Financial Markets and Economy
Yuan Interbank Rate Surges in Hong Kong in Sign of Intervention (Bloomberg)
The overnight interbank yuan rate surged the most since January in Hong Kong amid speculation China’s central bank is intervening to fend off bearish bets on the currency.
Banks Are Now Too Scared to Even Make Money (The Wall Street Journal)
In early 2009 my bank gave me money for free. The post-Lehman fall in interest rates meant I could earn more from a deposit at the troubled bank then I had to pay them on my mortgage.
Tanzania Aims For $500m Economic Boost Through Digital Payments (Forbes)
Tanzania’s economy could be boosted by nearly $500-million using digital payments instead of cash, according to a new United Nations study.
U.S. Stocks End Little Changed (The Wall Street Journal)
Major U.S. stock indexes were little changed, U.S. government bonds were nearly flat and the dollar weakened slightly ahead of this week’s meetings by the Federal Reserve and the Bank of Japan.
Oil rebounds on producer deal speculation; gasoline falls (Reuters)
Oil prices rose 1 percent on Monday after Venezuela hinted that OPEC members and other major oil producers could agree to a deal to freeze output, and as clashes in Libya disrupted attempts to restart crude exports from key ports.
For Yellen, a September Fed surprise could close confidence gap (Reuters)
Market volatility is low, U.S. census data shows income gains have reached the middle class, and workers are clawing back a larger share of national income. For now, at least, no international risk stands out and inflation may even be picking up.
China’s Home Prices Rise Most in Six Years as Sales Gain (Bloomberg)
Chinese home prices rose the most in more than six years last month, suggesting local government efforts to avert a housing bubble are having only a limited effect.
Fed Hits Crossroads on Unemployment (The Wall Street Journal)
Most Federal Reserve officials agree the economy is at or getting very close to what economists consider full employment, the rate below which inflation starts to rise.
European banks represent the world's biggest contrarian trade: Citi (Reuters)
Buying European bank stocks would be the world's biggest contrarian trade, Citi analysts said, adding they expect both returns and asset quality to improve next year.
China facing full-blown banking crisis, world's top financial watchdog warns (The Telegraph)
China has failed to curb excesses in its credit system and faces mounting risks of a full-blown banking crisis, according to early warning indicators released by the world’s top financial watchdog.
10 things you need to know before European markets open (Business Insider)
Good morning! Here's what you need to know on Tuesday.
A quiet shake-up inside Goldman Sachs' securities division has seen at least 18 partner-level departures from key roles in the US and Europe in 2016.
Global stocks, dollar subdued as Fed, BOJ meetings begin (Reuters)
Shares made modest gains and the dollar lost ground against the yen on Tuesday as investors awaited the outcomes of Federal Reserve and Bank of Japan policy meetings that will conclude on Wednesday.
Housing Starts Tumble Despite Surging Homebuilder Confidence (Zero Hedge)
While homebuilder confidence spiked this mornth to near cycle highs, Housing Starts plunged 5.8% MoM – the biggest drop in 5 months; and building permits slipped 0.4% MoM – the second monthly drop in a row.
Companies
Pimco, BlackRock See December Fed Hike Amid Mini Taper Tantrum (Bloomberg)
Pacific Investment Management Co., BlackRock Inc. and J.P. Morgan Asset Management said the Federal Reserve will probably raise interest rates in December and forgo action this week.
The Misunderstood Lessons Of The Wells Fargo Fiasco (Forbes)
Wells Fargo CEO John Stumpf is scheduled to testify today before the Senate Banking Committee. He will doubtless be asked how the bank could possibly have allowed employees to open 1.5 million fraudulent bank accounts and half a million fake credit card accounts.
GlaxoSmithKline Names Emma Walmsley as Next Chief Executive (The Wall Street Journal)
LONDON—GlaxoSmithKline PLC said its head of consumer health care, Emma Walmsley, will succeed Andrew Witty as chief executive.
Politics
Merkel’s Party Suffers Worst Berlin Loss of Postwar Era (Bloomberg)
Chancellor Angela Merkel’s party was dealt another blow in a regional election, posting its worst result in Berlin since the end of World War II as the anti-immigration Alternative for Germany extended its challenge to the political establishment by siphoning off voters.
Clinton, Trump trade blows on their ability to fight terrorism following the weekend's attacks (Business Insider)
After the weekend's bombings in New York and New Jersey and knife attack in Minnesota, presidential candidates Hillary Clinton and Donald Trump traded blows Monday on who was more capable of fighting terrorism at home and abroad.
Despite flaws, paperless voting machines remain widespread in the U.S. (Reuters)
One in four registered voters in the United States live in areas that will use electronic voting machines that do not produce a paper backup in the November presidential election despite concerns that they are vulnerable to tampering and malfunctions, according to a Reuters analysis.
Donald Trump Stands by Chris Christie Despite Revelations in Bridge Closing Trial (NY Times)
When Donald J. Trump campaigned in South Carolina in December, in a crowded and tightening Republican primary, he made a pointed declaration about one of his opponents, Gov. Chris Christie of New Jersey.
Technology
Microsoft can’t stop launching Nokia feature phones (Mashable Asia)
Microsoft may have cut short its Windows Phone and mobile efforts, and it may be in the process of selling its feature phone business, but the company is anything but done with launching new feature phones with Nokia branding.
Tesla Wins Massive Contract to Help Power the California Grid (Bloomberg)
Tesla just won a bid to supply grid-scale power in Southern California to help prevent electricity shortages following the biggest natural gas leak in U.S. history. The Powerpacks, worth tens of millions of dollars, will be operational in record time—by the end of this year.
Amsterdam Gets Ready To Test Self-Driving Boats To Transport Goods And People (Digital Trends)
Self-driving boats have a future in city canals. A five-year program to test the functions these autonomous boats in Amsterdam’s canals kicked off with an announcement on Monday, according to The Verge.
How EBay's CEO Plans to Take On Amazon (Bloomberg)
EBay Inc. Chief Executive Officer Devin Wenig took the stage in a Las Vegas convention center with arms raised like a prize fighter after winning a stunning upset.
How Technology Is Changing Law In Asia (Forbes)
Law is an old profession. Old, but not immune to change, and technology is changing law and the legal sector in many, varied ways. Asia is at the heart of this development.
HTC Announces The Mid-Range Desire 10 Pro and Desire 10 Lifestyle (Digital Trends)
Not every phone need achieve blockbuster status to be considered successful. There’s demand enough for phones at the margins, specifically for the sort of mid-range devices that don’t sport the hardware or command the prices of high-end handsets like the Apple’s iPhone, Samsung’s Galaxy S7, or LG’s V20 but nonetheless deliver good, if not great, user experiences.
Health and Biotech
Cancer rates among two key groups are declining (Science Alert)
Cancer death rates have been falling over the last few decades.
And, according to a new report from the National Centre for Health Statistics (NCHS), the same holds true for children and teenagers. From 1999 to 2014, the cancer death rate among kids and teens aged 1 to 19 declined 20 percent.
How the Brain Decodes Sentences (Scientific American)
Words, like people, can achieve a lot more when they work together than when they stand on their own. Words working together make sentences, and sentences can express meanings that are unboundedly rich.
Life on the Home Planet
Syria Aid Convoy Hit by Airstrike as Truce Falters (The Wall Street Journal)
At least 18 trucks delivering aid to Syrians for the first time since the start of a week-old cease-fire were hit by an airstrike Monday, according to U.S. and humanitarian officials, as the regime declared the truce effort over.
Tanker Returns to Libya’s Ras Lanuf Port to Load Oil After Clash (Bloomberg)
A tanker returned to Libya’s third-biggest oil port to load a cargo a day after clashes between rival armed forces forced it to sail away to safety, in what would be the first overseas crude shipment from the terminal of Ras Lanuf since 2014.
Police arrest New York bombing suspect following gunfight (Reuters)
LINDEN, N.J. (Reuters) – An Afghanistan-born American suspected of detonating a bomb that injured 29 people in New York City and of planting other devices in New York and New Jersey was arrested on Monday after a gun battle with police, but investigators said his motive was unknown.
U.S. investigators seek motive for NY, NJ weekend attacks (Reuters)
Investigators were searching on Tuesday for clues to the motive behind the bombings and attempted bombings in New York and New Jersey over the weekend and to determine whether the Afghanistan-born suspect had accomplices or was radicalized overseas.
