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U.S. STOCKS RISE AS OIL NEARS $50 a BARREL

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U.S. STOCKS RISE AS OIL NEARS $50 a BARREL

  • The yield on the 10-year Treasury note rose to 1.721% from 1.683% Tuesday.
  • Brent crude futures rose 2%, supported by an industry report that U.S. inventories probably fell for the fifth straight week and OPEC’s deal to cut supply.
  • On Wednesday, a gauge of U.S. service-sector activity rose to its highest level since October 2015.
  • ISM nonmanufacturing index jumped to 57.1 in September from 51.4 in August.
  • Twitter rose 4% after the Wall Street Journal reported that the micro-blogging website is expected to field bids this week.

US FINANCIAL MARKET

Oil Holds Gains on U.S. Inventory Data

  • There is cautious optimism about an OPEC deal to cut output.
  • The American Petroleum Institute said its own inventory survey for last week showed a 7.6-million-barrel decrease in U.S. oil stockpiles.

Google takes on Apple, Amazon with new hardware push

  • Google announvced a new “Pixel” smartphone and a suite of new consumer electronics products for the home, planting itself firmly in the hardware business and challenging Apple’s iPhone at the high end of the $400 billion global smartphone market.
  • The phone comes in two sizes, and its high-end camera is one of few distinguishing features.
  • The phones come in black, blue and silver and will be able to get up to a seven-hour charge in 15 minutes.

Twitter Is Expected to Field Bids This Week

  • Twitter is expected to field bids this week, and Marc Benioff has been building a case to Salesforce.com investors and others that his company should be the buyer.
  • While Twitter could cost upward of $20 billion, or more than a third of Salesforce’s roughly $49 billion market value, it would be more bite-sized for Google with more than $500 billion value.
  • Disney, meanwhile, has a market capitalization of almost $150 billion.

Netflix, iPic Entertainment Agree to Screen Original Movies in Theaters, Online Simultaneously

  • Netflix signed a deal with luxury theater-chain iPic Entertainment to simultaneously screen its original movies in theaters the same day that they appear on the streaming service.
  • Deal is the latest to expand streaming service’s theatrical ambitions.
  • Netflix movies in the next year will play in iPic theaters in Los Angeles and New York City, with the option of showing at iPic’s 13 other locations or independent theaters.

Germany floats plan to buy new Lockheed transport planes

  • Germany is looking at buying 4-6 new Lockheed Martin C-130J military troop transport planes and operating them jointly with France.

BlackRock Cuts ETF Fees

  • The move by BlackRock covers $216 billion in assets and will lower expenses below or on par with those offered by low-cost pioneer Vanguard and Boston rival State Street Global Advisors.
  • BlackRock’s price reductions affect 15 ETFs within its iShares business, trimming the cost of widely used funds like the iShares Core S&P 500 ETF to 0.04% from 0.07% and the iShares Core U.S. Aggregate Bond ETF to 0.05% from 0.08%.

Monsanto Surprises with Adjusted Profit as Expenses Drop

  • Net sales in the company’s corn seeds and traits business jumped 34%
  • Monsanto’s expenses dropped, by nearly 10%, as cost-cutting measures paid off.
  • Monsanto agreed last month to be bought by Germany’s Bayer for $66 billion.

Eli Lilly To Buy Boehringer Ingelheim Pet Vaccines Portfolio for $885 Million

  • Lilly continues to grow its animal unit.
  • Lilly has expanded its animal medicine division in recent years, buying Novartis’s animal-health business for $5.4 billion in early 2015.
  • The animal health unit brought in $3.18 billion in revenue for Lilly in 2015.

U.S. Traffic Deaths Up Sharply in First Half of the Year

  • Traffic deaths rose 10.4% in the first half of 2016, raising fresh concerns about distracted driving.
  • More than 17,700 traffic fatalities are estimated to have taken place in the first six months of 2016 in the U.S.
  • In the first half of 2006, for instance, 20,500 fatalities were recorded.
  • About 35,000 traffic deaths were reported on American roads in 2015.

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US ECONOMY & POLITICS

U.S. Nonmanufacturing PMI Surged to Highest Level in Nearly a Year

  • The Institute for Supply Management said its nonmanufacturing index jumped to 57.1 in September from 51.4 in August.

U.S. Trade Gap Expanded in August Due to Olympic Rights, Oil

  • Deficit increased 3.0% from a month earlier to seasonally adjusted $40.73 billion.
  • Imports hit their highest level since September 2015 while exports were the highest since July of last year.
  • In August, exports of goods and services edged up 0.8% to $187.85 billion.
  • Exports to China rose 2.6% and were up 1.2% to the European Union. Exports to the United Kingdom rose 2.4%.
  • Imports of goods and services increased 1.2% to $228.58 billion in August.
  • Imports from China increased 9.5%.

ADP Private Payrolls Rise 154,000 in September

  • Firms across the country added 154,000 workers to their ranks this month.
  • Economists surveyed by The Wall Street Journal expected an increase of 173,000.

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EUROPE & WORLD

Tesco Shares Surge as Operating Profit Grows

  • U.K.’s largest retailer reports growth in sales amid turnaround efforts.
  • For the first half, operating profit—stripping out large one-time charges—was £596 million ($770.4 million), compared with £372 million a year earlier.
  • Revenue, excluding value added taxes, edged up to £27.34 billion, from £27.23 billion.

IMF Raises U.K. Growth Forecast for This Year, but Lowers Outlook for 2017

  • The IMF said that it expects the U.K. to grow 1.8% in 2016—the fastest among the Group of Seven advanced economies—and 1.1% next year.
  • Uncertainty over Britain’s ties to the EU after the Brexit vote could weigh on growth for some time, says IMF.

Greece’s 2017 Budget Plan Sticks with Robust Growth Forecast

  • The 53-page budget sticks with Greece’s previous forecasts that the economy is expected to contract by 0.3% this year before growing by 2.7% in 2017.

Toyota recalls 219,811 Toyota and Lexus cars in Russia

  • The recall covers the cars sold between Feb. 15, 2007 and Sept. 19, 2015.
  • These cars are equipped with a vapor recovery system using a carbon absorber in the fuel tank.

Three Risks to the Global Financial System as Debt Hits Record Levels

  • IMF urges major restructuring of the European banking system and sees emerging-market corporate defaults on the rise.
  • Gross debt in the non-financial sector has more than doubled in nominal terms since the turn of the century, reaching $152 trillion last year.record-indebtedness

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TODAY in HISTORY

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King Manuel II was overthrown in a revolution and Portugal became a republic (1910)

515391996

Earl Warren was sworn in as the 14th Chief Justice of the U.S. Supreme Court (1953)

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This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S&P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg, Wall Street Journal.

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