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  • The three major U.S. stock indexes hit record highs at the open on Monday, the first trading day of the fourth quarter, on hopes of progress on President Donald Trump’s tax reform plan.
  • Investors are also watching developments in Las Vegas, where at least 50 people have died in the deadliest shooting in modern U.S. history.
  • U.S. hotel stocks fall after shooting in Las Vegas.
  • Meanwhile, escalating tensions in Catalonia dented the euro and Spanish assets after voters overwhelmingly backed independence in a referendum Sunday.


At Least 50 Killed as Gunman Opens Fire at Las Vegas Concert

  • A gunman perched on the 32nd floor of a Las Vegas hotel-casino unleashed a hail of bullets on an outdoor country music festival below, killing at least 50 people as tens of thousands of concertgoers screamed and ran for their lives.
  • More than 400 other victims were taken to the hospital.
  • Country music star Jason Aldean was performing Sunday night at the end of the three-day Route 91 Harvest Festival in front of a crowd of more than 22,000 when the gunman opened fire from inside the Mandalay Bay Hotel and Casino across the street.
  • The gunman was identified as Stephen Craig Paddock, 64, of Mesquite, Nevada. He had checked into the hotel room on Thursday.

Nordstrom’s stock drops on report that retailer’s buyout talks are ‘faltering’

  • The New York Post reported Sunday that Nordstrom hasn’t been able to secure financing following the Toys R Us bankruptcy filing.
  • Toys R Us has added “anxiety” to the process, the Post said.

Disney, Altice shares gain after deal avoids blackout

  • Shares in Walt Disney were the biggest gainers on the Dow Jones Industrial Average on Monday after the company reached a tentative deal with cable operator Altice that prevented a Disney network programming blackout.
  • Altice and Disney have been at loggerheads over how much the fourth-largest U.S. cable operator would pay to continue carrying ESPN, ABC and other channels on its Optimum cable service.
  • The deal announced on Sunday allows Altice’s Optimum cable service to head off the risk of a blackout that would put at risk some of its 3.1 million subscribers in New Jersey, New York, Connecticut and Pennsylvania.

Air France A380 Makes Emergency Landing After Engine Blows Apart

  • An Airbus SE A380 superjumbo operated by Air France was forced to make an emergency landing in eastern Canada after one of its four engine broke apart over the Atlantic Ocean.
  • The aircraft was flying from Paris to Los Angeles when the “serious incident” occurred, prompting the pilots to land in Goose Bay, Labrador.
  • No one on Air France Flight 66 was hurt and arrangements have been made to get the 497 passengers to California.

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ISM Manufacturing Index Rises to 60.8 in September

  • The Institute for Supply Management said Monday that its index of manufacturing activity climbed to 60.8 last month from 58.8 in August.
  • A reading above 50 indicates sector expansion as measured by factors such as sales, output and hiring.

US construction spending rebounds after two straight monthly declines

  • Construction spending rose 0.5 percent to $1.21 trillion, better than the 0.4 percent increase economists polled by Reuters expected.

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Catalans Signal They May Declare Independence Within a Week

  • Catalan separatist leaders signaled they may be moving toward a unilateral declaration of independence as early as this week after hundreds of activists were injured on Sunday as they sought to stop Spanish police from shutting down an illegal referendum.
  • Two million Catalans backed independence out of 2.3 million votes cast in total. Just over 5 million people were eligible to vote.
  • Before the government crackdown began, separatist leaders said they would be comfortable declaring independence with about 1.8 million votes.

ECB’s Praet: Deflation Has Disappeared But Inflation Isn’t High Enough

  • Inflation in the eurozone hasn’t yet reached the European Central Bank’s definition of price stability and the path toward this goal will shape the ECB’s plan to end its bond-buying program, the central bank’s chief economist said Monday.
  • Peter Praet said the ECB remained confident that inflation would ultimately hit levels that were close to, but below, 2%, the ECB’s medium-term price stability target.

Israel’s largest defense contractor unveils unmanned helicopter

  • The aircraft, dubbed the Air Hopper, has already carried out a test demonstration for the Israeli military, but company officials would not say when it would be ready for market.
  • State-owned IAI has already developed drones and guided missile systems that are used by militaries around the world.
  • The unmanned helicopter is able to carry a wounded soldier off the front lines, without risking more troops, while monitoring and transmitting vital signs mid-flight, IAI said.

China’s Central Bank Announces Targeted Easing to Boost Small-Business Loans

  • China’s central bank announced it will free up funds for banks that boost lending to small businesses.
  • The People’s Bank of China said it would reduce the amount of reserves select banks are required to keep with the central bank by between half and 1 percentage point starting 2018.
  • To qualify, banks must meet central bank criteria on lending to small businesses.

Nissan to recall 1.2 million cars in Japan over unauthorized checks

  • Nissan plans to recall 1.2 million cars in Japan after it discovered final vehicle inspections were not performed by authorized technicians, it said on Monday.
  • Japan’s second-biggest automaker said the recall would cost it around 25 billion yen ($222 million) to re-inspect cars produced for the domestic market between October 2014 and September 2017.

Monarch Airlines Ceases Operations

  • Europe’s hypercompetitive airline market has claimed another victim with Britain’s Monarch Airlines Ltd. declaring bankruptcy Monday, grounding its flights and leaving more than 100,000 passengers stranded overseas.
  • The British government said it was renting planes to help bring the 110,000 passengers stranded overseas home.
  • Monarch Airlines, owed by private-equity firm Greybull Capital was a British tourist airline that tried to remake itself as a budget carrier. Its failure comes after Italian flag carrier Alitalia and Germany’s No. 2 airline Air Berlin also ran out of money this year.

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  • King Richard II became the first English monarch to abdicate his throne. (1399)
  • The space shuttle Discovery was launched, the first American staffed space flight since the Challenger disaster. (1988)

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