DWDP), (COH), (CZR) and (GDX).
Zero Hedge:
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