Financial Markets and Economy
U.S. Stocks Retreat as Deutsche Bank Woes Hit Financial Shares (Bloomberg)
U.S. stocks fell as banks retreated amid growing concern that Deutsche Bank AG’s woes will spread to the global financial sector. Health-care shares sank on speculation tighter regulations will crimp profits.
Deutsche Bank shares drop after report that some hedge funds have reduced exposure (CNBC)
Shares of Deutsche Bank fell more than 6.5 percent in New York trading Thursday after a Bloomberg report said a small fraction of hedge funds that do derivatives business with the bank have cut their exposure.
Barry Bausano, chairman of Deutsche's hedge fund business, told CNBC there have been outflows, but also inflows, typical of the ebbs and flows of the business. He also said the prime brokerage was "still very profitable" for the bank and there's "no question we have a perception issue."
How gold helped South Korea repay its debt (Global Investors)
The Asian financial crisis had spread like a virus. Thailand, Malaysia, Singapore and other Southeast Asian countries were all affected, inciting fears of a global economic meltdown if the crisis couldn’t be contained.
All of these things can be made with one barrel of oil (Visual Capitalist)
Many people think of crude oil as a thick, black liquid that is used to source our unquenchable thirst for gasoline. However, the reality is that each barrel of oil is refined to be used in a variety of applications that includes fuel, cosmetics, plastics, rubber, and candle wax.
Denmark Pays $900,000 for Panama Papers in Hunt for Tax Cheaters (Bloomberg)
Denmark received information on Danish citizens from the so-called Panama papers after paying almost 6 million kroner (around $900,000) to an anonymous source, the Danish Tax Authority said in a statement Thursday.
Here's the Smoking Gun That China Has a Huge Housing Bubble (Bloomberg)
Speculative buyers have eschewed Chinese stocks in favor of property, prompting even the chief economist at the central bank of the world's second largest economy to declare that housing was in a "bubble."
HEDGE FUND LEGEND JULIAN ROBERTSON: Everything is in a bubble and it will end in 'chaos' (Business Insider)
Julian Robertson, the legendary hedge fund manager behind Tiger Management, thinks central banks are fueling bubbles throughout financial markets.
Oil rises near $50; doubts on OPEC plan limit gains (Reuters)
Oil prices jumped more than 1 per cent on Thursday, with Brent nearing $50 a barrel on optimism over OPEC’s first planned output cut in eight years, although gains were limited as some analysts doubted the reduction would be enough to make a substantial dent in the global crude glut.
As Heavy-Truck Sales Go, So Goes the Economy (Bloomberg)
For most people, the economy’s ups and downs are best measured by famous indicators like monthly job reports and quarterly releases of gross domestic product. But students of the arcane took special notice earlier this month when the Bureau of Economic Analysis released some disturbing data that didn’t make anybody’s front page.
OPEC Deal Shows Cartel's Resolve and Desperation (Associated Press)
ALGIERS, Algeria (AP) — OPEC's unexpected agreement to trim production shows the cartel still has the resolve — and even desperation — to try to guide oil prices higher. But don't expect triple-digit crude anytime soon.
Wall Street Execs Allegedly Traded on Insider Info While the World Collapsed in 2008 (Esquire)
The invaluable International Business Times, under the direction of David Sirota, has been doing god's work on the circumstances of the economic crisis of 2008, even though most of the rest of the country's political class—including, sadly, the president—has moved on.
Price Stickiness Is a Symptom not a Cause (Uneasy Money)
In my recent post about Nick Rowe and the law of reflux, I mentioned in passing that I might write a post soon about price stickiness.
Some Deutsche Bank Clients Reduce Collateral on Trades (Bloomberg)
Amid mounting concern about Deutsche Bank AG’s ability to withstand pending legal penalties, about 10 hedge funds that do business with the German lender have moved to reduce their financial exposure. The shares slumped.
ECB "Refused To Answer Questions" – “Systemic Threat” Of Deutsche Is “Not ECB Fault” (Gold Core, Zero Hedge)
The potential collapse of Deutsche Bank and the systemic risk it poses to banks and the European financial and monetary system moved into the German political sphere yesterday.
Janet Yellen On The Fed Buying Stocks: "Maybe In The Future, Down The Line…" (Zero Hedge)
There was an interesting exchange during Janet Yellen's testimony before the House Financial Services Committee on Wednesday morning, when South Carolina Republican Mick Mulvaney asked Yellen if the Fed will openly (as opposed to indirectly via Citadel) buy stocks.
Companies
Wells Fargo Crooks Stole From Customers, Reaped Obscene Rewards—and Stuck Us With the Bill (The Nation)
On September 28, California State Treasurer John Chiang, who is running for governor, blasted Wells Fargo for “venal abuse of its customers” and announced that the state was “suspending business relations” with Wells Fargo for a year. This affects a significant profit center for Wells, the second-largest underwriter in California municipal debt in the first half of 2016.
Why the $600 EpiPen Costs $69 in Britain (Bloomberg)
The EpiPen allergy shot, enmeshed in controversy because it sells for almost as much as the latest iPhone in the U.S., costs less than its leather case in Britain.
Chesapeake receives DoJ subpoena on accounting for asset purchase (Reuters)
Chesapeake Energy Corp (CHK.N) said it received a subpoena from the U.S. Department of Justice seeking information on the accounting methodology for the acquisition and classification of oil and gas properties.
Long Idea: Williams-Sonoma, Inc. (WSM) (Value Walk)
Lately, retail has been an unloved industry due to economic concerns coupled with the continued and growing pricing pressures of e-commerce.
Politics
Obama: Why I won't say 'Islamic terrorism' (CNN Politics)
Washington (CNN) – President Barack Obama has taken a lot of criticism from political opponents over his rhetoric when it comes to terrorism. But on Wednesday at a CNN presidential town hall, he was asked to defend why he refuses to say "Islamic" terrorism to a Gold Star mother.
Trump thinks Google is out to get him (Think Progress)
Trump is referring to a viral SourceFed video posted in June that raises questions about Google’s autocomplete function. The video shows a user entering search terms like, “Hillary Clinton cri,” but not being prompted to much-searched phrases like “Hillary Clinton criminal.”
‘I Guess I’m Having an Aleppo Moment’: Gary Johnson Can’t Name a Single Foreign Leader (NY Times)
It was, in Gary Johnson’s own words, another “Aleppo moment.”
During a town hall-style interview on MSNBC on Wednesday night, Mr. Johnson, the Libertarian candidate for president, was asked by the host Chris Matthews to name his favorite foreign leader.
Ex-CIA chief: Trump not 'sensitive to the emotional needs' of our allies (Pollitico)
How will the next president deal differently with the ongoing and increasingly-complicated conflict in Syria, former NSA and CIA chief Michael Hayden was asked Thursday morning on MSNBC’s “Morning Joe.”
Where Donald Trump lost the debate (The Economist)
The microphone had been tampered with. The moderator, a registered Republican, was horribly unfair. So went Donald Trump’s dismissal of his poor performance against Hillary Clinton at the first presidential debate on September 26th.
Trump digs in on why refusing to pay taxes makes him ‘smart’ (Think Progress)
At the first presidential debate earlier this week, Republican nominee Donald Trump seemed to admit that he doesn’t pay anything in federal income taxes. But he’s spent the days since lying about what he said.
The Obama administration just quietly protected millions of seniors from abuse (Think Progress)
New regulations issued by the Department of Health and Human Services on Wednesday will protect millions of seniors from a legal tactic often used by businesses to shield themselves from scrutiny and from liability for illegal conduct.
Technology
The app that lets you trade stocks without paying any fees is now giving out lines of credit (Business Insider)
Robinhood, the app that lets you trade stocks without paying any fees, is rolling out a premium tier called Robinhood Gold that starts at $10 per month and gives users access to features like a line of credit and after-hours trading.
A High-Stakes Bet: Turning Google Assistant Into a ‘Star Trek’ Computer (NY Times)
Google is one of the most valuable companies in the world, but its future, like that of all tech giants, is clouded by a looming threat. The search company makes virtually all of its money from ads placed on the World Wide Web. But what happens to the cash machine if web search eventually becomes outmoded?
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Blink wireless security cameras run for two years on a pair of AA batteries (The Verge)
Over the last year or so we’ve seen an uptick in availability of small and relatively cheap wireless security cameras. I mean truly wireless, using Wi-Fi to transmit data and batteries to provide power. That magical combination of features allows this new breed of cameras to be placed almost anywhere in, or around, a home.
Last year Alipay, the Alibaba-affiliated payments app, released an April Fool’s prank video. It touted a fictional feature that would let people find strangers nearby to fulfill favors of all sorts for cash—from charging a phone, to delivering toilet paper, to going on a date.
Bye bye, cable guy: New FCC rules will make it easier to toss the cable box and cut the cord (Salon)
For decades, pay-TV providers have delivered daily programming, premium networks, movies and sporting events to millions of households through a wired plastic box that may soon become as anachronistic as CD player or a VCR.
Some replacement Galaxy Note 7s still overheating as Samsung washing machines start exploding (9TO5 Google)
There seems no end in sight to Samsung’s troubles with the Galaxy Note 7. Just days after reports that replacement devices were experiencing high battery drain and slow charging, the WSJ says the company is investigating complaints that some replacement units are overheating.
With Gigster, Anyone Can Hire A Great Developer From Facebook Or Google (Forbes Trep Talks)
wo years ago Roger Dickey, 33, started San Francisco-based Gigster, a platform where companies hire freelance software developers. Its selling point: a heavily screened pool of top developers eager to moonlight on a project basis for non-tech clients.
Mini dog robot can bounce, open doors and even climb fences (New Scientist)
Fancy a robot pet? Minitaur is designed to be an affordable and practical quadruped robot. Not only can it cross obstacle-strewn terrain impassable to wheeled and tracked robots, it can also climb stairs and chain-link fences. Jiren Parikh, CEO of its manufacturer, Ghost Robotics, says it can even clamber up trees.
At the Paris Auto Show, the Electric Future Is Now (Bloomberg)
Volkswagen AG and Mercedes-Benz are leading a sea change in the auto industry’s approach to electric cars, with ambitious plans aimed at ending consumer apathy for battery-powered vehicles.
Survey of large publishers: 30 percent of our website visits come from Facebook (Nieman Lab)
For publishers, Facebook is the proverbial 800-pound gorilla in the room: They know they have to deal with it, but they aren’t always sure of the best strategy for approach.
Mercedes' Tesla killer is coming in 2019 — here's everything we know about it (Business Insider)
Mercedes-Benz just made a huge move to take on Tesla.
The German automaker unveiled its all-electric SUV concept at the Paris Motor Show Thursday, and with a competitive price tag and solid range potential, it's poised to become a big competitor in the EV space.
Health and Biotech
The Americas Just Eliminated Measles, But Vaccination Will Help It Stay Gone (Popular Science)
Earlier this week, the Pan American Health Organization/World Health Organization (PAHO/WHO) announced that after a 22 year eradication effort,measles had been eliminated in the Americas.
Life on the Home Planet
Hoboken train crash: 1 dead, more than 100 injured (CNN Region)
New York (CNN) – A New Jersey Transit train plowed through a major station in Hoboken during Thursday morning's rush-hour commute, killing at least one person and injuring more than 100 others, officials said.
Tens Of Thousands Of Belgium Protest Reforms, Labor Law (Associated Press)
BRUSSELS (AP) — Tens of thousands of workers have rallied in the Belgian capital to protest against government reforms and labor laws, disrupting public transport and traffic.
Astronomers discovered a mysterious new galaxy — thanks to a bunch of ordinary camera lenses (Quanta Magazine)
The reviews for Canon’s 400-millimeter telephoto camera lens praise its sharpness and speed when used to photograph football players and red-tailed hawks. Reviewers don’t mention that this retail lens is yielding new discoveries about dark matter and galaxy formation.
Russia Rejects U.S. Demands for Resumption of Syria Cease-Fire (NY Times)
BEIRUT, Lebanon — The Russian government vowed on Thursday to continue its operations in Syria, dismissing Secretary of State John Kerry’s threat to cut off talks if the bombardment of Aleppo continued.
Tim Tebow Homers in First At-Bat (and Finishes 1 for 6) (NY Times)
Tim Tebow stepped to the plate Wednesday for his first at-bat as a professional baseball player and took a swing at the first pitch he saw. Naturally, he hit a home run.
