General Motors

• European shares slip as easing expectations fade (Reuters)
• Valeant and Pharmacy More Intertwined Than Thought (WSJ)
• The Pawn Isolated: Valeant, Philidor and the Annals of Fraud (WSJ)
• Strongest Afghan Quake Since 1949 Triggers Search for Survivors (BBG)
• EU Agrees To Tighten Border Controls And Slow Migrant Arrival (AP)
• Volkswagen Suspends More Employees (WSJ)
• Volkswagen Loses Global Sales Lead to Toyota Amid Diesel Scandal (BBG)

• China's central bank cuts rates for sixth time since November (Reuters)
• Global stocks hit two-month high on dovish Draghi message (Reuters)
• $6.5 Billion in Energy Writedowns and We're Just Getting Started (BBG)
• Alphabet, formerly Google, sets share buyback, shares jump (Reuters)
• Hurricane Patricia, Stronger Than Katrina, Nears Mexico (BBG)
• TVA Cleared to Start First New U.S. Nuclear Power Plant in Nearly 20 Years (WSJ)

After yesterday's dramatic late day market rout catalyzed by the tumble in the biotech sector in general, and Valeant in particular, and foreseen in its entirety by Gartman who went bullish just hours before, this morning US equity futures and European stocks have recouped some losses on the recursive, and traditional, hope that Mario Draghi will say something to push risk higher when he speaks in 2 hours at the ECB's press conference in Malta. And yet, just like Yellen a month ago, Draghi faces the paradox of reflexivity that after years of being ignored, is the "new thing" in town: how does he intervene and demonstrate he is readier than ever to set up stimulus, without panicking investors over euro area’s health.

26 years ago, today was envisioned as day when cars flew, holographic movies were box office hits, hoverboards roamed, and people were fired by fax. None of the happened. Instead the only "back to the future" moment this morning is a deja vu one we have seen every day for the past 7 years: bad economic news leading to surging stocks.

It is a generally quiet week on the economic front, with updates mostly on the housing front where following today's euphoric NAHB Housing Market Index, we have housing start and permits, blaims and existing home sales. Elsewhere, Fed speakers continue to speak, with Lacker, Dudley (again) and Powell confusing traders once more. The big news this week is earnings as some of the most prominent companies report, including IBM, Verizon, GM, Ebay, Coke, Boeing, Amazin, AT&T, CAT, Microsoft and P&G.

• McDonald’s Close to Deciding Whether to Change Structure of U.S. Real Estate (WSJ)
• Stocks Rise as Stimulus Bets Spur $4.1 Trillion Gain; Oil Climbs (BBG)
• Wall Street bonuses likely to plunge as trading revenue drops (Reuters)
• Syrian army launches Aleppo offensive with Iranian support (Reuters)
• Malaysia’s Najib Razak Played Key Role at Troubled 1MDB Investment Fund (WSJ)
• VW Loses Market Share in Europe as Diesel-Motor Recalls Loom (BBG)

"We simply exhausted the productivity benefits of prior innovations. In the late 19th century, hugely important 'general purpose' technologies, like electricity and the internal combustion engine, were invented."

“We got a catered meal of hot dogs and hamburgers as our thanks while others, I’m sure, got big bonuses."

The scandal swirling around Germany's largest listed company had its beginnings in an attempt to crack the U.S. market, the missing link in VW's global footprint. But, as Handelsblatt details, what began as expansion ended in deception (piecing together the events that led up to the scandal, based on the facts as they are currently known).

The unforeseen consequences of the advent of electric cars will reverberate much farther than the demise of dealerships and significant shifts in market share in the auto industry.

In many ways, the overnight market has so far been a reversal of yesterday, when a stable Asia session (with China stocks rising) gave way to a European tumble which in turn dragged the US lower.

When bailout-darling GM 'fessed up to an intentional ignition-switch defect, tied to at least 174 deaths, The Justice Department fined them $900 million (and no employees faced criminal charges). So, in this consequence-less world in which we live, when Volkswagen admits to literally cheating emissions-standards tests, it faces up to $18 billion in fines from The EPA, one has to wonder whether "we" have our priorities right?

• The bearish dovish Fed: Shares Fall After Federal Reserve Keeps Rates on Hold (WSJ)
• Developed, emerging markets diverge as Fed keeps rates steady (Reuters)
• Yellen May Emulate Taper Template and Raise Rates in December (BBG)
• Russia Raises Prospect of Sending Troops Into Combat in Syria (BBG)
• Rigged markets 1: U.S. Said to Investigate Chicago Trader as Spoof Probes Broaden (BBG)
• Rigged markets 2: Primary Dealers Rigged Treasury Auctions, Investor Lawsuit Says (BBG)
• Rigged markets 3: The Man Who Took KKR’s Stock for a Ride (WSJ)

• Wall Street Has Doubts About Fed Lifting Interest Rates (WSJ)
• Global stocks at three-week highs as Fed decision looms (Reuters)
• Charting the Markets: The World Awaits the Fed (BBG)
• Powerful quake off Chile slams waves into coastal towns; eight killed (Reuters)
• As Fed Storm Brews, Europe Stocks Seen Weathering Turmoil Best (BBG)
• Fiorina's rise adds another insurgent to U.S. election fray (Reuters)