Apple

• Pressure builds on Volkswagen CEO as emissions-cheating probe spreads (Reuters)
• Volkswagen Emissions Scandal Relates to 11 Million Cars (WSJ)
• Volkswagen Emissions Investigations Should Widen to Entire Auto Industry, Officials Say (WSJ)
• Germany's Bosch makes VW's U.S. diesel components (Reuters)
• Volkswagen scandal will have personnel consequences - state economy minister (Reuters)
• Glencore Falls to Record as Mining Shares Lead Stock Losses (BBG)
• Despite Slump, China’s Xi Jinping Pledges Economic Reforms (WSJ)

While Asian trading overnight started off on the right foot, chasing US momentum higher, things rapidly shifted once Europe opened as attention moved back to global growth fears, global central banks losing credibility, as well as miners and the ongoing Volkswagen fiasco.

AsiaPac stocks are opening mixed after the US session gains. Perhaps the biggest news of the evening is, as China's bankiong regulator has been meeting with foreign banks to express concerns over lack of risk control around non-performing loans. As CBRC said, rather stunningly honest for a government entity, "the current situation is more severe than the time in 2008 during the financial crisis." With stocks up while commodities (Zinc) limit-down, PBOC injects another CNY50 bn and devalued the Yuan fix for the 2nd day in a row.

News That Matters

• Fed is out so...BOJ brainstorms stimulus overhaul as options dwindle (Reuters)
• And... Yellen Pause Ups Pressure on Draghi as Global Pessimism Mounts (BBG)
• But... Eurozone Nears Limits of What Monetary Policy Can Do (WSJ)
• Global shares struggle on global growth concerns (Reuters)
• VW's Emissions Cheating Found by Curious Clean-Air Group (BBG)
• David Cameron allegedly fucked a dead pig's head (Mirror)

For China's middle class, whose dreams of market bubble riches just went up in a margin call, there is still hope to pretend to be richer than one's neighbor courtesy of a faux rose gold cell phone. The answer: a tablespoon of sperm. As Xinhua reports, "technophiles may not have to reach far to find the cash for Apple's latest model. According to an advertisement with the Shanghai Sperm Bank - all you have to do is donating." "No need to sell a kidney...Shanghai sperm bank can make your iPhone 6s dream come true," says the ad which has gone viral on China's most popular social networking app WeChat this week.

"We are, here at TGL in our retirement fund, long of Apple and long of a “tanker’s” shares, whilst we are “short” of derivatives in sufficient quantity to be modestly net long of equities ..."

• 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)

News That Matters

• China stocks resume sharp slide as economic worries mount (Reuters)
• OECD head says sees further cut to global growth forecasts (Reuters)
• The U.S. Dollar Is Gaining Like It's the 1980s — For Better or Worse (BBG)
• Glencore Slumps to Record Low, Erasing Gains Since Debt Plan (BBG)
• Woman killed, 400 homes destroyed by California wildfire (Reuters)
• Why Morning Is the Worst Time to Trade Stocks (WSJ)
• German Investor Confidence Damped by Weaker Emerging Markets (BBG)

News That Matters

For the first time in over two years, without and with the contribution of AAPL, the IT sector will post a year over year decline in EPS. As for earnings excluding AAPL, forget it: "the estimated earnings decline for the Information Technology sector is -0.4%. Excluding Apple, the sector would report a year-over-year decline in earnings of -5.9%."

• China stocks slide as data raises fresh economy worries (Reuters)
• Was Tom Hayes Running the Biggest Financial Conspiracy in History? (BBG)
• The Fed’s Policy Mechanics Retool for a Rise in Interest Rates (NYT)
• Germany re-imposes border controls to slow migrant arrivals (Reuters)
• Thousands flee California wildfire as homes go up in flames (Reuters)
• Bavarian minister says German border controls could last for weeks (Reuters)
• China sells record FX in August, shows pressure after devaluation (Reuters)

Apple isn’t about Jobs anymore. He’s gone, and he’s not coming back. And the more Apple tries to fill that void, the deeper and wider the chasm becomes to fill by their own hand. Apple is no longer about a person – it’s about the product. And the product is the only thing capable of bridging that gap or hole left with the passing of Jobs. And the sooner Apple realizes it, and takes that to heart. The faster and better both Apple, their products, as well as the management and employees will be. Where they can all get back to doing what Jobs would be the most concerned with as well as probably proud of. i.e., Running a great company steered by smart people creating insanely great and revolutionary products second to none.