Financial Markets and Economy
Hang in There Australia, Your Exports to China Will Double (Bloomberg)
China's shift toward consumption could see Australia's exports to the world's second-largest economy double by 2030, even as growth in key commodity sales stalls.
Britain's steel industry is in meltdown (Business Insider)
The rout in commodities has claimed a British victim in the form of Caparo, a UK steel firm.
Caparo is set to go into administration, according to reports from Press Association, with the loss of around 1,800 jobs.
These Four Charts Show How Uber Steals Turf From Cabs and Spreads Throughout a City (Bloomberg)
As part of a data-sharing agreement with Uber and Lyft, Portland officials compiled a detailed report on how ride-hailing apps transformed the city's transportation patterns in just a few months.
The Greatest Mistake Losing Traders Make (Trader Feed)
One of the greatest mistakes traders make is to allow their thought processes to get noisier as they lose money. They double down in their thinking about the market; they scan even harder for winning trades; they vent emotions about their losses. In short, they turn up the volume on their cognitive processes.
My favorite predictive tool nailed what happened in 1987 (Business Insider)
It's the 28th anniversary of Black Monday, when in 1987, the Dow had its worst day ever and plunged 22.6%.
Canadian Oil Sands Says It Has Had No Other Offers Than Suncor's (Bloomberg)
Canadian Oil Sands Ltd. says it hasn’t been approached with any other takeover offers after rejecting Suncor Energy Inc.’s C$4.3 billion ($3.3 billion) hostile bid, though it’s exploring alternatives.
Chief Executive Officer Ryan Kubik said there are plenty of parties who might be interested in taking over, partnering or merging with his Calgary-based firm. To date though, Suncor’s offer is the only one on the table, he said.
Big banks are slashing compensation bills — and that spells bad news for bonuses (Business Insider)
The writing is on the wall for big bank bonuses.
Morgan Stanley, which missed earnings on the top and bottom line on Monday morning, revealed it is setting aside $1 billion less for compensation and benefits than it did a year ago.
The Boom Is Back in Chinese Stocks, Depending on Where You Look (Bloomberg)
The boom is back, at least for one part of Chinas stock market.
Blackstone Nears Deal to Buy Stuy Town Complex (Wall Street Journal)
Stuyvesant Town and Peter Cooper Village, an 11,200-apartment complex that rode the boom and bust of the real-estate cycle, is set to be sold to Blackstone Group LP for about $5.3 billion, according to people familiar with the matter.
The iconic red-brick property on Manhattan’s east side has endured a tumultuous decade since being purchased in 2006 for a record $5.4 billion by a venture led by Tishman Speyer Properties. The investment group’s bullish projections for rent increases fell far short of reality, prompting a default on $4.4 billion of debt in 2010.
Gold suffers from biggest one-day loss in more than two weeks (Market Watch)
Gold futures fell on Monday, with analysts attributing the largest one-day loss in more than two weeks to speculators locking in profits scored during a run-up that had lifted prices to a four-month high.
Homebuilders haven't felt this good since the housing bubble (Business Insider)
Homebuilder confidence is at a ten-year high.
The latest housing market index from the National Association of Homebuilders came in at 64, the highest since October 2005.
Natural Gas Traders Wrong-footed by Slide to Three-Year Low (Bloomberg)
Natural-gas traders retreating from bearish bets were stung as the outlook for record stockpiles pushed prices to a three-year low.
Zambia’s currency is falling so fast its president asked the country to pray for it (Quartz)
The Zambian kwacha has been in free-fall this year, especially since August, and it’s now down 45% for the year against the US dollar.
Investment banks are feeling excruciating pain in a critical part of their business (Business Insider)
Morgan Stanley, the last of the big five US banks to report third-quarter results, is out with its numbers and one thing is clear.
It was a painful three months for the banks' fixed income, currencies and commodities – or FICC – divisions.
Stocks in South Africa Expensive as Economy Falters, Novare Says (Bloomberg)
South African equities remain expensive compared with global peers and the risk of a recession next year is rising, according to the head of macroeconomic research at Novare Investments Pty Ltd., a manager of funds of funds.
Euro trims loss after hitting 10-day low versus dollar (Market Watch)
The euro trimmed losses after hitting a 10-day low against the dollar Monday as investors looked ahead to an important piece of data about the U.S. housing market.
Wall Street's big money is more bullish on stocks today than before the market chaos in August (Business Insider)
Wall Street's money pros are more bullish on the stock market now than they were before the plunge in August.
Deutsche Bank, Credit Suisse Set to Scale Back Global Ambitions (Bloomberg)
Europe’s last global banks are caving in to pressure from regulators and preparing to tell investors just how much their aspirations will shrink.
Halliburton misses on revenues, reports quarterly loss (Business Insider)
Halliburton reported third-quarter results on Monday morning that beat expectations for earnings and missed slightly on revenues.
Brazil Bull Who Got It Right in 2002 Says This Time No Different (Bloomberg)
The selloff punishing Brazilian markets in recent months isn’t fazing Jerome Booth. He’s seen it before and says just like then, it’s way overdone.
IBM reports another quarter of declining revenue (Market Watch)
International Business Machines Corp. said its third-quarter revenue fell 14%, hurt by declines in hardware sales and the stronger dollar, as the technology giant posted its 14th straight quarter of year-to-year revenue declines.
Charting the Markets: China Slows, Europe Rises (Bloomberg)
The Shanghai Composite falls from an eight week high, Deutsche Bankshares rise and the euro holds steady.
The Wall Street Journal: Microsoft CEO’s compensation drops 78% on reduced stock award (Market Watch)
Microsoft Corp. MSFT, -0.04% Chief Executive Satya Nadella’s total compensation in 2015 fell to $18.3 million, a 78% drop largely tied to a drop in his stock compensation.
Meanwhile, his base salary for the year ended June 30 jumped 31% to $1.2 million and his cash bonus rose 20% to $4.3 million, according to a securities filing.
Falling Profit Outlook Is No Deterrent to Italy Stock Bulls (Bloomberg)
When it comes to Italy, investors are so confident in the economy that even a rising tide of earnings downgrades can’t stem the flow of cash into local equities.
What to watch for in GM earnings (Market Watch)
General Motors Co. is expected to report third-quarter earnings before the bell on Wednesday.
America’s love affair with GM pickup trucks and crossovers might be what the car maker needs to beat expectations for the quarter. Sales of its pickup trucks and crossover vehicles are climbing in the U.S., weighing against weaker global sales.
Saudi Arabia Said to Delay Contractor Payments After Oil Slump (Bloomberg)
Saudi Arabia is delaying payments to government contractors as the slump in oil prices pushes the country into a deficit for the first time since 2009, according to three people with knowledge of the matter.
The Trouble With Financial Bubbles (Project Syndicate)
Very soon after the magnitude of the 2008 financial crisis became clear, a lively debate began about whether central banks and regulators could – and should – have done more to head it off. The traditional view, notably shared by former US Federal Reserve Chairman Alan Greenspan, is that any attempt to prick financial bubbles in advance is doomed to failure. The most central banks can do is to clean up the mess.
America's 'smart money' is getting burned (CNN)
Billionaire hedge fund manager Michael Novogratz — a big name on Wall Street — lost $100 million from his bets in Brazil in August and September, according to an investor in the fund.
Novogratz announced last week he's closing the money-losing macro hedge fund at Fortress Investment Group and leaving the firm by the end of the year.
Asian Stock Futures Tip Gains With China GDP to Steer Direction (Bloomberg)
While signs of weakness in the Chinese economy rekindled declines in commodities,U.S. stocks ended Monday little changed at an eight-week high as consumer companies advanced before a barrage of earnings reports.
Politics
Capitol Report: Hillary Clinton wants feds to probe Martin Shkreli’s company (Market Watch)
Hillary Clinton launched the latest salvo in the war between White House contenders and Turing Pharmaceuticals CEO Martin Shkreli on Monday.
In a letter to Federal Trade Commission Chairwoman Edith Ramirez, Clinton urged the agency to probe whether Turing’s “restricted distribution program” for the drug Daraprim amounts to anti-competitive behavior.
There's a completely satirical political party contesting the Canadian election (Business Insider)
It's election day in Canada, and candidates across the board have been busily unveiling political promises.
The 11-week campaign has seen a tight three-way race between the incumbent Conservative Party under Stephen Harper, the Liberal Party under Justin Trudeau, and the New Democratic Party, or NDP, under Thomas Mulcair.
Technology
Honda's 'Wander' concepts preview the future of urban mobility (Mashable)
The Tokyo Motor Show kicks off next week and with it comes some decidedly wacky transportation concepts. But there are perhaps few wackier than the Honda "Wander Walker" and "Wander Stand" concepts.
Frog Eyed Emissions Free Plane Set To Fly In 2016 (Popular Science)
The promise of German Aerospace Center HY4 aircraft is tremendous: short, emissions-free flights in Europe’s crowded and environmentally conscience skies. The plane, which is set to have its first flight in the summer of 2016 out of Stuttgart Airport, is an all-electric craft, powered by a proton exchange membrane fuel cell. It’s a lofty goal, but one unlikely to be realized by next summer.
Health and Life Sciences
Arm mole count 'predicts skin cancer risk' (BBC)
Having more than 11 moles on one arm indicates a higher-than-average risk of skin cancer or melanoma, research suggests.
Counting moles on the right arm was found to be a good indicator of total moles on the body. More than 100 indicates five times the normal risk.
No Amount Of Alcohol In Pregnancy Is Safe, Ever, Pediatricians Group Says (Forbes)
It’s been just over four decades since fetal alcohol syndrome (FAS) was first described, yet contradictory advice to women about drinking any alcohol at all during pregnancy continues to confuse and frustrate women. Is one glass a day okay? Or once a week maybe? One a month? One time ever, in 40 weeks of gestation?
The (very few) upsides to childhood illnesses (CNN)
Of course, nobody likes to be sick, and there's no question that children should be vaccinated and spared scourges such as measles, whooping cough and diphtheria. For common diseases for which there are no vaccines, such as strep throat, parents should try to protect their children from exposure by keeping them away from infected individuals.
Life on the Home Planet
Assad Move on Aleppo Raises Fears of New Refugee Exodus (Bloomberg)
With Russian warplanes in the air and Iranian special forces on the ground, an emboldened Syrian President Bashar al-Assad is turning back to the biggest trophy in his country’s civil war, and this time Europe is also on the front line.
El Niño Brings Venomous Sea Snakes to California (Gizmodo)
If you’re one of those people wary of swimming in the ocean because you’ve been traumatized by Jaws, guess what? Now there’s one more reason not to go in the water. A venomous sea snake has shown up in Southern California for the first time in 30 years.
