Frontrunning: October 20

Frontrunning: October 20

Zero Hedge - Thursday October 20, 2016

by Tyler Durden

• Global stocks nudge higher after final U.S. presidential debate (Reuters)
• Trump, Clinton Double Down: Final Debate By the Numbers (BBG)
• Will Trump accept election's outcome? 'I will keep you in suspense' (Reuters)
• After Sedate Start, Trump Takes the Bait (WSJ)
• ‘Rigged’ Election Charge Takes Spotlight (WSJ)
• Debate highlights: Trump calls Clinton a 'nasty woman' (Reuters)
• Draghi Set to Stay Tight-Lipped as Investors Look for Cues (WSJ)
• Draghi Seen Keeping Up Suspense on Future of ECB Stimulus Plan (BBG)
• Philippine President Duterte announces 'separation' from United States (Reuters)
• Plummeting Newspaper Ad Revenue Sparks New Wave of Changes (WSJ)
• The Tech Bubble Didn’t Burst This Year. Just Wait (BBG)
• How ISIS Used Chat Apps to Direct Attacks in West (WSJ)
• What It Takes to Be the World’s Biggest Crude Producer (BBG)
• New Front Opened in Battle for Mosul (WSJ)
• Turkish Lira Advances After Central Bank Holds Interest Rates (BBG)
• Turkey Central Bank Unexpectedly Holds Rates on Weaker Lira (BBG)
• It's Better to Buy Than to Rent, and It Probably Always Will Be (BBG)
• New Caterpillar CEO Faces Tough Decisions as Company Digs Out (WSJ)
• Broken Indicators Mean It's Growing Harder to Spot Troubles in the Market (BBG)
• Americans Work 25% More Than Europeans, Study Finds (BBG)
• ‘Passive’ Investing: A Lot More Active Than You Think (WSJ)

 

Overnight Media Digest

WSJ

- About 150 Iraqis were among the first to escape across the front line south of the city amid the campaign to oust Islamic State militants from their stronghold in Iraq. http://on.wsj.com/2eliKX0

- Donald Trump refused Wednesday to commit to respecting the results of the presidential election if his Democratic rival Hillary Clinton wins, hinting at a challenge to one of the longtime traditions of American democracy. http://on.wsj.com/2emAUIf

- Banks and investors flocked to buy Saudi Arabia's first global bonds, a milestone in the giant oil producer's efforts to diversify its economy and embrace global financial markets. http://on.wsj.com/2e7fd3p

- Among Jim Umpleby's first tasks as Caterpillar Inc's chief executive will be cleaning up the fallout from his predecessor's expansion plans. http://on.wsj.com/2ejhfKA

- After spending nearly $50 billion in the summer of 2015 to acquire DirecTV, AT&T Inc is preparing to roll out an internet video service that could upend its satellite-television business along with the rest of the pay-TV industry. http://on.wsj.com/2emzihh

- Google Inc. reached an agreement with CBS Corp to carry the broadcast network on its soon-to-be-launched web TV service. http://on.wsj.com/2emAD8b

- Carlos Ghosn, chief executive of Renault SA and Nissan Motor Co is about to add a third big car industry job to his current duties in a move that could put his pay above rivals at the Detroit Three car makers. http://on.wsj.com/2emxvsH

- The flagship fund of Platinum Partners filed late Tuesday for chapter 15 protection, the section of the U.S. code that deals with international insolvency. http://on.wsj.com/2emyFog

- UK Prime Minister Theresa May heads to her first Brussels summit of European Union leaders on Thursday as she wrestles to balance demands at home on how to extract the U.K. from the bloc. http://on.wsj.com/2emANwi

 

FT

- Anglo-Australian miner Rio Tinto cut its iron ore estimates for this year. It expects shipments of 325 million to 330 million tonnes this year, from a previous estimate of 330 million.

- London property market slowdown has cut into revenues of real estate agency Foxton, a 13.8 percent fall from the previous year. The company said it was carrying out "tight cost control".

- Chancellor Philip Hammond defended Bank of England's independence and told MPs that there were "no plans to change the way that monetary policy is delivered".

- The House of Lords committee said that the parliament should be able to intervene in Brexit negotiations "as they happen" after U.K. Prime Minister Theresa May said on Wednesday that Brexit negotiations would take "two years and more" and that she will "not give a running commentary" on the talks.

 

NYT

- Tesla Motors Inc said it would equip all of its new vehicles with technology that enables fully autonomous driving, but would not activate the system until it undergoes further testing. In a blog post, the maker of electric cars said the new hardware included cameras, sensors and radars that allow the vehicles to operate without a human driver. http://nyti.ms/2dp7Lz7

- Airbnb said on Wednesday it was willing to crack down on individuals in New York City who rent out multiple homes, bowing to pressure from politicians and tenants' rights groups who say the company has worsened affordable housing issues in the city. http://nyti.ms/2dp6E2j

- Steven Cohen, a billionaire-investor barred from managing money for others, is one step closer to making his return to the hedge fund industry. Cohen, whose former hedge fund pleaded guilty to insider trading charges, has confirmed that a new investment firm he opened this year will probably begin raising money from outside investors in early 2018. http://nyti.ms/2ea1mt2

- Investigators pursuing what they believe to be the largest case of mishandling classified documents in the history of United States have found that the huge trove of stolen documents in the possession of a National Security Agency contractor included top-secret NSA hacking tools that two months ago were offered for sale on the internet. http://nyti.ms/2dBh8dD

 

Canada

THE GLOBE AND MAIL

** The senior chairs keep shuffling inside Toronto-Dominion Bank, the latest being Tim Wiggin's return to TD Securities, where he will run its equities business. (http://bit.ly/2e3Hnc5)

** Builders who have constructed "net-zero" houses are urging Ottawa to go slow with any proposal to change the building code to require super-energy-efficient buildings to ensure the rising costs don't add to Canada's housing affordability problems. (http://bit.ly/2e3HxzU)

** Auto parts giant Magna International Inc has as of now scrapped plans to move out of its headquarters in Aurora, Ontario, to a new head office in nearby King City. (http://bit.ly/2e3GZKE)

NATIONAL POST

** The head of Canada's central bank acknowledged that policymakers came close to the tipping point on Wednesday's interest rate decision. (http://bit.ly/2e3G5xC)

** Mountain Equipment Co-op is opening five of its cavernous outfitting stores this year, the most in a year since a group of outdoor enthusiasts founded it 45 years ago. (http://bit.ly/2e3F9ta)

** Canexus Corp directors termed a hostile takeover offer as "inadequate", setting the stage for a long proxy fight with Chemtrade Logistics Income Fund. (http://bit.ly/2e3IcBH) 

 

Britain

The Times

- The chancellor has sought to end talk of a rift between the government and the Bank of England by quashing speculation about plans to tamper with the central bank's independence. http://bit.ly/2doBUi3

- Travis Perkins Plc has issued a profit warning and announced plans to close branches and cut 600 jobs because of slow sales and falling demand. http://bit.ly/2doErZq

The Guardian

- Barratt Developments, one of Britain's biggest housebuilders, is engulfed in a corruption scandal after one of its top executives was arrested on suspicion of bribery following an investigation into the awarding of contracts to suppliers. http://bit.ly/2doH0Lk

- The European commission will redouble its crackdown on multinational tax avoidance with the relaunch of proposals to create an overarching corporation tax regime across all member states. http://bit.ly/2doGGMk

The Telegraph

- Malaysia Airlines is in talks with Airbus Group SE about converting its fleet of A380s to each carry 700 passengers on dedicated flights to service demand for the Islamic pilgrimage to the Saudi Arabian holy city. http://bit.ly/2doHzVh

- Handelsbanken, the Swedish lender that is growing quickly in the UK, has boosted profits, lending and deposits in Britain, shrugging off the uncertainty caused by the Brexit vote. http://bit.ly/2dBeXXn

Sky News

- Travis Perkins Plc is cutting 600 jobs and closing more than 30 branches as it warns of "uncertain" trading in the year ahead. http://bit.ly/2doGBby

- Housebuilder Barratt Developments Plc says police have arrested its London boss following an internal probe into the awarding of contracts. http://bit.ly/2doG0a4

The Independent

- The head of financial development for Luxembourg said a string of overseas banks and fund managers had explored moving London staff to the tiny country since the Brexit vote. http://ind.pn/2doGP2o

- Chancellor Philip Hammond has sought to quash the suggestion the Government is seeking to encroach on the independence of the Bank of England. http://ind.pn/2doJ31X

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