Chrysler

• Crude sinks 4 percent as market braces for more Iranian oil (Reuters)
• Plunge in crude oil prices send stock futures sliding (Reuters)
• Oil Slides, Deepening Gloom in Stocks as Bond Buyers Celebrate (BBG)
• China Stocks Enter Bear Market, Erasing Gains From State Rescue (BBG)
• Friendly no more: Trump, Cruz erupt in bitter fight at Republican debate (Reuters)
• Dollar in Best Run Since July on Haven Bid Even as Fed Odds Fall (BBG)

European shares tumbled, wiping out gains from a two-day rally, Asian stocks slid and the cost of insuring corporate debt rose as investor concern over global growth prospects resurfaced. U.S. equity-index futures pared gains of as much as 0.9 percent. Government bonds rose, with yields falling to records in Japan and China amid anxiety over the world economy. U.S. crude prices stabilized after dropping below $30 a barrel on Tuesday to touch the lowest since 2003 as Iran moved closer to boosting exports.

With more financing in place, the world’s tallest skyscraper is moving forward. Saud Arabia's Kingdom Tower in Jeddah is only the latest phase in an enormous boom that began setting new records in 2014, raising another 'skyscraper alert' as the completion of record-setting skyscrapers has long seemed to indicate the beginning of economic crises.

“To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything.” ~Edward Abbey

• Futures down sharply as oil hits seven-year low (Reuters)
• Oil slides to new seven-year low as IEA warns of worse glut (Reuters)
• But... but... they all said... Cheap Oil Gives Little Help to U.S. Spending (WSJ)
• Disappearances in China Highlight Ruling Party Detention System (BBG)
• China’s Credit Rebounds as Stimulus Helps Boost Loan Demand (BBG)
• Junk Fund’s Demise Fuels Concern Over Bond Rout (WSJ)

The Energy names in the S&P 500 haven't broken their August lows in the recent downdraft for the group. That’s surprising for two reasons: first, spot crude prices certainly have – $36.52 today versus a $39.65 low on August 24th; and second, December is typically the month where investors harvest tax losses by selling losing positions and the Energy sector has a bumper crop of such candidates.

• Win or Lose, Trump Has Already Left His Mark on Republican Primary (BBG)
• S&P 500 Futures Rise With Miners; Oil Erases Gains, Euro Drops (BBG)
• U.S. top court divided over affirmative action in college admissions (Reuters)
• San Bernardino Shooter Said to Have Planned an Attack in 2012 (WSJ)
• Gun buyer and gunman linked through marriage, previous plot (AP)

Despite ongoing exuberance at auto sales in America (which disappointed) - as crashing credit standards enable every Tom, Dick, and Muppet to buy too much 'depreciating asset' for their incomes - there are numerous problems few are talking about for automakers worldwide. Aside from "plans to buy a car" tumbling in the latest confidence surveys, and inventories-to-sales surging, China just poured ice cold water on any hope of stability in that 'growth' market as auto dealers issue the highest inventory alert since June. November data from China shows demand plunging, sales collapsing, and inventories soaring - a triple whammy of "no, things are not 'stabilizing'."

• Bonds Rise as China Drags Down Metals, Selloff in Stocks Resumes (BBG)
• European Stock Rally Runs Out of Steam Amid China Growth Concern (BBG)
• Obama's immigration action blocked again; Supreme Court only option left (Reuters)
• Ukraine: Cyberwar’s Hottest Front (WSJ)
• With $170.4 Million Sale at Auction, Modigliani Work Joins Rarefied Nine-Figure Club (NYT)
• IEA Sees OPEC Market Share Growth in 2020 as Rivals Stagnate (BBG)

Having very recently pointed out the growing epidemic of "online begging," seeing a mother use an online donation platform to raise funds to "lay her son to rest" seems like a laudible and donation-worthy cause. However, as ABC7 reports, the 'grieving' mother of murdered Chicago 9-year-old Tysham Lee used the funds to purchase a 2015 Chrysler 200 and after facing a torrent of abuse attempted to defend her seemingly callous act - "Y'all don't know nothing about me."

• Fed puts December rate hike firmly on the agenda (Reuters)
• Charting the Markets: A More Hawkish Fed Rattles Investors (BBG)
• China to modernize and improve fiscal and tax systems (Reuters)
• Deutsche Bank to Cut 35,000 Jobs in Overhaul (WSJ)
• Deutsche Bank Said to Near $200 Million Sanctions Settlement (BBG)
• Barclays profits drop as it abandons cost-cutting targets (FT)

We would say today's main event is the culmination of the Fed's two-day meeting and the announcement slated for 2 pm this afternoon, however with the 90 economists polled by Bloomberg all expecting no rate hike, today's Fed decision also happens to be the least anticipated in years (which may be just the time for the Fed to prove it is not driven by market considerations and shock everybody, alas that will not happen). And considering how bad the economic data has gone in recent months, not to mention the recent easing, hints of easing, and outright return to currency war by other banks, the Fed is once again trapped and may not be able to hike in December or perhaps ever, now that the USD is again surging not due to its actions but due to what other central banks are doing.

• 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)

• ECB Haunted by Paradox as Draghi Weighs Risk of QE Signaling (BBG)
• At odds with Republicans, Hillary Clinton to testify on Benghazi (Reuters)
• House tees up conservative plans to raise debt limit (Hill)
• U.S., Russia to Meet at Syria Conference to Discuss Crisis (WSJ)
• Putin Gains Record Support Among Russians Over Syria, Poll Shows (BBG)
• China Plans 2020 Deadline for Dismantling Capital Controls (BBG)
• Nyrstar Drops the Most on Record as Mining Hit by Metal Rout (BBG)

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.