Health - Google News
CDC investigating multistate E. coli outbreak linked to ground beef
ATLANTA – The Centers for Disease Control and Prevention (CDC) announced Saturday that it was investigating a multistate outbreak linked to packaged red meat that may be contaminated with E. coli. Athol, Massachusetts-based Adams Farm ...
USDA recalls meat from Athol farm
Meat recall issued for Athol's Adams Farm Slaughterhouse
Adams Farm Slaughterhouse Recall Prompted by E. coli Outbreak
Swedish scientist edits DNA of healthy embryos—should public worry?
Genetic Literacy Project
[On Sept. 22,] an NPR report, “Breaking Taboo, Swedish Scientists Seeks To Edit DNA of Healthy Human Embryos,” stokes the perennial “designer baby” fears. Actually what researcher Fredrik Lanner…is doing is seeking to edit genes in donated embryos to ...
'It has use that is not morally acceptable'
Controversial Human Embryo Editing: 5 Things to Know
Human Embryo Editing: Sweden Docs Make It Possible To Customize Your Baby
Just say no to Narcan? Heroin rescue efforts draw backlash
CINCINNATI – First responders in U.S. communities reeling from waves of heroin overdoses say some people tell them they should just say no to using so many resources on drug abusers. ADVERTISEMENT. Authorities say people have expressed frustration ...
More Hispanic Women Received Breast Cancer Treatment After Obamacare
More Hispanic women received breast cancer treatment and participated in clinical trials after the Affordable Care Act was implemented. Hispanic women have the third highest incidence of breast cancer in the U.S. in 2013. ( John Moore | Getty Images ).
More Hispanics Treated at Breast Cancer Center After Obamacare
Black Survivors of Breast Cancer Score Higher in Spiritual Quality of Life
Family histories vital to early detection, treatment
Outbreak News Today
Philippines: More Zika virus reported in Western Visayas
Outbreak News Today
Philippines health officials reported on today an additional three locally acquired Zika virus infections in the Iloilo City area in the Western Visayas, bringing the case tally on the archipelago to 12. The new cases were reported from Iloilo City (2 ...
Officials, residents work to prevent Zika spread in Rosemead
Our opinion: Zika action by Congress overdue
Philippines reports first Zika pregnancy case
Get Pink: Men can get breast cancer
Anthony Merka holds a sign in this undated photo showing he's a three-year survivor of breast cancer at a recent Race for the Cure event. (photo provided). 0shares. tweet now! 0shares. tweet now! OKLAHOMA CITY (KOKH) — Anthony Merka's story started ...
Pink Ribbon Society tea shines spotlight on breast cancer survivors
Getting involved: Breast cancer events run through month across region
Art Franklin hosts tennis tourney for breast cancer awareness
Body fat link to bacteria in faeces
The make-up of the bacteria found in human faeces may influence levels of dangerous fat in our bodies, say researchers from King's College London. Their analysis of stool samples in a study of more than 3,600 twins found evidence that some of this ...
How Gut Bacteria May Predict Belly Fat
Scientists find new fat clues in faeces
Fecal Bacteria May Be Influencing Body Fat
FDA Approves AMGN's 1st Biosimilar, MRNS On Track, All Ears For DRRX, PTIE
AMJEVITA, which is Amgen's first biosimilar to receive the FDA nod, has been approved for the treatment of seven inflammatory diseases, including moderate-to-severe rheumatoid arthritis, moderate-to-severe polyarticular juvenile idiopathic arthritis ...
How Much Will Consumers Save on New Humira Biosimilar?
Amgen's Humira biosim, Amjevita, passes FDA milestone on long road to market
FDA approves Amgen's copy of AbbVie arthritis drug Humira
In one day, 7 fatal drug overdoses in Cleveland area
(CNN) Seven people died from drug overdoses in Ohio's Cuyahoga County on Saturday, prompting the county's medical examiner to issue a public health warning. Fifty-two drug overdose deaths occurred in August alone, the highest such number in a given ...
7 overdose deaths in 1 day reported in Cleveland area
Deadly Drug Sweeps Through Cleveland, Kills Seven in One Day
7 Die of Overdoses in 1 Day in Cleveland Area
Some cities are taking another look at LED lighting after AMA warning
If people are sleepless in Seattle, it may not be only because they have broken hearts. The American Medical Association issued a warning in June that high-intensity LED streetlights — such as those in Seattle, Los Angeles, New York, Houston and ...
US Cities Reconsider LED Streetlights After AMA Warning
AMA Warns High-Intensity LED Street Lights May Be Harmful, Some Cities Not Convinced
Surprising unintended consequence for LED lighting
Google Alert - cancer
Google Alert - healing
Google Alert - Obesity, Diabetes
Tonight's debate is anticipated to draw an audience of up to 100mm as viewers are "expecting the unexpected". Anticipation for some sort of controversy at tonight's debate grew over the weekend after chatter arose on twitter that Bill's former mistress, Gennifer Flowers, may attend the debate as Trump's guest. Viewers will also be focused on whether or not the debate moderator, Lester Holt, steps in to "fact check" Trump, a controversial policy that landed CNN's host, Candy Crowley, in hot water back in 2012 after she "fact checked" Mitt Romney even though her "facts" turned out to be inaccurate.
Meanwhile, the New York Times endorsed Hillary for President (shocking, we know) by offering up a scathing review of Trump called "Why Donald Trump Should Not Be President" which, among other things, describes Trump as a "man who dwells in bigotry, bluster and false promises." Of course, the NYT attack piece on Trump called on all the typical democrat narratives against republicans noting that Trump's "campaign marked by bursts of false and outrageous allegations, personal insults, xenophobic nationalism, unapologetic sexism and positions that shift according to his audience and his whims." Of course, the Times also chose to hammer Trump on his "brazen refusal to disclose his tax returns" and his "questionable" ties to Russia. So, basically the same old stuff.
We guess the NYT has chosen to simply ignore the myriad of scandals, sorry plumes of smoke, surrounding their chosen candidate.
In any event, here is where things stand in the latest polls at we head into tonight's debate.
The latest Bloomberg poll, out today, reveals a 2-point lead for Trump in a 4-way race.
Meanwhile, the Real Clear Politics average poll has Clinton up 2.3 points after a Trump surge, post Hillary's 9/11 "medical episode", brought them close to even.
Of course, we all know that the national polling data is fairly irrelevant with the election ultimately coming down to a couple of key swing states. In Florida, Real Clear Politics has the race a dead heat.
Meanwhile, Trump has opened up a 1.8 point lead in Ohio.
And Colorado is also up for grabs as Hillary is a holding on to a marginal 0.7 point lead.
And we leave you with this interesting Bloomberg graphic that quickly sums up where each candidate stands based on demographics.
Few analysts noted it, but the $USD actually staged its second strongest day of the year the Friday before last.
The only other day in which the $USD rallied more was on the day of BREXIT, a black swan event that featured EXTREME currency volatility.
This move tells us something BIG is afoot “behind the scenes” in the financial system
I believe that something is a banking crisis in the EU. The clear signal is coming from Deutsche Bank (DB).
DB is the proverbial “canary in the coalmine” for Europe. Perched atop the largest derivatives book in Europe, DB has ties to most major financial institutions in the region.
Which is why as soon as DB starts nose-diving, you know something big is up.
DB shares are down 16% since September 15th and nearly 20% from September 9th. Put another way, this bank has lost a FIFTH of its market cap in less than two weeks.
Bear in mind, Deutsche Bank is considerably larger than Lehman Brothers. It’s derivatives book is 20 times German GDP.
And the long-term chart is VERY disturbing.
We believe the global markets are on the verge of another Crisis.
2008 was Round 1. This next round, Round 2, will be even worse.
If you've yet to take action to prepare for this, we offer a FREE investment report called the Financial Crisis "Round Two" Survival Guide that outlines simple, easy to follow strategies you can use to not only protect your portfolio from it, but actually produce profits.
We made 1,000 copies available for FREE the general public.
As we write this, there are less than 100 left.
To pick up yours, swing by….
Phoenix Capital Research
Our FREE e-letter: www.gainspainscapital.com
The week ahead is striking in the sheer number of central bank speakers, but with the Fed on hold until December and the BoJ’s new framework now revealed, focus turns squarely from central banks to US politics. The first US presidential debate at the start of the week will be a key focus.
Elsewhere, the OPEC meeting in Algiers will also draw attention, though headlines on Friday suggesting a supply deal remained elusive dampened expectations. Looking at the longer-term picture, our commodity colleagues see hints that the oil price war is over.
- Kicking things off this morning will be Germany where the September IFO survey is due to be released, while the UK will follow with the latest CBI reported sales data for this month. In the US the only data scheduled to be released are August new home sales and the September Dallas Fed manufacturing survey.
- We start in Asia on Tuesday where Japan PPI and China industrial profits data are both scheduled to be released. The only data worth highlighting in Europe on Tuesday is the M3 money supply growth figure for the Euro area. In the US tomorrow we’ll firstly get the S&P/Case-Shiller house price index for July, followed by the remaining flash PMI’s (services and composite), consumer confidence in September and the Richmond Fed manufacturing survey for this month.
- Turning to Wednesday, during the Asia period we’ll get small business confidence in Japan and also the latest consumer sentiment reading in China. During the European session we’ll then get consumer confidence readings out of Germany, France and Italy. There’s important data in the US on Wednesday with the flash August durable and capital goods orders numbers.
- We’ve got a reasonably busy calendar on Thursday to get through. In Japan we’ll get the August retail trade and sales data. During the European session we’ll get September CPI and unemployment data out of Germany, along with Euro area confidence indicators in September and also UK money and credit aggregates numbers for August. During the US session all eyes will be on the third revision to Q2 GDP (expected to be nudged up two-tenths to +1.3% qoq), while the August advance goods trade balance, wholesale inventories, initial jobless claims and pending homing sales for August are also due.
- We close the week in Japan with a bumper set of releases include the jobless rate, household spending, industrial production, housing starts and the August CPI print. China will also release the Caixin manufacturing PMI print. During the European session we’ll get CPI and PPI in France, the final Q2 GDP print for the UK and also CPI for the Euro area in September. In the US we end the week with the personal income and spending report for August, PCE core and deflator readings, Chicago PMI and finally the last revision to the University of Michigan consumer sentiment reading.
The complete breakdown of events is as follows:
If that wasn’t enough, DB's Jim Reid points out that there’s plenty away from the data too.
- ECB President Draghi is due to speak at EU parliament in Brussels today at 3pm BST while the Fed’s Tarullo and Kaplan are also due to speak. The first US Presidential election debate also takes place tonight while the OPEC meeting in Algeria is also obviously worth keeping an eye on given the informal sideline meeting of producers. The forum will run through to Wednesday. It’s also expected that Italy PM Renzi will set the date for the planned referendum on constitutional reform at some stage today.
- Tomorrow the Fed Vice-Chair Fischer is due to speak.
- On Wednesday there’s more Fedspeak with Bullard and Evans are also due to speak along with Fed Chair who is testifying before the House Financial Services Committee on the topic of bank supervision, although this is a platform not commonly associated with the Fed Chair expressing opinions on either the economic outlook or monetary policy.
- On Thursday we hear from the Fed’s George and also the BoJ’s Kuroda during the Asia session – although we’re not sure if Kuroda will be speaking on monetary policy at all. The Fed’s Harker, Lockhart, Powell and Kashkari are also due to speak, as is Yellen again before a minority banking conference. With little in the way of key data since the FOMC it’s unlikely that this will be hugely market moving. The European Banking Summit also kicks off in Brussels on Thursday.
- Finally on Friday during the Asia session we get the BoJ summary of opinions from last week’s meeting.
* * *
Looking at just the US, the key economic releases this week are new home sales on Monday, durable goods orders on Wednesday, and the PCE report on Friday. Hhere is the summary of key events alongside consensus expectations:
Goldman breaks down the key events expected in the US in the next week:
* * *
Monday, September 26
- 09:30 AM Minneapolis Fed President Kashkari (FOMC non-voter) speaks: Federal Reserve Bank of Minneapolis President Neel Kashkari will deliver opening remarks at the Fourth Symposium on “Ending Too Big to Fail” in Minneapolis, Minnesota. Recently, President Kashkari said that he worries about hiking interest rates too quickly more than too slowly.
- 11:45 AM Fed Governor Tarullo (FOMC voter) speaks: Federal Reserve Governor Daniel Tarullo (FOMC voter) will give a speech titled, “Next Steps in the Evolution of Stress Testing” to the Yale School of Management Leaders Forum.
- 10:00 AM New home sales, August (GS -8.0%, consensus -8.3%, last +12.4%): We expect new home sales to decline by 8.0% in August, following a strong 12.4% gain in July. New home sales are highly volatile on a month-to-month basis. Both single-family and multi-family housing starts weakened in August, and a decline in multi-family buildings permits offset modest increases in single-family units.
- 10:30 AM Dallas Fed manufacturing index, September (consensus -3.0, last -6.2)
- 01:30 PM Dallas Fed President Kaplan (FOMC non-voter) speaks: Federal Reserve Bank of Dallas President Robert Kaplan (FOMC non-voter) will take part in a moderated Q&A at the Independent Bankers Association of Texas Annual Convention in San Antonio, Texas. Media Q&A is expected. Last week, President Kaplan remarked that the Fed “can afford to be patient in raising rates.”
Tuesday, September 27
- 09:00 AM S&P/Case-Shiller home price index, July (GS -0.1%, consensus flat, last -0.1%): The Case-Shiller home price index appears to have been influenced by seasonal adjustment challenges recently. We expect a 0.1% decline in house prices in the July report based on the pattern seen last year. Over the past year, the 20-city index has increased by 5.1%.
- 09:45 AM Markit Flash US Services PMI, September preliminary (consensus 51.2, last 51.0)
- 10:00 AM Conference Board consumer confidence, September (GS 99.0, consensus 98.8, last 101.1): We expect consumer confidence to edge down in September after the index rose to 101.1 from a revised 96.7 in August. The University of Michigan’s preliminary estimate of consumer sentiment for September was unchanged, slightly below consensus expectations for a modest increase.
- 10:00 AM Richmond Fed manufacturing index, September (consensus -2, last -11)11:15 AM Fed Vice Chairman Fischer (FOMC voter) speaks: Federal Reserve Vice Chair Stanley Fischer will discuss reasons to study economics at Howard University.
Wednesday, September 28
- 08:30 AM Durable goods orders, August (GS +0.2%, consensus -1.4%, last +4.4%): Durable goods orders ex-transportation, August (GS -0.7%, consensus -0.5%, last +1.3%); Core capital goods orders, August (GS -1.6%, consensus -0.1%, last +1.5%); Core capital goods shipments, August (GS flat, consensus +0.1%, last -0.5%): We expect durable goods orders to rise 0.2% and core capital goods orders to decline -1.6% in August, following a stronger-than-expected report in July. August industrial production data came in a bit below consensus expectations, and regional manufacturing surveys were mostly weaker. We also expect core capital goods shipments to be flat. Over the last year, core capital goods orders declined by 4.9%, while core capital goods shipments declined by 7.1%.
- 08:45 AM Minneapolis Fed President Kashkari (FOMC non-voter) speaks: Federal Reserve Bank of Minneapolis President Neel Kashkari will participate in a moderated Q&A at the Institutional Investor Conference in Minneapolis, Minnesota.
- 10:00 AM Fed Chair Yellen (FOMC voter) speaks: Federal Reserve Chair Janet Yellen will testify before the House Financial Services Committee on supervision and regulation. At the September FOMC post-meeting press conference, Chair Yellen remarked that most of the FOMC participants judged that while the case for a rate hike had grown stronger, “the economy has a little more room to run than might have been previously thought.”
- 10:10 AM St. Louis Fed President Bullard (FOMC voter) speaks: Federal Reserve Bank of St. Louis President James Bullard will make introductory remarks on community banking at a research conference sponsored by the Federal Reserve and the Conference of State Bank Supervisors titled, “Community Banking in the 21st Century.”
- 01:30 PM Chicago Fed President Evans (FOMC non-voter) speaks: Federal Reserve Bank of Chicago President Charles Evans will deliver the afternoon keynote address on community banking at a conference on “Community Banking in the 21st Century” in St. Louis. President Evans recently remarked that U.S. monetary policy appears to be less expansionary now and the Fed could “normalize policy much faster than currently envisioned and still keep the pace gradual.”
- 04:35 PM Cleveland Fed President Mester (FOMC voter) speaks: Federal Reserve Bank of Cleveland President Loretta Mester will give a speech on the economic outlook and policy at the Greater Cleveland Partnership Third Quarter Middle-Market Forum. At the September FOMC meeting, President Mester was one of the three dissenters who preferred to increase the federal funds rate target range.
- 07:15 PM Kansas City Fed President George (FOMC voter) speaks: Federal Reserve Bank of Kansas City President Esther George will give a speech at a conference titled, “Banking and the Economy: A Forum for Minority Bankers.” At the September FOMC meeting, President George was one of the three dissenters who preferred to raise the federal funds rate target.
Thursday, September 29
- 05:00 AM Philadelphia Fed President Harker (FOMC non-voter) speaks: Federal Reserve Bank of Philadelphia President Patrick Harker will give a speech on the economic outlook at the Global Interdependence Center’s Central Banking Series in Dublin, Ireland.
- 08:30 AM Advanced goods trade balance, August (GS -$61.1bn, consensus -$62.3bn, last -$58.8bn): U.S. Census Bureau Report on Advance Economic Indicators; Last month, the Census Bureau’s Advance Economic Indicators report showed a smaller-than-anticipated trade deficit, offset by soft wholesale and retail inventory accumulation. We expect the goods trade deficit to widen moderately in August.
- 08:30 AM Initial jobless claims, week ended September 24 (GS 260k, consensus 260k, last 252k); Continuing jobless claims, week ended September 17 (last 2,113k): We expect initial jobless claims to move up to 260k after claims declined to 252k last week. The decline in claims primarily reflected a sharp drop in California.
- 08:30 AM GDP (third), Q2 (consensus +1.3%, last +1.1%); Personal consumption, Q2 (consensus +1.8%, last +1.8%): Consensus expects Q2 GDP to be revised up to 1.3% from 1.1% in the third revision. Personal consumption is expected to remain unchanged.
- 08:30 AM Wholesale inventories, August (consensus flat, last +0.1%): Consensus expects wholesale inventories to be flat in August.
- 08:50 AM Atlanta Fed President Lockhart (FOMC non-voter) speaks: Federal Reserve Bank of Atlanta President Dennis Lockhart will give a keynote presentation at the Future of Florida Forum in Orlando, Florida. Audience and media Q&A is expected.
- 10:00 AM Pending home sales, August (consensus flat, last +1.3%): Consensus expects pending home sales to be flat in August. Last month, pending home sales rose 1.3% while prior months were revised downward. We have found pending home sales—based on contract signings rather than closings—to be a decent leading indicator of existing home sales with a one- to two-month lag.
- 10:00 AM Fed Governor Powell (FOMC voter) speaks: Federal Reserve Governor Jerome Powell will present on “Trends in Community Bank Performance over the Past 20 Years” at a conference on community banking in St. Louis.
- 02:00 PM Minneapolis Fed President Kashkari (FOMC non-voter) speaks: Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at a town hall in Rapid City, South Dakota. No media Q&A is expected.
- 04:00 PM Fed Chair Yellen (FOMC voter) speaks: Federal Reserve Chair Janet Yellen will address a conference on Banking and the Economy: A Forum for Minority Bankers” hosted by the Kansas City Fed via video link.
Friday, September 30
- 8:30 AM Personal income, August (GS +0.3%, consensus +0.2%, last +0.4%): Personal spending, August (GS +0.1%, consensus +0.2%, last +0.3%); PCE price index, August (GS +0.14%, consensus +0.20%, last flat); Core PCE price index, August (GS +0.17%, consensus +0.20, last +0.10%); PCE price index (yoy), August (GS +0.9%, consensus +0.9%, last +0.8%); Core PCE price index (yoy), August (GS +1.6%, consensus +1.7%, last +1.6%): We expect personal income to rise by 0.3% and personal spending to rise by 0.1% in the August report. We also expect core PCE prices to increase by 0.17% after core CPI rose by 0.25%, above consensus expectations. The core PCE price index likely rose by 1.6% over the past year.
- 09:45 AM Chicago PMI, September (GS 52.0, consensus 52.3, last 51.5): We expect the Chicago PMI to edge up to 52.0 from 51.5, still above the breakeven level.
- 10:00 AM University of Michigan consumer sentiment (final), September (GS 90.0, consensus 90.0, last 89.8): The Michigan consumer sentiment gauge remained unchanged at 89.8 in the September preliminary estimate, and we expect the index to edge up to 90.0 in the final estimate. Overall, consumer sentiment has been range-bound since early 2015.
Source: BofA, DB, GS
Just three weeks after yet another "landmark" Syria peace deal was signed, the agreement is not only in tatters but the war drums are beating louder than ever before after the US slammed Russia's action in Syria as "barbarism," not counter-terrorism, while Moscow's U.N. envoy said ending the war "is almost an impossible task now" as Syrian government forces, backed by Moscow, bombed the city of Aleppo.
As Reuters reported overnight, the UN Security Council met on Sunday at the request of the United States, Britain and France to discuss the escalation of fighting in Aleppo following the announcement on Thursday of an offensive by the Syrian army to retake the city. "What Russia is sponsoring and doing is not counter-terrorism, it is barbarism," U.S. Ambassador to the United Nations, Samantha Power, told the 15-member council.
— Samantha Power (@AmbassadorPower) September 25, 2016
"Instead of pursuing peace, Russia and Assad make war. Instead of helping get life-saving aid to civilians, Russia and Assad are bombing the humanitarian convoys, hospitals and first responders who are trying desperately to keep people alive," Power said.
As reported previously, the September 9 ceasefire deal between U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov aimed at putting Syria's peace process back on track effectively collapsed in what may be a record short period of time last Monday when an aid convoy was bombed. Russsia and the US have both accused each other of being the party responsible behind the bombinb.
"In Syria hundreds of armed groups are being armed, the territory of the country is being bombed indiscriminately and bringing a peace is almost an impossible task now because of this," Russian U.N. Ambassador Vitaly Churkin told the council. Britain's U.N. ambassador, Matthew Rycroft, said on Sunday the U.S. and Russian bid to bring peace to Syria "is very, very near the end of its life and yes the Security Council needs to be ready to fulfill our responsibilities."
"The regime and Russia have instead plunged to new depths and unleashed a new hell on Aleppo," Rycroft told the council. "Russia is partnering with the Syrian regime to carry out war crimes."
However, any attempts to "rein in" Russia are doomed to fail as the country is one of five veto-powers on the council, along with the United States, France, Britain and China. Russia and China have protected Syrian President Bashar al-Assad's government by blocking several attempts at council action.
Unfazed by the logistical impossibility of the UN to actually do anything, Power said that "It is time to say who is carrying out those air strikes and who is killing civilians. Russia holds a permanent seat on the U.N. Security Council. This is a privilege and it is a responsibility. Yet in Syria and in Aleppo, Russia is abusing this historic privilege."
As Syria's U.N. Ambassador Bashar Ja'afari began addressing the council, Power, Rycroft and French U.N. Ambassador Francois Delattre walked out of the chamber, diplomats said. "Any political solution can only be successful by providing the requisite conditions through intensified efforts to fight terrorism," Ja'afari told the council. "The real war on terrorism has never started yet. The advent of Syrian victory is imminent."
* * *
Earlier today, Russian foreign minister Sergey Lavrov said the US and its Western partners are trying to steer the world’s attention away from their airstrikes on the Syrian Army by accusing Russia of attacking a UN humanitarian convoy outside the Aleppo. "I would like to emphasize that the Americans and their Western allies, for one thing, want to distract public attention from what had happened in Deir-az-Zor,” Lavrov told NTV on Monday following the urgent meeting of the UN Security Council.
“When the humanitarian convoy was hit [outside Aleppo], we demanded that an investigation be conducted. [US Secretary of State] John Kerry, a good partner of mine, behaved the way he never has done previously. He claimed that the investigation might take place, but they know who did it, namely the Syrian Army or Russia, and that it was Russia's fault in any case,” he said quoted by RT.
Kerry appeared to be “pinned down by stark criticism from the American military apparatus,” Lavrov noted, which may indicate that the US military does not comply with its commander-in-chief’s orders.
“[President] Barack Obama always supported, as I was told, cooperation with Russia, and he confirmed it himself during the meeting with [President] Vladimir Putin in China. It seems to me that the military may not be obeying their supreme commander too much.”
Lavrov went on by saying that Washington is trying to continue finger-pointing at Russia and hold it accountable for what is happening in Syria. Such approach is counterproductive and leaves Moscow wary of the US-led coalition’s actions, the FM said, adding that there is no room for “100 percent trust.”
In turn, Moscow will push for a detailed investigation into the attack on the humanitarian convoy, the minister said. The US and the West are not coping with their obligations on combating the Islamic State (IS, formerly ISIS/ISIL), Lavrov said. “It is clear that the West, led by the US which runs the anti-IS coalition and, as they put it, Al-Nusra Front in Syria, do not cope with their obligation.”
* * *
Meanwhile, as the peace process has completely fallen apart, the bombing campaign of Aleppo has resumed. According to the WSJ, Syria and its Russian allies pressed an assault on Aleppo amid what the United Nations called the most intense bombing in years of warfare there, and residents said hundreds of civilians have been killed since a cease-fire fell apart last week. The surge in deaths came as a spokesman for U.N. Secretary-General Ban Ki-moon over the weekend cited reports of “bunker buster bombs.” The bombs have left large craters in the rebel-held part of the divided city, Aleppo residents said, and caused shock waves felt blocks away from the point of impact.
A man walks on the rubble of damaged buildings after an airstrike on the
rebel held al-Qaterji neighbourhood of Aleppo, Syria September 25, 2016
Rebels and opposition leaders blamed Russia, Syria’s key ally, for the bunker-buster bombs. The Russian Defense Ministry didn't immediately respond to a request for comment. “The first time one struck, everyone thought there was an earthquake,” said Muhammad al-Zein, who helps oversee hospitals in the rebel-held part of Aleppo. “But the next day another one hit and we realized it was not an earthquake.”
President Bashar al-Assad has vowed to retake all of Aleppo and the offensive was the latest indication that he aims to win the war militarily despite repeated efforts by the U.S. and Russia to reach a lasting cease-fire and a diplomatic solution. Syrian state media reported that the army on Saturday seized control of an area north of Aleppo city called Handarat Camp. Within hours, rebels said they had retaken the territory.
With the Syrian war once again front and center, and this time the possibility of a Chinese intervention - on the side of the Assad regime all too real - the recent warning by a Syrian politican that World War III has started in Syria suddenly does not appear too far fetched.
Update: A vehicle on Law Street was surrounded by police and ABC reports a bomb squad has been called in. There are unconfirmed reports that a suspected shooter is down after several people were presumed shot in southwest Houston.
As we detailed earlier, an 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.
Emergency vehicles are in the area of a strip center bordered by Weslayan, Bissonnet and Law Street. Traffic has been shut down on Weslayan in an attempt to protect drivers in the area.
This all began around 6:30am at the Randalls supermarket strip center on Weslayan. An apartment complex is nearby on Law Street, where there is a lot of police activity.
Our Eyewitness News crew reports firefighters and officers are running up and down the street as gunfire continues.
SkyEye has seen bodies on the ground. Don Armstrong says he has heard a multitude of gunshots since we arrived at the scene.
* * *
We're monitoring reports of an active shooter in the Houston area. Big emergency response at a strip mall. KHOU reporting 7 injured. pic.twitter.com/3FEkjZ7Rcm
— Rebecca Perry (@Rebecca_Perry) September 26, 2016
— Cloud News (@cloudnews7) September 26, 2016
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 economy look much, much better than it otherwise would be, and we are systematically destroying the future in the process.
#2 As Obama prepares to leave office, the rate at which we are adding to the national debt is actually increasing. During the fiscal year that is just ending, the U.S. government has added another 1.36 trillion dollars to the national debt.
#3 It isn’t just the federal government that is on a massive debt binge. Total U.S. corporate debt has nearly doubled since the end of 2007.
#4 Default rates on U.S. corporate debt are the highest that they have been since the last financial crisis.
#5 Corporate profits have fallen for five quarters in a row, and it is being projected that it will be six in a row once the final numbers for the third quarter come in.
#6 During the month of August, commercial bankruptcy filings were up 29 percent compared to the same period a year ago.
#7 The rate of new business formation in the United States dropped dramatically during the last recession and has hovered at that new lower level ever since.
#8 The Wall Street Journal says that this is the weakest “economic recovery” since 1949.
#9 Barack Obama is on track to be the only president in all of U.S. history to never have a single year when the U.S. economy grew by at least 3 percent.
#10 In August, the Cass Freight Index dipped to the lowest level that we have seen for that month since 2010. What this means is that the total amount of stuff being shipped around the country by air, by rail and by truck is really dropping, and this is a clear sign that real economic activity is slowing down in a major way.
#11 Capital expenditure growth has turned negative, and history has shown that this is almost always followed by a new recession.
#12 The percentage of Americans with a full-time job has been sitting at about 48 percent since 2010. You have to go back to 1983 to find a time when full-time employment in this country was so low.
#13 The labor force participation rate peaked back in 1997 and has been steadily falling ever since.
#14 The “inactivity rate” for men in their prime working years is actually higher today than it was during the last recession.
#15 The United States has lost more than five million manufacturing jobs since the year 2000 even though our population has become much larger over that time frame.
#16 If you can believe it, the total number of government employees now outnumbers the total number of manufacturing employees in the United States by almost 10 million.
#17 One study found that median incomes have fallen in more than 80 percent of the major metropolitan areas in this country since the year 2000.
#18 According to the Social Security Administration, 51 percent of all American workers make less than $30,000 a year.
#19 The rate of homeownership in the U.S. has fallen every single year while Barack Obama has been in the White House.
#20 Approximately one out of every five young adults are currently living with their parents.
#21 The auto loan debt bubble recently surpassed the one trillion dollar mark for the first time ever.
#22 Auto loan delinquencies are at the highest level that we have seen since the last recession.
#23 In 1971, 61 percent of all Americans were considered to be “middle class”, but now middle class Americans have actually become a minority in this nation.
#24 One recent survey discovered that 62 percent of all Americans have less than $1,000 in savings.
#25 According to the Federal Reserve, 47 percent of all Americans could not even pay an unexpected $400 emergency room bill without borrowing the money from somewhere or selling something.
#26 The number of New Yorkers sleeping in homeless shelters just set a brand new record high, and the number of families permanently living in homeless shelters is up a whopping 60 percent over the past five years.
Despite all of the facts that you just read, the truth is that there is one particular group of people that have been doing quite well during the Obama years. I really like how Charles Hugh Smith made this point in one of his recent articles…
The top 5% of households that dominate government, Corporate America, finance, the Deep State and the media have been doing extraordinarily well during the past eight years of stock market bubble (oops, I mean boom) and “recovery,” and so they report that the economy is doing splendidly because they’ve done splendidly.
By recklessly creating money out of thin air and pumping it into the financial markets, the Federal Reserve has greatly enriched the elite, but they have also dramatically increased the gap between the very wealthy and the rest of us. Since he has been in the White House during this time, Barack Obama has gotten the credit for this temporary stock market bubble, and most of the elite love Obama anyway.
But in the process the stage has been set for the greatest economic and financial implosion in U.S. history, and the pain that is coming is going to affect every man, woman and child in this country.
During the debate, Trump and Clinton will talk a lot about tinkering with tax rates and regulations, but those measures are essentially going to be meaningless when compared to the massive economic tsunami that is coming. The next president is going to inherit the biggest economic problems that this nation has ever faced, and it is going to take a miracle of Biblical proportions to turn the U.S. economy in the right direction.
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 inevitable. Analysts at Mediobanca said that a rights issue looked inevitable. "John Cryan always said that a rights issue would only be triggered by a larger-than expected litigation charge and it appears increasingly likely that Deutsche Bank investors will be asked to post bail for Deutsche's past crimes," they said in note on Monday.
Meanwhile, the defense continued after Jorg Eigendorf, head of communications at Deutsche Bank told CNBC, that Deutsche bank liquidity position is very comfortable, adding that the credit portfolio is very strong, while the "liquidity position very comfortable, third quarter almost over and I can tell you that we are fine and very comfortable here.”
Touching on the stock price, Eigendorf said that the “share price is low but that is not what is worrying us and that is not what we are looking at. What is really important to us is our credit story which is very strong, it is fundamentally strong.”
If only the market agreed.
But perhaps the most sober - and realistic - assessment came from Andreas Utermann, Allianz Global Investors’ chief investment officer, who said on BBG TV that Germany would ultimately help out a struggling Deutsche Bank: "I don’t buy at all what’s coming out of Germany in terms of Germany not wanting to step in ultimately if Deutsche Bank was really in trouble."
"Deutsche Bank is “too important for the German economy.” The bank’s tussle with the U.S. Department of Justice over a potential $14 billion legal settlement is “a political issue which will get resolved at a lower price,” he said in an interview with Francine Lacqua and Tom Keene on Monday.
The only question is just how will Germany, which has been so staunchly against an Italian bailout of its own insolvent banks, will i) pass such a deal with popular sentiment strongly against more bank bailouts and ii) what will a bailout look like: with €162 billion in debt and only €17 billion in equity, the government check would be substantial. And that, of course, excludes the €42 trillion in gross notional exposure which few if any have been willing to discuss in recent weeks.
- Stocks 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 (BBG)
- Saudi Arabia Injects $5.3 Billion Into Banks to Ease Cruncha (BBG)
- Brutal Upheavals Mount as S&P 500 Bull Market Nears 8th Year (BBG)
- US wants to distract attention from coalition strike on Syria troops – Lavrov (RT)
- Hundreds Killed in Aleppo in Fresh Fighting (WSJ)
- Self-Driving Hype Doesn't Reflect Reality (WSJ)
- Iran's supreme leader tells Ahmadinejad not to run again for president (Reuters)
- Moody's cuts Turkey's credit rating to 'junk' after coup (Reuters)
- Russia, Syria accused of ‘war crimes’ in Aleppo bombardment (France24)
- Tudor Said to Close Singapore Trading Desk Amid Global Cuts (BBG)
- FBI report expected to show violent crime rise in some U.S. cities (Reuters)
Overnight Media Digest
- The Canadian auto workers' union won approval for a new four-year contract with General Motors Co, clearing the way for $544 million in investments by GM. http://on.wsj.com/2cvr9Ft
- Hyundai Motor Co plants in South Korea faced the first complete strike by unionized workers in more than a decade on Monday, putting the automaker's sales targets at risk. http://on.wsj.com/2cvtpwi
- Singapore's BandLab Technologies Ltd has purchased a 49 percent stake in Rolling Stone, including the magazine and its digital assets. The investment does not include ownership in Rolling Stone's corporate parent, Wenner Media LLC. http://on.wsj.com/2cvtAYq
- Golf legend Arnold Palmer died on Sunday at the age of 87. http://on.wsj.com/2cvt9gU
- Two women suspected of planning an attack in France were detained by police in the southern French city of Nice. http://on.wsj.com/2cvtoZ6
The United States on Sunday called Russia's action in Syria "barbarism," not counter-terrorism, while Moscow's U.N. envoy said ending the war "is almost an impossible task now" as Syrian government forces, backed by Moscow, bombed the city of Aleppo.
HSBC Holdings Plc has hired Russell Reynolds, a leading City of London recruitment firm, to check for gaps in its roster of up-and-coming executives and to search for candidates to fill them.
French state-owned bank Caisse des Depots (CDC) is planning to sell shares worth hundreds of millions of euros in some of the country's largest companies, its Chief Executive Pierre-Rene Lemas said in an interview.
Leading bankers who have held talks with government ministers have told the Financial Times they believe Prime Minister Theresa May will end up taking Britain out of the EU's single market and customs union as political momentum behind a so-called "hard Brexit" grows.
- Rolling Stone, a magazine that for decades helped shaped music and popular culture but now finds itself facing significant legal and economic challenges, has brought in an outside investor for the first time in its nearly 50-year history. http://nyti.ms/2cOMwT8
- Arnold Palmer, 87, the champion golfer whose full-bore style of play, thrilling tournament victories and magnetic personality inspired an American golf boom, attracted a following known as Arnie's Army and made him one of the most popular athletes in the world, died on Sunday, according to a spokesman for his business enterprises. http://nyti.ms/2dl2vNH
- A majority of British chief executives are considering moving their headquarters or some of their operations outside Britain as a result of the country's decision to leave the European Union, according to a new survey by the accounting firm KPMG. http://nyti.ms/2da7yx3
- The veteran television personality Jane Pauley will replace Charles Osgood as the anchor of the highly rated CBS Corp show "Sunday Morning". Osgood, who is retiring, announced the news on his last show on Sunday. http://nyti.ms/2dv6oyH
- Delancey, a company chaired by John Ritblat is suing China's largest property developer Greenland Group's UK division over claims that it has reneged on an agreement made as part of a high profile deal in London. http://bit.ly/2cwWZqe
- The European Commission is expected to respond to competition concerns by launching an inquiry this week into the 22 billion pounds ($28.54 billion) merger between the London Stock Exchange Group Plc and Deutsche Boerse AG . http://bit.ly/2cwWMmG
- BHS is poised to make a comeback as an online retailer just one month after the brand closed its last remaining high-street store. The business will be relaunched on Thursday, selling lighting and home furnishing products before adding clothing lines and kitchen and dining ranges over the coming weeks. http://bit.ly/2cwwYr7
- Britain's biggest independent co-op has made the highest single payout to a worker for breaching low pay laws, 14,000 pounds, and is examining whether 200 others may have been paid below the minimum wage, the Guardian can reveal. http://bit.ly/2cwVQi5
- Exetel, an Australian "challenger" broadband firm, has vowed to shake up Britain's telecoms market when it launches in the UK this week with cheap fibre internet and data services aimed at small businesses. http://bit.ly/2cwX9hn
- UK's decision to leave the EU will not dent growth at all this year, according to economic forecasts compiled by the Treasury, in a complete reversal of the gloomy short term forecasts made after the EU referendum. http://bit.ly/2cwXAbs
- Zak Brown, chief executive of CSM Sport & Entertainment, is quitting the role at the end of the year amid suggestions that he could play a key role in the running of Formula One motor racing after it completes a 6.4 billion pounds takeover. http://bit.ly/2cwBqpJ
- Sebastian Grigg, a vice-chairman of Credit Suisse Group AG's investment bank and one of its most senior European employees, resigned late last week to strike out on his own, Sky News understands. http://bit.ly/2cwuyZq
- Jeremy Corbyn is preparing to tighten his stranglehold over Labour by appointing his own shadow cabinet and cementing his control over the party's ruling executive. http://ind.pn/2cwZPv2
Late on Friday, rating agency Moody's cut Turkey's sovereign credit rating to Ba1 or "junk" from Baa3, citing worries about the rule of law after an attempted coup and risks from a slowing economy, in a move that could deter billions of dollars of investment. "The drivers of the downgrade are ... the increase in the risks related to the country's sizeable external funding requirements (and) the weakening in previously supportive credit fundamentals, particularly growth and institutional strength," Moody's said in an e-mailed statement. "The government's response to the unsuccessful coup attempt raises further concerns regarding the predictability and effectiveness of government policy and the rule of law."
"The large-scale suspensions in the civil service raise doubts over the capacity of Turkey's policy-making institutions to make meaningful further progress in both legislating and implementing the reform program," Moody's said.
Moody's did however keep its rating outlook "stable," saying Turkey's flexible $720 billion economy and strong fiscal track record offset the balance-of-payments pressures it faces. As Reuters notes, Turkey depends on investment flows to fund its current account deficit - one of the biggest in the G20 - and service its foreign debt. Ratings downgrades could force it to pay more to borrow money in international markets.
The cut is Turkey’s second since a failed (or as some claim orchestrated) coup in July threatened to destabilize national security. Many of the world’s biggest funds require investment-grade ratings from two of the three major ratings companies to consider an asset for investment. The downgrade could drive forced selling of as much as $8.7 billion in Turkish bonds, JPMorgan Chase & Co. said in August. Turkey relies on capital inflows to finance one of the widest current-account deficits among the Group of 20 countries. Fitch is the only one left that has Turkey on investment grade, however, and it is due to review that rating at the start of 2017.
The market reaction was prompt and Turkish assets plummeted the most since the "attempted" coup in July, with the yield on Turkish 10Y bonds spiking 41bps to 9.91%, for now holding at the 40-week moving average of 10%, while the Turkish Lira tumbled, sending the USDTRY as much at 2.9868, up nearly 1% from Friday's close. Turkish CDS widened by 12 to 260 bps.
As Bloomberg summarized, the currency was headed for the the lowest level in eight weeks in Istanbul morning trading, the Borsa Istanbul 100 Index posted the steepest decline among about 90 gauges tracked by Bloomberg globally, and the nation’s dollar debt due 2026 sank the most since July. Notably, the lira fell 0.6 percent against the dollar to 2.9868. The Borsa Istanbul 100 Index slumped 3.7%, the most since July 21, led by Akbank TAS and Turkiye Garanti Bankasi AS, both of which retreated at least 4.6 percent. The yield on the nation’s $1.5 billion debt due April 2026 rose 27 basis points to 4.55 percent, and the yield on the government’s 10-year local currency bonds advanced the most in more than two months to 9.96 percent.
The following are some of the biggest movers in Turkey’s market on Monday:
- The Borsa Istanbul Banks Sector Index sank the most since July 18
- All but two of the 100 companies on Turkey’s benchmark stock gauge fell
- The yield on Turkey’s 10-year debt soared 45 basis points, the most among emerging peers
- Five-year credit default swaps rose 15 basis points
The decline in Turkey’s assets will “be a slow burn,” said Viktor Szabo, a portfolio manager at Aberdeen Asset Management in London who owns some of the country’s bonds and is betting against the currency. The rating cut hasn’t made Turkish “credit blow up, but it will put it on a more risky path,” he said.
* * *
In immediate response to the downgrade and in keeping with Turkey's policy of direct confrontation, Turkey's administration lashed out at Moody's with Prime Minister Binali Yildirim saying the action showed Moody's was not being impartial nor basing its rating solely on economic factors. "We don't believe that these assessments are highly impartial. We believe they are attempting to create a certain perception of the Turkish economy," he told reporters.
Erdogan has criticised the rating agencies for being politically motivated, and even accused S&P of siding with the coup plotters after its move in July. Investors will watch how the government responds to the Moody's downgrade and hope for a "grown-up approach" that does not merely blame the rating agencies, wrote Timothy Ash of Nomura International.
Prior to Yildirim's response, Deputy Prime Minister Nurettin Canikli said Moody's had turned a blind eye to the reforms and steps the government has taken to boost growth and savings. "Despite all of the global and regional risks, the Turkish economy's pace of growth is among the top five economies," he added in a statement. Gross domestic product growth slowed to 3.2 percent in the second quarter. Turkey may cut its official target for 4.5 percent GDP growth this year as the impact of the coup attempt takes its toll on the economy.
Moody’s was partially right in noting some vulnerabilities in Turkey’s economy, but it was unfair to downgrade before the govt published its medium-term program to address them, Finance Minister Naci Agbal tells Cumhuriyet. "The MTP we were going to announce in a week or two included both a perspective on what we’re going to do in three years and a program with regards to structural reforms. Moody’s knew that". He added that "what Moody’s did was the worst-case scenario. That in global economic conditions, there’s going to be a shock" adding that there’s no risk of a shock in Turkey tied to Fed tightening or the currency, and Turkey’s current-account balance has improved. While oil prices could be a point of vulnerability, medium- term expectation is that they continue to hover around $50/barrel. "The full side of the glass wasn’t seen. They kept their expectations for the future worse than the average expectation in the market."
Considering the market's "shocked" response today, he may have to evaluate; then again this being Turkey the most likely response is even more bellicose rhetoric aimed at the rating agencies with little in terms of actual reform of economy-frienly policies.
While today's biggest event for both markets and politics will be tonight's highly anticipated first presidential debate between Trump and Hillary, markets are waking up to some early turmoil in both Asia and Europe, with declines in banks and energy producers dragging down stock-markets around the world, pushing investors to once again seek the safety of government bonds (and yes, flattening the JGB curve even more much to the chagrin of the BOJ) and the yen.
As JPM points out early this morning, stocks are trading poorly pretty much everywhere. Nothing necessarily “happened” as far as single headline but poor trading in Eurozone banks (DB is off ~6%, hitting fresh all-time lows) and a reassessment of last week’s central bank decisions (in particular the BOJ which wasn’t really “dovish” and opened the door to tapering) appear to be the main motivations behind the Mon morning softness. Also the media tone in Brexit-related commentary has turned dramatically in just the last few weeks w/the process now described as a lot more acrimonious and disruptive than initially anticipated.
The driver of sentiment, however, is surely the latest collapse in Deutsche Bank shares, which plunged to new all time lows after a German press report that Merkel will not provide state aid to the German lender, resulting in fresh fears about another capital raise by the German lender, if not worse.
As reported previously, Deutsche Bank fell 6.5% after a report that German Chancellor Angela Merkel has ruled out any state assistance before the national election next year. Concern that the lender’s capital buffers will be undermined by mounting legal charges has weighed on the shares, which have tumbled more than 50 percent this year. The bank’s 1.75 billion euros ($2 billion) of 6 percent additional Tier 1 bonds, the first notes to take losses in a crisis, fell about 2 cents on the euro to 72 cents, near a seven-month low, according to data compiled by Bloomberg.
DB's pain has led to the biggest loss for European shares since July 6.
The pain is focused on Europe's banks, where as the FT points out DB's collapse has dragged down the entire banking sector lower:
European stocks are now down the most since July 6 day with Spanish, Italian bourses leading declines. All 19 Stoxx 600 sectors fall with banks, insurers underperforming and food & bev, technology outperforming. 96% of Stoxx 600 members decline, 4% gain.
“The drama around Deutsche Bank puts the European financial sector in the spotlight once again,” said Michael Woischneck, who manages about $180 million as senior equities manager at Lampe Asset Management in Dusseldorf, Germany. “We’re also entering a quarter with a lot of political event risks and I’d expect big swings in volatility.”
The CBOE Volatility Index of U.S. stock swings jumped 14 percent, while the VStoxx Index for euro-area shares rallied 17 percent. The European gauge closed at its lowest since 2014 on Friday, a level that showed complacency among investors, according to Simon Wiersma, an investment manager at ING Bank NV.
Among the 24 Stoxx 600 shares that rose, Lanxess AG surged more than 8 percent after the German chemical maker agreed to buy U.S. rival Chemtura Corp. for about $2.1 billion in cash. Chemtura soared 17 percent in early New York trading.
Deutsche Bank’s crunch adds to the accumulating risks for global investors. Oil prices are volatile before Wednesday’s meeting of Russia and OPEC members after similar discussions failed in April. U.S. Democratic and Republican Party candidates Hillary Clinton and Donald Trump are tied in a two-way race for the presidency as they head for the first of three debates on Monday. Western powers traded barbs with Russia during an acrimonious emergency meeting of the UN Security Council to halt intensive bombing of Aleppo. And speeches are due from the head of the European Central Bank, as well as regional Federal Reserve chiefs.
Energy firms also fell as crude held most of Friday’s slump on doubts that producers will agree on action to support prices when they meet Wednesday, although there has already been a spike in volatility as an early bout of headlines has sent oil back over $45. Ome some of the more prominent oil-related headlines so far this morning:
- U.A.E. SUPPORTS OIL FREEZE IF EVERYONE PARTICIPATES: MINISTER
- OIL PRODUCTION CUT IS NOT UP FOR DISCUSSION IN ALGIERS: U.A.E.
- THE MAXIMUM EXPECTED FROM ALGIERS IS OIL FREEZE: U.A.E MINISTER
- OPEC WILL ONLY TALK TO OTHER PRODUCERS IF IT REACHES AGREEMENT
All but one energy producer in the Stoxx 600 Oil & Gas Index retreated, with Total SA and Royal Dutch Shell Plc down more than 1.6 percent before this week’s OPEC meeting.
The MSCI Emerging Markets Index declined 1.2 percent. All 11 industry groups dropped, paced by industrial and consumer-discretionary companies. Taiwan Semiconductor Manufacturing Co., which makes chips for Apple Inc., led shares of suppliers lower on concern of slower iPhone 7 sales.
The Risk-off mood also spread to Emerging markets which tumbled after Turkey’s lira slid the most since July after Moody’s Investors Service cut the nation to junk and the Philippine peso reaching a seven-year low on international mistrust of President Rodrigo Duterte.
The MSCI All-Country World Index of shares fell 0.5 percent as of 10:59 a.m. London time, declining for a second day. The Stoxx Europe 600 Index dropped 1.5 percent, heading for its biggest slide since early July, while S&P 500 Index futures expiring in December lost 0.6 percent.
As a result of the equity selloff, sovereign bonds rallied across most of Asia and Europe, with 10-year yields falling to -0.11% in Germany and -0.06% in Japan. The Bank of Japan last week shifted the focus of its monetary policy to managing yields and Governor Haruhiko Kuroda said Monday the shape of the yield curve will remain broadly where it is. So far it has flattening notably since the announcement.
US Treasuries advanced, with 10Y yields dropping two basis point to 1.60 percent. The U.S. is selling $26 billion of two-year securities on Monday, before sales of a combined $62 billion of five- and seven-year bonds later this week.
- S&P 500 futures down 0.5% to 2147
- Stoxx 600 down 1.4% to 340
- FTSE 100 down 1.3% to 6821
- DAX down 1.5% to 10466
- German 10Yr yield down 2bps to -0.1%
- Italian 10Yr yield down less than 1bp to 1.21%
- Spanish 10Yr yield up less than 1bp to 0.97%
- S&P GSCI Index down 0.1% to 351.1
- MSCI Asia Pacific down 0.8% to 141
- US 10-yr yield down 2bps to 1.6%
- Dollar Index down 0.08% to 95.4
- WTI Crude futures up 0.3% to $44.63
- Brent Futures up 0.2% to $45.98
- Gold spot down 0.2% to $1,336
- Silver spot down 1.3% to $19.44
Top Global News
- Lanxess $2.1b Chemtura Purchase Bulks Up Additives Unit: Shareholders of lubricant-additives, flame-retardants co. will get $33.50/share.
- GE Credit Rating Cut by S&P on Possible Deal-Related Debt: Long-term corporate rating for GE, GE Capital Global Holdings reduced to AA- from AA+, S&P said Friday.
- Yahoo Said to Have Detected Hack Tied to Russia in ’14: WSJ: Hackers were seeking data on 30-40 specific users of co.’s online services.
- Target Digital Chief Leaves as Company Shakes Up Online Roles: Jason Goldberger, tasked with helping co. take on rival Amazon, has left TGT as it overhauls its online ops.
- Treasury Market’s Biggest Buyers Are Selling as Never Before: Foreign central banks have become yet another worry for investors in the world’s most important bond market.
- Marriott to Nearly Double Workforce in Mideast, Africa: Co. expects to add 30k more people to its regional workforce of 41k as new properties open.
- Viacom Said to Consider Three Internal Candidates for CEO: 3 are CFO Wade Davis, international TV head Robert Bakish, HR/chief admin. officer Scott Mills.
- Tudor Said to Close Singapore Trading Desk Amid Global Cuts
- ‘Magnificent Seven’ Is No. 1 Movie With $35m: ComScore: Warner Bros.’s “Storks” 2nd with $21.8m; also debut film.
- Oil Speculators Abandon Hope OPEC Reaches Supply Agreement: Oil investors turned negative at fastest pace in >1 year; Saudis Willing to Act on ‘Critical’ Oil Market: Algeria
- Trump, Clinton Assure Netanyahu on Future of U.S.-Israel Ties: Each candidate met privately with Israeli PM Benjamin Netanyahu Sunday.
Looking at regional markets, we start in Asia where stocks began the week in negative territory following last Friday's losses in the US, where a decline in crude of over 3% dampened sentiment. Nikkei 225 (-1.3%) was among the region's worst performers as exporters suffered from a firmer JPY, while ASX 200 (flat) was initially pressured by energy names amid doubts of an output freeze deal, although the index recovered in late trade. Shanghai Comp. (-1.7%) and Hang Seng (-1.6%) conformed to the downbeat tone with property and financials weighed after Nanjin City announced property restrictions and on reports Goldman Sachs are cutting HK-based jobs, while Munich Re are also scaling back its presence in Hong Kong. Price action in 10yr JGBs was relatively subdued despite weakness in stocks and the BoJ in the market under its massive bond-buying program, as participants await tomorrow's 40yr JGB auction. PBoC injected CNY 120bIn in 14-day reverse repos and CNY 10bIn in 28-day reverse repos. (Newswires) PBoC set mid¬point at 6.6744 (Prey. 6.6670)
Top Asian News
- Contagion Risks Rise as China Banks Fund Each Others’ Loans: Wholesale funding 34% of smaller banks financing, Moody’s says.
- PBOC Drains Most Funds in Six Months Amid Debt Curb Speculation: Intention to limit leverage is obvious, bank analyst says.
- Barclays to Pare Office Space in Tokyo’s Roppongi After Job Cuts: U.K. bank asked 100 equity staff to leave earlier this year.
- Singapore Shipbuilder Says Australian Units Face Court Action: Otto Marine says management plans to dispute the debts.
In Europe, the indication of end of summer is clear in financial markets with almost forgotten market volatility witnessed in European trade as bears continue to drive the major EU indices which have continued to print fresh lows throughout the morning. (Euro Stoxx -1.7%) Financials and Energy both find themselves down over 2%, the former weighed upon by Deutsche Bank (-6%) as the bank continues to print fresh intraday lows following comments from Angela Merkel stating that she has no intention to bail out the Co. This, adding to a pending USD 14bIn fine for Deutsche, whom have a market cap of just USD 17bIn shows no sign of any immediate recovery for the institution. Friday's decline in oil markets has left the energy sector with no reprieve as participants await any commentary or possible decision in Algiers's OPEC meeting (26th-28th). The risk off sentiment has been evident in fixed income markets and the sell-off in equity markets has resulted in slight bullish pressure seen in the Bund, breaking through Friday's high and teasing with the 165.50 level and finding itself trading once again in negative yield.
Top European News
- Deutsche Bank Slumps to Fresh Record Low on Capital Concerns: Bank’s capital buffers may be undermined by mounting legal charges including settlement tied to sale of U.S. securities.
- Corbyn Victory Leaves Little Resolved for U.K. Labour Party: Second victory in 12 months did little to resolve differences.
- Brexit Leads 3/4 of Britain’s CEOs to Consider Moving: 69% said they’re confident Britain’s economy will continue to grow over next year; 76% are mulling some form of relocation.
- German Business Confidence Increases to Highest Level Since 2014: Gauges for current conditions rose to 114.7, and expectations increased to 104.5.
- Hollande: U.K. Must Still Help Handle Migrants After Brexit: “The U.K. is not freed of its obligations because of the sovereign decision that it took,” Hollande said Monday in Calais.
- Soros Helping to Turn Back Tide of Hedge-Fund Outflows in Europe: New crop of money managers is starting to buck the trend in Europe with backing from some of industry’s biggest names, including George Soros, Donald Sussman.
In currencies, the Bloomberg Dollar Spot Index was little changed following a 0.6 percent loss last week. The yen strengthened 0.5 percent to 100.50 per dollar as investors sought havens. Former Japanese top currency official Eisuke Sakakibara forecast on Monday that Japan’s currency will slowly strengthen, saying in a Bloomberg TV interview that he wouldn’t be surprised if it reaches 90 by the end of next year. Sakakibara, dubbed “Mr. Yen” for his ability to influence the exchange rate while a senior Ministry of Finance bureaucrat in the 1990s, correctly predicted the currency’s advance this year from near 120 to beyond 100. Turkey’s lira led losses among emerging-market currencies and the nation’s stocks and bonds tumbled after Moody’s cut the nation’s credit rating. Currencies of commodity-exporting nations fell with oil, led by the Malaysian ringgit and Russian ruble. The Philippine peso sank 0.5 percent and stocks dropped as investors were unnerved by Duterte’s policies on combating drug trafficking and efforts to boost economic and defense ties with China and Russia.
In commodities, crude oil was about 1% higher fluctuating around $45 a barrel in New York after a 4% slide on Friday. As reported on Sunday, Algeria’s Energy Minister said Saudi Arabia, the world’s No. 1 oil exporter, has offered to cut production to January levels to help convince other major producers to agree output curbs this week in Algiers. Nickel declined 1.7 percent in London, pulling back from a one-month high. Investors are awaiting the result of an environmental audit in the Philippines, which may close mines in the world’s largest supplier. Copper retreated 0.7 percent from a seven-week high. Gold was little changed, after climbing 2.1 percent last week. The precious metal’s price swings may become more severe in the final quarter owing to the U.S. presidential election and an expected interest-rate increase by the Fed, according to Citigroup Inc.
On the US calendar, the only data scheduled to be released are August new home sales and the September Dallas Fed manufacturing survey. All attention will be focused on tonight's 9PM debate between Trump and Hillary.
* * *
Economic Event Calendar
- 10am: ECB’s Draghi speaks in Brussels
- 10am: New Home Sales, Aug., est. 600k (prior 654k)
- 10:30am: Dallas Fed Manufacturing Activity, Sept., est. -3 (prior -6.2)
- 11:45am: Fed’s Tarullo speaks at Yale
- 1:30pm: Fed’s Kaplan speaks in San Antonio
- 7pm: Bank of Canada’s Poloz speaks in Bellingham, Wash.
- 7:50pm: Bank of Japan issues July meeting minutes
Bulletin Headline Summary From RanSquawk and Bloomberg
- A risk averse start to the week has put all European indices in the red with further concerns around Deutsche Bank hampering the financial sector
- In FX, the week has started with another bout of heavy selling on the usual suspects, with GBP and CAD under pressure again
- Looking ahead, highlights Include German IFO survey, US New Home Sales, ECB's Draghi, Mersch, Coeure, Nowotny and Fed's Kashkari
- Treasuries higher overnight with global equities lower amid bank and commodity company woes; week’s auction begin with $26b 2Y notes, WI 0.765%; last sold at 0.76%, stopped through by 1bp.
- Deutsche Bank AG shares dropped to a record low amid concerns that mounting legal bills, including a looming fine over its pre-crisis mortgage bond business, may force the lender to raise capital
- German business sentiment surged to the highest level in more than two years in September in a sign that corporate concerns are easing over the economic outlook and the consequences of Britain’s decision to leave the European Union
- OPEC’s decision to hold informal talks in Algiers this week has fanned speculation that the group might be about to deviate from a two-year-old policy of pumping without limits
- China and Japan have culled their stakes in Treasuries for three consecutive quarters, the most sustained pullback on record and the decline has accelerated in the past three months
- China’s banking regulator told the nation’s city banks to learn the lesson of the global financial crisis and get back to their traditional businesses, building pressure for the lenders to curb opaque shadow financing
- Japan’s central bank has effectively positioned itself for an era of monetary stimulus that extends beyond the radical tenure of Governor Haruhiko Kuroda
- The Bank of Japan will make the utmost effort to achieve stability in exchange rates, Governor Haruhiko Kuroda said during a speech in Osaka on Monday
- Turkey’s sovereign credit rating was cut to junk by Moody’s Investors Service, which concluded a review initiated after an unsuccessful coup attempt on July 15
- As hedge funds hemorrhage cash at the fastest pace since the financial crisis, a new crop of money managers is starting to buck the trend in Europe with backing from some of the industry’s biggest names, including George Soros
- Saudi Arabia’s central bank stepped up efforts to support lenders, giving banks about 20 billion riyals ($5.3 billion) of time deposits and introducing seven-day and 28-day repurchase agreements, as part of its “supportive monetary policy”
- Donald Trump and Hillary Clinton are locked in a tied two- way race for the presidency as they head to Hofstra University in New York on Monday night for one of the most highly anticipated debates in modern politics
* * *
DB's Jim Reid concludes the overnight wrap
With central bank meetings out of the way for a while this last week of September will probably lead to a step up in focus on the US election. At 2am BST tonight we'll see the first televised debate between Clinton and Trump which is expected to be watched by over 100 million - the most ever for such a debate. According to DB's Frank Kelly the stakes are high as the opinion poll leader after this first debate has won the election each time over the last 40 years.
One of the other interesting stats I've learned from Frank is that 9 of the 14 recessions since WWII have been in the first year of a presidential term. In seeing a lot of clients over the last couple of weeks many have speculated as to whether fiscal spending from the new President could actually prolong this cycle. Our view as it stands is that the likely stimulus won't be big enough to majorly change the natural forces of the cycle. However the fiscal plans of the candidates will be fascinating to hear about tonight amongst other things. I suspect the early part of tomorrow's EMR will write itself.
Other interesting events this week include the side OPEC meeting at the International Energy Forum in Algeria which kicks off today and runs through until Wednesday. Oil is only up 1% since this get together was first flagged back on August 8th but that doesn’t really reflect the full story with the high-to-low range during that time of 17% a more appropriate reflection of the back and forth jawboning that has gone on. The latest suggestion from Algeria’s energy minister is that Saudi Arabia is ready to freeze production at January levels. Who knows how true this is, but hopefully the path forward for the oil market is made a little more obvious by the end of this week. Also the first BoE corporate bond purchases begin tomorrow with additional reverse auctions on Wednesday and Friday. There’s also a flurry of Fedspeak to watch out for along the way. The usual week ahead with is at the end of the EMR.
Meanwhile in light of the BoJ moving away from an era of monetary policy emphasis on quantity of money towards interest rates, it’ll also be important to see how markets settle down this week and digest the latest policy shifts. In the time since the BoJ meeting, the Yen is +0.71% stronger (at a shade under 101 this morning), 10y JGB’s are 3bps lower at -0.067% (although did break up into positive territory immediately following the announcement) and the Nikkei is +0.48% (including -0.84% this morning). The moves aren’t particularly eye catching although perhaps this reflects the divergent range of views over what the BoJ shift in strategy actually means.
On this, our Japan economists published a note on Friday titled the ‘Future path of monetary policy’. They suggest the strategy is a de-facto tapering in which the speed of JGB purchases by the BoJ and the monetary base should slow. They believe that a reduction in the monetary base growth at a too rapid pace could negatively affect economic activity, even allowing for the saturation in loan demand and diminishing marginal returns on economic activity under the QQE over the past three years. They don’t believe that this is the last turnaround in the BoJ’s monetary policy framework and the decision does not resolve inherent issues with the 2% inflation targeting. They note that central banks in developed countries appear to be trapped in a prisoners’ dilemma, as they are obsessed with i) achieving inflation targeting at any cost and ii) independence in monetary policy, and they do not want to admit the diminishing marginal returns on economic policy. However, in time, our colleagues believe they will begin to acknowledge that they cannot cope with these circumstances on their own, and they will return to re-evaluating the impossible trinity in international finance, which states that we cannot obtain all of the following three but only two of them: independent monetary policy, stability in exchange rates, free capital mobility. The team surmise that the new equilibrium (or compromise) is hopefully to be found in a restriction of capital mobility by introducing a financial transaction tax, a return to a semi-fixed exchange rate by allowing for a band in the movement of exchange rates, and global coordination of monetary policy (a truce to prevent infinite rounds of currency depreciation), although the path to this is well beyond their imagination.
In terms of the rest of Asia this morning it’s been a pretty soft start to the week with most major bourses following the lead from the US on Friday. Along with the drop for markets in Japan, the Hang Seng (-0.63%), Shanghai Comp (-0.63%), Kospi (-0.25%) and ASX (-0.23%) are also lower. That’s despite a modest bounceback for WTI (+0.76%) this morning. In FX markets the Turkish Lira (-0.70%) is the big underperformer following Moody’s downgrade of Turkey’s sovereign rating to Ba1 from Baa3 late on Friday.
Moving on. There wasn’t too much to report from the weekend news flow. Spain held its latest regional elections with PM Rajoy’s People Party securing 41 of the 75 seats at the Galica elections, with Podemos affiliate En Marea gaining 14 seats and pushing the Socialists into 3rd place. Podemos took 3rd place in Basque country elections which was won by the Basque Nationalist Party (29 of the 75 seats). The Socialists were beaten into 4th place meaning they suffered heavy losses in both elections.
Meanwhile in the UK the Sunday Telegraph ran a story suggesting that the UK International Trade Secretary, Liam Fox, is to make a major speech tomorrow to the World Trade Organization, signalling that the UK intends to become an independent member of the WTO when it eventually leaves the EU and so enabling it to negotiate its own trade deals outside of the EU. This follows on from a number of headlines in the last couple weeks suggesting that the UK is heading for a potentially difficult negotiating period ahead and a possible ‘hard brexit’. Sterling closed down -0.86% on Friday and back below $1.30. It’s now fallen for the last three weeks.
In terms of markets elsewhere, in the wake of the Fed and BoJ outcomes last week, the rally in equity markets finally came to an end on Friday with a 4% or so fall for Oil certainly helping matters. The S&P 500 closed -0.57% and in turn brought to an end three consecutive daily gains, although the index did still close up +1.19% over the five days. The Stoxx 600 (-0.72%) was also down on Friday but still +2.23% over the week. The US Dollar and 10y Treasuries were both little changed while yields in Europe were generally a couple of basis points higher.
The highlight data-wise came in Europe where the September flash PMI’s were out. The Euro area composite reading eased from 52.9 to 52.6 (vs. 52.8 expected) this month which our Europe economists suggest points to +0.3% qoq GDP growth and a slowdown compared to the recovery pace seen during late 2014 to early 2016. The softer composite PMI was a result of a slowdown in the services sector (-0.7pts to 52.1; 52.8 expected), which is now down by 2 points since Q4 2015. The manufacturing sector on the other hand has been stable with the export outlook slightly improving according to our colleagues. By country, the notable takeaway was an improvement in the composite in France (+1.2pts to 53.3; 51.8 expected) which is now ahead of Germany (-0.6pts to 52.7; 53.6 expected) for the first time since 2012. The PMI’s also implied a 1.1pt decline across the composite for the periphery. Meanwhile, the flash manufacturing PMI in the US (-0.6pts to 51.4) was softer after expectations were for no change.
Wrapping up, there was also some Fedspeak to highlight on Friday. The Boston Fed’s Rosengren, who dissented at the FOMC meeting last week, said that ‘I am arguing for modest, gradual tightening now, out of concern that not doing so today will put the recovery’s duration and sustainability at greater risk’. The Dallas Fed’s Kaplan, on the other hand, said that ‘we can afford to be patient in removing accommodation’.
Turning over to the week ahead now. Kicking things off this morning will be Germany where the September IFO survey is due to be released, while the UK will follow with the latest CBI reported sales data for this month. In the US the only data scheduled to be released are August new home sales and the September Dallas Fed manufacturing survey. We start in Asia on Tuesday where Japan PPI and China industrial profits data are both scheduled to be released. The only data worth highlighting in Europe on Tuesday is the M3 money supply growth figure for the Euro area. In the US tomorrow we’ll firstly get the S&P/Case-Shiller house price index for July, followed by the remaining flash PMI’s (services and composite), consumer confidence in September and the Richmond Fed manufacturing survey for this month. Turning to Wednesday, during the Asia period we’ll get small business confidence in Japan and also the latest consumer sentiment reading in China. During the European session we’ll then get consumer confidence readings out of Germany, France and Italy. There’s important data in the US on Wednesday with the flash August durable and capital goods orders numbers. We’ve got a reasonably busy calendar on Thursday to get through. In Japan we’ll get the August retail trade and sales data. During the European session we’ll get September CPI and unemployment data out of Germany, along with Euro area confidence indicators in September and also UK money and credit aggregates numbers for August. During the US session all eyes will be on the third revision to Q2 GDP (expected to be nudged up two-tenths to +1.3% qoq), while the August advance goods trade balance, wholesale inventories, initial jobless claims and pending homing sales for August are also due. We close the week in Japan with a bumper set of releases include the jobless rate, household spending, industrial production, housing starts and the August CPI print. China will also release the Caixin manufacturing PMI print. During the European session we’ll get CPI and PPI in France, the final Q2 GDP print for the UK and also CPI for the Euro area in September. In the US we end the week with the personal income and spending report for August, PCE core and deflator readings, Chicago PMI and finally the last revision to the University of Michigan consumer sentiment reading.
If that wasn’t enough, there’s plenty away from the data too. ECB President Draghi is due to speak at EU parliament in Brussels today at 3pm BST while the Fed’s Tarullo and Kaplan are also due to speak. The first US Presidential election debate also takes place overnight (2am BST) while the OPEC meeting in Algeria is also obviously worth keeping an eye on given the informal sideline meeting of producers. The forum will run through to Wednesday. It’s also expected that Italy PM Renzi will set the date for the planned referendum on constitutional reform at some stage today. Tomorrow the Fed Vice-Chair Fischer is due to speak. On Wednesday there’s more Fedspeak with Bullard and Evans are also due to speak along with Fed Chair who is testifying before the House Financial Services Committee on the topic of bank supervision, although this is a platform not commonly associated with the Fed Chair expressing opinions on either the economic outlook or monetary policy. On Thursday we hear from the Fed’s George and also the BoJ’s Kuroda during the Asia session – although we’re not sure if Kuroda will be speaking on monetary policy at all. The Fed’s Harker, Lockhart, Powell and Kashkari are also due to speak, as is Yellen again before a minority banking conference. With little in the way of key data since the FOMC it’s unlikely that this will be hugely market moving. The European Banking Summit also kicks off in Brussels on Thursday. Finally on Friday during the Asia session we get the BoJ summary of opinions from last week’s meeting.
Alex Jones' Infowars: There's a war on for your mind!
Clinton gingerly descends steps, fails to hear reporter.
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A comparison of both debate podiums reflects that one is visibly larger, and taller, than the other; and a debate standing platform is evident as the stage is being set up.
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The actual article is a pathetic attempt at rebranding now that they're rightly the most hated people in America, nonetheless it's hilarious.
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Thirty-six percent of the articles did not mention the officer’s race, but emphasized that the victim was a black man shot by a police officer.
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The report says ordinary parents must take action against right-wing families and make clear that their ideology has no place in the world.
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Do only black lives matter?
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That’s what CNN’s Jeff Zeleny wondered this morning as he noted Clinton has not been in the state since her epic Cleveland coughing fit on Labor Day.
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Watch live, commercial-free debate coverage at Infowars.com/show
Police state overreaction.
Secrets inside the Hillary campaign exposed!
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...and the GOP establishment
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Trump should also invite families of Benghazi victims
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Agency stonewalled itself by granting immunity to everyone
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GOP nominee to highlight the Clintons' War on Women
Video of a brief Hillary Clinton press conference this week shows her eye problems weren’t just limited to a rally in Philadelphia.
Local officials in Colorado acknowledged "very serious" voter fraud after learning of votes cast in multiple elections under the named of recently-deceased residents.
"Hi Donald. You know I'm in your corner and will definitely be at the debate!.”
Here are more than 10 riots that have occurred since Obama took office in 2008.
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Hundreds marched through the center of Charlotte on a fifth night of demonstrations that stretched into Sunday morning.
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Not a citizen, but a legal permanent resident of the United States.
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Dems distance themselves from Hillary.
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Mainstream media lies to push false narrative
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Victims apparently random - similar to other attacks over past year
The REAL reason Hillary is attacking the alt-right
Cruz finally comes around
70% of protestors not even from Charlotte
Here's what you should know
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Obama administration continues to protect its ISIS proxy army
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Dems readying to drop Hillary
President promotes NWO agenda
The truth about autonomous cars
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Hillary hates the nation-state concept of America
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Here's what you need to know
“President Obama’s veto of the Justice Against Sponsors of Terrorism Act is shameful and will go down as one of the low points of his presidency,” he said in a statement.
On air, MSNBC’s Cal Perry played a slow-motion clip from the video of police appearing to throw an object on the ground.
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“I’m giving you credit for inspiring the ‘peaceful’ protests,” with regard to Egypt, with quotation marks around the word “peaceful.”
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Obama's comments follow a long week of media scrutiny.
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'How is this not classified?'
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Some people heading home after work stopped to chat with Guardsmen.
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What they're not telling you
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“I recognize that there is nothing that could ever erase the grief the 9/11 families have endured..."
Obama threatens to veto.
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Texas senator had previously refused to back GOP nominee.
Trump too spontaneous for Hillary
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Napolitano described them as “serious” candidates
Brother in custody since 2003 for twin's crime.
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Moscow takes center stage at hearing on American national security challenges.
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More proof socialism doesn't work
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"[They] should rebuild their own country."
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Troops reject NWO plan
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Learn about Obama's post presidency aspirations.
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The Saudi government is adding Washington firepower amid the battle.
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Find out how to stop the technocratic stranglehold .
Divide and conquer tactics successfully creating chaos .
“Far more people have been killed since 2011 than during the revolution or under 42 years of Gaddafi’s rule combined."
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"Heavy use of human antibiotics in animals is contributing to the serious public health risk of antibiotic resistance."
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Republican presidential candidate speaks out about recent shooting.
“All who have come illegally should be picked up and taken away.”
"I’m looking at violence broadly."
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Slavery via central banking.
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About 55 percent of service members said they “strongly oppose” or “somewhat oppose” those efforts...
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Flybrix drones are also, notably, “crash-friendly"...
Instead of taking the young man to jail, they offered him an alternative: eat the drugs and go home.
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Learn more about the criminality of the Clintons.
Republicans generally oppose the estate tax...
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Safe-space snowflakes try to shut down free speech
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Officers demanded Scott "drop the gun" at least 10 times.
Cyber criminals have been attempting to sell details of million users on the dark web for £1,400.
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"The success to our social media is all Mr. Trump and his messaging."
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Chaotic scene shows riot police shooting pepper balls into a crowd of people.
Device uses suction cups to render car windshield useless.
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Not the brightest criminals...
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“I went to college, I did everything I was supposed to do… and I still have to wait."
Google-owned network slammed for new lurch towards political censorship.
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“Names have incredible significance to families, with so much thought, meaning and culture woven into them."
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Comedian has a strange interview with Hillary Clinton.
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Rioters jumping to conclusions and tearing up Charlotte over another shooting.
This is getting plain creepy...
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Debate commission denies Hillary's request for step-stool
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Learn about the criminality and friendship of two former US presidents.
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Mainstream media attempts to cover up for violent rioters.
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No commercial breaks for Hillary.
Cops get an earful from a few angry protesters.
Agency waving security checks to register new immigrant voters
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Senator says Americans don't buy 'dishonest' Hillary's pneumonia diagnosis.
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This is a vintage video interview conducted by Alex Jones in 2000 with ex CIA operative turned author Terry Reed.
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Child desperately tries to revive mother after she ODs on heroin.
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Rep. blamed welfare system for racial division.
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This will be historical! But will Hillary even make it to the debate?
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"We cannot say that every cop is bad, none of these people here shot anyone!"
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"These are not protestors, these are criminals."
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YouTube is going to "fight the trolls"....by empowering an army of trolls to censor content they disagree with.
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The politician says that Syria is just one front in a Third World War being waged by Washington and its allies.
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One suspect dead, authorities seeking identity on remaining two…
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This is what feminism hath brought us.
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State of Emergency declared after night of chaos.
High level sources say top democrats may turn on Clinton.
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World renowned code breaker reveals the surveillance state agenda.
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