US Slams Russian "Barbarism" In Syria; Moscow Responds Peace "Almost Impossible Now"

Just three weeks after yet another "landmark" Syria peace deal was signed, the agreement is not only in tatters but the war drums are beating louder than ever before after the US slammed Russia's action in Syria as "barbarism," not counter-terrorism, while Moscow's U.N. envoy said ending the war "is almost an impossible task now" as Syrian government forces, backed by Moscow, bombed the city of Aleppo.

A Crashing Deutsche Bank Scrambles To Assure Markets That It Is "Fine"

 "I don’t buy at all what’s coming out of Germany in terms of Germany not wanting to step in ultimately if Deutsche Bank was really in trouble" said Andreas Utermann, Allianz Global Investors’ chief investment officer. "Deutsche Bank is “too important for the German economy.”

Frontrunning: September 26

  • Stocks Drop on Bank, Commodity Company Woes; Turkish Lira Falls (BBG)
  • Clinton and Trump to square off in highly anticipated debate showdown (Reuters)
  • Profit Slump for S&P 500 Heads for a Sixth Straight Quarter  (WSJ)
  • Oil rises as OPEC meets, volatility hits post-Doha high (Reuters)
  • Deutsche Bank Slumps to Fresh Record Low on Capital Concerns (BBG)
  • Police Videos Fail to Quiet Protests in Charlotte (WSJ)

Turkey Lashes Out At Moody's After Downgrade To "Junk" Sends Turkish Assets Plunging

Turkish assets plummeted the most since an attempted coup in July and credit risk climbed after Moody’s Investors Service cut the country’s sovereign rating to junk. The immediate response by the Turkish administration was to lash out at Moody's calling the decision "politically-motivated", after a similar downgrade by S&P led Erdogan to acuse the agency of siding with coup plotters.

Global Stocks Tumble, US Futures Slide On Deutsche Bank Fears, Central Bank And Commodity Concerns

While today's biggest event for both markets and politics will be tonight's highly anticipated first presidential debate between Trump and Hillary, markets are waking up to some early turmoil in both Asia and Europe, with declines in banks and energy producers dragging down stock-markets around the world, pushing investors to once again seek the safety of government bonds and the yen.

Deutsche Bank Stock Plunges To All Time Low After Merkel Rules Out State Bailout; Default Risk Surges

As reported over the weekend, in an unexpected announcement Angela Merkel announced that she has ruled out state aid for Deutsche Bank, and the market reaction has been swift and brutal, with the bank's shares tumbling to a new all time low, sliding more than 6% this morning to €10.70, as the company's default risk has soared higher and is now the widest name in the Markit iTraxx index.

Dr. Lisa Bardack’s Faustian Bargain

When Dr. Lisa Bardack was asked to become Hillary Clinton’s personal physician in 2001, it had to have been a crowning moment in the career of the Mt. Kisco internist. Dr. Bardack could have anticipated little downside... Unfortunately, Hillary Clinton corrupts everyone who serves her.

Edward Snowden Warns, Whatever You Do, Don't Use Google Allo

Google Allo, the new “smart” chat app launched on Wednesday, is ‘dangerous’ and should be avoided, according to whistleblower Edward Snowden, because it will "record every message you ever send and make it available to police upon request."

Trump vs Hillary: The Debate Of The Century... Gets Even Wilder

There is nothing we can say to underscore the importance of tomorrow's debate that can come even close to Goldman's characterization of what is about to be unleashed in just over 24 hours, starting at 9pm on Monday. As Goldman's David Kostin put it on Friday, the "upcoming debate ranks as the biggest match-up since the Mayweather/Pacquiao bout"...

A Sunni Muslim Asks: Is "Radical Islam" The Problem Or Is "Islam" The Problem?

In 2015, President Obama told CNN that 99.9 Percent of Muslims Reject Radical Islam. He made the comments in response to a question about the White House avoiding using the phrase “Islamic terrorists.” Hillary Clinton says “Let’s be clear: Islam is not our adversary. Muslims are peaceful and tolerant people and have nothing whatsoever to do with terrorism.” Are they correct? Fundamentally, it may be fair to ask “Is religion in general the problem?”

Hillary, Trump "In Dead Heat" WaPo Finds, As Latest Poll Gives Trump 1 Point Lead Ahead Of Debate

According to the latest WaPo/ABC News poll, Hillary and Trump are set to meet for their first debate "in a virtual dead heat in the race for the White House." While likely voters are split 46% for Clinton vs. 44% for Trump, a sharp rebound for Trump in recent weeks, among registered voters, Clinton and Trump are tied at 41 percent, with Johnson at 7 percent and Stein at 2 percent.

Bond Risk Crashes To 2-Year Lows As VIX Shorts Fold

After 10 straight weeks of increasingly bullish speculative positioning ('longer' stock futures and 'shorter' VIX futures), the last 2 weeks have seen short VIX bets plunge at the fastest rate since pre-Brexit and the Aug 2015 crash. At the same time as this surge to hedging, the day since The Fed's utterly farcical fold have seen bond volatility crash to its lowest in two years.

Dilbert Creator Scott Adams Explains Why He Switched His Endorsement To Trump

"...I don’t understand the policy details and implications of most of either Trump’s or Clinton’s proposed ideas. Neither do you. But I do understand persuasion. I also understand when the government is planning to confiscate the majority of my assets. And I can also distinguish between a deeply unhealthy person and a healthy person, even though I have no medical training. (So can you.)"

Chinese Contagion Risks Surge: Banks' Reliance On Each Other For Funding Hits All Time High

China’s smaller banks have never been more reliant on each other for funding, prompting rating companies to warn of contagion risks in any crisis.  "Contagion risks are definitely rising," according to S&P: "The pace of the development is concerning. If this isn’t stopped in time, the central bank will lose some control and flexibility of its monetary policy."