STOCK MARKET WATCH -- Tuesday, 23 September 2014

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Tuesday, 23 September 2014[font color=black][/font]

SMW for 22 September 2014

AT THE CLOSING BELL ON 22 September 2014
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Dow Jones 17,172.68 -107.06 (-0.62%)
S&P 500 1,994.29 -16.11 (-0.80%)
Nasdaq 4,527.69 -52.10 (-1.14%)


[font color=red]10 Year 2.57% +0.01 (0.39%)
30 Year 3.29% +0.02 (0.61%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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(click on link for latest updates)
http://tools.investing.com/market_quotes.php?
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.
09/08/14 Matthew Martoma, convicted SAC trader, sentenced to 9 years in prison plus forfeiture of $9.3 million, including home and bank accounts







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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[Crewleader]

1. adding another :)

[xchrom]

2. The 10 Most Important Things In The World Right Now

http://www.businessinsider.com/10-most-important-things-in-the-world-right-now-september-23-2014-2014-9

1. The US and a coalition of Arab nations — Bahrain, Qatar, Saudi Arabia, Jordan, and the United Arab Emirates — have begun striking Islamic State targets in Syria.

2. The conflict in Syria has sent 130,000 refugees across the border into Turkey in just the last few days.

3. Business leaders and politicians will convene at a one-day Summit at UN headquarters in New York City on Tuesday to bring attention to climate change ahead of a 2015 agreement.

4. A new report from the World Health Organization warns that the number of Ebola infections could triple to 20,000 by the start of November.

5. A whistleblower who helped uncover an ongoing fraud received over $30 million as a reward, the largest payout ever from the US Securities and Exchange Commission.



Read more: http://www.businessinsider.com/10-most-important-things-in-the-world-right-now-september-23-2014-2014-9#ixzz3E8IpYJ5Y

[xchrom]

3. Israeli Military Shoots Down Syrian Aircraft

http://www.businessinsider.com/idf-intercepts-syrian-aircraft-infiltrating-israeli-airspace-2014-9

Israeli forces said Tuesday morning that it shot down a Syrian aircraft that was "attempting to infiltrate Israeli airspace in the Golan Heights."
A Syrian Sukhoi 24 fighter jet was brought down by a Patriot missile over the Quneitra border, Haaretz reported.

According to Reuters, Israeli military sources said the plane crossed into Israeli territory by accident while on a mission to fight Syrian rebels.

This is the first time in 25 years that the Israeli air force has intercepted a Syrian aircraft, Haaretz said.



Read more: http://www.businessinsider.com/idf-intercepts-syrian-aircraft-infiltrating-israeli-airspace-2014-9#ixzz3E8JDhSZw

[xchrom]

4. EL-ERIAN: One More Round Of Sanctions Could Send Europe Into Recession

http://www.businessinsider.com/r-exclusive---ukraine-crisis-risks-recession-for-europe-el-erian-2014-9

NEW YORK (Reuters) - Mohamed El-Erian, the chief economic adviser at Allianz SE <alvg.de>, warned that global markets do not fully appreciate the risk posed by the Ukrainian crisis, a conflict which could push Europe into recession.

He saw few options to de-escalate tensions between Ukraine, its Western supporters and Russia, which has been accused of backing an insurgency led by ethnic Russian separatists.

In an interview at Reuters' New York headquarters on Monday, in which he also spoke about his controversial departure from Pimco earlier this year, El-Erian said just "one or at most two" more rounds of sanctions and counter sanctions between Russia and the West would likely push Europe into recession. That's especially true if Russia cuts energy supplies during the coming winter heating season.

"I think markets are underestimating Ukraine," El-Erian said. "It is very hard to find a solution that reconciles the three parties involved – Ukraine, the West and Russia."



Read more: http://www.businessinsider.com/r-exclusive---ukraine-crisis-risks-recession-for-europe-el-erian-2014-9#ixzz3E8Jm2OMo

[xchrom]

5. Eurozone PMI Comes In At 9-Month Low

http://www.businessinsider.com/september-eurozone-pmi-2014-9

Eurozone PMI Composite Output Index fell to 52.3 in September, according to Markit. This reading, which represents business activity, is the lowest since December of last year.

In August, the number came in at 52.5.

According to the report: "Euro area business activity grew in September at the lowest rate seen so far this year, according to the preliminary ‘flash’ PMI survey data."

Service sector PMI declined to 52.8 in September from 53.1 the previous month. Manufacturing activity came in at 50.5, below the 50.7 reading in August.



Read more: http://www.businessinsider.com/september-eurozone-pmi-2014-9#ixzz3E8LLG0vV

[xchrom]

6. CHINESE MANUFACTURING SLIGHTLY RISES

http://www.businessinsider.com/chinese-flash-pmi-2014-9

A little bit of surprise good news in China.

Chinese manufacturing may have grown a little bit in September, according to the Markit flash PMI report.

The index came in at 50.5, up from 50.2 in August. Anything above 50 indicates growth; so Chinese manufacturing is improving, but barely.

This chart shows how China has been right of the cusp of even of late.



Read more: http://www.businessinsider.com/chinese-flash-pmi-2014-9#ixzz3E8LpO3Cg

[xchrom]

7. Here's How The Obama Administration Is Acting Alone To Stop Inversions

http://www.businessinsider.com/obama-inversion-executive-action-how-it-works-2014-9

***SNIP

To make inversions less economically appealing, here are the changes the Treasury Department is making:

• Preventing inverted companies from restructuring a foreign subsidiary in order to access the subsidiary’s earnings tax-free. This action, under Section 7701 of the tax code, will treat a new foreign parent company as owning stock in the former U.S. parent, rather than the controlled foreign corporation (CFC). It would limit the benefits of the so-called "de-controlling" strategy, by which a new foreign parent could access the deferred earnings of the CFC without ever paying taxes on them.

• Preventing "hopscotch" loans. The administration has moved to reduce the benefits of these loans, by which companies avoid taxes on profits of their CFCs by having the CFC make a loan to the new foreign parent, instead of the U.S. parent.

And here's how the Obama administration is moving to prevent inversions from the start:

• Closing an important loophole. This action is taken under a subsection of Section 304 of the U.S. tax code. It will, officials said, prevent an inverted company from transferring cash or property from a CFC to the new parent to completely avoid U.S. tax.

• Strengthening the requirement that former owners of the U.S. entity own less than 80% of the new, combined entity. Under current law, companies can engage in an inversion as long as the U.S. company has a 79% stake in the new entity and the foreign acquirer has at least a 21% stake in the new, combined entity.

This action, under Section 7874 of the tax code, would limit the ability of companies to count so-called "passive assets" toward the 80% rule; prevent U.S. companies from reducing their size through dividends; and block so-called "spinversions," a method by which companies transfer a portion of its assets to a newly formed corporation and then spinning off that corporation to shareholders. Under current law, it allows the companies to avoid U.S. taxes.



Read more: http://www.businessinsider.com/obama-inversion-executive-action-how-it-works-2014-9#ixzz3E8MVULxF

[Demeter]

8. Hard Science vs. Soft Science Con Game

[xchrom]

9. A Nervous China Is 'Interested' In A Possible Role In The Fight Against ISIS

http://www.businessinsider.com/robert-foyle-hunwick-china-is-interested-in-against-isis-2014-9

BEIJING, China — The Islamic State is flush with cash, territorially ambitious and eager for recognition.

But is IS a threat to China?

That’s been a question on foreign policy minds since US National Security Adviser Susan Rice’s trip to Beijing earlier this month.

The trip, billed as preparation for President Obama’s trip to China in November, went off without serious glitches — other than a mildly embarrassing mix-up on state TV with that other Rice (Condoleezza).

But Rice's visit was overshadowed by the unfolding chaos in Iraq and Syria, brought about by IS.



Read more: http://www.globalpost.com/dispatch/news/regions/asia-pacific/140916/will-china-help-obama-fight-the-islamic-state#ixzz3E8QdNR8O

[xchrom]

10. Arab Bank Held Liable For Nearly 300 Americans' Losses In First Civil Terrorism Case

http://www.businessinsider.com/arab-bank-liable-for-americans-loss-in-first-civil-terrorism-case-2014-9

NEW YORK (Reuters) - In a first-of-its-kind case, a U.S. jury on Monday said Arab Bank Plc provided material support to Hamas, and must therefore compensate the victims of two dozen attacks the Islamic militant group allegedly carried out in Israel and the Palestinian territories.

The judgment, which followed a closely watched six-week trial in Brooklyn federal court, came in what lawyers said was the first terrorism financing civil case to reach trial in the United States.

Nearly 300 Americans who were either victims or related to victims of the attacks had sued Arab Bank.



Read more: http://www.businessinsider.com/arab-bank-liable-for-americans-loss-in-first-civil-terrorism-case-2014-9#ixzz3E8RkBJOS

[xchrom]

11. Alibaba's Jack Ma Is Now China's Richest Person

http://www.businessinsider.com/afp-jack-ma-of-alibaba-becomes-chinas-richest-person-2014-9

The largest stock offer in history has made Jack Ma, founder of e-commerce giant Alibaba, China's richest person with a fortune of $25 billion, an annual wealth ranking in the world's second-largest economy showed Tuesday.

"It has been an amazing year for China's best tycoons despite the jitters about the Chinese economy," said China-based luxury magazine publisher Hurun Report in its annual rich list.

Ma reaped more than $800 million selling shares in the company he set up 15 years ago as Alibaba listed on the New York Stock Exchange Friday, based on company filings, with the value of his remaining stake of 7.8 percent surging to more than $17 billion by Monday.

Last year, the estimated wealth of the former English teacher turned internet entrepreneur was just over $4 billion, which did not even place him in the top 20.

Alibaba's listing raised a total of $25 billion.



Read more: http://www.businessinsider.com/afp-jack-ma-of-alibaba-becomes-chinas-richest-person-2014-9#ixzz3E8SUrZJh

[xchrom]

12. BUSINESSES AND INVESTORS PRESSING FOR GREEN POLICY

http://hosted.ap.org/dynamic/stories/U/US_CLIMATE_CHANGE_PRIVATE_SECTOR?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-22-16-59-23

NEW YORK (AP) -- Hundreds of corporations, insurance companies and pension funds are calling on world leaders gathering for a U.N. summit on climate change this week to attack the problem by making it more costly for businesses and ordinary people to pollute.

The idea, long advocated by policymakers, economists and environmental activists, is that the world can't hope to slow the heating of the planet until its cost is incorporated into the everyday activities that contribute to it, such as using gas- or coal-generated electricity, driving a car, shipping a package or flying around the globe.

Business leaders representing trillions of dollars in revenue and retirement savings say they worry that global warming threatens the long-term value of their investments, and they want world leaders to adopt policies that would provide a financial incentive to people to clean up their act.

That could include a tax on carbon emissions, a cap or some other mechanism.

[xchrom]

13. UK REGULATOR FINES BARCLAYS RECORD $62 MILLION

http://hosted.ap.org/dynamic/stories/E/EU_BRITAIN_BARCLAYS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-23-06-49-33

LONDON (AP) -- U.K. regulators fined Barclays Bank Plc, Britain's second-biggest bank, a record 37.7 million pounds ($62 million) for failing to properly protect client assets.

The Financial Conduct Authority said Tuesday that the penalty was the largest ever for such violations and reflected significant weakness in the systems and controls at Barclays' investment banking division between November 2007 and January 2012.

Tracey McDermott, FCA director of enforcement and financial crime, says Barclays "failed to apply the lessons from our previous enforcement actions, numerous industry-wide warnings, and exposed its clients to unnecessary risk."

Barclays said it has already corrected the problems, which it had discovered and voluntarily reported.

[xchrom]

14. PLOSSER, A LEADING FED 'HAWK,' TO RETIRE IN MARCH

http://hosted.ap.org/dynamic/stories/U/US_FED_PLOSSER?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-22-12-17-27

WASHINGTON (AP) -- Charles Plosser, a leading inflation "hawk" at the Federal Reserve, announced Monday that he plans to retire March 1.

Plosser, who has been president of the Fed's Philadelphia regional bank since August 2006, has been a leader of the officials known as hawks for their concerns that a continuation of low-interest rate policies could ignite inflation.

He has dissented at the past two Fed meetings, when the central bank voted to maintain its plan to keep a key short-term rate at a record low for a "considerable time."

Plosser, 66, would have given up his vote on the Fed's policymaking committee next year as part of the normal rotation of votes among the regional bank presidents. And the rules governing the Fed's 12 regional banks would have required his retirement in 2016.

[xchrom]

15. GLOBAL STOCKS OFF BUT CHINA REBOUNDS

http://hosted.ap.org/dynamic/stories/F/FINANCIAL_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-23-04-08-11

KEEPING SCORE: France's CAC-40 shed 0.6 percent to 4,416.71 and Germany's DAX lost 0.3 percent to 9,715.35. Britain's FTSE 100 fell 0.8 percent to 6,722.25. The Dow Jones industrial average and Standard & Poor's 500 looked set for further declines, with futures for both off 0.2 percent.

CHINA FACTORIES: A preliminary version of HSBC's purchasing managers' index showed unexpectedly strong Chinese manufacturing in September, helping to ease fears of a sharper slowdown in the world's second-largest economy. The PMI rose to 50.5 from August's 50.2 on a 100-point scale on which numbers above 50 indicate expansion. That exceeded forecasts that called for a decline due to a slump in China's real estate market, a major driver of manufacturing activity.

THE QUOTE: "Growth in (Chinese) industry edged up somewhat in September, thus providing a modicum of comfort to policymakers and markets. Looking ahead, the short-term outlook for organic growth is modest but not alarming," said Louis Kuijs of Royal Bank of Scotland in a report.

ASIA'S DAY: The Shanghai Composite Index gained 0.9 percent to 2,309.72 and Sydney's S&P ASX 200 was up 1 percent at 5,415.70. Hong Kong's Hang Seng shed 0.3 percent to 23,879.36 and Seoul's Kospi fell 0.5 percent to 2,028.91. Tokyo was closed for a holiday. India's benchmark fell and Southeast Asian markets were mixed.

EUROPE DATA: Germany, the continent's biggest economy, was expected to show an improvement in its purchasing managers' index after disappointing August figures. France reports quarterly economic growth that is expected to show a modest improvement over the previous quarter's flat performance. The French purchasing managers' index was expected to show improvement but still a contraction in manufacturing and services activity.

ENERGY: Benchmark U.S. crude was up 30 cents at $91.18 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 22 cents to $97.19 on the ICE in London.

[xchrom]

16. GERMANY PUSHES FOR SOLUTION TO UKRAINE GAS SPAT

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_UKRAINE_GAS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-23-05-48-08

BERLIN (AP) -- German Chancellor Angela Merkel is pressing for a solution to the long-running gas dispute between Russia and Ukraine ahead of a meeting of the two countries' energy ministers this week.

Though Merkel noted "small successes" in the overall effort to calm the crisis in Ukraine, she said a long-lasting solution remained far off.

Speaking to business leaders Tuesday, she said the dispute over payments for past deliveries and future gas prices is one of many uncertainties that must be resolved "as quickly as possible."

European Union energy commissioner Guenther Oettinger is brokering a new round of gas talks in Berlin on Friday.

[xchrom]

17. US EXISTING HOME SALES FALL IN AUGUST

http://hosted.ap.org/dynamic/stories/U/US_HOME_SALES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-22-10-53-20

WASHINGTON (AP) -- Fewer Americans bought homes in August, as investors retreated from real estate and first-time buyers remained scarce.

Sales of existing homes fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million, the National Association of Realtors said Monday. That snaps a four-month streak of gains. August sales are down from a July rate of 5.14 million, a figure that was revised slightly downward.

Much of the decline came from the exodus of investors, who had been buying properties in the aftermath of the housing bust and recession. Investors accounted for just 12 percent of August purchases, compared to 17 percent a year earlier.

Overall, the pace of home sales has dropped 5.3 percent year-over-year.

[xchrom]

18. GOVERNMENT HACKERS TRY TO CRACK HEALTHCARE.GOV

http://hosted.ap.org/dynamic/stories/U/US_HEALTH_OVERHAUL_CYBERSECURITY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-23-01-41-07

WASHINGTON (AP) -- The government's own watchdogs tried to hack into HealthCare.gov earlier this year and found what they termed a critical vulnerability - but also came away with respect for some of the health insurance site's security features.

Those are among the conclusions of a report being released Tuesday by the Health and Human Services Department inspector general, who focuses on health care fraud.

The report amounts to a mixed review for the federal website that serves as the portal to taxpayer-subsidized health plans for millions of Americans. Open enrollment season starts Nov. 15.

So-called "white hat" or ethical hackers from the inspector general's office found a weakness, but when they attempted to exploit it like a malicious hacker would, they were blocked by the system's defenses.

[Demeter]

19. U.S. SEC to pay $30 million-plus in largest whistleblower award

http://www.reuters.com/article/2014/09/22/us-sec-whistleblower-idUSKCN0HH2EM20140922

An anonymous tipster living abroad will be receiving more than $30 million, in the largest whistleblower award ever doled out by U.S. securities regulators as part of a program that aims to incentivize insiders to report wrongdoing.

The Securities and Exchange Commission said on Monday that the whistleblower provided crucial information that helped investigators uncover a "difficult to detect" ongoing fraud.

“This record-breaking award sends a strong message about our commitment to whistleblowers and the value they bring to law enforcement," SEC Enforcement Director Andrew Ceresney said.

The SEC won new powers in the 2010 Dodd-Frank Wall Street reform law to entice whistleblowers with monetary awards. Prior to the new law, the SEC was only able to reward people for helping on insider-trading cases.

MORE

[xchrom]

20. EUROZONE SURVEY SIGNALS WANING GROWTH

http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-23-05-21-16

LONDON (AP) -- Further evidence emerged Tuesday to show that the 18-country eurozone economy is failing to find any renewed momentum despite a raft of stimulus measures from the European Central Bank.

In its monthly survey, financial information company Markit said its purchasing managers' index for the eurozone - a closely watched gauge of business activity - fell to a nine-month low of 52.3 in September from the previous month's 52.5.

It blamed the crisis in Ukraine, the related tit-for-tat sanctions between the West and Russia and a general sense of pessimism about the eurozone economy's plight.

Though anything above 50 indicates expansion, that's largely due to an improvement in Germany, Europe's largest economy. Germany, according to Markit, appears to have recovered at least some of the ground it lost in the spring and early summer.

[xchrom]

21. POLAND PLANS TO BUY MISSILES FOR ITS F-16S FROM US

http://hosted.ap.org/dynamic/stories/E/EU_POLAND_MILITARY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-23-04-45-47

WARSAW, Poland (AP) -- Poland hopes to finalize a multimillion deal with U.S. company Lockheed Martin Corp. by November that includes cruise missiles for its F-16 fighter jets, the Polish defense minister said Tuesday.

The plan comes as Poland intensifies efforts to modernize its military given the Russian aggression in Ukraine, something that has added to feelings of insecurity in Eastern Europe.

Tomasz Siemoniak said the missiles are "one of the most modern weapons in the world at the moment. We really want to have them."

The U.S. State Department said last week that it has approved the $500 deal for 40 air-to-surface missiles and related training and logistical support. It now awaits approval by the U.S. Congress.

[xchrom]

22. DETROIT OFFICIALS TO TESTIFY IN WATER DISPUTE

http://hosted.ap.org/dynamic/stories/U/US_DETROIT_WATER_SHUTOFFS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-23-06-40-42

DETROIT (AP) -- A judge is hearing more testimony in a dispute over Detroit's policy to cut off water to residents who can't afford the service.

Judge Steven Rhodes is overseeing the city's bankruptcy case. The city believes he doesn't have authority to intervene in the water controversy, but Rhodes began a two-day hearing Monday.

It will resume Tuesday with testimony from water department officials.

Critics of the shutoffs say public health and children's welfare are at risk in homes without water. Detroit is urging people with overdue bills to put down 10 percent and agree to a payment plan.

[xchrom]

23. Obama Joins Climate Summit That Doesn’t Force Remedies

http://www.bloomberg.com/news/2014-09-23/obama-joins-climate-summit-that-doesn-t-force-remedies.html

President Barack Obama joins more than 100 world leaders today at a United Nations summit on climate change that’s designed to move the issue beyond talk to action -- though not just yet.

The brainchild of UN Secretary-General Ban Ki-Moon, the daylong summit is designed to create momentum for negotiations on a draft global agreement in time for another meeting in December in Lima and a formal accord a year later in Paris.

“The worst impacts can be prevented still -- there is still time -- if we make the right set of choices,” said U.S. Secretary of State John Kerry in New York. “But it is absolutely imperative that we decide to move and to act now.”

[xchrom]

24. Santander Tops Green Bank List as Europe’s Lenders Surge

http://www.bloomberg.com/news/2014-09-23/santander-tops-green-bank-list-as-europe-s-lenders-surge.html

As global investments in clean energy sank 11 percent to $245 billion last year, banks found a new opportunity: funding, advising and leading the initial public offerings of renewable-power investment firms called yield companies.

Yieldcos, as they’re known, grow by purchasing the solar, wind and other power plants that supply utilities under long-term contracts. From a trickle a few years ago, they’ve raised more than $3.8 billion since 2013 as of mid-September, Bloomberg Markets magazine will report in its November issue.

Buoyed by their work for this expanding industry, Royal Bank of Canada and New York–based Goldman Sachs Group Inc. moved into the top five in Bloomberg Markets’ ranking of the world’s greenest banks.

[xchrom]

25. BlackRock Urges Changes in ‘Broken’ Corporate Bond Market

http://www.bloomberg.com/news/2014-09-23/blackrock-urges-changes-in-broken-corporate-bond-market.html

BlackRock Inc. said the corporate bond market, which is one of the cornerstones of global finance, is “broken” and must be retooled to improve liquidity.

BlackRock, a major competitor in the bond market with $4.3 trillion in client assets, urged changes including unseating banks as the primary middlemen in the market and shifting transactions to electronic markets. Another solution BlackRock proposed: reducing the complexity of the bond market by encouraging corporations to issue debt with more standardized terms.

Banks have retained their stranglehold on corporate debt trading despite years of effort by BlackRock and other large investors to eliminate their oligopoly. The top 10 dealers control more than 90 percent of trading, according to a Sept. 15 report from research firm Greenwich Associates. To BlackRock, the dangers of price gaps and scant liquidity have been masked in a benign, low interest-rate environment, and need to be addressed before market stress returns.

“These reforms would hasten the evolution from today’s outdated market structure to a modernized, ‘fit for purpose’ corporate bond market,’” according to the research paper by a group of six BlackRock managers, including Vice Chairman Barbara Novick and the head of trading, Richie Prager, posted on the New York-based firm’s website yesterday.

[xchrom]

26. Google Quits ALEC, Says Link With Climate Skeptics Wrong

http://www.bloomberg.com/news/2014-09-22/google-quits-alec-says-link-with-climate-skeptics-wrong.html

Google Inc. (GOOG) Chairman Eric Schmidt said the world’s biggest Internet search company made a mistake in funding a political group that opposes U.S. action on climate change.

Schmidt said Google paid the American Legislative Exchange Council as part of a lobbying campaign on an unrelated issue. Without elaborating on Google’s relationship with the group, Schmidt said facts about global warming aren’t in dispute.

“The people who oppose it are really hurting our children and grandchildren and making the world a much worse place,” Schmidt said on NPR’s “Diane Rehm Show” yesterday. “We should not be aligned with such people. They are just literally lying.”

[xchrom]

27. Philippines Expands Pool of Tradeable Debt by $18 Billion

http://www.bloomberg.com/news/2014-09-23/philippines-takes-steps-to-boost-debt-trading-by-18-billion.html

The Philippines will allow state-controlled bodies, including the two biggest public pension funds, to start trading existing government debt for the first time as it seeks to improve market efficiency.

The Government Service Insurance System, Social Security System and other tax-exempt institutions can start trading in the secondary market next month, according to a circular issued yesterday by the Bureau of Treasury. That will add about 800 billion pesos ($18 billion) of notes to the pool of tradable securities, Treasurer Rosalia de Leon said yesterday.

“This will bolster liquidity and allow for greater price discovery that will help deepen our debt market,” de Leon said in a phone interview in Manila. The Treasury has called for the planned change since at least 2009 and, according to the circular, the new rules will take effect on Oct. 27, after testing from Oct. 1 to Oct. 3.

A bigger Philippine debt market could help reduce the government’s borrowing costs as it spends record amounts to upgrade the military and seeks to improve social and economic services. President Benigno Aquino is asking Congress to approve a 2015 budget of 2.61 trillion pesos, 15 percent more than this year’s target.