** REVIEW : * The Centers for Disease Control and Prevention has confirmed that a patient being treated at a Dallas hospital has tested positive for Ebola, the first case diagnosed in the U.S. The patient was placed under strict isolation, and CDC and Texas health officials are working to identify and monitor anyone who may have come into contact with the patient. In response to the case, Ebola-related stocks are jumping. Premarket: BCRX +14.5%; SRPT +5.5%; NLNK +13.7%; INO +3.2%; NNVC +12%; TKMR +26.7%. * Mario Draghi is set to push the ECB to buy junk-rated Greek and Cypriot bank loans, a move that will likely increase tensions between Germany and the bank. The ECBs executive board will propose that existing requirements on the quality of assets accepted by the central bank be relaxed to allow for the purchase of safer slices of Greek and Cypriot ABS. Despite Germanys opposition, the country may be outvoted if other eurozone members choose to back it. * President Barack Obama and Indias new Prime Minister Narendra Modi announced the need for more economic collaboration yesterday, while addressing concerns that they have grown apart. While military ties and trade in military equipment between the two countries have increased, the economic relationship has been rockier, with the U.S. frustrated over Indias failure to open its economy to more foreign investment. Other areas of discussion included maritime security, counter-terrorism cooperation, clean energy and climate change. * Australian aircraft are next to join the U.S.-led coalition in air strikes against Islamic State in Iraq after PM Tony Abbott announced their initial support role. The news follows the first air strikes by Britains Royal Air Force yesterday, after David Cameron secured parliamentary support for the missions last week. Canada is also weighing its next steps in the U.S.-led fight, with PM Stephen Harper saying he will put any cabinet decision favoring a combat role before Parliament. * U.S. District Judge Paul Oetken has certified a class action lawsuit by investors who claim JPMorgan (NYSE:JPM) misled them about the underwriting, appraisals and credit quality of $10B of MBSs it sold before the financial crisis. The class action was certified with regards to the banks liability but not as to damages. Oetkens ruling comes just under a year after JPMorgan reached a $13B sour mortgage settlement to resolve U.S. government and state probes. * A group of Wall Street investors lost their legal challenges yesterday over the treatment of Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) shareholders after their bailout in 2008. The investors sued for breach of contract over allegedly promised dividends and liquidation preferences, and what they called an illegal “taking” of their profits by the U.S. Treasury. The lawsuits are among the first of almost 20 related cases to be decided. * Pre-orders for upcoming Disney movies are available on Amazon (NASDAQ:AMZN) again in what could be an early indication that a deal has been worked out between the two companies. Disney (NYSE:DIS) titles went missing from Amazons site amid a two-month dispute over pricing policies. * Offering the first public peek at the next version of its flagship operating system, Microsoft (NASDAQ:MSFT) acknowledged that the current version veered off course, and pledged a range of new features. As expected, the company is bringing back the Start menu, albeit a revamped version that supports resizable live tiles, and will allow touch-friendly Metro apps to launch in desktop mode. The new version will be called Windows 10, skipping a number in Microsofts established product-naming convention. * Deutsche Bank is withholding several million euros in bonuses from its co-chief executives and other top managers, holding senior staff responsible for an exorbitant amount of costly legal and regulatory problems. The bank had to pay €3B in legal costs last year and it stocked up its reserves for litigation and regulatory fines by €450M to €2.2B in Q2 of this year. Deutsche (NYSE:DB) is currently involved in at least a thousand legal disputes including the alleged rigging of Libor and its forex scandal. DB +1% premarket. * Pimco is looking to expand its equities business, and will not make any changes in the firms portfolio management following the departure of Bill Gross, say top Pimco execs Doug Hodge and Dan Ivascyn. Earlier this week, Hodge announced that Pimco was moving away from its founder-led model and that the asset managers flagship fund, the Pimco Total Return Fund (NYSEARCA:BOND), formerly run by Gross, does not define Pimco. * American Apparels board is increasingly open to letting controversial founder Dov Charney stay at the company, but not as CEO, Bloomberg reports. Charney currently serves as a consultant to the company, although the U.S. retailer is considering giving him a new role. American Apparel (NYSEMKT:APP) has also named Scott Brubaker as its interim CEO to replace John Luttrell, effective immediately. APP +2.4% premarket. * Facing investor discontent over its underperforming share price, Adidas (OTCQX:ADDYY) announced plans to buy back up to €1.5B ($1.89B) in shares over the next three years. The news also follows the companys third profit warning this year, announced in July, attributed to a plunge in sales at its golf business and its exposure to a weak Russian market. * The FAA has ordered Boeing to replace pilot displays on more than 1,300 jets, including some of the newest 737 models, to prevent possible interference from Wi-Fi devices used in cockpits. The new safety directive aims to ensure that essential information such as airspeed, altitude and heading do not temporarily disappear from certain instrument displays manufactured by Honeywell (NYSE:HON). U.S. airlines will have five years to swap out the displays on Boeing (NYSE:BA) 777 and 737 models. * After laying off 680 workers last month with the closure of a cereal and a yogurt factory, General Mills (NYSE:GIS) has announced that it will cut another 700 to 800 salaried jobs as it continues to slash costs amid flagging sales. The company says the cuts will cause pretax restructuring charges of $135M-$160M, but will result in annual savings of $125M-$150M beginning in its fiscal 2016. * Britains Financial Conduct Authority has begun an investigation into the accounting scandal at Tesco (OTCPK:TSCDF, OTCPK:TSCDY) which wiped €3B ($4.9B) from the troubled grocers stock market value last month. The profit overstatement, which related to the mis-booking of rebate payments from suppliers, follows a string of disappointing results at the company. Since the announcement, Tesco has suspended four senior execs and launched its own investigation through Deloitte to look into the discrepancy. DATAS AWAITED : 16:30 USD MBA 30-Year Mortgage Rate 4.39% 16:30 USD MBA Mortgage Applications (WoW) -4.1% 16:30 USD MBA Purchase Index 168.8 16:30 USD Mortgage Market Index 338.4 16:30 USD Mortgage Refinance Index 1,297.5 17:30 CZK Budget Balance (Sep) -14.760B 17:45 USD ADP Nonfarm Employment Change (Sep) 210K 204K 18:14 ZAR Total Vehicle Sales (YoY) (Sep) -1.40% 18:14 ZAR Total Vehicle Sales (Sep) 55.72K 18:30 BRL HSBC Manufacturing PMI 50.2 19:00 CAD RBC Manufacturing PMI (Sep) 54.8 19:00 SGD Maunfacturing PMI (Sep) 49.7 19:15 USD Manufacturing PMI (Sep) 58.2 57.9 19:30 USD Construction Spending (MoM) (Aug) 0.5% 1.8% 19:30 USD ISM Manufacturing Employment (Sep) 57.5 58.1 19:30 USD ISM Manufacturing New Orders Index 66.7 19:30 USD ISM Manufacturing PMI (Sep) 58.5 59.0 19:30 USD ISM Manufacturing Prices (Sep) 57.0 58.0 20:00 USD Crude Oil Inventories 0.700M -4.273M 20:00 USD EIA Weekly Distillates Stocks -0.100M 0.823M 20:00 USD Gasoline Inventories -0.767M -0.414M 20:00 MXN Manufacturing PMI (Sep) 52.10 21:00 BRL Foreign Exchange Flows 3.43B 23:30 BRL Trade Balance (Sep) -0.65B 1.17B
Posted on: Wed, 01 Oct 2014 10:53:10 +0000
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