US Markets Closed Down (SPY -0.8%) after a session mostly on profit taking. WTI crude slipped off the 46.21 high back into the mid 45's. Gold fell off fractionally from the session highs while the US dollar remained stable.
NEW YORK/LONDON (Reuters) - Oil jumped as much as 4 percent on Monday as the world's largest producers gathered in Algeria to discuss ways to support prices, with nervous trade driving volatility to its highest since a similar meeting to freeze output in April in Doha which failed.
ALGIERS (Reuters) - Iran downplayed on Monday the chances of OPEC and non-OPEC oil producers clinching an output-restraint deal in Algeria this week even though several other members of the group said they still hoped for steps to tackle a price-eroding glut of crude.
WASHINGTON (Reuters) - New U.S. single-family home sales posted their biggest decline in nearly a year in August after soaring to nine-year highs the month before, with analysts saying the trend in sales remains positive.
WASHINGTON (Reuters) - The Federal Reserve will seek significantly more capital from the largest U.S. banks and give some relief to smaller banks as it considers reforms to its annual 'stress test,' Fed Governor Daniel Tarullo said on Monday.
WASHINGTON (Reuters) - German automaker Volkswagen AG and auto supplier Robert Bosch GmbH [ROBG.UL] have asked a U.S. federal judge to reject requests from European investors and vehicle owners to access more than 20 million pages of records turned over in VW's "Dieselgate" scandal.
NEW YORK (Reuters) - A federal appeals court on Monday cleared the way for American Express Co to enforce rules prohibiting merchants that accept its cards from steering customers toward lower-cost cards offered by competing issuers.
FRANKFURT/BERLIN (Reuters) - Deutsche Bank said on Monday it had no need for German government help with a $14 billion U.S. demand to settle claims it missold mortgage-backed securities, as its shares hit a record low.
The highly-anticipated first presidential debate of 2016 is finally upon us. The event is expected to draw a record TV audience of 100mm likely making it the most-watched presidential debate of all time. The candidates are expected to come out swinging as Politico points out that debates are typically won or lost in the first 30 minutes:
That's when Al Gore first sighed, Mitt Romney knocked President Obama on his heels, and Marco Rubio, earlier this year, glitched in repeating the same talking point — over and over and over. It's when Gore tried, unsuccessfully, to invade George W. Bush's space, Richard Nixon was first caught wiping away sweat with a handkerchief (during the moderators' introductions!) and Gerald Ford in 1976 made the ill-advised declaration that, "There is no Soviet domination of Eastern Europe."
With that, here are all the things that you need to know but are likely too lazy or simply not interested enough to track down on your own.
Start Time: 9PM EST
TV Coverage: Debate will be aired on all the major broadcast and cable news networks
Event Location: Hofstra University in Hempstead, N.Y.
While the market's attention has been transfixed by the latest crash in the stock of Europe's biggest bank, now that concerns about Deutsche Bank's $2 trillion balance sheet have violently resurfaced, it is worth recalling that Germany's "other" mega bank, DB's smaller rival, Commerzbank, whose balance sheet is hardly looking much healthier, is planning to cut around 9,000 jobs over the coming years as Germany's second biggest lender pushes ahead with a restructuring plan, Handelsblatt reported earlier today, citing unnamed sources in the finance industry.
The round of layoffs would eliminate a massive 18% of the bank's entire workforce.
Like in the case of Deutsche Bank, squeezed by negative European Central Bank interest rates, Commerzbank has been seeking ways to boost revenue by passing on costs to corporate customers and increasing fees for retail depositors, but profit margins remain thin. That leaves cost cutting high on the agenda.
Handelsblatt said it's not clear yet whether Commerzbank will resort to outright dismissals. The bank's restructuring will run through 2020 with costs of up to 1 billion euros ($1.13 billion), according to the newspaper.
In addition to the massive layoffs, the bank will scrap its dividend payments for 2016 as part of the strategy revamp due to be published by Chief Executive Martin Zielke on Friday, Handelsblatt reported.
All the soon to be laid off workers can send their thank you notes to Mario Draghi: no need to even pony up for international postage - the ECB is conveniently located in Frankfurt.
Submitted by Michael Snyder via The Economic Collapse blog,
Are you ready for the most anticipated presidential debate in decades? It is being projected that Monday's debate between Donald Trump and Hillary Clinton could potentially break the all-time record of 80 million viewers that watched Ronald Reagan and Jimmy Carter debate back in 1980. Many Americans probably hope to see some personal fireworks between the two nominees, but the two candidates have both expressed a desire to focus on substantive issues. There will likely be quite a few questions about the economy, and without a doubt this is an area where Trump and Clinton have some very sharp differences. The mainstream media would have us believe that the U.S. economy is in pretty good shape, and if that was true that would seem to favor Clinton. But is it actually true? The following are 26 incredible facts about the economy that every American should know for the Trump-Clinton debate...
#1 When Barack Obama entered the White House, the U.S. government was 10.6 trillion dollars in debt. Today, the U.S. government is 19.5 trillion dollars in debt, and Obama still has several months to go until the end of his second term. That means that an average of more than 1.1 trillion dollars will be added to the national debt during his presidency. We are stealing a tremendous amount of consumption from the future to make the ...
Treasury prices rose Monday, pushing yields to their lowest level in nearly three weeks, on growing risk aversion as investors anxiously awaited the U.S. presidential debate between Democratic nominee Hillary Clinton and her Republican rival Donald Trump.
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