Written by Gary
US stock future indexes are lower this morning (SPY -0.4%) looking jittery ahead of a week that could shake up the financial markets. OPEC could spur some volatility, while consumer, manufacturing data may reveal whether the U.S. economy is beginning to struggle. Indicators are showing a marginal amount of bearishness.
Here is the current market situation from CNN Money | |
 | European markets are sharply lower today with shares in France off the most. The CAC 40 is down 2.14% while Germany’s DAX is off 2.06% and London’s FTSE 100 is lower by 1.09%. |
In Asia, Japan -1.3% to 16544. Hong Kong -1.6% to 23318. China -1.8% to 2980. India -1.4% to 28280.
In Europe, at midday, London -1.2%. Paris -1.8%. Frankfurt -1.6%.
Futures at 8:45, Dow -0.5%. S&P -0.4%. Nasdaq -0.5%. Crude +0.5% to $45.08. Gold -0.01% to $1341.65.
Ten-year Treasury Yield -1 bps to 1.6%
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | World stocks get twitchy before Trump-Clinton showdownLONDON (Reuters) – European and Asian shares retreated on Monday with investors focused on how Donald Trump would fare in a U.S. presidential debate against Hillary Clinton, while oil prices firmed before an informal OPEC meeting. |
| Few signs of oil freeze at home as Russia meets OPECMOSCOW (Reuters) – As Russian energy minister Alexander Novak flies to Algeria this week for talks with OPEC on output cuts, developments at home indicate non-OPEC Russia is still ill prepared for any coordinated production action. |
| Germany’s Lanxess to buy U.S. chemical firm Chemtura for $2.7 billionFRANKFURT (Reuters) – Lanxess AG is to buy U.S. speciality chemical company Chemtura for 2.4 billion euros ($2.69 billion) including debt in the German company’s largest ever takeover, moving it further away from its main synthetic rubber business. |
| Bank of America to cut Asia investment banking jobs: sourcesSINGAPORE/HONG KONG (Reuters) – Bank of America is set to cut about two dozen investment banking jobs in Asia, including some top dealmakers, sources told Reuters, as a slowdown forces western banks to cut costs. |
| Takata’s search for a savior could drag into next year: sourcesTOKYO (Reuters) – The plan to sell beleaguered Takata Corp to a rescuer, slated by year-end, is likely to extend into next year as some bidders want to drag the air bag maker through bankruptcy to wipe out most of its debt, people with knowledge of the matter said. |
| On the Majestic Maersk, mega-ship dreams obscure cloudy future for shippingSHANGHAI (Reuters) – For Captain Dick S. Danielsen, the childhood dream has been to sail the world’s biggest ships. |
| ChemChina seeks EU okay for Syngenta deal, decision due October 28BRUSSELS (Reuters) – China National Chemical Corp (ChemChina) [CNNCC.UL] has sought antitrust approval for its $43 billion bid for Swiss pesticides and seeds group Syngenta from the European Union and a decision is expected by Oct. 28. |
| Pfizer abandons plan to split into two(Reuters) – U.S. drugmaker Pfizer Inc said on Monday it had decided not to separate into two publicly traded companies by separating its low-growth generics from its patent-protected branded medicines. |
| Deutsche Bank says to solve problems without help from BerlinFRANKFURT (Reuters) – Deutsche Bank will solve its problems without relying on help from Berlin, Germany’s flagship lender said on Monday. |
| “Bodies On The Ground” – At Least 7 Injured In Houston, Police Warn Of Active Shooter Situation – Live FeedAn active shooter situation is underway at a supermarket strip mall in southwest Houston. ABC reports at least 7 injured after a black male with a revolver was shooting at vehicles.
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| 26 Incredible Facts About The Economy That Every American Should Know Before The Trump-Clinton DebateSubmitted 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 … |
| A Crashing Deutsche Bank Scrambles To Assure Markets That It Is “Fine”With Deutsche Bank stock plunging to fresh all time lows in early trading after Merkel reportedly ruled out state aid the embattled German lender, the bank found itself in the unenviable position of once again having to defend its balance sheet to avoid further stock price declines, especially as doubts mounted if the German government response was due to a pre-emptive request for aid. DB quickly tried to squash such speculation when a bank spokesman said that “CEO John Cryan at no point asked the German Chancellor for the government to intervene in the U.S. Justice Department’s mortgages case.” He added that Deutsche Bank will solve its problems without relying on help from Berlin, Germany’s flagship lender said on Monday. The market remains unconvinced: shares in Germany’s biggest bank hit a record low of 10.62 euros on Monday…
… with its default risk once again spiking.
Naturally, DB had no option but to project confidence: “Deutsche Bank is determined to resolve its challenges on its own,” the spokesman said. “There is currently no question of a capital increase. We are meeting all regulatory requirements,” the spokesman added. Cryan and Merkel met in July to discuss Brexit repercussions but did not touch on the matter of potential help with U.S. legal proceedings, a person close to the matter said according to Reuters. That said, the sellside suspects that a new capital raise appears inev … |
| Frontrunning: September 26Stocks Drop on Bank, Commodity Company Woes; Turkish Lira Falls (BBG) Clinton and Trump to square off in highly anticipated debate showdown (Reuters) Profit Slump for S&P 500 Heads for a Sixth Straight Quarter (WSJ) Oil rises as OPEC meets, volatility hits post-Doha high (Reuters) Deutsche Bank Slumps to Fresh Record Low on Capital Concerns (BBG) Police Videos Fail to Quiet Protests in Charlotte (WSJ) What Wall Street’s Watching Ahead of the First Presidential Debate (BBG) Billionaire Donors Led by Soros, Simons Favor Clinton Over Trump (BBG) Trump, Clinton Assure Netanyahu on Future of U.S.-Israel Ties (BBG) Air strikes pound rebel-held Aleppo districts (Reuters) Corbyn Victory Leaves Little Resolved for U.K. Labour Party ( |
| AMD No Longer Coming Up ShortThe chip maker’s improving prospects have made the stock a less appealing short target. |
| Japanese Banks: New Policy, Same Old PainWith profitability withering away, Japanese banks may need a lot more help than the central bank is willing to give. |
| Another $10 Billion Hong Kong Stock Market MysteryProperty developer Fullshare is the latest hard-to-explain Hong Kong highflier. |
| The Tell: 76% of U.K. CEOs consider leaving Britain after Brexit, survey findsA majority of chief executives at major U.K. companies are considering moving their headquarters or some operations outside Britain because of the Brexit vote, according to a KPMG survey. |
| The Wall Street Journal: Pfizer says it won’t split into two separate companiesThe company, urged on by analysts, has been talking a split for years. |
| Market Snapshot: Clinton-Trump debate showdown carries potential to sock stocksInvestors will be keeping a close eye on the first of the presidential debates between Hillary Clinton and Donald Trump for signs of a momentum shift in the closely contested race, which carries with it the potential to jar stocks. |
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