U.S. equity markets experienced a steep selloff (SPY - 2.4%) after Boston Federal Reserve President Eric Rosengren said a "reasonable case" could be made for raising interest rates in September. Crude Prices are continuing to selloff after the market close (WTI mid 45's) and the US dollar remains high and dry in the 95's.
NEW YORK (Reuters) - U.S. stocks dropped on Friday, giving the S&P 500 its worst day since June, as investors grew nervous following a nuclear test by North Korea and comments by Federal Reserve officials that hinted at a U.S. interest rate hike.
(Reuters) - General Motors Co said on Friday it will recall nearly 4.3 million vehicles worldwide due to a software defect that can prevent air bags from deploying during a crash, a flaw already linked to one death and three injuries.
WASHINGTON/QUINCY, Mass. (Reuters) - U.S. Federal Reserve policymakers on Friday headed towards their policy meeting later this month divided on whether a rate rise is in the offing, with some of the permanent voting members appearing wary of supporting an immediate hike.
DETROIT/WASHINGTON (Reuters) - A Volkswagen AG engineer pleaded guilty on Friday to helping the German automaker evade U.S. emission standards, and his lawyer said he would cooperate with federal authorities in their criminal probe.
LONDON (Reuters) - Some 46 million people in Britain could potentially benefit from a legal case brought against Mastercard demanding 14 billion pounds ($19 billion) in damages for allegedly charging excessive fees, according to court documents filed in London.
NEW YORK (Reuters) - Lynn Tilton, the New York financier accused by the U.S. Securities and Exchange Commission of defrauding her investors, on Friday sued the regulator to stop it from pursuing in-house enforcement cases against her and others.
CHICAGO (Reuters) - SandRidge Energy Inc won court approval for a plan to exit bankruptcy, overcoming opposition from shareholders who had accused the oil and gas producer of misrepresenting its value, a U.S. bankruptcy judge in Houston said on Friday.
(Reuters) - Business-jet makers such as Bombardier Inc and Textron Inc are offering more discounts and incentives to prevent buyers from canceling orders or delaying purchases amid sluggish global growth, analysts and dealers said.
Were the election held today, Hillary Clinton would probably win a clear majority of the Electoral College.
Her problem: The election is two months off.
Sixty days out, one senses she has lost momentum — the "Big Mo" of which George H. W. Bush boasted following his Iowa triumph in 1980 — and her campaign is in a rut, furiously spinning its wheels.
The commander in chief forum Wednesday night should have been a showcase for the ex-secretary of state's superior knowledge and experience.
Instead, Clinton looked like a witness before a grand jury, forced to explain her past mistakes and mishandling of classified emails at State.
"Of the two candidates," The New York Times reported, "Mrs. Clinton faced by far the tougher and most probing questions from the moderator, Matt Lauer of NBC, and from an audience of military veterans about her use of private email, her vote authorizing the Iraq war, her hawkish foreign policy views..."
On defense most of the time, Clinton scored few points.
And with a blistering attack on Lauer, the Times all but threw in the towel and conceded that the Donald won the night.
"Moderator of Clinton-Trump Forum Fields A Storm of Criticism," was the headline as analyst Michael Grynbaum piled on:
"Mr. Lauer found himself besieged on Wednesday evening by critics of all political stripes, who accused the anchor of unfairness, sloppiness, and even sexism in his handling of the event."
With stocks having reached nosebleed valuations which clearly make no sense, which event bullish pundits slam as absurd, and which every single bank has thrown up on and is urging clients to sell into what has clearly been a relentless central bank bid, there has been just one justification for the stratospheric prices attained by equities: the so-called Fed model, which argues that all that is needed for stocks to be high is for them to be cheap relative to bond yields, or in other words, the lowers global bond yields are, the higher stocks can levitate, completely dislocated from fundamentals.
Naturally, it is this dislocation that has forced so many hedge funds to face the greatest redemption wave since the crisis, or throw in the towel altogether, as this particular "model" is nothing more than a economic justification for an asset bubble, in this case one inflated by central banks who have created the biggest bond and stock bubble in history courtesy of some $2.5 trillion in annual liquidity injections...
... or as we called it, a slow-motion LBO of equity markets courtesy of central banks.
Trying to find efficiencies and synergies to save $1.7 billion.
The ink was barely dry on Dell's acquisition of EMC, the largest technology deal ever, valued at $67 billion when it was announced in October last year - and already the layoff rumors are oozing from the woodwork.
"People familiar with the company's plans" told Bloomberg that Dell will cut 2,000 to 3,000 jobs.
Dell spokesman Dave Farmer refused to comment specifically on the report on Thursday but said instead, as sort of a confirmation: "As is common with deals of this size, there will be some overlaps we will need to manage and where some employee reduction will occur."
On Wednesday, the day the deal closed, CEO Michael Dell gave some clues in an interview: "There are some overlapping functions and that sort of thing - that's not the primary feature of this, but there is some of that."
These "overlaps" or "overlapping functions" are terms in corporate speak for real people, and these real people are mostly working in the US, according to the report: supply chain, marketing, and g ...
Stocks have plunge below their 50-day moving averages, precipitated by a rout in equities and government bonds on intensifying fears that the Federal Reserve could finally pull the trigger on raising rates after a nearly 10-month hiatus.
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