Reuters

Gold in Q3: USD -4.5%, EUR -2.4%, GBP +1.5%, CHF +2.4%, CAD +4.6%. Global stocks fall 5% to 13% - Stocks face worst quarter since 2011 over fears for global economy

• After Rough Quarter, Investors Buckle Up (WSJ)
• From heroes to bystanders? Central banks' growth challenge (Reuters)
• Russian Airstrike in Syria Targeted CIA-Backed Rebels, U.S. Officials Say (WSJ)
• Kremlin says Syria air strikes target list of groups, not just Islamic State (Reuters)
• That’s information warfare? Russia accused of killing civilians in Syria (RT)
• Euro zone factory growth eases in August despite modest price rises (Reuters)
• How Glencore's Crazy Month Makes Greek Banks Look Tame (BBG)

Now that the yuan deval debacle has served to accelerate capital outflows, Beijing is set to double down on efforts to curb the degree to which capital controls are openly subverted and as WSJ reports, China is has now “put a new annual cap on overseas cash withdrawals using UnionPay.”

With the fiscal picture looking increasingly precarious and confidence collapsing, we bring you the latest from the frontlines of the EM meltdown. In short, Brazil is falling apart at the seams. Now, who wants tickets to the 2016 Olympic Games in Rio?

China boosted central bank gold holdings 1 percent as the country that rivals India as the world’s largest bullion consumer seeks to diversify its foreign exchange reserves.

• Asia shares rally, but on track for worst quarterly loss in four years (Reuters)
• Global Rally Shows Relief at End of $11 Trillion Stocks Meltdown (BBG)
• Glencore Extends Rebound as Turmoil Shows Signs of Easing (BBG)
• Putin wins parliamentary backing for air strikes in Syria (Reuters)
• China Cuts Minimum Home Down Payment for First-Time Buyers (BBG)
• German Unemployment Unexpectedly Rises in Sign of Economic Risks (BBG)
• Japan Industrial Output Slide Hints at Recession (WSJ)

"They don't understand the treacherous path they are going down. God knows where this is going. It's very dangerous and could be disastrous."

"The people that want to come in and replace Assad, nobody knows who they are and they could end up being worse. We're constantly going out and siding with people and they turn out to be worse than the people who were there before."

In yet another indication that manipulation may well be unspoken (or perhaps even spoken) policy at the BOE, new details regarding the UK Serious Fraud Office's investigation into emergency liquidity auctions conducted during the crisis suggest the central bank may have played a direct role in rigging the bids.

As WSJ reports, "Bank of America Corp. is expected to announce layoffs in its global banking and global markets unit as early as Tuesday, according to people familiar with the matter."

convincing equity that company is viable is one thing (and the company and its sellside cheerleaders sure are trying).  Convincing the far more skeptical bond market, which is desperately trying to figure out the counterparty risk, will be far more difficult...

This is an important story and shows how China and Russia are increasingly close and strong allies who are flexing their muscles and asserting themselves as rival superpowers to the U.S.

• Commodities in crisis as Asian shares tumble and shipper files for bankruptcy (Reuters)
• Global Rout Eases as S&P 500 Futures Advance With Oil, Glencore (BBG)
• Chinese Stocks Decline Most in a Month in Hong Kong on Economy (BBG)
• India cuts interest rates by more than expected (BBC)
• Glencore Rebounds as $50 Billion Plunge Is Seen as Excessive (BBG)
• How Congress May Have Saved Goldman Sachs From Itself (BBG)