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ca43196155058dac29540f32fed57426 | https://www.cnbc.com/2015/09/25/volkswagen-scandal-ceo-announcement.html | Matthias Mueller named as new Volkswagen CEO | Matthias Mueller named as new Volkswagen CEO
VIDEO1:0301:03The Volkswagen emissions scandal by the numbers
Embattled German carmaker Volkswagen officially named Porsche boss Matthias Mueller its new CEO on Friday.
He replaces Martin Winterkorn, who stepped down this week following revelations of the auto giant's manipulation of emission tests for its diesel cars. In a statement, Mueller said he wants to implement strict compliance standards while gaining back the trust the company has lost.
Matthias Mueller, CEO of Porsche AG attends the Porsche AG annual press conference on March 2015 in Stuttgart, Germany.Thomas Niedermueller | Getty Images
The 62-year-old has been in the Volkswagen fold for years, working under the Audi brand from 1977 after studying information technology and toolmaking in his native Germany. At Audi, he headed system analysis, product management and later the Lamborghini product line, before moving to Volkswagen's Wolfsburg headquarters to lead VW's projects department.
At Volkswagen subsidiary Porsche, which he has led since 2010, Mueller is credited with helping deliver record revenue and profit, with deliveries jumping 17 percent in 2014 from a year earlier.
Mueller faces a tough job at the helm. Volkswagen will now try to navigate its way through civil suits and multinational investigations over allegations it deliberately tricked regulators who were testing emissions levels on diesel vehicles made between 2008 and 2015.
What you need to know about the Volkswagen scandal
Volkswagen is said to have installed sophisticated software known as "defeat devices" that only turned on full emissions controls when it sensed official testing taking place, but otherwise emitted 10 to 40 times the legal amount while on the road. The issue was first brought to light by the Environmental Protection Agency earlier this month, based on tests from West Virginia University.
Volkswagen estimates 11 million cars are affected worldwide. Mueller contended that Volkswagen vehicles never posed safety risks to consumers.
Winterkorn, who resigned as Volkswagen's CEO after a board meeting Wednesday, said he was shocked by the events and "stunned that misconduct on such a scale was possible in the Volkswagen Group," according to a company statement.
Mueller's appointment ushers in a new leadership pairing, with former chief financial officer Hans Dieter Poetsch set tobecome chairman in November. Volkswagen is still searching for his replacement.
Former chairman Ferdinand Piech resigned in April after losing a leadership battle with Winterkorn.
Martin Winterkorn resigns as Volkswagen CEO
Volkswagen also outlined a broader restructuring plan on Friday. Mueller will lead Volkswagen's sales on an interim basis.
Michael Horn will remain president and CEO of Volkswagen Group of America, but the company plans to change its operations in the region. It said the Volkswagen brand would have a new management structure, with four chief executives in as many regions.
The company announced that board member Christian Klingler will step down over strategy disagreements. However, it stressed that his departure was not related to the emissions issues.
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d7279f590454e52a27f9ef896236bc3c | https://www.cnbc.com/2015/09/25/volkswagens-worst-week-ever-winners-and-losers.html | Volkswagen's worst week ever: Winners and losers | Volkswagen's worst week ever: Winners and losers
VIDEO1:5401:54Volkswagen: Who knew what, when?Worldwide Exchange
VIDEO3:4103:41Volkswagen sends bad signal about governance: ProSquawk Box Asia
VIDEO1:3901:39Volkswagen CEO steps down over emissions scandal
Volkswagen, one of Germany's leading brands, has been left reeling after admitting to cheating U.S. vehicles emissions tests of its diesel-powered vehicles. It says 11 million of its cars around the world could be affected.
Here are some of the winners and losers of the biggest scandal to hit the 78-year-old auto firm.
Daniel Acker | Bloomberg | Getty Images
Volkswagen
The company, once the shining example of Germany's economic prowess, is feeling the pain on many fronts:
Financial: It will set aside $7.3 billion in its third-quarter accounts to help cover the costs of the scandal. Fines are expected to add up to $18 billion, while almost $17 billion was wiped off VW's share price on Monday alone. Shares were up on Thursday but are still down about 24 percent from where they traded on last week before the scandal broke.
Personal: Martin Winterkorn stepped down on Wednesday as CEO, saying the firm needed a "fresh start." The company is expected to announce a successor on Friday – along with the names of those responsible for the scandal.
Brand damage: Having made some of Europe's most popular cars, the Volkswagen brand is now under fire. "This is a sad tumble for the company that was named one of the top global brands in 2014," Marianne Griebler, a marketing communications consultant, wrote on LinkedIn this week. "It's not enough to tell a good story. You have to make it real for your customers. And that's why Volkswagen hasn't just put a few dings in their brand; they may have totaled it."
The Volkswagen Golf was Germany's favorite car last year, measured by new passenger vehicle registrations. Volkswagen overtook Toyota as the world's biggest car maker by sales in the first half of the year, according to data from the car firms.
Volkswagen emissions: Automakers’ tobacco moment?
German auto sector
German automakers have been dragged lower with Volkswagen amid concerns that the sector as a whole may have been involved in manipulating emissions testing. BMW shares closed over 4 percent lower on Friday following reports in a German newspaper earlier in the week that the car maker's diesel engines were "significantly" exceeding regulatory limits. In a statement, BMW said the carmaker did not "manipulate or rig any emissions tests."
Volkswagen suppliers are also in focus. German auto component company Bosch said on Tuesday it had delivered components to the company that are at the center of the emissions tests probe. It said that responsibility for the application of components lies with Volkswagen.
Germany Inc, which has built a reputation on trust, efficiency and reliability, is expected to be damaged by the revelations. In an editorial on Monday, German newspaper Handelsblatt dubbed the scandal a "catastrophe" for the entire German motor industry.
German economy
It weathered a Greek debt crisis and is proving robust in the face of slowing growth from China, but Germany's economy – the biggest in Europe - now faces a new risk from Volkswagen fallout.
Volkswagen is Germany's biggest car maker. It's also one of Germany's biggest employers, with more than 270,000 workers employed in the country.
"While the German economy defied Greece, the euro crisis and the Chinese slowdown, it could now be facing the biggest downside risk in a long while," ING Chief Economist Carsten Brzeski said in a note Wednesday. "The irony of all of this is that the threat could now come from the inside, rather than from the outside."
VW recall scandal is a wake-up call for executives
Platinum
Concerns that consumers will move away from diesel-powered cars has hit platinum, which is used in diesel vehicles to clean up emissions from exhausts.
Platinum prices on Wednesday slumped to a six-and-a-half year low of $924.50 an ounce and have shed about 5 percent of their value in the past four sessions, according to Reuters data.
Regulators
Analysts say regulators will now be under greater pressure to ensure higher standards.
"The regulator knows a number of tricks that are used and hasn't cracked down on those," Philippe Houchois, an autos analyst at UBS, told CNBC's "Squawk Box Europe" on Thursday.
"VW has been on the front pages for three days running so the regulator will be under pressure. The regulators have started to change the process but they will need to do much more because right now there's no credibility in the process," he said.
Getty Images
The competition
Foreign competitors such as the likes of Japan's Toyota are expected to gain the most from Volkswagen's woes. While auto companies globally have suffered this week, Toyota shares have held up relatively well, falling about 1.9 percent compared with a fall of about 4 percent in Ford and 25 percent dive in Porsche shares.
Sung Yop Chung, an analyst at Daiwa Capital Markets, said South Korean car makers such as Hyundai could also benefit long term. "Volkswagen has a competitive advantage in emerging markets. If the scandal becomes more global, it could provide tailwinds for [South Korean carmakers]," he said in a note on Tuesday.
Predrag Vuckovic | Getty Images
Electric cars
The scandal could also help drive demand for electric cars, some strategists say. "In the longer term – many people are going towards electric cars not just because they are greener but also because the technology has changed," Martyn Briggs, industry principal at Frost & Sullivan, told CNBC this week.
Elon Musk, the CEO of electric car maker Tesla Motors, told Reuters on Thursday that he sees Germany as the second most important market for the firm after the U.S. market.
Environmental Protection Agency
The U.S. government body emerges from this scandal as a clear winner for discovering the devices that could detect when a diesel engine was being tested and adjust its performance to improve the results. Other countries are pushing for their own probes. South Korea for instance said on Tuesday it will look into emission levels in Volkswagen diesel cars.
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231f04e36443d02aaaeed933466a49c5 | https://www.cnbc.com/2015/09/25/vw-faces-about-the-worst-situation-ex-gm-exec.html | VW faces 'about the worst situation': Ex-GM exec | VW faces 'about the worst situation': Ex-GM exec
VIDEO6:2106:21VW in 'worst situation' any automaker can be in: Bob LutzSquawk Box
Former General Motors vice chairman Bob Lutz said Friday he would not know where to start if he were the next CEO of Volkswagen to address the fallout from the U.S. emission tests cheating scandal.
"This is about the worst situation any automobile company could be in because there really isn't any way to make those 11 million engines run on the legal cycle as well as they ran on the illegal cycle," he told CNBC's "Squawk Box."
Lutz, also a former president at Chrysler, said it's going to be "incredibly expensive" to bring the affected cars into compliance. Since the performance and the gas mileage will likely to be compromised in the process, the embattled German automaker could face consumer lawsuits, he added.
VW has set aside $7.3 billion in its third-quarter accounts to help cover costs relating to the scandal.
Read MoreJack Welch: 'Tar and feather' VW cheaters
The Environmental Protection Agency last Friday accused VW of installing a device in diesel vehicles to run maximum anti-pollution controls only when emissions tests were taking place. Fines could add up to $18 billion.
West Virginia University researchers using on-road testing, which EPA officials indicated would be added to the agency's emissions regimen as part of sweeping changes planned in light of the VW cheating.
Volkswagen is scheduled to announce its next chief executive Friday, as the German automaker looks to clean house. Martin Winterkorn resigned as Volkswagen CEO earlier this week, saying he accepts "responsibility for the irregularities," though he denied any personal wrongdoing.
A frontrunner for the top job is Matthias Mueller, president and CEO of VW's Porsche subsidiary.
In April, former chairman Ferdinand Piech resigned after losing a leadership battle with Winterkorn.
"Ferdinand Piech ... is a very, very hard dictatorial, my-way-or-the-highway type of person who constantly [was] firing people, threatening people 'you better succeed at this or you're out the door,'" Lutz said.
"When you've got that kind of culture where everybody fears for his or her job," he warned, "frankly, people will lie and cheat to do what the boss expects. And that is the danger in that type of culture."
Piech did not immediately respond to CNBC's request for comment.
During his time at GM, Lutz said he was constantly asking his engineers how Volkswagen could make diesel engines perform so well and pass environmental tests. "They said, 'We can't answer that question.'"
He said: "Honda asked the same question. They couldn't figure it out either because with near identical engines and hardware from the same suppliers, they could not get themselves to pass."
Lutz said the extra expenses associated with diesel engines basically don't pay off in better gas mileage. "You've got about a $2,000 to $3,000 cost penalty for the engine. And then you've got another $4,000 to 5,000 cost penalty for all the emissions equipment."
"Diesel is being legislated out of existence because the emission requirements for diesel are becoming so onerous," he argued. "Diesels almost no longer make any sense."
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770e45338ea5b9d7d13bd60c4b933dff | https://www.cnbc.com/2015/09/25/what-a-week-for-biotechs-drop-into-bear-territory.html | What a week for biotechs: Drop into bear territory | What a week for biotechs: Drop into bear territory
VIDEO1:2301:23Biotechs lead markets lower, but not that bad: ProClosing Bell
VIDEO1:1401:14Biotech pacing for worst week since 2011Closing Bell
VIDEO2:0302:03Biotech trades below August lowsClosing Bell
Biotechnology stocks deepened their rout Friday, sinking more than 5 percent, and heading for their worst day since April 10, 2014, as fears continued to wrack the industry over pressure on drug prices.
The Nasdaq Biotech Index entered bear market territory, off 22 percent from its July high.
"As we started to get orders from our clients, they're saying, 'God, I don't want to sell these things, but I've got to take some off,'" David Seaburg, head of sales trading at Cowen and a CNBC Fast Money trader, said by telephone Friday. "It's the names that were up so much that people are using as a source of funds."
A pledge by Hillary Clinton earlier this week to put a stop to what she called outrageous price gouging in the specialty drug industry, coupled with a global outcry over one small company's 5,000 percent overnight price increase on a 60-year-old drug, have sent the Nasdaq Biotech Index plunging.
Read MoreControversial drug CEO was accused of serious 'harassment'
"There's the fear of the sector losing its pricing, which is a pillar of why this sector is on fire," Seaburg said. "It's out there in a sector that's overheated."
Biotech names getting the most clobbered Friday included gene therapy company Bluebird Bio, down 12 percent; cancer company Seattle Genetics, down 11 percent; and liver disease company Intercept Pharmaceuticals, down 9.7 percent. Among the biggest names, Gilead Sciences was down more than 2 percent, Amgen 3 percent, Biogen nearly 4 percent and Celgene more than 5 percent.
The moves are "just a freak out," said Robert W. Baird analyst Brian Skorney. "When consensus sees valuation as high but folks are positive on news flow, some negative news flow causes people to freak out."
Overall, biotech fund outflows totaled $416 million in the week through Wednesday, according to a Friday note from Raymond James. That amounted to a 0.61 percent decrease in assets, in the fourth week of outflows in the past seven.
"I'm not hearing that there's a thematic or fundamental change here," Seaburg said. "This is absurd; it's setting up as one of the best buying opportunities into year-end and people are going to look back and say, 'Why didn't I take advantage of that?'"
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cd80e555220587a3e1af7dce8d8fc0e2 | https://www.cnbc.com/2015/09/25/will-this-become-the-netflix-of-sports.html | Will this become the Netflix of sports? | Will this become the Netflix of sports?
Andre Roberts of the Washington Redskins attempts to catch a pass against Trevin Wade of the New York Giants at MetLife Stadium on Sept. 24, 2015, in East Rutherford, New Jersey.Getty Images
Sports media company Perform Group is taking steps to launch a livestreaming sports service, saying it is positioning itself to become the "Netflix of sports."
The yet-to-be named subscription product, which will launch in 2016, is an over-the-top service that will allow users in Germany, Japan, Switzerland and Austria to livestream sports games and original content from teams around the world for about $10 a month.
"The focus is on making it very simple for users to subscribe and watch, independent of the time of day," said CEO Juan Delgado.
Perform Group has already secured rights from major international soccer leagues including La Liga, Bundesliga, Serie A and Ligue 1, as well as the NFL. It will also produce in-studio shows hosted by former sports stars. Delgado said it assured minimum revenue guarantees to rights holders and will split revenue based on usage after minimum commitments are met to cover overhead costs on technology and marketing.
Delgado said it was particularly interested in Germany because its main sports media provider, Sky Germany, had a low penetration level in households. In Japan's case, he said citizens are hard-pressed to find one cable or satellite company that can provide access to multiple sports leagues.
The company plans to add more leagues and markets in 2017. Delgado did not rule out the possibility of offering the service domestically in the future.
"Once we prove our ability to launch a service and acquire a user base very similar to how Netflix has rolled out in a few years, we will be seeking similar opportunities elsewhere," Delgado said.
NFL goes mobile to reach audiences here and abroad
NFLPA's new media company gives access to athletes
The NFL previously told CNBC that one of its major initiatives was to expand its international audience. Its Oct. 25 London game between the Buffalo Bills and Jacksonville Jaguars will be globally livestreamed through Yahoo. The league added that it saw massive fan base growth in Germany, China, Japan, Australia and Brazil, and was looking to bolster its offerings in those areas.
"We think it's a great opportunity in Eastern Europe, Asia and Australia to have that game at Sunday night in prime time and to have that attractive window to watch live," NFL senior vice president of media strategy Hans Schroeder said earlier. "(International) is a big priority across the league now."
The service will be run through Perform Group's proprietary platform, which currently hosts its 12 digital media companies including Sporting News and Goal.com, and reaches 200 million unique users per month. It also tapped former Netflix vice president of marketing in Europe Ashley Wirashinha and ex-Amazon principal product manager for Amazon Instant Video Ben Lavender to run marketing and product respectively.
Delgado did not disclose how much the project was costing, but said the marketing budget was in the high eight figures.
"I think ultimately consumer habits are changing," Delgado said. "You read all the cord cutter coverage that gets in the U.S. and the position which ESPN might supposedly be under. The leagues are ultimately worried about delivering content to their fans."
Rick Burton, a sports management professor at Syracuse University, said the deal was not surprising at all, considering the progression of digital content taking over. Not only is streaming a cheaper option, it's easier to get content into households since it doesn't have to rely on cable hardware.
"Cable is an obsolete concept," he said. "I'm not anticable. But it's molecules, and you have to send stuff down the pipe. Most companies around the world, they haven't gone through the trouble of laying down the pipe and get stuff into people's house through routers."
He added that since the NFL is the largest sports organization in the U.S., it has the ability to experiment and be the first in the digital market. However, it faces challenges since football isn't played internationally.
"(The NFL) has got to be in on the bleeding edge of transition," Burton said. "They don't have the benefit of youth participation in most international countries."
He was also was a little hesitant to say that the service would make it domestically, considering the fact that the U.S. is not as technologically forward as other countries that are mobile first.
"We have a tendency to continue to commit to our big TVs, flat screens and 3Ds as opposed to our devices," Burton said.
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ec78d3e63598ae1b5168f8287a1f2dff | https://www.cnbc.com/2015/09/25/your-first-look-for-monday-september-28.html | VIDEO1:2101:21Final trades: EEM, IBB, GLD, & moreFast Money
The "Fast Money" traders listed what they're watching when the markets open Monday.
Tim Seymour was looking at the iShares MSCI Emerging Markets ETF.
Steve Grasso had the iShares Nasdaq Biotechnology ETF on his radar despite Friday's sell-off.
Brian Kelly as bullish on .
Guy Adami was looking at the oil refiners.
Trader disclosure: On September 25, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, JPM, KO, LGF, T, TWTR, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Steve Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, STRP, T, TWTR, GDX firm is long KO, MCD, WYNN, AMZN kids own EFA, EFG, EWJ, IJR, SPY. Brian Kelly is long BBRY, GLD, Bitcoin, US Dollar, Crude Oil; he is short Yuan, British Pound, Euro, Yen, EEM, EWC, EWU, EWG, SPY, S&P 500 Futures. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
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99cd4e525b00ca896910563f20c3c885 | https://www.cnbc.com/2015/09/26/6-bi.html | The world's biggest risks | The world's biggest risks
Syrian refugees and other migrants are stopped by Macedonian police at the Greek-Macedonian border, near the village of Idomeni, Aug. 22, 2015.Yannis Behrakis | Reuters
A lot can change in nine months.
In January, when the World Economic Forum released its list of the biggest threats to world stability, the group seemed to cover a pretty wide spectrum. But the ensuing months have seen several new crises emerge.
Some are offshoots of broad categories the WEF warned about. Some are things they didn't imagine. But each have become significant enough to warrant concern. No wonder some are major topics being widely discussed at the United Nations—and even by Pope Francis. Today, at the annual Clinton Global Initiative in New York City, CEOs and other leading thinkers will also ponder on the dire consequences of these risks.
—By Chris Morris, special to CNBC.comPosted 26 September 2015
A group of migrants walk on the Serbian side of the border with Croatia, near Sid, Serbia September 16, 2015. Barred from Hungary, migrants walk through cornfields into the European Union via Serbia's western border with Croatia on Wednesday, opening a new front in the continent's migration crisis.Antonio Bronic | Reuters
While refugees have been fleeing the Middle East, Africa and Asia for a while, the April sinking of five boats, drowning more than 1,200 people, put it on people's radars. And the horrific image of Aylan Kurdi, a 3-year-old who drowned in the waters off Greece, made it front-page news. Hundreds of thousands of people, fleeing war-torn regions like Syria and South Sudan, are seeking asylum, forcing countries to reestablish border controls and some, like Hungary, to close down their borders. Germany alone said it expects 1 million migrants to arrive this year.
What's the threat? Beyond the obvious risk to the refugees themselves, an uncontrolled influx of people could overwhelm social welfare systems and cause an economic crisis. The influx is also creating significant tension among the European Union as countries disagree about their humanitarian responsibilities. Member states are fighting among themselves. Germany is urging members to welcome the refugees. But countries like Hungary, the Czech Republic and Slovakia are reticent to do so. That in turn has prompted Austria to suggest putting financial pressure on countries that reject quotas. And some political analysts say this could be an issue that causes governments to fall.
Militant Islamist fighters parade on military vehicles along the streets of northern Raqqa province, June 30, 2014.Reuters
The Islamic State militant group was one of the things the WEF warned about earlier this year, citing the threat of both "state collapse" and "failure of national governance." But the group's threat level has risen considerably this year. In February, militants captured part of the Libyan countryside near Sabha. In March, Boko Haram pledged allegiance to the group, expanding its presence to Nigeria, Chad and other parts of Africa. And ISIS currently holds roughly one-third of the Syrian territory and sizable areas in Iraq.
What's the threat? The threat of ISIS causing a state collapse remains very real, despite heavy casualties to the group by a U.S.-led joint task force (which says it's killing about 1,000 ISIS fighters per month). And recent audio messages from al Qaeda leader Ayman al-Zawahiri seem to indicate the terror organization is open to settling its differences with ISIS and has called on its affiliate in Syria, Jabhat al-Nusra, to cooperate with ISIS in the battle for that country.
An investor watches the electronic board at a stock exchange hall in Fuyang, China.ChinaFotoPress | Getty Images
In a two-day period in late July, China's stock market stumbled badly, with the Shanghai Composite falling nearly 15 percent. Between mid-June and early August, it fell twice that much, wiping out $4 trillion in market value. Foreign investors are avoiding the country. And on Aug. 24, "Black Monday," the markets lost another 8.49 percent of its value, triggering selloffs around the globe. In the U.S., the Dow started the day tumbling more than 1,000 points before regaining some ground and closing down at 588 points.
What's the threat? China is the world's second-largest economy. The ripple effect from an economic crisis there could affect businesses in the U.S. and other countries. The country's growth in recent years lifted economies that were trying to shake off things like the downgrade of America's credit rating and Greece's economic troubles. And the free fall of stocks has raised questions about whether China will continue with its free-market reforms. Should that happen, it could slow world trade.
A father with his children walk over the cracked soil of a 1.5 hectare dried up fishery at the Novaleta town in Cavite province, south of Manila. The drought-inducing El Nino weather phenomenon continue to affect farmlands in the provinces resulting to more damaged crops.Romeo Ranoco | Reuters
Created when the equatorial waters in the Pacific Ocean warm significantly, El Niño can have a big impact on global weather patterns. And forecasters say this one could be one of the strongest ever.
What's the threat? It could be considerable or negligible, depending on where you live. For instance, people along the East Coast of the U.S. can thank it for the relatively weak Atlantic hurricane season. And part of the West Coast could see a lessening drought, with mudslides and intense storms taking its place. Britain, meanwhile, is bracing for its coldest winter in 50 years. South Africa, Indonesia and Australia are all preparing for droughts. And it's even being blamed for a surge in snakebites.
Secretary of State John Kerry in a negotiation session with Iran's Foreign Minister Javad Zarif over Iran's nuclear program in Lausanne on March 20, 2015, as European Union Political Director Helga Schmid looks on.Brian Snyder | AFP | Getty Images
The landmark agreement between Iran, the U.S. and other world powers this summer is aimed at curbing the nuclear program in the country. The deal puts very strict limitations on Iran's nuclear programs for the next 10 years. Following that, the restraints will ease over a five-year period. President Obama has praised the deal, saying he is "confident that this deal will meet the national security interests of the United States and our allies." Public support for the agreement has been eroding, though, since it was announced.
What's the threat? Opponents argue the $150 billion in sanctions relief that Iran will receive under the deal can be used to finance terror operations. And they're skeptical that the nuclear inspections requirement is sufficient. Iran will be allowed to continue enrichment, even though it must give up its centrifuges (which enrich uranium) and rebuild its heavy-water reactor. Opponents, such as Republican Speaker of the House John Boehner, say the deal could "fuel a nuclear arms race around the world."
North Korean leader Kim Jong Un looks through a pair of binoculars during an inspection of the Hwa Islet Defence Detachment standing guard over a forward post off the east coast of the Korean peninsula.KCNA | North Korea | Reuters
Talks aimed at ending North Korea's nuclear program have been stalled since 2009, and earlier this year, satellite images suggested the country has restarted its nuclear program, which has been shuttered since 2007. North Korean officials this month said the company was prepared to use those weapons against the U.S. if it continues its "reckless hostile policy" toward leader Kim Jong-un. The country has also announced it is planning more satellite launches, which are viewed as a way of testing ballistic missiles.
What's the threat? The state of North Korea's nuclear program is fairly unclear, and while most officials do not believe the nation has the ability to target the U.S. mainland, it can still reach the nation's allies and outlying states, like Alaska and Hawaii. And officials in Washington have called North Korea's nuclear weapons program a threat to world security. The renewed threats come weeks after North Korean and South Korean troops exchanged artillery fire across the border. The skirmishes did not result in any casualties.
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4232fccd5b623f002af4effd4f5b634d | https://www.cnbc.com/2015/09/26/financial-planning-is-beyond-investments-retirement-plans.html | Financial planning is beyond investments, retirement plans | Financial planning is beyond investments, retirement plans
Long before David Mendels became an advisor, he saw the importance of financial planning no matter what a person's age is.
He was in his 20s when a married couple he knew from college were killed in a private plane crash. While their death was devastating enough for loved ones, the agonizing part was that they had a 3-year-old daughter.
Hero Images | Getty Images
Each half of their extended family wanted to do the right thing by taking custody of the young girl. The situation had the potential for much ugliness among in-laws, until it was discovered the couple had created a will only days before their death. In it the wife's brother was named as their daughter's guardian. And at that point, because the young parents' wishes were clear, all arguing stopped.
"If you are parents of small children, I don't care if you don't have two nickels to rub together," said Mendels, a certified financial planner and director of planning at Creative Financial Concepts. "You have to have a will and name someone to be a guardian for your children. You have to take care of your kids," he explained.
Having a will is just one aspect of financial planning that depends on where you are in life. And, as illustrated above, financial planning is about more than investments and retirement savings.
While everyone's situation is different and their planning needs are not entirely age-specific, some generalizations can be made.
Financial planners say that for people in their 20s—when many people are just embarking on careers and are financially beholden to no one but themselves—several aspects of planning are important whether they have children or not.
For starters, experts advise building an emergency fund worth at least six months of your salary, thinking about saving for retirement and getting a handle on what you're earning versus what you can spend.
"What usually occurs with them is you're trying to teach them how to save money," said Mark LaSpisa, a CFP and president and managing advisor at Vermillion Financial Advisors.
If you're disabled … you won't be much concerned about saving for retirement. You'll be thinking about how to deal with what you have.Harold Evenskychairman of Evensky & Katz/Foldes Financial
He said part of his challenge is helping young clients determine their spending priorities.
"It's getting them to see that if they buy that big-screen TV, they won't be able to go on vacation," LaSpisa said. "Or if they want that really kick-ass car, they might not be able to buy a house for a while."
Advisors also encourage people to start saving for retirement as early as they can, especially to the extent they can take advantage of any matching employer contributions to their 401(k) plans.
Having long-term disability insurance is also important.
Read MoreGen Y must plan retirement now
"If you're disabled … you won't be much concerned about saving for retirement," said Harold Evensky, a CFP and chairman of Evensky & Katz/Foldes Financial. "You'll be thinking about how to deal with what you have."
According to the Council for Disability Awareness, about 1 in 4 of today's 20-year-olds will become disabled before retirement. And the average absence from work is 34.6 months.
If you end up being unable to work due to injury or serious illness, a disability policy typically provides you with a portion of your salary—anywhere from 50 percent to 80 percent—up to certain limits.
Also important is creating powers of attorney. This means giving someone the authority to handle your finances if you cannot, and choosing someone to make important health-care decisions if you are unable.
VIDEO7:0907:09The millennial futureAge-based Investing
And yes, if you have children, make sure you have a will.
For people in their 30s, life can get a bit weird. Advisors often have to rein them in when it comes to spending.
"What's interesting with them is it often becomes about keeping up with the Joneses," said LaSpisa at Vermillion Financial Advisors.
This means spending money on things that have no value other than how others view you.
Read MoreNever too early, or late, to plan retirement
"I try to get people to make better decisions and highlight the consequences of their decisions," LaSpisa said. "It's things like buying a car they can't afford or buying a house in a neighborhood they can't afford."
LaSpisa said he points out that the purchases represent too much of their income and that spending the money on those things means they won't be able to meet other financial goals, like putting money toward retirement.
"When you lay that out, they start realizing it maybe wasn't a great idea," LaSpisa said.
Another life change that 30-somethings often face is having a spouse or partner, a house and kids. That brings new complications into their financial planning.
"Life insurance definitely comes into play if they are a traditional family or have kids," LaSpisa said.
At that point in life, term life insurance is worth considering. The policy amount you get depends on how much your survivors would need to replace your income for things like a mortgage, your debt and child care.
When people are in their 40s, new concerns come into play. Their kids might be getting close to adulthood, which means college tuition might be on the horizon.
By this point, it's wise to have started thinking about how to pay for kids' college, whether through a 529 college savings plan or other means. And advisors emphasize that it's more important to save for your own retirement than your children's college expenses, because financial aid is available for college but not for retirement.
Read MoreGet educated about 529 college savings plans
Your 40s are also the time to start thinking about getting long-term care insurance for your retirement years. In simple terms, it provides coverage for the cost of care for people with a medical condition that requires supervision, whether in a nursing home or elsewhere.
"If you don't do it in your 40s, definitely consider it in your 50s," LaSpisa said. "After that, it can get cost-prohibitive."
People in their 50s are in the home stretch of retirement planning. If they have not tended to all of the things they should have at a younger age, now is the time to do it.
And as far as retirement savings go and how to divvy up your assets, it's all about risk tolerance and time horizon. Advisors are loathe to say a 25-year-old should have more exposure to stocks than a person on the verge of retirement, because it really depends on to what extent a client can stomach the volatility of the market.
Read MoreGet Social Security timing right
But what all planners agree on is the benefits of financial planning, regardless of your age.
"I'm passionate about the process of financial planning," said Evensky of Evensky & Katz/Foldes Financial. "People need to go through it."
He added, "Everyone's future will depend on their insurance and their money saved. And to do it [without planning] is a dangerous way to live your life."
—By Sarah O'Brien, special to CNBC.com
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fa22451bbd02eb516ca46db72c5c9a73 | https://www.cnbc.com/2015/09/26/macau-billionaire-jailed-in-us-subpoenaed-in-foreign-bribery-probe.html | Macau billionaire jailed in U.S. subpoenaed in foreign bribery probe | Macau billionaire jailed in U.S. subpoenaed in foreign bribery probe
A roulette table is seen at the glitzy Venetian hotel in Macau.Philippe Lopez | AFP | Getty Images
A billionaire Macau developer arrested for lying to U.S. customs officials about why he brought $4.5 million in cash into the United States was subpoenaed in 2014 as part of a separate foreign bribery investigation, a source familiar with the matter said on Friday.
Ng Lap Seng, who was previously tied to a Clinton-era campaign finance probe, is being held without bail on charges filed in Manhattan federal court that he lied to U.S. customs officials about the purpose of the cash he brought into the country over a two-year period.
In a criminal complaint made public on Monday, an FBI agent recounted serving a subpoena on Ng in July 2014 in connection with an "unrelated investigation," which a prosecutor in court later said involved a probe based outside of Manhattan.
Macau gets a 'D' for diversification
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That subpoena, which the complaint said Ng did not respond to, stemmed from a probe in Nevada involving the Foreign Corrupt Practices Act (FCPA), which prohibits bribing foreign officials, said the source, who spoke on condition of anonymity to discuss the case.
The target of that investigation was unclear. But Ng's name has repeatedly surfaced in a private lawsuit against billionaire Sheldon Adelson's Las Vegas Sands Corp that the casino operator has said it believed prompted an FCPA investigation.
Kevin Tung, Ng's lawyer, said on Thursday he did not know what the subpoena said and was still gathering information. The U.S. Justice Department declined comment. Las Vegas Sands in a statement said it is cooperating with the investigation.
Ng, 68, heads Macau-based Sun Kian Yip Group, and has made much of what U.S. prosecutors called his $1.8 billion fortune on lavish developments in the former Portuguese colony.
His properties include the Fortuna casino and residential complex Windsor Arch, which overlooks Macau's race course and the Cotai Strip.
Ng also sits on the Chinese People's Political Consultative Conference, an adviser to the government.
He and his assistant Jeff Yin were arrested on Saturday for allegedly falsely claiming $4.5 million in cash they brought into the United States from China between 2013 to 2015 was meant to buy art, antiques or real estate, or be used for gambling.
At a hearing on Saturday, U.S. prosecutor Daniel Richenthal said Yin told authorities after his arrest that the money was used to pay people "to engage in unlawful activities," according to a transcript.[ID:nL1N11S1U7]
Yin's lawyer, Sabrina Shroff, disputed that account, and Tung in an interview said the case was a "misunderstanding."
Ng's name previously surfaced in U.S. investigations into how foreign money might have been funneled into the Democratic National Committee prior to the 1996 elections, when it was working to re-elect President Bill Clinton.
A 1998 U.S. Senate report said that Ng collaborated with Little Rock, Arkansas restaurateur Charlie Tries to funnel hundreds of thousands of dollars in foreign funds to the DNA.
Tries later pleaded guilty. Nag, who prosecutors say stopped coming to the United States for five years amid that probe, was never charged.
The 2014 subpoena cited in the complaint came after Nag's name first surfaced in a lawsuit filed in 2010 against Las Vegas Sands by the former CEO of Adel son's Macau casinos, Steven Jacobs.
Macau is the only legal casino hub in China, and Sands China Ltd, a publicly traded unit of Las Vegas Sands, is one of six licensed casino operators in the southern Chinese territory.
Las Vegas Sands has said it believes that FCPA investigations by the Justice Department and U.S. Securities and Exchange Commission were prompted by Jacobs' lawsuit.
Jacobs contended he was fired after resisting Adel son's demands that Las Vegas Sands rehire a lawyer, Leone Elves, who was also a Macau legislator and who allegedly told the company Chinese officials had offered to resolve some issues facing it for a $300 million payment.
Nag allegedly was Elves' contact with the officials, acting as what a lawyer for Jacobs described in a court hearing in May as a "courier or messenger."
No evidence exists the payment was ever made, and the company denies wrongdoing. Testifying in May, Adel son said he did not know Nag and had never sent any messages to him or heard of his name until Jacobs' lawsuit.
Lawyers for Jacobs did not respond to requests for comment.
The case is U.S. v. Sen, U.S. District Court, District of New York, No. 15-mj-03369.
Follow us on Twitter: @CNBCWorld
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c5aee9ba287eb0ab6fdf1252f9cc20d2 | https://www.cnbc.com/2015/09/26/pope-francis-aims-for-peace-not-policy-analyst.html | VIDEO0:5700:57Divinity & diplomacy
With stops in the nation's capital, the Big Apple and the City of Brotherly Love, Pope Francis made lots of political waves on his U.S. visit.
In his address to Congress, the pontiff asked the country's leaders to help solve the plight of climate change, to fight poverty and to embrace millions of undocumented immigrants.
"He's not a policymaker or an economist, but he can say what is working and what isn't working," says Thomas Reese, a senior analyst for the National Catholic Reporter, in an interview with CNBC. "He's hoping to get politicians to work together, to make sure the economy is working for all."
According to the Pew Research Center, the United States has the fourth-largest Catholic-faith population in the world, with more than 75 million followers filling church pews.
Reese said the pope came to America as a pastor to preach compassion, and as a prophet to provoke the most powerful nation in the world to do more good with its wealth. His remarks also urged the world's largest economy to be more welcoming of immigrants and refugees.
Read More Pope visit will lift spirits more than local economies
Capitalism is moral, and it works: Catholic priest
Pope to Congress: Time to act on climate change, poverty
Still, that rhetoric may not be enough to rouse U.S. leaders and Catholic faithful into action.
"Although the pope is important to the church, he's not the church," says Reese. "In order for Pope Francis to be successful, he needs the bishops, clergy and the Catholic people to get on board with his views on environment and spreading the gospel."
The pope urged Congressional leaders and citizens to "summon the courage and the intelligence to resolve today's many geopolitical and economic crises." Despite being critical of free markets, Pope Francis also called business "a noble vocation directed to producing wealth and improving the world."
Reese believes the pontiff is challenging the fundamental character of the nation's economy to conserve more, consume less and embrace the global community—without polarizing or dividing other countries and the people into enemies and friends.
"He doesn't have blind faith in the marketplace to solve all of our problems," says Reese.
Pope FrancisGetty Images
Only two years into the papacy, he is often called the People's Pope, whose divinity is also referred to as the "Francis effect."
Although some have been critical of his more political pronouncements, the pope enjoys the approval of more than 80 percent of Catholic Americans. Vatican watchers say that Pope Francis hopes to inspire citizens of the world to be more mindful of the issues confronting the poor and disenfranchised.
"Our moral decisions impact human beings," said Reese, who said the leader of the Catholic faith was not attempting to endorse partisan positions, but encourage dialogue. "He recognizes there's a lot of people still in poverty and he wants to be a voice for those people."
—"On the Money" airs on CNBC Sundays at 7 p.m., or check listings for air times in local markets.
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bea03ab07f844fe75dc42281483c592d | https://www.cnbc.com/2015/09/26/stocks-that-offer-value-in-the-aftermath-of-the-fed.html | VIDEO2:4102:41Three stocks finding a bottom Fast Money
Fears of a global slowdown and uncertainty about the Federal Reserve's monetary policy have some investors confused about where to invest.
However, according to one highly regarded technician, there's still plenty of ways to make money during these volatile times.
"Three stocks have found a bottom and also offer upside," said Rich Ross of Evercore ISI on CNBC's "Fast Money." According to Ross, the sell-off has created a number of compelling opportunities.
His first pick is Walt Disney, which is up 6 percent on the year. According to Ross's chart work, the chart formed a double bottom when it touched $90, a pattern many technicians often look to as a sign that a floor might be in.
Disney shares have jumped 15 percent from the August 24th low, and more recently have been hovering around a key resistance level that forms a triangle pattern aligning with its 200-day moving average.
Ross added: "This should be a continuation pattern to the upside, if and when you do break through the 200-day around $105, $106."
Read MoreJaunt gets big round of money from big media
Ultimately, Ross sees the stock headed to $120 per share. "This is a sneaky little play," he said.
The second stock Ross likes is United Airlines, whose stock is down nearly 17 percent this year. Ross's chart work indicates that United may have bottomed around May—much earlier than the broader markets.
The stock retested that low again during the flash crash in August, and Ross's technical analysis shows the stock taking off during the big downtrend. Currently, the shares are now flirting with a 200-day moving average.
"We have a nice little flag formation, once again a continuation to the upside," said Ross. The pattern suggests the stock ready for liftoff to the upwards of $70 per share.
Ross also sees value in one particularly hard hit sector: biotech. The group had its worst week in four years on concerns about price controls. Yet, Ross sees opportunity in one of the larger names in the space: Biogen.
Ross's chart work shows a reverse head and shoulders bottom—a trend-reversal pattern that could indicate an inflection point.
Ultimately, Ross said the stock could get back $375, making it a great trade into the year end.
"We've got Disney, United, and Biogen— three great stocks to take advantage of a year-end push," according to Ross.
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3a62f84d1d053a1b75ab47c4d5950dcc | https://www.cnbc.com/2015/09/26/whatever-happened-to-the-bond-market-bubble.html | Whatever happened to the bond market bubble? | Whatever happened to the bond market bubble?
VIDEO3:3103:31Carl Icahn warns of danger aheadSquawk Box
The $1.2 trillion high-yield debt market could face a double whammy as spreads tighten and investors use the corporate earnings season starting in the second week of October as an excuse to take even more profits.
"I think there's a huge story in high yield that's been brewing for some time. Even in the non-commodities sectors of high yield," said Michael Contopoulos, head of high-yield strategy at Bank of America Merrill Lynch. "Spreads are too tight. Yields are too rich, and the market is beginning to wake up to the fact that you need to be compensated by more than 500 basis points. That's about 200 basis points lower than where it was in 2011."
The BofA Merrill Lynch high-yield index is trading at roughly 600 basis points versus government bonds, but if energy, metals and mining is excluded, it's about 80 basis points less in terms of spread. The spread has ranged from a low of 427 to a current high of 614 over the past year.
The yield of the overall U.S. high-yield market is about 7.5 percent. The yield excluding commodities is about 6.7 percent.
Recent signals from Washington, D.C., also point to more selling pressure in the high-yield sector.
Fed Chair Janet Yellen emphasized last Thursday that the Fed could raise rates this year, spurring selling in Treasurys and a rally in risk markets. Analysts expect more selling in the credit markets as rates move higher, keeping high-yield issues under pressure.
Pat LaCroix | Stone | Getty Images
High yield could also be vulnerable if political events in Washington create a flight to safety. Analysts are eyeing the potential shutdown of the government next week if Republicans use the budget as a lever to end Planned Parenthood funding. That could cause a ripple in markets, but the real concern is that fight will carry on and Congress battles over the debt ceiling later in the year.
John Boehner's announcement last Friday that he will resign as House Speaker was interpreted by pundits as a move calculated to get a continuing resolution on the budget through now, while pushing a larger budget fight-off into the future.
The pain in the high-yield market has been focused on metals and mining and energy, but that may change, Contopoulos said. Strategists also say the high-yield market has also begun to trade differently, and it hasn't been dependent on events in the Capitol.
"In my view, I think we're overplaying how important the Fed would be in terms of driving the price action. I personally think the market was looking for the Fed to move and get out of the way," said Steve Antczak, head of U.S. credit strategy at Citigroup. "I don't believe a tightening would have caused a selloff. I think what's happened in the last three or four months, the market has become more fundamental."
In recent months, select names in other sectors are seeing yields edge higher, like telecom, wireless and semiconductors. "Before you know it, it is the entire high-yield market. Earnings growth has been anemic. Leverage is at an all-time high," Antczak said.
According to Thomson Reuters, expectations for corporate earnings continue to decline, and now the third-quarter reports for the S&P 500 companies are expected to show a decline of 3.9 percent. In the second quarter, earnings grew by little more than 1 percent, although analysts had also expected negative results.
The party is over for junk bond investors
Energy continues to top the list of sectors with the steepest profit declines. Earnings are expected to fall 64 percent for the S&P 500 energy companies, after a 58 percent decline last quarter, according to Thomson Reuters data. The materials sector also is posed for more pain, with a decline of 13 percent expected. The sectors poised for the best gains are consumer discretionary, financials and telecom, all expected to be up about 11 percent.
"This is the argument from high-yield investors who want to be bullish. They'll say we're down a half percent but the equity market is down 6 percent (this year)," Contopoulos said. "Fundamentals matter, and fundamentals are not great. Global growth matters, and global growth isn't great, and the combination of the two and the lack of QE and the lack of easy policy is not going to be a good recipe for high yield going forward."
The market's selloff has improved valuations, but investors are more cautious, recognizing that there's more default risk. "It's very difficult to identify any positive catalysts in the near term," Antczak said.
The default rate has also increased, led by energy. According to Contopoulos, there have been 13 energy issuers in default this year, bringing the default rate in that sector to 7.3 percent, and he expects more in the next several months. Energy companies will be undergoing bank-lending reviews this month, and the low price of oil will be a factor in eligibility.
Fundamentals matter, and fundamentals are not great. Global growth matters, and global growth isn't great, and the combination of the two and the lack of QE and the lack of easy policy is not going to be a good recipe for high yield going forward.Michael Contopouloshead of high-yield strategy at Bank of America Merrill Lynch
High yield has flourished in the years of low rates and easy Fed policy. Energy was a key beneficiary as the U.S. oil industry struck it rich with new technologies opening up once unavailable drilling opportunities. But the steep drop in oil prices has curtailed the industry's growth, and oil production has flattened out.
"Energy was acting as a deleveraging agent for the rest of the market. When you looked at the overall market, leverage was skewed higher because of energy. If you strip out energy, going back five years rather than five months, the rest of the market was busy releveraging. You had weak earnings growth, but the market doubled in size," Contopoulos said.
"Everybody thinks of QE and easy monetary policy and the biggest beneficiary was the equity market. I would argue the biggest beneficiary of the easy monetary policy was the credit market," he said.
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e386bce3d9d8e5afaead666cd3f03e7e | https://www.cnbc.com/2015/09/27/-of-potential-looming-catastrophe.html | Icahn warns of potential looming catastrophe | Icahn warns of potential looming catastrophe
VIDEO3:3103:31Carl Icahn warns of danger aheadSquawk Box
Danger ahead—that's the warning from Carl Icahn in a video coming Tuesday.
The activist says low rates caused bubbles in art, real estate and high-yield bonds—with potentially dramatic consequences.
"It's like giving somebody medicine and this medicine is being given and given and given and we don't know what's going to happen - you don't know how bad it's going to be. We do know when we did it a few years ago it caused a catastrophe, it caused '08. Where do you draw the line?"
Read More What happened to bond bubble? It's ready to pop
In a telephone interview, Icahn said he's "more hedged now than I've been in years."
"The Fed may have backed itself into a corner. They should have absolutely raised rates six months ago," adding it's difficult now because of global concerns.
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3de2710f00cf98d95fb4768cac76d5f1 | https://www.cnbc.com/2015/09/27/ab-inbev-could-bid-106-billion-for-sab-miller-within-days.html | AB InBev could bid $106 billion for SAB Miller: Sunday Times | AB InBev could bid $106 billion for SAB Miller: Sunday Times
Getty Images
Anheuser-Busch InBev could bid about $106 billion for SABMiller within days, with an opening offer expected as early as Monday morning, the Sunday Times reported.
The world's two biggest brewers have begun "friendly" talks, sources told the Times. SABMiller, the maker of Peroni and Grolsch, is said to be playing hardball with AB InBev over price, but is not unreceptive to a deal.
Read MoreAB InBev/SABMiller: Hangover for drinks industry?
AB InBev and SABMiller declined to comment on the report.
Earlier this month, AB InBev, brewer of Budweiser, Stella Artois and more than 200 other brands, approached SABMiller about a takeover that would form a colossus producing a third of the world's beer. A merged group would have a market value of around $275 billion, and would combine AB InBev's dominance of Latin America with SABMiller's of Africa, both fast-growing markets, as well as their breweries in Asia.
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7bc1e1e8630752fec4099817c865c048 | https://www.cnbc.com/2015/09/27/australian-telecom-vocus-to-buy-rival-m2-group-for-13b-create.html | Australian telecom Vocus to buy rival M2 Group for $1.3 billion | Australian telecom Vocus to buy rival M2 Group for $1.3 billion
Getty Images
Australian telecom Vocus Communications plans to buy rival M2 for $1.3 billion, further consolidating a sector hoping to benefit from a national broadband network and take on Telstra.
In a statement to the Australian Securities Exchange on Monday, the companies said M2's board agreed to the offer of 1.625 Vocus shares for every M2 share in a deal that would create Australia's fourth-largest internet provider.
VIDEO4:5804:58How Australian businesses are viewing new PMStreet Signs Asia
The deal, announced before the start of trading, represents a 25 percent premium to M2's latest closing price and a reversal of fortunes for the Melbourne-based company after it lost out in a A$1.6 billion ($1.1 billion) bidding war for another rival, iiNet, in May.
While former national carrier Telstra dominates the Australian telecoms and internet market, a host of smaller rivals are jostling for exposure to a government-led A$40 billion national broadband network which aims to bring high speed internet to all Australians by 2020.
"Our ability as a merged company to capture future growth opportunities in Australia and New Zealand will be significantly enhanced," M2 Chairman Craig Farrow said in the statement.
Read MoreOmnishambles! What's with Australian politics?
The statement said the deal would give the companies a combined annual revenue of about A$1.8 billion and earnings before interest, tax, depreciation and amortization of about A$370 million, not including annual savings of about A$40 million within two years.
The companies said M2 shareholders will receive a scheme booklet in late 2015 and vote on the deal in early 2016.
Vocus was advised by Credit Suisse and M2 was advised by Goldman Sachs, they added.
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6f47903f4f28c57f159ea6e39dfa8f37 | https://www.cnbc.com/2015/09/27/catalan-separatists-eye-election-boost-to-defy-spain-over-independence.html | Catalan separatists win vote, defy Spain over independence | Catalan separatists win vote, defy Spain over independence
César Górriz/Pacific Press/LightRocket via Getty Images
Separatists have won a clear majority of seats in Catalonia's parliament, an exit poll showed on Sunday, in an election that could set the region on a collision course with Spain's central government over independence.
The main secessionist group "Junts pel Si" (Together for Yes) would get between 63 and 66 seats in the 135-strong assembly, while smaller leftist party CUP would secure another 11 to 13 seats, according to the poll released by local broadcaster TV3, the largest carried out.
They would jointly obtain 49.8 percent of the vote, amid an expected record turnout, in what would be a big boost to a secession campaign which has been losing support over the last two years.
"Junts pel Si" and CUP had said before the vote that such a result would allow them to unilaterally declare independence within 18 months, under a plan that would see the new Catalan authorities approving their own constitution and building institutions like an army, central bank and judicial system.
The Spanish centre-right government of Prime Minister Mariano Rajoy, which has opposed attempts to hold a referendum on secession, has called the breakaway plan "a nonsense" and vowed to block it in court. Spain's constitution does not allow any region to break away.
Catalan secession remains highly hypothetical, but the strong pro-independence showing is a blow for Rajoy less than three months before a countrywide election.
It also creates additional uncertainty over potential talks over a more favourable tax regime and laws that better protect language and culture, which analysts say are needed to soothe Catalan discontent.
Many of the 5.5 million voters had said on Sunday that they did not believe Catalonia would become independent and had used their ballot as a way to press the Catalan and Spanish authorities to discuss those issues.
Pain in Spain as Catalonia gears up for key vote
Bizarre flag fight in Spain ahead of Catalan vote
Resignation an option if Catalan vote fails: Artur Mas
Financial markets will also be watching the vote outcome. While few investors believe independence is likely anytime soon, the gap between Spanish and Catalan five-year bond yields has been hovering near its widest point in two years.
Spain's banks, including some based in Barcelona, have warned that secession could cause financial turmoil, while the Bank of Spain has said Catalonia could risk exiting the euro.
Follow us on Twitter: @CNBCWorld
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1004ab157dbca247317e2d82ebe06296 | https://www.cnbc.com/2015/09/27/china-data-in-focus-for-asia-stocks-hk-south-korea-shut.html | Tokyo shares lead losses in mixed Asian session | Tokyo shares lead losses in mixed Asian session
Asian equity markets were mixed on Monday, with data from the world's second largest economy in focus. But volumes in the region were light with Hong Kong, Taiwan and South Korea shut for the Mid-Autumn Festival.
Chinese industrial profits declined 8.8 percent on year in August, their sharpest pace since 2011, according to the National Statistics Bureau. Analysts said the report wasn't surprising given the string of recent weak economic indicators, such as tumbling producer price inflation and factory activity.
"Slowing profit growth in China's midstream sectors is reflective of output price declines deteriorating at a faster pace than the input price. Headline profit growth is unlikely to improve in the short term and the downstream sectors will be affected in the long-run if economic growth continues to slide and drag on consumption. Further fiscal stimulus is expected in Q4 given the weak Q3 performance," noted Yating Xu, economist at IHS Global Insight.
Attention now falls on China's official September purchasing manufacturing managers' index (PMI) and the final Caixin/Markit PMI, both due on Thursday. The reports will be closely watched after Caixin's preliminary reading for September touched a six-and-a-half-year low of 47, well below the key 50-level. Meanwhile, U.S. nonfarm payrolls data for September is expected on Friday.
Investors also continued to react to comments by Federal Reserve Chair Janet Yellen last week. In a speech after the U.S. market close on Thursday, Yellen said she personally anticipated an interest rate hike this year.
Read MoreFour countries will keep Asia markets tense this week
A mixed handover from Wall Street also dampened sentiment in Asia. The Nasdaq Composite closed down 1 percent on Friday, pressured by decline of nearly 5 percent in the iShares Nasdaq Biotechnology ETF (IBB), while the ended flat and the Dow Jones Industrial Average closed up 100 points.
Nikkei slips 1.3%
Japanese shares fell as much as 1.5 percent, losing ground after a near 2 percent rally on Friday ahead of Wednesday's Japanese industrial profits data and Thursday's Bank of Japan corporate sentiment survey.
"Japanese markets suffered a severe drag as 1,000 companies went ex-dividend on the Topix, as shares often decline by the expected value of the dividend," added Angus Nicholson, IG market analyst in an afternoon note.
Pharmaceutical stocks tracked declines in their U.S. peers last week; Takeda Pharmaceutical and Sankyo were both 2 percent lower while Daiichi Sankyo lost nearly 4 percent.
Suzuki Motor erased early gains to fall 2 percent after announcing plans on Saturday to sell its 1.5 percent stake in Volkswagen to Porsche. No price tag was revealed but Suzuki says it will post a $304 million special profit from the proceeds.
VIDEO4:2404:24Dismal Chinese industrial profits are 'no surprise'Street Signs Asia
Shanghai up 0.3%
China's benchmark Shanghai Composite reversed losses to enter positive territory in the final hour of trade. Earlier in the session, the index hit its lowest level in nearly two weeks at 3,042 points.
Banks were among the biggest losers, with Industrial and Commercial Bank of China, Bank of China and Bank of Communications down by more than 1 percent each.
Oil majors PetroChina and Sinopec also fell over 1 percent each, tracking a 1 percent decline in crude oil prices.
ASX up 1.2%
Australia's benchmark closed at its highest level in ten days thanks to a rally in the financial sector.
Australia New Zealand Banking, Commonwealth Bank of Australia, National Australia Bank and Westpac rallied more than 1 percent each while AMP and Macquarie were 2 percent higher.
M2 surged 13 percent following news before the start of trade that the telecommunications firms will merge with rival Vocus to create a A$3 billion company. Shares of the latter tumbled 6 percent however.
Emerging markets lower
Indonesia's Jakarta Composite lost nearly 2 percent to hit a one-month low, down for a fifth straight session, despite local media reports that the government will cut the corporate income tax rate to 18 percent from 25 percent next year.
Meanwhile, Thai shares lost 0.8 percent after August exports declined 6.6 percent on year, down for an eighth straight month.
—CNBC's See Kit Tang and Evelyn Cheng contributed to this report.
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3e1533a5d976b41079250fa00a8cbd7b | https://www.cnbc.com/2015/09/27/commodities-slump-offset-by-weak-india-domestic-demand.html | Commodities collapse a catch-22 for India | Commodities collapse a catch-22 for India
An employee uses an angle grinder on the production line of the tube mill at the manufacturing facility of Uttam Galva Steels Ltd., the Indian unit of ArcelorMittal, in Khopoli, Maharashtra, India.Vivek Prakash | Bloomberg | Getty Images
Slumping global commodity prices are typically seen as a boon for India, a country that relies heavily on oil imports to service its energy needs, but a closer look indicates it's not all good news.
That's because least 35 percent of India's exports come from commodities-linked products including refined petroleum, gold jewelry, gems, iron and steel. While typically lower input costs should burnish profits for these companies, prices of the final goods Indian manufacturers crank out have also slumped.
"India's miners are seeing sharp contraction in their earnings, agriculture commodity producers are seeing their earnings affected due to the weak price of agriculture products, and the gems/jewelry sector is undergoing a major downturn," said Taimur Baig, chief economist at Deutsche Bank.
The export value of refined fuels – which make up nearly one-fifth of total exports - is down 51 percent on-year this fiscal year, for example, amid falling prices and weak demand. Similarly, gold jewelry exports are down 20 percent on year, while iron and steel exports are down 30 percent, according to the bank.
Of India's top five export destinations – the U.S., United Arab Emirates, Hong Kong, China and Saudi Arabia - exports to China have slowed the most, followed by Saudi Arabia.
While India is not nearly as export-oriented economy compared with many of its Asian neighbors, exports account for a sizable portion of its gross domestic product (GDP) - approximately 15 percent.
VIDEO1:0701:07Commodities tomorrow: Oil prices under pressureEnergy Commodities
Thus, "benefits from lower prices and import costs are being offset by weakness in the domestic commodity sector," Baig said.
"It is clear that India's growth recovery is unlikely to be supported by a vigorous rebound in the external sector anytime soon. Therefore, it is evident that domestic demand would have to play a bigger role in supporting India's growth recovery in this cycle, mainly though a meaningful turnaround in capex and investment," he added.
Banking sector risks
Not only is the commodities slowdown weighing on India's exports, which tanked a whopping 20.7 percent on year in August, it also poses a threat to the country's banking sector.
"India's banks have sizable legacy exposure to stressed sectors such as steel, mining, and infrastructure; their recent loan growth has also been largely toward these sectors," said Baig.
"The commodity headwind is pushing up likelihood of further NPLs [non-performing loans], casting a shadow on the banking system," he said.
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India's state-owned lenders are already struggling with deteriorating asset equality as a result of the economy's slowdown in recent years and stalling of large infrastructure projects.
Monetary policy challenge
The correction in commodity prices is also overstating disinflation in India, says Baig, posing a challenge for monetary policy.
"Pressure on the RBI [Reserve Bank of India] has risen considerably to ease policy interest rates. Non-commodity prices, however, are hardly in benign territory," Baig said.
"Education costs were up 6 percent on year through August and the same was with clothing. Thus the issue of how much room is available for the central bank to cut rates with a view to its medium term inflation objective of around 4 percent is being complicated by commodity price driven disinflation," he said.
The RBI is due to hold its next policy meeting on September 29, when it is expected to cut interest rates by 25 basis points to a four-year low of 7 percent. It has reduced its key policy rate a total of 75 basis points this year, standing pat at its last policy review in August.
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96320884b09ed2bd09d5ded037203b16 | https://www.cnbc.com/2015/09/27/emerging-market-etfs-suffered-19-billion-of-outflows-so-far-this-year.html | Emerging market ETFs bleed $19 billion so far this year | Emerging market ETFs bleed $19 billion so far this year
Cristian Baitg | E+ | Getty Images
Fears about deteriorating economic conditions in China, Brazil and Russia have led to a massive retreat from emerging market exchange traded funds.
So far this year investors have pulled $19 billion from emerging market ETFs but experts suggest these vehicles are vulnerable to much more selling pressure.
Geoff Dennis, head of emerging markets equity strategy at UBS, the bank, said: "It feels like no one wants to be in emerging markets at the moment."
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According to Bank of America Merrill Lynch's monthly survey of fund managers in September, the number of investment managers that are "underweight" emerging markets is the largest since 2005.
The two largest products tracking these markets — BlackRock's MSCI emerging markets ETF and Vanguard's FTSE emerging markets ETF — have experienced divergent levels of outflows.
BlackRock's fund suffered net withdrawals of $7.4 billion, while Vanguard's ETF, which comprises mostly retail investors who tend to be "stickier" than institutional investors, had outflows of $1.1 billion.
Ursula Marchioni, chief strategist at iShares, BlackRock's ETF arm, said: "It is too early to call a bottom in emerging markets, but valuations now appear attractive."
Ritesh Samadhiya, an equity strategist at BofA Merrill Lynch, said fund managers fear a possible recession in China and the threat of a broader debt crisis in emerging markets.
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The US Federal Reserve cited concerns over China as a factor in its decision not to increase US interest rates on September 17.
BlackRock is hopeful this will improve the situation. "The Fed's decision to hold rates could provide a boost to sentiment, but fundamentals in emerging market economies remain weak and we expect to see more volatility," said Ms Marchioni.
Since the Federal Reserve's announcement, $1 billion flowed into BlackRock's MSCI emerging markets ETF, although this is due to some investors closing short positions and ending bets on further price weakness.
Other casualties of the sell-off include BlackRock's single-country ETFs that provide exposure to Brazil, Mexico and South Korea. Together they registered net outflows of almost $2.3 billion this year.
China-focused ETFs have also been subject to extreme pressure, with the Shanghai stock index down 40 per cent since its peak in late June.
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The iShares FTSE A50 China ETF, which is listed in Hong Kong, has seen outflows of $5.6 billion this year. Mainland Chinese assets managers have also been hit by withdrawals. Harvest, China Asset Management, Huatai-Pinebridge, CSOP and E-Fund together experienced net outflows of $18 billion this year.
ETFs tracking Chinese markets were dented after volatile conditions led to trading suspensions of more than half the companies on the country's two main exchanges in July.
Managers insisted their Chinese ETFs traded without interruption despite the suspensions in many of the underlying stocks. This failed to convince the majority of investors to stick with their funds, and experts suggest they might not be persuaded to return.
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3ddcb5130d263228e584513fe6b13aee | https://www.cnbc.com/2015/09/27/facebooks-new-brand-ad-tools-take-ontv.html | Facebook's new Brand Ad tools take onTV | Facebook's new Brand Ad tools take onTV
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Facebook's one and a half billion monthly active users give it just as big an audience as television networks, and now the social network is going after advertisers who have relied on the 30-second spot.
The company is launching new tools for ad deployment and measurement that speaks Madison Avenue's TV-centric language.
Facebook is kicking of Advertising Week— a series of panels, speakers, and meetings between agency and brand execs—by unveiling a slew of new tools that target brand advertisers. This particular group is interested in impressions rather than direct response advertisers, who are trying to drive consumers to click-through and buy.
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The social network also announced a new stat; it now has 2.5 million active advertisers on the platform, 25 percent more than in February.
Now, Facebook plans to use the language and currency of TV to sell ads to them. The company is introducing a way for advertisers to use Target Rating Points— as in TV ratings—as the metric with which they plan, buy and measure the success of those ads.
Nielsen is coming on as a partner to verify Facebook's delivery of ads to the target audience, and Nielsen's new Target Ad Ratings system can verify the total ratings point delivery for Facebook and TV combined.
Getty Images
The social network is making a big point that its offer complements TV advertising.
A new stat from a Facebook-commissioned study conducted by Nielsen shows that combining TV and Facebook ads gives advertisers a 19 percent increase in targeted reach, compared to TV alone, expanding to 37 percent for Millennials.
The Nielsen study of 42 campaigns also shows that Facebook campaigns were more efficient. The data showed it was twice as likely to hit their target audience than TV impressions alone, and more effective and getting people to remember their ads.
While Facebook emphasizes its complementary nature to TV, by improving its brand ads the social platform is increasingly becoming a legitimate alternative to TV.
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Facebook is also announcing something called "brand awareness optimization," to allow companies to bid on the objective of finding audiences that are most likely to recall an ad—and getting them to spend time on that ad.
In addition, brands can now conduct mobile polling of consumers to see how effective ads are. Also, Facebook is expanding the carousel format to include video. The format, which allowed advertisers to show consumers a series of photos, can now can be used to show a series of videos as well.
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98c3a7e4e6096ffeb2fe81730d765a57 | https://www.cnbc.com/2015/09/27/gold-steady-after-earlier-losses-amid-worries-over-us-rate-hike-timing.html | Gold falls on US rate outlook, platinum at 6½ year low | Gold falls on US rate outlook, platinum at 6½ year low
Getty Images
Gold had its worst session in 2-1/2 weeks on Monday, extending Friday's losses ahead of a key U.S. jobs report later in the week that could boost bets the U.S. Federal Reserve will raise interest rates this year.
fell 1.5 percent to a session low of $1,127.70 an ounce, its biggest fall since Sept 9, and was trading down 1.2 percent at $1,131.80.
Prices extended Friday's declines made after Fed chair Janet Yellen said she expected to begin raising rates later in 2015.
U.S. gold futures for December delivery settled down 1.2 percent at $1,131.70 per ounce.
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"There's just not enough money flow into the market," said Bill O'Neill, co-founders of commodities investment firm Logic Advisors in New Jersey, noting that given the declines in equities and across commodities on a "flight to safety" day, the lack of interest in gold did not bode well for the market.
O'Neill added that last Friday's U.S. Commodity Futures Trading Commission data showing an increase in speculators' bullish bets on gold in the week ended Sept 22, limiting traders' expectations for gold's upside.
Several Fed officials are scheduled to speak this week, keeping the focus on U.S. monetary policy. Traders will also be closely monitoring economic data, including non-farm payrolls due on Friday, to gauge the strength of the economy.
Non-interest-paying gold has lost about 3 percent this year on fears that demand could take a hit in a higher interest rate environment.
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Data on Friday supported the view that the Fed could begin raising rates over the next months. U.S. gross domestic product rose at a 3.9-percent annual pace in the second quarter, up from the 3.7 percent reported last month.
"Interest around $1,141 should continue to support gold over the short-term, while $1,155 will provide resistance," MKS Group said in a note.
Platinum fell more than 3 percent, touching a 6-1/2 year low of $914.25 an ounce and was trading down 3 percent at $915.74 an ounce on Monday afternoon.
It posted its biggest weekly drop since July last week on fears the Volkswagen emissions scandal could dent demand for diesel cars, in which it is used in catalysts.
Palladium fell 2.3 percent to $645.75 an ounce, following a near 10 percent jump last week, its biggest weekly gain since December 2011. Silver fell 3.5 percent to $14.55 an ounce.
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bb6a7d724ef757e28f62c162757bc789 | https://www.cnbc.com/2015/09/27/hong-kong-south-korea-china-india-data-keep-asia-markets-tense.html | Four countries will keep Asia markets on guard this week | Four countries will keep Asia markets on guard this week
VIDEO0:5200:52The week ahead: More China data
In another holiday-shortened trading week for some parts of Asia, investors will likely remain on their toes with a barrage of economic indicators due from the region's top four economies.
Hong Kong and Taiwan celebrate the Mid-Autumn Festival with public holidays on Monday, while markets in South Korea reopen on Wednesday after a five-day weekend for the Chuseok holiday. Meanwhile, China and Hong Kong will be closed on Thursday and Friday for the Golden Week holiday.
China
Attention will likely fall squarely on the readings of China's mammoth manufacturing sector, set to be announced on Thursday, after a preliminary figure published last Wednesday painted a worrying picture of the economy. The preliminary Caixin China manufacturing purchasing managers' index touched a six-and-half-year low of 47.0 in September.
The official manufacturing purchasing managers' index (PMI) will be unveiled at 9am local time, while the final Caixin/Markit PMI is due 45 minutes later.
"This continued slowdown in China is very much a combination of the downturn in real estate and export weakness. This is [an] extremely subdued period for all the industrial firms in China and to be honest, the [sector] isn't going to see a sharp pick-up soon," Louis Kuijs, head of Asia economics at Oxford Economics, said.
Meanwhile, investors in Hong Kong may be on edge as Monday marks the first anniversary of the 79-day Occupy Central protests that put the bustling city on a halt last year. According to local media reports, there are plans for a silent rally outside the special administrative region's (SAR) government headquarters in Admiralty.
"It is too early to tell [because] it depends on the scale of protests. If they are going to be short term then there won't be a lasting impact on stock markets," IG market strategist Bernard Aw told CNBC by phone on Friday.
A Chinese flag flies near apartment buildings in Beijing.Greg Baker | AFP | Getty Images
Japan
A flurry of data due out of the world's third-largest economy this week will likely be a mixed bag, analysts at Moody's Analytics wrote in a note issued on Friday.
Industrial production and retail sales for August are slated for Wednesday, while household spending and unemployment figures will be announced on the final trading day of the week.
"Industrial production and manufacturing sentiment are struggling [amid] a challenging external environment. As the temporary lift from bonus payments in June and July dissipate, retail sales growth likely softened in August, and strong household expenditure is driven mostly by a low base. The labor market seems to have stagnated, and underlying problems with youth unemployment are an issue," the note said.
Traders will also be keeping an eye on the Bank of Japan's quarterly tankan survey of business sentiment, which is due before the market opens on Thursday.
"The widely watched tankan survey is expected to show that sentiment among Japan's large manufacturers softened in the third quarter. Financial market volatility, yen appreciation and continued challenges in external demand likely hit manufacturing sentiment," said Moody's, who sees the headline index shedding 2 points to 13 in the September quarter.
In the previous quarter, the key large manufacturers' index came in at 15 – its highest level since March 2014.
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India
Policymakers in Asia's third-largest economy will meet on Tuesday, with calls for an interest-rate cut increasing amid cooling inflation.
Retail inflation, which the central bank tracks, eased to 3.66 percent in August from 3.69 percent a month ago. The reading is far below the Reserve Bank of India's (RBI) 6 percent target for January 2016. The wholesale price index (WPI) for August extended its deflationary trend into the tenth straight month, hitting a historic low of 4.95 percent.
"While August CPI slowed fractionally from the previous month, July's numbers were very low. Besides, there are still many signs of slack in the economy and if we [consider] the extremely weak reading for WPI, I really do think that we'll see another 25-basis-point rate cut at this month's meeting," Capital Economics' India economist Shilan Shah told CNBC on September 16.
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South Korea
South Korea's exports, due on Thursday, will likely remain dire due to lackluster demand, particularly from China, according to a Reuters poll.
The survey of 17 analysts expect exports to decline 10 percent in September from a year ago, compared to a 14.9 percent tumble in the preceding month that marked the worst year-on-year fall in six years. Imports are forecast to plunge 18.1 percent on-year in September, slightly below August's 18.3 percent fall, the poll by the newswire found.
Thursday also brings August industrial output, which likely decreased 1.1 percent on-month in August due to fewer working days and poor export performance for the month, economists told Reuters.
Lastly, September inflation, due at 8am local time on Friday, is estimated to have risen 0.9 percent from a 0.7 percent increase in August.
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97be8e0ad0a08a0d745cb296a997b407 | https://www.cnbc.com/2015/09/27/institutions-pension-funds-say-following-indexes-not-enough-in-volatile-markets.html | Big-money investors get active in volatile times | Big-money investors get active in volatile times
Mark Boster | Los Angeles Times | Getty Images
While volatility prevails, big institutional investors are ponying up for active managers and leaning away from cheaper, passive investing.
Interest in passive investment strategies has been bolstered in recent years, with investors pouring billions into funds that mirror moves in major indices or portfolios.
The flows have been underpinned by lower management fees charged for passive fund and returns that in many cases have trumped those of much-fancied stock-pickers who actively buy and sell shares.
"You cannot invest in the indices and expect great returns," said Jeffrey Jaensubhakij, director for equities at Singapore's GIC sovereign wealth fund, which doesn't officially state its assets under management, although Jaensubhakij indicated the figure was above $100 billion.
He noted that China's indexes haven't retested their peaks for some time.
"If the indices are highly volatile and cyclical and go through very long, prolonged cycles, you either have to market-time…or find the right companies or use some stock-picking skills or securities selection skills," Jaensubhakij said at the Milken Institute's Asia Summit conference earlier this month.
"More and more investors have to rely on skill in order to be able to generate additional returns," he added, noting index returns on equity and revenue growth are "not that great."
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The cost difference between a passive, index strategy and an actively managed one can be large. Actively managed mutual funds in the U.S. typically charge fees of 1 to 2 percent, while, for example, the fee for the SPDR S&P 500 (SPY) exchange-traded fund (ETF), which tracks the S&P 500, is 0.09 percent.
And the extra cost of active management hasn't necessarily equaled a higher return. Around 87 percent of active mutual fund managers for U.S. stocks underperformed their benchmark indexes over 2014, according to the Standard & Poor's Indices Versus Active Funds Scorecard, or Spiva.
In the same year, about 77 percent of global funds, 69 percent of international funds (funds that exclude U.S. equities) and 69 percent of emerging market funds got beaten by their benchmark indexes, according to the Spiva results.
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But some large institutional funds still expect to do better with active management.
"As investors, we're going to be exposed to some very slow, low global growth for quite a few years to come," Gordon Fyfe, chief investment officer at pension fund British Columbia Investment Management, which has around $130 billion under management, said at the conference.
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"So just buying the indices, just owning the index and trying to survive off the beta of that, is not going to be anywhere as interesting for the next five years as it has been in the past five."
Another fund manager noted that within emerging markets, the indexes simply weren't broad enough.
"We want access to consumer [sectors]," as the middle classes in emerging markets expand, said Hiromichi Mizuno, chief investment officer for the Government Pension Investment Fund of Japan, which had around 137.48 trillion yen ($1.14 trillion) under management at the end of fiscal 2014.
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"If you invest into emerging market indices, most of them have very little exposure to those industries. We ended up buying a lot of natural resources or the multinationals," Mizuno said at the conference. "There's a limitation on the use of the index."
But some remain skeptical that the extra fees are worth it.
"In a low nominal return environment, you're not going to get rich by paying managers," Adrian Orr, chief executive of the New Zealand Superannuation Fund, a pension fund with around $29.5 billion in assets, told the conference.
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ceed3c0bf227f4d2124ce2dde9e53688 | https://www.cnbc.com/2015/09/27/nbcwsj-poll-trump-and-carson-lead-gop-clinton-loses-ground.html | NBC/WSJ Poll: Trump and Carson lead GOP; Clinton loses ground | NBC/WSJ Poll: Trump and Carson lead GOP; Clinton loses ground
Republican presidential candidate Ben Carson speaks a campaign rally at the Anaheim Convention Center September 9, 2015 in Anaheim, California.Getty Images
Donald Trump and Ben Carson are running neck and neck in the national Republican presidential horserace, while Carly Fiorina is now tied for third place with Marco Rubio, according to the latest NBC News/Wall Street Journal poll.
And on the Democratic side, Hillary Clinton has lost ground to Bernie Sanders — she leads him by just seven points with Joe Biden in the race, and 15 points without the vice president. That's down from Clinton's 34-point lead over Sanders in July and her whopping 60-point lead in June.
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In the GOP race, Trump is the first choice of 21 percent of Republican primary voters — followed by Carson at 20 percent and Rubio and Fiorina tied at 11 percent each.
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Jeb Bush, meanwhile, is at 7 percent, John Kasich at 6 percent and Ted Cruz at 5 percent. No other Republican gets more than 3 percent.
Back in July's NBC/WSJ poll, Trump was in first place at 19 percent, Scott Walker (who exited the race on Monday) was second at 15 percent, Bush third at 14 percent and Carson fourth at 10 percent. Rubio was just at 5 percent, and Fiorina didn't register at all in the poll.
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Adding both first and second choices, Carson tops the current GOP field at 35 percent - followed by Trump at 31 percent, Fiorina at 28 percent, Rubio at 26 percent and Bush at 19 percent.
The NBC/WSJ poll was conducted Sept. 20-24 — so mostly after Walker suspended his campaign on Sept. 21. Only one GOP primary voter (out of 59 interviews) had selected Walker before he was removed from the survey.
In the Democratic race, Hillary Clinton is the first choice of 42 percent of primary voters, Sanders is in second at 35 percent and Joe Biden third at 17 percent. No other Democrat gets more than 1 percent.
When Biden - who is still mulling a campaign - is removed from the field, Clinton's lead over Sanders grows to 15 points, 53 percent to 38 percent, which suggests that Biden's entry would hurt Clinton more than Sanders.
Back in July, Clinton held a 34-point lead over Sanders, 59 percent to 25 percent. And in June, it was 60 points, 75 percent to 15 percent.
The NBC/WSJ poll was conducted Sept. 20-24 of 256 Democratic voters (which has a margin of error of plus-minus 6.1 percentage points) and 230 GOP primary voters (plus-minus 6.5 percentage points). The rest of the poll will be released Monday.
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e61186f1e8653233d0e4572f50675eff | https://www.cnbc.com/2015/09/27/oil-prices-fall-on-slowing-global-economic-growth-outlook.html | US oil settles down 2.8%, at $44.43 a barrel | US oil settles down 2.8%, at $44.43 a barrel
Getty Images
Oil prices fell nearly 3 percent on Monday, pressured by tumbling equities on Wall Street and weak Chinese economic data, although an estimated drawdown in crude stocks at the key U.S. storage hub appeared to limit losses, traders said.
U.S. West Texas Intermediate crude closed down 2.8 percent, at $44.43 a barrel. Brent crude futures fell $1.18, or 2.5 percent to $48 a barrel.
Gyrations in U.S. equity prices and the dollar from bets on the timing of the first U.S. rate hike in nearly a decade have fed volatility in oil prices, which have swung up to 8 percent a day over the past month.
New York Federal Reserve President William Dudley added to the expectations of an early rate increase, suggesting the central bank could pull the trigger as soon as in October.
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Wall Street's index was down 2.5 percent after hitting an Aug. 26 low on bullish U.S. consumer spending data in August and bets of a rate hike by October.
"There are more sellers than buyers in oil today and we could break the $44 support for WTI on the downside," said Tariq Zahir, who trades long-dated crude oil spreads at Tyche Capital Advisors in Laurel Hollow, New York.
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Heavy oil oversupply and eroding demand for energy in No. 2 economy China and other Asian and emerging markets have halved crude prices over the last year.
In China, also the world's largest commodities consumer, industrial companies' profits fell at their fastest rate in four years, sparking fresh worries about manufacturing activity reports due later this week.
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Offsetting some of that bearish sentiment was data from market intelligence firm Genscape estimating a drawdown of over 1 million barrels last week from the Cushing, Oklahoma delivery hub for U.S. crude, traders who saw the figures said.
Genscape's Cushing stockpile estimates are a precursor to official inventory data on U.S. crude due each Wednesday from the U.S. Energy Information Administration. Genscape had estimated draws of around 2 million barrels in each of the past two weeks.
"We've been discussing the possibility that oil needs to move down to $30, but I think that is only if you run out of storage capacity and given that (there is) still quite substantial storage capacity, in my view you still have flexibility," said Bjarne Schieldrop, chief commodity analyst at SEB.
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bfe96c637f036a11eb9891cf114bf2f2 | https://www.cnbc.com/2015/09/27/saudi-arabia-withdraws-overseas-funds.html | Saudi Arabia withdraws overseas funds | Saudi Arabia withdraws overseas funds
Heavy traffic in downtown Riyadh, Saudi ArabiaYousef Gamal El-Din, CNBC
Saudi Arabia has withdrawn tens of billions of dollars from global asset managers as the oil-rich kingdom seeks to cut its widening deficit and reduce exposure to volatile equities markets amid the sustained slump in oil prices.
The Saudi Arabian Monetary Agency's foreign reserves have slumped by nearly $73 billion since oil prices started to decline last year as the kingdom keeps spending to sustain the economy and fund its military campaign in Yemen.
The central bank is also turning to domestic banks to finance a bond programme to offset the rapid decline in reserves.
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This month, several managers were hit by a new wave of redemptions, which came on top of an initial round of withdrawals this year, people aware of the matter said.
"It was our Black Monday," said one fund manager, referring to the large number of assets withdrawn by Saudi Arabia last week.
Institutions benefited from years of rising assets under management from oil-rich Gulf states, but are now feeling the pinch after oil prices collapsed last year.
Nigel Sillitoe, chief executive of financial services market intelligence company Insight Discovery, said fund managers estimate that Sama has pulled out $50 billion-$70 billion over the past six months.
"The big question is when will they come back, because managers have been really quite reliant on Sama for business in recent years," he said.
Since the third quarter of 2014, Sama's reserves held in foreign securities have declined by $71 billion, accounting for almost all of the $72.8 billion reduction in overall overseas assets.
Other industry executives estimate that Sama has withdrawn even more than $70 billion from existing managers.
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While some of this cash has been used to fund the deficit, these executives say the central bank is also seeking to reinvest into less risky, more liquid products.
"They are not comfortable with their exposure to global equities," said another manager.
Fund managers with strong ties to Gulf sovereign wealth funds, such as BlackRock, Franklin Templeton and Legal & General, have received redemption notices, according to people aware of the matter.
Some fund managers have seen several billions of dollars of withdrawals, or the equivalent of a fifth to a quarter of their Saudi assets under management, the people aware of the matter said.
Institutions such as State Street, Northern Trust and BNY Mellon have large amount of assets under management and are therefore also likely to have been hit hard by the Gulf governments' cash grab, the people added.
"We are not that surprised," said another fund manager. "Sama has been on high risk for a while and we were prepared for this."
Sama has over the years built up a broad range of institutions handling its funds, including other names such as Aberdeen Asset Management, Fidelity, Invesco and Goldman Sachs.
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BlackRock, which bankers describe as the manager handling the largest amount of Gulf funds, has already reported net outflows from Europe, the Middle East and Africa.
Its second-quarter financial results reported a net outflow of $24.1 billion from Emea, as opposed to an inflow of $17.7 billion in the first quarter.
Market participants say the outflow is in part explained by redemptions from Saudi Arabia and other Gulf sovereign funds, such as Abu Dhabi.
BlackRock and other funds declined to comment or did not respond to requests for comment. Sama did not respond to request for comment.
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990fa82a24d5149dd93014c21635247c | https://www.cnbc.com/2015/09/27/subdued-start-with-dollar-steadier-as-rally-fades.html | Dollar drops as stocks slump boosts yen | Dollar drops as stocks slump boosts yen
The dollar declined on Monday as the yen rallied amid slumping global stock prices pulled down by worrisome corporate profits in China and anxiety over potentially market-rattling economic data due this week from China, Europe and the United States.
Europe's main bourses fell, with the pan-European FTSEurofirst 300 index ending down 2.21 percent as a 30 percent slump in miner Glencore and a drop in Volkswagen shares added to a glum mood in markets.
Wall Street indexes fell some 2 percent or more, with fresh data showing profits at China's industrial companies falling 8.8 percent, and pushing down shares of U.S. raw material producers and energy companies.
The MSCI world equity index, which tracks shares in 45 countries, fell 7.82 points or 2.03 percent, to 376.48. Safe-haven U.S. Treasury debt prices were up sharply.
VIDEO1:3301:33Bond yields, dollar rise after Yellen's speech
"Risk aversion is driving trade and, if we see some more signs of weak Chinese data later this week, we could see increased buying of the yen," said a London-based spot trader.
The dollar, which advanced broadly last week as U.S. Federal Reserve Chair Janet Yellen boosted expectations for U.S. interest rate hikes, was down 0.58 percent at 119.96 yen. The euro, too, was lower against the yen by 0.25 percent at 134.73 yen.
The dollar index was last off 0.21 percent after giving up early gains on an unexpected decline in contracts to buy previously owned U.S. homes in August. The data indicated the robust housing market could be losing steam.
The yen has been a traditional safe haven in the currency market, along with the Swiss franc, gaining during times of economic uncertainty or stress in financial markets. The dollar was off 0.40 percent against the franc.
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The yen has gained nearly 4 percent against the dollar since China shocked global markets by devaluing its currency in early August.
Thursday's China Caixin Purchasing Managers' Index (PMI), will be more closely watched than usual by currency traders, who reckon a sharply slowing Chinese economy could delay rate hikes by the Fed. Euro zone data on inflation is due on Wednesday.
Attention will also be on U.S. jobs data due Friday for any clues on whether the Fed will raise interest rates in the near term or not. An upbeat report would strengthen expectations for a rate hike this year, some strategists said.
The euro was last up 0.32 percent against the dollar at $1.123.
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649e50d921cf38622a29ed06c14c963a | https://www.cnbc.com/2015/09/27/the-fed-is-worried-about-inflation-but-maybe-it-shouldnt-be.html | VIDEO1:3101:31Into the futures: The inflation tradeFutures Now
It is often said that hope is not an investment strategy. Yet that chestnut may not apply to central bankers, because hope appears to be the Federal Reserve's strategy of choice when it comes to inflation.
In a Thursday speech delivered at the University of Massachusetts Amherst, Fed chair Janet Yellen predicted that at long last, inflation is set to hit the Fed's long-run 2 percent inflation target in the years ahead.
Though inflation has been running at "essentially zero" over the past year, "the Committee expects that inflation will gradually return to 2 percent over the next two or three years," Yellen said.
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Furnishing the below chart, she reasoned that much of the inflation "shortfall" is likely due to low energy and non-energy prices—both of which can be pinned on sliding oil and the surging U.S. dollar.
A plausible conclusion, then, is "that the current near-zero rate of inflation can mostly be attributed to the temporary effects of falling prices for energy and non-energy imports," Yellen stated.
"If so, the 12-month change in total PCE prices [referring to the Fed's preferred measure of inflation] is likely to rebound to 1.5 percent or higher in 2016, barring a further substantial drop in crude oil prices and provided that the dollar does not appreciate further," she added.
Yellen's thesis that inflation is set to rise back to 2 percent is also predicated on the view that "prospects for the U.S. economy generally appear solid."
Landing the plane, the Fed chair made the case for a rate hike in 2015, reasoning that moving before inflation actually hits 2 percent will obviate the need for a series swift rate hikes.
However, if the Fed intends to make policy based on its models of what the future will look like rather than on actual data, it has a bit of a problem: Its own (questionable) track record.
Over the past few years, the Fed's own economic growth forecasts have consistently proven too bullish. For instance, three years ago, the Fed expected to see real gross domestic product (GDP) growth of 3.0 to 3.8 percent this year; currently, just 2.1 percent growth is expected. Needless to say, inflation forecasts have also run too hot: back in 2012, inflation of 1.8 to 2.0 percent was anticipated for 2015.
The concern is that if the Fed is looking to similarly bullish models for its inspiration to raise rates, the central bank could be led to move too quickly.
"You do have to use models to project where things are going, because policy has to be forward-looking, and then if they're wrong on the activity front then they'll start to make adjustments," said Robert Murphy, associate professor of economics at Boston College.
That said, "my view is that you could wait a little bit longer to be more certain," especially given the low level of wage increases.
While Murphy agrees that monetary policies works with a substantial lag, "I'm not worried about reaching that 2 percent inflation and then having it suddenly take off. Inflation tends to be a persistent data series, and it won't suddenly jump from 1.5 to 4 to 8," particularly in the current environment.
Read More Could negative rates be next on the Fed's policy menu?
Haverford economist Carola Binder, who has done substantial work on inflation expectations, similarly expressed that "I hope we will see much stronger evidence of both price and wage growth before monetary policy tightening begins."
Binder wrote to CNBC.com from a conference on household economic decision-making at the Cleveland Fed.
She pointed out that households "are very uncertain about inflation and probably unaware of the Fed's target," so even if inflation does briefly exceed the Fed's target, she doesn't think that will foster "a big rise in inflation expectation."
Federal Reserve Chair Janet Yellen speaks at the University of Massachusetts in Amherst, Massachusetts on Sept. 24, 2015.Mary Schwalm | Reuters
On Wall Street, not even Deutsche Bank economist Joseph LaVorgna—long known for his bullish views on US growth—believes that growth will be sufficient to deliver plus-2-percent inflation.
"It's true that transitory factors are weighing in inflation" but "inflation won't hit the Fed's target "anytime soon," LaVorgna told CNBC.
Markets similarly expect sub-2-percent inflation, as a glance at "breakeven" rates (which compare the yield on Treasuries to the yield on Treasury inflation-protected securities) makes clear. This popular metric shows that over the next five years, an inflation rate of just 1.1 percent is expected. Meanwhile, the 10-year expectation is for inflation of 1.5 percent. Since mid-2011, both of these numbers have fallen steadily lower.
The upshot, then, is that few outside of the Fed see reason to expect inflation will rise to the central bank's target in the next year—much less far above it.
With markets waiting with baited breath on the Fed's next move, the extent to which Yellen backs down from her model-driven view on inflation remains a key question for investors.
—By CNBC's Alex Rosenberg.
Watch "Futures Now" Tuesdays & Thursdays 1 p.m. ET exclusively on FuturesNow.CNBC.com!
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297ab6ce8634df7b712c80711387e39d | https://www.cnbc.com/2015/09/27/uk-labour-to-launch-review-of-boe-promise-better-profit-share.html | UK's Labour to launch 'radical review' of BoE | UK's Labour to launch 'radical review' of BoE
Labour party leader Jeremy Corbyn addresses the TUC Conference at The Brighton Centre on September 15, 2015 in Brighton, England. It was Mr Corbyn's first major speech since becoming leader of the party at the weekend and he received a standing ovation from the members of the TUC.Mary Turner | Getty Images
Britain's opposition Labour Party will launch a "radical review" of the national institutions that manage the economy, including the Bank of England, its finance spokesman will say on Monday.
John McDonnell, a hard-left former trade unionist who has advocated re-nationalizing banks and imposing wealth taxes, will also promise a Labour government would ensure the proceeds of economic growth are shared more equally around the country.
VIDEO1:1701:17I have nothing in common with Corbyn: UKIP’s FarageSquawk Box Europe
In a speech at the party's first annual conference since Labour leader Jeremy Corbyn was elected, McDonnell will say that if his party wins power in 2020 Britain would live within its means but invest to help the economy grow, according to a source close to McDonnell.
McDonnell has previously called for the government to reclaim the power to set interest rates from the Bank of England. But the source said the party's position would be that the central bank would remain independent.
Read MoreBest year for UK car industry since 2008
The source said the speech would not be "a shopping list" of policies but set out the broad direction the party plans to take, including clamping down on tax evasion by major international companies.
On Sunday, the party said it had set up an advisory committee including Nobel Prize-winning U.S. economist Joseph Stiglitz and Frenchman Thomas Piketty to help develop its anti-austerity policies.
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1d884e560b488fb2eda6ef7438b58796 | https://www.cnbc.com/2015/09/27/vw-emissions-scandal-staff-supplier-warned-of-cheating-years-ago.html | VW staff, supplier warned of emissions test cheating years ago: Reports | VW staff, supplier warned of emissions test cheating years ago: Reports
Getty Images
Volkswagen's own staff and one of its suppliers warned years ago about software designed to thwart emissions tests, two German newspapers reported on Sunday, as the automaker tries to uncover whether its executives knew about the cheating.
Europe's biggest automaker is adding up the cost of the biggest business scandal in its 78-year history, having acknowledged installing software in diesel engines designed to hide their emissions of toxic gasses.
Countries around the world have launched their own investigations after the company was caught cheating on tests in the United States. Volkswagen says the software affected engines in 11 million cars, most of which were sold in Europe.
The company's internal investigation is likely to focus on how far up the chain of command were executives who were responsible for the cheating, and how long were they aware of it.
VIDEO12:3912:39Volkswagen: Safety has never been compromised
The Frankfurter Allgemeine Sonntagszeitung, citing a source on VW's supervisory board, said the board had received an internal report at its meeting on Friday showing VW technicians had warned about illegal emissions practices in 2011. No explanation was given as to why the matter was not addressed then.
Separately, Bild am Sonntag newspaper said VW's internal probe had turned up a letter from parts supplier Bosch written in 2007 that also warned against the possible illegal use of Bosch-supplied software technology. The paper did not cite a source for its report.
Volkswagen declined to comment on the details of either newspaper report.
"There are serious investigations underway and the focus is now also on technical solutions" for customers and dealers, a Volkswagen spokesman said. "As soon as we have reliable facts we will be able to give answers."
A spokesman for Bosch said the company's dealings with VW were confidential.
Bild said Martin Winterkorn, who quit as Volkswagen CEO last week, was demanding his salary for the rest of his contract through the end of next year but the board did not want to pay it. It cited no source. Winterkorn was paid 16 million euros last year, the most of any CEO in Germany's blue chip DAX index.
Read MoreMueller's daunting task to rescue VW from diesel deception
New CEO Matthais Mueller sent a letter to staff promising "relentless" efforts to investigate the scandal and promote the "strongest compliance and governance standards in the industry".
Volkswagen is still coming up with plans to deal with the 11 million cars that it built with the affected engines.
Its Italian unit has told its dealers to stop selling them, Italy's Corriera della Sera newspaper reported on Sunday. It said that would leave 40,000 cars stuck on Italian lots.
"As a precautionary measure, we ask that you suspend immediately the sale, registration and delivery only of vehicles carrying the Euro 5, EA 189 motor," the newspaper quoted Massimo Nordio, chief executive office of Volkswagen's Italian unit, as writing in a letter to dealers.
A Volkswagen spokesman said there had been no instructions from company headquarters in Germany to dealers to stop selling the affected cars, but sales units in individual countries had the right to take such decisions on their own.
Italy's Volkswagen headquarters in Verona did not immediately respond to calls.
Read MoreWhat you need to know about the Volkswagen scandal
In Volkswagen's home market Germany, where 2.8 million of the 11 million affected diesel cars are on the road, the government watchdog KBA has set an Oct. 7 deadline for the company to present a plan to bring diesel emissions into line with the law, Bild reported.
The transport ministry said the KBA had written to VW demanding it "commit to concrete steps and a timetable" to ensure its cars in Germany meet requirements.
A Volkswagen spokesman said: "It is in our strongest interest to provide clarification here as soon as possible. We will inform the KBA about what we are doing and the talks are occurring on the highest level."
German politicians have been adding to the pressure on Volkswagen, worried about the reputation of German industry.
Environment Minister Barbara Hendricks said the scandal must not be allowed to tarnish "the made in Germany brand".
"If a global player from Germany violates environment protection rules that blatantly, this casts a shadow on the environment pledges of German companies," she told Handelsblatt newspaper in an interview to be published on Monday.
She said the European Union was working on stricter emissions tests to focus more on normal road conditions, rather than rely on lab results.
Read MoreMatthias Mueller named as new Volkswagen CEO
Diesel engines use less fuel and emit less carbon - blamed for global warming - than standard gasoline engines. But they emit higher levels of toxic gasses known as nitrogen oxides, blamed for deaths from lung and heart disease.
In most of the world, including the United States, diesel engines in passenger cars are a niche product. But their fuel economy and low carbon emissions have made them popular in Europe, where they now account for half of vehicles sold.
Volkswagen and other European manufacturers have promoted "clean diesel" technology, benefiting from diesel's fuel economy but meeting stringent tests for emissions of toxins. But the suggestion that this was achieved by cheating on tests could affect the viability of the entire diesel sector and the fate of companies that have bet on it.
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c8f4eb374c70eddc172af467fa766fda | https://www.cnbc.com/2015/09/27/white-house-declares-truce-with-china-over-aiib.html | White House declares truce with China over AIIB | White House declares truce with China over AIIB
U.S. President Barack Obama (R) shakes hands with Chinese President Xi Jinping during a state arrival ceremony on the south lawn of the White House grounds September 25, 2015 in Washington, DC.Win McNamee | Getty Images
US officials have declared what amounts to a truce in their campaign over China's Asian infrastructure bank, claiming they have secured commitments from Beijing to address Washington's concerns as well as a "meaningfully increase" its financial contributions to the World Bank and other potential regional rivals to the new institution.
The US has declined to join the Asian Infrastructure Investment Bank and been leading what many allies and others see as a failed campaign against it.
Together with the New Development Bank being founded with other Brics economies, the AIIB represents perhaps the biggest challenge yet mounted to the Bretton Woods international financial architecture established in 1944.
The latest move highlights how eager US president Barack Obama and his administration are to put that chapter of their engagement with China behind them and resume normal relations on international economics.
During last week's state visit by Xi Jinping, the Chinese president, the Obama administration also reiterated its pledge to back China's bid for the inclusion of its currency, the renminbi, in an elite International Monetary Fund basket of reserve currencies as long as Beijing is declared worthy by the IMF.
VIDEO9:3209:32President Obama: Candid conversations with China presidentHalftime Report
Senior administration officials said that during Mr Xi's visit, Washington had secured a pledge from Beijing to increase its financial contributions to the World Bank and regional development banks.
The first step, they said, would be an increase in China's contribution to the International Development Association, the World Bank's main concessional lending facility for its poorest client countries and similar ones at regional development banks.
China had also made a commitment that the AIIB, and any other new and future institutions it was involved in, would abide by the highest international environmental and governance standards, addressing what the US and campaign groups have said is one of its concerns about the new bank.
More from the Financial Times:
China and US to co-operate on anti-graft AIIB launch signals China's new ambition Road map needed for Asia infrastructure
"We feel that is extremely positive," said one senior administration official. "That is a breakthrough."
The commitments were laid out, albeit in vague terms, in a joint "fact sheet" about the two countries' economic discussions during Mr Xi's two-day visit to Washington.
In it, the two countries reaffirmed their commitment to existing international financial institutions and pledged to "further strengthen the World Bank" as well as regional banks in Asia, Africa and Latin America. "China intends to meaningfully increase its role as a donor in all these institutions," the joint statement said.
"Both sides acknowledge that for new and future institutions to be significant contributors to the international financial architecture, these institutions, like the existing international financial institutions, are to be operated … with the existing high environmental and governance standards," it said.
That both sides are keen to put the AIIB dispute and any conflict over the governance of the existing institutions behind them was also evident in Mr Xi's public statements during his visit.
Read MoreUS-China agree to not conduct cybertheft of intellectualproperty
At a press conference with Mr Obama on Friday, the Chinese president said the US and China had agreed to step up their co-operation in areas such as the G20, World Bank and IMF.
"China is the current international system's builder, contributor and developer and participant, and also beneficiary," he said. "We are willing to work with all other countries to firmly defend the fruits of victory of the second world war, and the existing international system."
He also defended the establishment of the AIIB and Beijing's "One Belt One Road" plan to build a new Silk Road to Europe, which many experts see as a potential strategic rival to the US-led 12-country Trans-Pacific Partnership.
"These initiatives are open, transparent, inclusive," he said. "And we welcome the US and other parties to actively participate in them."
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97d846ebfbfe024972009273db6643cd | https://www.cnbc.com/2015/09/28/4-growth-stocks-to-watch-on-biotech-struggles.html | VIDEO1:4201:42Should you own FANG stocks: 4 enlightening tradesFast Money
Biotech stocks took another dive Monday, and some CNBC "Fast Money" traders believe the struggles could extend to other high-growth names.
The iShares Nasdaq Biotechnology ETF fell more than 6 percent on the day amid renewed concerns about government action to rein in drug prices. The fund went further into bear market territory, or 20 percent lower than its 52-week high, on a day when major U.S. averages all lost about 2 percent or more.
Read MoreBiotech blues: Political noise or correction?
While biotech stocks sometimes take big hits as market enthusiasm wanes, high-flying technology names could come next, some traders said. Facebook, Amazon, Netflix and Google have all easily beaten the this year, but Google may prove the safest pick if volatility continues, said trader Tim Seymour.
"I think Google is defensive," said Seymour, who owns the stock, which fell nearly 3 percent Monday.
The Google sign outside of the Google headquarters in Mountain View, California.Getty Images
He contended that Google's valuation remains reasonable despite its 13 percent climb this year. Trader Karen Finerman, another Google shareholder, added she would stick with the stock but did not hold as much confidence in other growth tech names.
But Facebook could hold upside ahead of its quarterly earnings report next month, said trader Guy Adami. He added that it looks appealing where it ended Monday, below $90 per share.
Read MoreGoogle takes aim at Apple with new devices, OS
Trader Steve Grasso, though, was wary of most high-growth stocks if the sluggish run for equities continues. He would look to the utilities sector as a place to find yield if big-name technology's torrid run slows down.
Disclosures:
Tim Seymour
Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, JPM, KO, LGF, T, TWTR, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Steve Grasso
Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, STRP, T, TWTR, GDX firm is long BP, COP, CVX, FCX, NE, NEM, OXY, RIG, AMZN kids own EFA, EFG, EWJ, IJR, SPY
Karen Finerman
Karen is long BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SUNE call spreads, URI, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, FINL, FL, GOOG, GOOGL, GPS, JPM, KORS, KORs calls, M, M calls, SUNE, URI, URI long puts, KORS call spreads, M call spreads, her firm is short IWM, SPY, MDY, USO, Karen Finerman is on the board of GrafTech International.
Guy Adami
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
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3cec50a0e1122992768370fe776e3b5b | https://www.cnbc.com/2015/09/28/after-hours-buzz-cheniere-energy-yahoo-more.html | After-hours buzz: Cheniere Energy, Yahoo & more | After-hours buzz: Cheniere Energy, Yahoo & more
Trader on the floor of the New York Stock Exchange.Getty Images
Check out the companies making headlines after the bell Monday:
Yahoo shares jumped more than 3 percent after the media company said its board authorized it to spin off its Aabaco business, despite uncertainty surrounding the tax treatment of the transaction. Aabaco is a newly formed independent company that will hold Yahoo's remaining Alibaba Group stake.
IBM announced plans to purchase Meteorix, a service partner of human resource software provider Workday. IBM said the acquisition would help the companies gain a "new competitive advantage." Workday shares rose about 2 percent, and IBM was untraded after the bell.
Utility servicer Exelon said it would ask regulators to reconsider its plan to acquire electricity supplier Pepco. The D.C. public services commission rejected the merger in August. Pepco, which supports the request to reconsider, rose more than 2 percent after hours, while Exelon shares were flat.
Shares of Cheniere Energy inched higher after investor Carl Icahn said he increased his stake in the liquefied natural gas provider to 11.43 percent, from 9.59 percent previously.
Wearable camera manufacturer GoPro and navigation systems provider Garmin were both up more than 2 percent on news that Sterne Agee CRT initiated coverage of the firms with "buy" ratings. The company also initiated coverage of Apple, Samsung Electronics and Western Digital, also with "buy" ratings. Those stocks were largely untraded after hours.
Shortly before the closing bell, Facebook said some users experienced service outages " The social media company's shares were marginally higher after the bell.
Shares of the aluminum maker were up about 1 percent in extended-hours trading. Earlier, Alcoa said it would split into two companies holding its legacy business and engineered products unit.
Correction: An earlier version misstated the name of Sterne Agee CRT
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a094e3f81f8f3f28104f77f0b40edce6 | https://www.cnbc.com/2015/09/28/all-industries-should-brace-for-a-shakeup-in-tech-salesforces-benioff.html | All industries should brace for a shakeup in tech: Salesforce’s Benioff | All industries should brace for a shakeup in tech: Salesforce’s Benioff
VIDEO1:0901:09Benioff: Every industry is vulnerableTech
The tech world needs to brace for a shake-up.
Actually, all sectors need to, because all corners of the tech world are coming together to transform every industry as we know them, according to Salesforce.com CEO Marc Benioff.
All types of companies are leveraging the cloud to make fast, more efficient software changes; social networking such as the kind that ridesharing company Uber uses to connect riders with drivers; predictive analytics that determine what consumers will want; and the Internet of things, connecting devices to a central, Internet-based location, controllable remotely over the Internet, Benioff explained.
Marc Benioff, CEO of Salesforce.com, speaking at Dreamforce 2014.Source: Copyright© 2014 by Jakub Mosur
At Uber, for instance, it's not just that the riders are customers, its workers are customers, too, so it's important for them to make sure drivers are happy and not leaving for competitors like Lyft, another ride-sharing company, Benioff said.
"Whether it's in transportation, health care, financial services, consumer product goods, every industry is getting disrupted. Every industry is going to be completely transformed," Benioff told CNBC in an interview. "I think that every company has to take notice that if you're not connected with your customer in a whole new way, you're in trouble," added the CEO of Salesforce, which runs a cloud-based customer resource management system and organized the Dreamforce conference, where tech professionals gathered in San Francisco this month.
Why Tim Cook expects tablet takeover in some homes
The "Internet of things" could seep its way into the financial services industry, for example, potentially connecting checking and credit card accounts to common household devices, suggested Val Srinivas, the Banking & Securities research leader at the Deloitte Center for Financial Services in a report last year.
And the Internet of things has the potential to be embedded even further into consumers' lives.
"Imagine a personal health monitor that is also connected to your investment account. At the sign of any serious health hazard (say a heart attack), the investment account could automatically rebalance to limit your downside exposure, or transfer your holdings to more liquid securities, in anticipation of future cash needs. This may sound a bit far-fetched now, but is not completely out of the realm of possibilities," Srinivas wrote.
Where to find cheap eats and tech geeks in San Francisco
"I will tell you that we are moving into a very unusual time. we are moving into an unstable time because when you have this much disruption, especially with robotics and artificial intelligence, we all need to be thinking about what the ramifications are of that...," said Benioff.
But the executive said he hopes that the world won't end up in a scenario portrayed in the movie Terminator, in which machines become self-aware, make their own decisions and take over the world.
Whether it's in transportation, health care, financial services, consumer product goods, every industry is getting disrupted. Every industry is going to be completely transformed.Marc BenioffSalesforce.com CEO
"I hope that we'll be smart enough to know we have a more awareness, and between our government leaders and our business leaders and our societal leaders that we're going to have a great future," Benioff said.
Much of the tech world may not agree, however.
IT job search site CW Jobs, alongside market research firm YouGov, polled 517 IT decision makers and found that 13 percent believe that technology could be responsible for destroying the world.
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87ec5ee6f9f4d4b1517bf2c775253c49 | https://www.cnbc.com/2015/09/28/apple-sold-more-than-13m-new-iphones-a-record.html | Apple sold more than 13M new iPhones, a record | Apple sold more than 13M new iPhones, a record
VIDEO0:3400:34Apple sets new sales recordBig Data
VIDEO2:2502:25iPhone 6s worth the hype?Closing Bell
VIDEO2:2302:23A renaissance of iPhone growth: Pro Closing Bell
Apple sold more than 13 million iPhone 6s and iPhone 6s Plus units three days after their launch, the company said Monday.
"Sales for iPhone 6s and iPhone 6s Plus have been phenomenal, blowing past any previous first weekend sales results in Apple's history," CEO Tim Cook said in a release. "Customers' feedback is incredible and they are loving 3D Touch and Live Photos, and we can't wait to bring iPhone 6s and iPhone 6s Plus to customers in even more countries on October 9."
The company also said the new models will be available in more than 40 additional countries starting Oct. 9, including Italy, Mexico, and Spain.
Apple shares were slightly higher in the premarket.
A customer checks an iPhone 6s at an Apple store.Chesnot | Getty Images
The new smartphones were unveiled at a Sept. 9 event in San Francisco.
Read More Apple iPhone growth not slowing yet: Analyst
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40975a5d1280a18009070bcf80533765 | https://www.cnbc.com/2015/09/28/as-the-sell-off-steepens-traders-look-for-bright-spots.html | VIDEO2:2402:24Top trades for the 2nd half: Intel, Citi & moreHalftime Report
As the sell-off steepens, the "Halftime Report" traders closed the show with their top thoughts on the trading day.
Jim Lebenthal is watching one of the lone stocks in the green today: Intel. Lebenthal added solid jobs growth and enterprise spending at the corporate level is a bullish sign for PC sales.
Pete Najarian is keeping an eye on the regional banks. He saw aggressive put buying in the space.
Josh Brown points to JPMorgan Chase. He's looking for leadership among the banking sector.
Joe Terranova states oil has to bottom if the market is going to rebound.
Trader disclosure: On September 28, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Halftime Report" traders: JOE TERRANOVA: Long VRTS. JIM LEBENTHAL: Long AAPL, BA, C, CSCO, DCO, EEQ, GAIA, GM, IBM, INTC, JCP, MPC, OA, ORBC, PFE, QCOM, SJT, SPLS, TGT, TIF, TRN, WGO. JOSH BROWN: Long AAPL, BABA, DE, DNKN, EBAY, FB, JMBA, NFLX, PYPL, SAM, SHAK, SPWR, TWTR, XLE, XON. PETE NAJARIAN: Long AAPL, AMAT, BAC, BMY, BP, CSX, DIS, DISCA, DKS, FOXA, GE, KKR, KO, MRK, PEP, PFE, PHM he is long calls AA, ABX, BMY, DAL, FL, MPEL, PFE, SWFT, UAL, XLF, XOM, ZIOP, he is long puts DISH, FCX, X
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dbf72e94795905a6b53c004cd1fe845b | https://www.cnbc.com/2015/09/28/bill-clinton-fed-did-the-right-thing-by-not-raising-rates.html | Bill Clinton: Fed did the right thing by not raising rates | Bill Clinton: Fed did the right thing by not raising rates
VIDEO1:3901:39Bill Clinton: I think Fed made right decisionHalftime Report
VIDEO2:2402:24Bill Clinton: Wages flat, labor participation lowHalftime Report
VIDEO4:0704:07Bill Clinton: Hillary's action on email were allowedHalftime Report
VIDEO3:4303:43Bill Clinton: I am proud of CGI donations, I try to be transparentHalftime Report
VIDEO1:2701:27Bill Clinton: Biden long-time friend to me & HillaryHalftime Report
VIDEO4:4604:46Bill Clinton: Trump wrong on NAFTAHalftime Report
The Federal Reserve did the right thing by leaving interest rates unchanged, former President Bill Clinton told CNBC Monday.
"In a world where America looks like a good news story compared to the current problems in China and the slow growth in Russia and the uncertainty caused by massive move of the refugees into the European Union, I think they didn't want to take a chance in not only slowing growth in the United States but having a bad impact on the rest of the world," he said.
The U.S. central bank kept its benchmark interest rates near zero on Sept. 17, but some members of the Federal Open Market Committee, including Fed Chair Janet Yellen, have recently said that a rate hike this year is still in the cards.
New York Fed President William Dudley said Monday the Fed remains on track for a rate hike later this year, while Yellen said Thursday an increase "sometime later this year" would likely be appropriate.
Clinton also said the U.S. economy is doing well right now, especially when compared to other economies across the globe.
"We have more than regained the jobs we lost during the recession, and usually those things take over a decade to get over ... but workforce participation by women is down, youth unemployment rate is still high, [and] wages are flat; only about 16 percent of American workers have gotten any increase since 2008," he said.
"We have to try to prove that this is not the first period in history when technological advances kill more jobs than they create. That's basically the underlying debate."
Bill Clinton speaking at the Clinton Global Initiative in New York, September 28, 2015.Adam Jeffery | CNBC
Do women hold up half of China's sky? Clinton disagrees
Hillary Clinton gets emojified
Clinton also addressed the controversy surrounding his wife's, and presidential hopeful Hillary Clinton's, emails while she was secretary of state.
"I'm glad it happened in 2015 rather than 2016, and i believe it will burn itself out," he said. "What the American people have to think about is this: A few months ago she was the most admired person in public life in America because of the work she had done," he said. "And then, all that matters is emails."
"I trust the American people. They'll get this. They'll work through it and understand that they're being sent a heavy signal [by Republicans] saying 'We don't want to run against this woman. Just give us somebody else.'"
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4cd4bf508296022d0974ddf41298d2aa | https://www.cnbc.com/2015/09/28/biotech-blues-political-noise-or-correction.html | Biotech blues: political noise or correction? | Biotech blues: political noise or correction?
VIDEO4:3404:34Step away from biotechs, let dust settle: ProPower Lunch
VIDEO4:0704:07Panic & fear driving biotech: ProClosing Bell
VIDEO2:0202:02Rhetoric risk in biotech will continue: ProClosing Bell
With the biotech sector on pace for one of its worse days, analysts were divided Monday on whether the sell-off was nothing but "political noise" or a sign of correction.
"We're seeing some global concerns, you're seeing the entire market come off, and then the commentary from Hillary [Clinton] about pricing has absolutely fueled the fire here," David Seaburg, head of sales and trading at Cowen & Co. said Monday on CNBC's "Power Lunch." "We're seeing some large-cap names being totally dismantled for the wrong reasons."
Read MoreDow plunges 300 points; biotech pushes Nasdaq 3% lower
The Nasdaq closed down 3 percent Monday afternoon after pressure from the biotechnology sector pushed stocks lower. One biotech ETF, the iShares Nasdaq biotechnology ETF (IBB), was priced more than 20 percent lower than its 52-week high.
The plunge came after a week of losses as policymakers scrutinized the sector.
Reports of large price hikes on pharmaceutical products like Daraprim sparked outrage from presidential candidate Clinton last week. Democrats called Monday for a review of other biotechnology companies such as Valeant.
Read MoreJPMorgan: Buy into the biotech bear market
With any legal changes to drug regulation at least three years away, Seaburg institutional investors have not been hit with the same panic that has retail investors selling their shares. He also said there is still growth opportunity and innovation in the biotech sector.
"You're looking at a setup ... that could be one of the best buying opportunities for the whole year," Seaburg said.
Jerry Castellini, president and CIO of CastleArk Management, was more bearish, and said he expects several months of consolidation in the industry.
Rather than buy on the dip, Castellini told CNBC he would "step away and let the dust settle" from the biotech fallout.
Read More Drug prices: Which companies may be the next targets?
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4682a5c28942922197530bcda5adf6cb | https://www.cnbc.com/2015/09/28/built-to-last-10-architectural-fails.html | Built to last? 10 architectural fails | Built to last? 10 architectural fails
Richard Newstead | Moment | Getty Images
The skyscraper at 20 Fenchurch Street, dubbed the "Walkie-Talkie tower", last month won the "Carbuncle Cup" -- an award given by Building Design magazine to the worst building in the U.K.
The tongue-in-cheek award seems mean, but the tower has caused a number of problems.
In July, the U.K.'s Daily Telegraph reported that the building was creating a wind tunnel that blew down shop signs and swept pedestrians off their feet. In 2013, the building's south-facing wall reflected sunlight onto the streets below, melting a car's bodywork. Non-reflective film had to be attached to the tower's windows as a prevention.
But the Walkie Talkie is not the only architectural mistakes that have been made. Here are 10 more unintended errors.
—By Luke Graham and Ellie Hall
One of the Citigroup Center's stiltsChris Hondros | Getty Images
Built in 1977, the 59-storey Citigroup Center (now called 601 Lexington) stands on just four stilts, each 114-foot tall. The structural engineer, William LeMesurier, who died in 2007, used cutting edge design to make sure the skyscraper was light and stable.
However, in 1978, according to the Daily Mail, he was alerted to an oversight by a university student: the building was vulnerable to diagonal winds and could topple if a storm hit Manhattan. The bolted joints were reinforced at a cost of $8 million over three months, during which a hurricane formed in the Atlantic but fortunately missed the city.
An aerial view of the Al Wakrah Stadium, designed by Zaha HadidZaha Hadid Architects
The designs for this stadium, being constructed for the 2022 Qatari World Cup, have been unfortunately likened to a woman's private parts, The Independent reported in 2013.
Designed by architect Zaha Hadid, the stadium is meant to evoke the boats which Qataris used for pearl diving.
"Al Wakrah has served as an important fishing and pearl-harvesting port throughout Qatar's history," Davide Giordano, from Zaha Hadid Architects, told CNBC via email. "Al Wakrah's tradition is reflected in the stadium design, which echoes the traditional dhows upturned on the beach when the local fishermen return to land – hence the stadium's beams referencing the wooden overlapping planks of the clinker-built boats.
"I cannot comment on what some commentators suggested, perhaps some people can only see what their mind wants them to see."
The Vdara hotelGeorge Rose | Getty Images
In 2009, the concave, mirrored surface of this Las Vegas hotel was found to reflect a ray of heat onto the pool deck which was hot enough to melt plastic bags and singe hair, according to report in The Guardian.
The hotel, briefly nicknamed the "Death Ray Hotel", was designed by Rafael Viñoly, the same architect who built the Walkie Talkie tower. Despite attaching film to the south facing panels of the glass, the hotel has thicker, larger umbrellas to protect guests from the "death spot," believed to cause temperatures to soar by 15 degrees.
Rafael Viñoly Architects declined to comment when contacted by CNBC.
The John Hancock Tower in BostonPeter Johansky | Photolibrary | Getty Images
The construction of the tower in the early 1970s was beset with problems. A windstorm in 1973 caused entire 4' by 11' windows, weighing 500 pounds each, to crash onto the streets below. This was caused by an air space between the layers of glass, and all 10,344 windows had to be replaced at a cost of over $7 million. During this time, the building was covered in plywood, according to an article in the Wall Street Journal.
Even after the building was completed in 1976, workers on the upper floors complained of motion sickness caused by the building's swaying motion. This needed to be fixed by installing a "tuned mass damper".
The Standard Oil building in 1974Chicago History Museum | Archive Photos | Getty Images
This tower, designed by Edward Durrell Stone and erected between 1970 and 1973, was entirely coated in marble. In 1974 (when this picture was taken), one slab of marble from the tower fell off the building and landed on the Prudential tower next door.
Problems with the cladding system (designed by a second company, Perkins & Will) required all of the exterior marble to be replaced with granite at the huge cost of $180 million.
"This building was constructed as one of the first to use a thin sliced marble cladding (three-quarters of an inch) which proved to be the problem," Raymond Gomez, an architect who worked with Stone on the project, told CNBC via email. "After a decade or more of freeze/thaw cycle of Chicago winters, the thin marble was worn weak in successive expansion and contraction and began to bulge."
Perkins & Will declined to comment when contacted by CNBC.
The Millennium bridge in London was engineered by ArupDEA | S. LOMBARDI VALLAUR | Getty Images
Designed to celebrate the turn of the millennium, the footbridge is suspended by steel cables over the River Thames. When the bridge opened in 2000, construction was already £2 million ($3,044,500 ) over the £16 million budget and the public complained that the bridge wobbled while they walked across it. After a £5 million attempt to fix the problem, the bridge re-opened in 2002.
"The cutting-edge design of the Millennium Bridge at the time highlighted the unique phenomenon of synchronous lateral excitation, which is excessive movement as a result of a large number of people crossing the bridge in step," Jill Baker, from Arup (one of the bridge's designers) and project manager for the modification works to the bridge, told CNBC via email.
"Arup solved (the problem) with the fitting of a passive damping solution, which can be likened to shock absorbers, under the deck of the bridge.
"This event has changed how we design bridges. Our research has meant that we can predict the onset of synchronous lateral excitation meaning that bridge design everywhere will be better."
The Harmon Hotel before it was deconstructed Ethan Miller | Getty Images
The Harmon Hotel tower at the entrance to the $8.5 billion CityCenter resort had to be taken down only five years after it was completed in 2009. The tower was meant to reach 47 stories, but it was discovered halfway through construction that the tower was not fit for purpose and could implode if an earthquake hit Las Vegas. It was left at 26 floors and stood empty until deconstruction began in 2014.
Reinforcement bars were misplaced within the concrete slabs making up the floors of the building, meaning each floor of the structure could potentially collapse. Tests by engineering firm Chukwuma Ekwueme found more than 7,000 defects.
Both MGM resorts, one of the owners of CityCenter, and Foster + Partners, the resort's architects, declined to comment when contacted by CNBC.
The building arrangement at the Coronado Naval Base unintentionally resembles a swastika, as seen on Google Maps.Google Maps
This naval bases in California resembles a military symbol, but not in a good way. Built in 1967, no one noticed the layout of some of the buildings resembled the shape of a Nazi swastika, until it was spotted in 2007 thanks to Google Maps, according to Time magazine. The Navy spent more than $600,000 trying to disguise the shape.
Oleg Korshakov | Moment | Getty Images
Designed by Frank Gehry, this building cost $274 million to build and is now home to the L.A. Philharmonic Orchestra. It is coated in metal and, after it opened in 2003, light reflected off of its stainless steel exterior onto nearby buildings and increased the temperature by about 15 degrees during hotter seasons. The pavement was said to have heated up to around 60 degrees Celsius, according to The Guardian.
"There were minor problems of reflection that were easily and quickly resolved by dulling a very small area of the surface of the building with steel wool," Meaghan Lloyd, from Gehry Partners, told CNBC via email.
"It is important to note that the L.A. Philharmonic is proud of the building and counts it as a major asset and as one of the reasons for its continued success since moving in."
The Tropicana Field in St. Petersburg, Florida.Brian Blanco | Getty Images
This indoor stadium cost $130 million to build and opened in 1990. Unfortunately, the architects forgot that the aim of baseball is to hit a home run, involving hitting the ball very far or very high. The Tropicana Field stadium has four catwalks hanging from the ceiling, which balls frequently hit and either get stuck or roll off slowly for the fielders to catch.
Plus, there are lights on the catwalks above the pitch which, if hit, can rain hot shards of glass onto the players.
Hunt Construction Group, who were the general contractors of the stadium, declined to comment when contacted by CNBC.
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b34f0a2c0d3b033052107aa69922eb64 | https://www.cnbc.com/2015/09/28/cantor-republicans-wont-shut-down-the-government.html | Cantor: Republicans won't shut down the government | Cantor: Republicans won't shut down the government
VIDEO3:0603:06Eric Cantor: 'Stunned' by Boehner's departureSquawk Box
VIDEO2:5802:58Eric Cantor: Republicans at turning pointSquawk Box
VIDEO0:4000:40Trump fading, tied with Ben Carson: NBC-WSJ PollSquawk Box
Former House Majority Leader Eric Cantor said Monday the stunning resignation by House Speaker John Boehner could help avert a potential government shutdown.
"With John Boehner doing what he did, it creates the opportunity for the Republican members to come together—and a lot of them are calling for sort of a family meeting—and really discuss what is actually doable in a divided government," Cantor told CNBC's "Squawk Box."
"The Republican members have been there, done that on the shutdown question," he said. "I don't think you're going to see a shutdown."
About two dozen Republican Congress members have said they will not vote for any spending bill that funds Planned Parenthood. Lawmakers face a Wednesday deadline to fund the government.
Boehner, under fire from conservatives over the looming government shutdown, said Friday he will resign from Congress at the end of October. "Prolonged leadership turmoil would do irreparable damage to the institution," he said.
Read More Boehner: House leadership turmoil would do harm
Washington insiders told CNBC on Friday that Boehner had come under pressure from the GOP's tea party movement and conservative Freedom Caucus. They said his likely successor, Rep. Kevin McCarthy of California would probably have to strike a bargain with those groups.
Cantor, vice chairman and managing director at investment bank Moelis and Co., lost his 2014 GOP primary race to David Brat, a tea party-affiliated economics professor. Boehner, who was elected in 1990, said he had planned to serve only through the end of 2014 but he stayed on because of Cantor's defeat.
Cantor called the tea party and Freedom Caucus a "small minority" that has the ability to block legislation, but cannot actually accomplish anything. He said Republicans must set realistic expectations in a divided government.
"We have now been put in the position where all eyes are on us. Let's start to be honest with people about what we can get accomplished," he said.
VIDEO2:3602:36Sen. Warner: Meeting in the political middleSquawk Box
Senate Finance Committee member Mark Warner, D-Va., said Monday Boehner's resignation would help lawmakers get through Wednesday's deadline, but ultimately, it only buys Congress 75 days before it faces another showdown over the budget and the country's debt ceiling. He noted that Boehner had been one of the Republicans willing to explore a grand budget bargain.
"I do think there are a lot more folks in both parties who are willing to do the right thing, but the extremes on both sides sometimes come in and chop your legs off," he told "Squawk Box."
Read More NBC/WSJ Poll: Trump and Carson lead GOP; Clinton loses ground
The fringe has come to dominate the Republican Party, he said. Across the aisle, some Democrats also have moved toward extremes, seeing how successful the absolutist position has been in the GOP, he added.
"In many ways, what I think has driven the rise of some of these nontraditional candidates on the right have been the failure of actually getting things done, and the only way that's going to happen is if we can find some common ground," Warner said.
Asked whether Republican presidential contender Jeb Bush would face pressure from the GOP's minority factions, Cantor acknowledged that conservatives are frustrated but said the former Florida governor has the vision to raise the standard of living for Americans and the ability to execute that vision.
Polls that show Washington outsiders Donald Trump, Ben Carson, and Carly Fiorina leading the Republican pack are "interesting and entertaining," but history has shown early polling is not reliable, he said.
Read MoreTrump effective, but too outrageous: Eric Cantor
—CNBC's Everett Rosenfeld, Reem Nasr, and Matthew Belvedere contributed to this story.
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77c305d5c28681c060f196731e971259 | https://www.cnbc.com/2015/09/28/cash-controls-by-nigeria-china-raises-worries-of-em-capital-curbs.html | Emerging markets rout stirs unease about capital curbs | Emerging markets rout stirs unease about capital curbs
Getty Images
Moves by Nigeria and China to clamp down on currency and equity markets have raised fears other countries may also seek to curb capital movement as a way to stem the exodus of money from emerging markets.
Some governments are already restricting citizens' ability to move cash freely or tightening existing measures and some foreign investors worry they may be next in line.
As 2015 outflows from emerging stock and bond funds near $100 billion and currencies from Malaysia to Brazil plumb multi-year lows, memories are stirring of past controls that block unlucky investors' exits.
VIDEO2:3802:38Why a Fed hike in 2015 is off the tableSquawk Box Asia
At stake is the $7 trillion that the Institute of International Finance reckons has flowed into emerging markets since 2005, via direct investments, mergers and acquisitions, and stock and bond purchases. Some of those with EM exposure may considering moving before regulators do.
"Malaysia, Brazil, Indonesia all have a recent history of intervening and imposing capital controls ... this is very much contingent on how much more outflows there are to come, and how much more depreciation there is to come," said Aidan Yao, senior emerging Asia economist, Axa Investment Managers Asia.
Capital controls are often first levied on local bank deposits or exporting firms. But freezing exchange rates or interbank trading can leave foreign investors struggling to liquidate assets or withdraw cash from banks.
Having resolved not to devalue its naira, Nigeria has clamped down on firms' dollar purchases and squeezed interbank currency trading to the maximum -- market players report three to five deals a day instead of 80-100 previously.
China has increased checks on firms' currency buying and passed regulations to curb "malicious" trade in stock futures after months of equity turmoil and capital outflows.
Read MoreDo women hold up half of China's sky? Clinton disagrees
Those steps have halted the rout but daily turnover on the Shanghai and Shenzen exchanges has more than halved since July.
Neither is a typical emerging economy, however: China restricts free movement of capital anyway, while Nigeria, like much of Africa, has relatively undeveloped and illiquid markets.
Foreigners faced no trouble repatriating cash from Nigeria, one former debt holder said. Rather than blanket controls, subtler measures such as taxing short-term investments at point of exit or limiting residents' ability to send money abroad are seen as likely. But "soft" curbs too may eventually be counterproductive.
"Capital flight can become a self-fulfilling prophecy if investors get worried about ability to transact, and you could see more pressure on bonds," said Yacov Arnopolin, a portfolio manager at Goldman Sachs Asset Management.
The thinking on capital controls has undergone a shift in recent years, with the International Monetary Fund giving a tacit nod during the boom years to moves by countries such as Brazil to prevent currencies from rising too much.
Read MoreWhite House declares truce with China over AIIB
Far from being an anachronism, controls were deployed in recent years in Iceland, Cyprus and Greece, while small economies such as Argentina and Ukraine also have curbs. Some resorted to temporary measures during the 2008-2009 meltdown.
Such steps can aid crisis management by reducing panic, advocates say, noting that Malaysian controls in 1998 freed its central bank to loosen policy, helping its economy recover.
Some even see Nigeria's decision to freeze currency markets as justified while the new president tackles corruption.
"Occasionally flows do become very alarming and erratic, and potentially have negative repercussions for the economy. So (the IMF) have changed their stance, and maybe some countries should have capital measures against these kind of erratic flows," Yao said, though he warned countries must think carefully over the timing and severity of the controls.
Such fears may be overdone -- countries which benefited from foreign capital will probably want to keep investors sweet, many say, especially if they have balance of payments deficits.
Even the rouble's 58 percent peak-to-trough fall last year and the real's 35 percent slump in 2015 didn't prompt controls they note, and Malaysia has ruled them out this time.
Christian Keller, head of economics research at Barclays, said struggling governments will prefer to go to the IMF or wealthier countries for assistance, while soft curbs such as taxes are ineffective during a market meltdown.
Read MoreIt's carnage out there for emerging markets
"If everything is going belly-up, you won't care about paying a tax to exit and save some of your investment," he added.
The clincher may be the extent of the selloff, because spiraling inflation and currency collapse are difficult for voters to stomach.
Malaysian stocks and the ringgit are down about 20 percent this year compared with an 80 percent plunge during the 1998 crisis, noted Bank of America Merrill Lynch analysts.
But central bank intervention has depleted reserves by $25 billion this year, while Malaysia is also deep in political crisis, meaning capital controls can't be ruled out, they said.
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dff4677c8d839b9b31875d51db149570 | https://www.cnbc.com/2015/09/28/comcast-buying-universal-studios-japan-majority-stake-for-15b.html | Comcast buys majority stake in Universal Studios Japan for $1.5B | Comcast buys majority stake in Universal Studios Japan for $1.5B
Visitors walk in front of The Wizarding World of Harry Potter themed area at Universal Studios Japan, operated by USJ Co., in Osaka, Japan.Getty Images
U.S. cable company Comcast said on Monday it has agreed to acquire a majority stake in Osaka-based Universal Studios Japan for $1.5 billion, part of an acceleration of its global theme park strategy.
Comcast, which owns Universal Studios through its NBCUniversal unit, said Goldman Sachs and other current owners of USJ Co, the holding company for the theme park operator, will remain as minority shareholders.
VIDEO2:0502:05Booming China box office
The deal gives USJ an enterprise value of $6.2 billion, Comcast said.
USJ had planned a Tokyo listing this year, but the timing of that has become uncertain due to concerns about being crowded out by the $11.5 billion initial public offerings of JapanPost group companies in November, two sources familiar with the matter have told Reuters.
Comcast Chief Executive Brian Roberts told reporters there were no plans for an IPO in the near term, but added a new board would revisit the idea.
Read MoreTheme parks add to thrills, building rides at rapid pace
USJ opened its theme park in 2001 and listed on the Tokyo bourse's Mothers Market for start-ups in 2007. It had hoped to position itself as a rival to Tokyo Disneyland but failed to gain traction. It was delisted in 2009 after struggling with falling visitor numbers and was sold to a consortium led by Goldman Sachs.
But USJ is now enjoying solid business on the back of its "Wizarding World of Harry Potter," which opened July last year as well as other attractions, and also plans to build a new theme park in Okinawa.
It had its best year in the last financial year ended in March with 12.7 million visitors, though that trails the 31.4 million visitors to Tokyo's Disney Resort, which includes Disneyland and DisneySea.
Comcast said it expects to close the deal in the first half of November.
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72da46614de516ac2fdf5804abf710b8 | https://www.cnbc.com/2015/09/28/cramer-5-despised-groups-driving-the-market-lower.html | VIDEO11:4511:45Cramer: 5 worries driving the market lower Mad Money with Jim Cramer
Jim Cramer watched as the averages plunged on Monday, yet again. To him it is almost as if everything that investors once liked they now hate, and everything they once hated they kinda-sort like. Not any more than that, this is why the market keeps getting hammered.
That is why the "Mad Money" host took the time to explain how and why things are hated, especially the groups that used to be liked.
The first hate group is commodity risk. China is not just slowing these days; its industrial demand appears to be exhausted. That means anything that helps to extract or produce commodities are performing terribly.
Within that commodity risk umbrella are those companies linked to iron ore, especially one of the lowest cost producers in the world, Brazilian mining company Vale. On Monday it closed at $4, which is far from its $36 price just four years ago. This makes sense to Cramer as the price of iron ore has been cut in half in the past year.
Another commodity risk is copper, as the biggest copper producer in the U.S. is Freeport McMoRan and has been ailing, and has been on the radar of investors such as Carl Icahn, who recently purchased 100 million shares. Yet considering that China is a marginal buyer of copper, and uses 40 percent of it, Cramer finds it unlikely that Freeport will turn itself around.
Five worries that cause endless problems, like today's brutal tape, and that won't resolve themselves until we get lower prices, or solutions or both.Jim Cramer
An employee walks past coal washing flotation cells, manufactured by Jameson Cells, a unit of Glencore XstrataBrent Lewin I Bloomberg via Getty Images
The second hated group on Wall Street is anything oil and gas, which is hated furiously right now. The dislike extends to every part of the oil complex. This includes independent oil and gas companies, big oil companies, service companies, master limited partnerships and pipelines. There is no escaping!
The absolute worst by far is Petrobras, and Cramer is concerned with it because it is such a disaster. It has $170 billion in debt, which will be extremely difficult to pay as the Brazilian real weakens against the dollar.
"Once again I cannot stress enough that Petrobras and Glencore are two of my three biggest worries about this market, with the third being Volkswagen and its conceivable rigging of the diesel emissions tests. All three could have unfathomable downside," Cramer said.
The third group was once loved, and is now loathed: biotech. For the longest time, Wall Street favored this group because it appeared to be sheltered from foreign disasters and it had pricing power. The first is still true, but now that pricing power is being called into question.
The fourth group is the companies that need a ready source of cheap debt to group. Many of these companies are referred to as roll-ups. This refers to businesses that make acquisitions using cheap debt, which was cheap partially because the Federal Reserve has kept rates low.
Read more from Mad Money with Jim Cramer
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"I'm not going to blame the Fed for this denouement, though. Some of these roll-ups just spent too much money and did too many deals and now they cannot raise the capital needed to keep growing," Cramer said.
The last group that is disliked is the companies that don't have actual earnings. Companies like Workday, Splunk or FireEye are now being frowned upon. Investors are fleeing out of these growth stocks and into companies like General Mills.
These five groups of stocks were all once loved, and are now hated in the Wall Street fashion show right now.
"Five worries that cause endless problems, like today's brutal tape, and that won't resolve themselves until we get lower prices, or solutions or both," Cramer added.
Questions for Cramer? Call Cramer: 1-800-743-CNBC
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ec9c9dc752cc9626880fb58ed85a3e49 | https://www.cnbc.com/2015/09/28/cramer-changing-the-way-you-see-a-doctor-forever.html | VIDEO6:0006:00Teladoc CEO: We provide better access & savingsMad Money with Jim Cramer
Unfortunately Monday's market hammering took the good, along with the bad. So now Jim Cramer is wondering what to do with a fast growing and innovative company such as Teladoc that had the misfortune of coming public this summer, right before the market took a nosedive and investors started to sell risky high fliers.
Teladoc is the largest player in the disruptive field of telehealth. It is the No. 1 purveyor of on-demand health-care services via the internet. Its platform already has 11.5 million members, and the company's revenue flew up 78 percent in its first quarter after going public. However, the company still continues to lose money as it spends in order to expand.
"I feel like this is the kind of concept that would have been embraced in a bull market, but unfortunately we are firmly in bear territory," the "Mad Money" host said.
Cramer worried that considering the current market environment, a company with little earnings does not have much of a safety net. However, he does think it will eventually be too cheap to ignore and it could turn into a long-term bargain if an investor is willing to endure the short-term pain.
Hero Images | Getty Images
However considering that there is a potential for 50 million people to join Teladoc's platform, Cramer thinks the growth for this company could hold up for a long time. To learn more, he spoke with the company's CEO Jason Gorevic.
"We have a number of a number of employers and health plans. We are up to about 6,000 in total clients, 20 health plans and we are just about 10 or 15 penetrated there. So there are 50 million members of growth just in our existing customer base," Gorevic confirmed.
One fact that was shocking to Cramer, given the efforts that the government has taken to cut health-care costs, was that Teladoc is not covered by Medicare. The CEO confirmed that the company has had good conversations with the White House, and he definitely thinks its plans are headed in the direction of Teladoc.
"I think it's just a matter of time until they agree that they are going to pay for this for acute care, episodic care instead of someone running to the emergency room," Gorevic said.
Read more from Mad Money with Jim Cramer
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Gorevic explained one of the benefits to using Teladoc through its new deal with CVS, is that if one of its doctors decides that a patient needs to be seen in person they can fast-track the patient to be seen at a Minute Clinic. This could help to reduce the amount of people in emergency room and primary-care physician offices.
And while the stock has taken a hit recently, Gorevic confirmed that the growth potential is immense.
"There are about 1.25 billion ambulatory care visits every year and we estimate that about one-third of those could be handled by Teladoc. So that's over 400 million visits. That makes for a $17 billion addressable market for us," he said.
Correction: This article has been updated to reflect Teladoc's deal with CVS
Questions for Cramer? Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com
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d1bc80586769fb7abb5eff944f3919b0 | https://www.cnbc.com/2015/09/28/cramer-remix-why-glencore-is-my-biggest-worry.html | VIDEO1:1201:12Cramer: Why Glencore is my biggest worryCramer Remix
Jim Cramer watched as the averages plunged on Monday, yet again. To him it is almost as if everything that investors once liked they now hate, and everything they once hated they kinda-sort like. Not any more than that, this is why the market keeps getting hammered.
That is why the "Mad Money" host took the time to explain how and why things are hated, especially the groups that used to be liked.
The first hate group is commodity risk. China is not just slowing these days; its industrial demand appears to be exhausted. That means anything that helps to extract or produce commodities is performing terribly.
The second hated group on Wall Street is anything oil and gas, which is hated furiously right now. The dislike extends to every part of the oil complex. This includes independent oil and gas companies, big oil companies, service companies, master limited partnerships and pipelines. There is no escaping!
The absolute three worries of Cramer by far are Petrobras, Glencore and Volkswagen. Especially Petrobras, as it has $170 billion in debt, which will be extremely difficult to pay as the Brazilian real weakens against the dollar.
"Once again I cannot stress enough that Petrobras and Glencore are two of my three biggest worries about this market, with the third being Volkswagen and its conceivable rigging of the diesel emissions tests. All three could have unfathomable downside," Cramer said.
Read More Cramer: 5 worries driving the market lower
An employee walks past coal washing flotation cells, manufactured by Jameson Cells, a unit of Glencore XstrataBrent Lewin I Bloomberg via Getty Images
Cramer has finally reached the point where he can clearly see that the main force behind the market's bear phase is not just earnings. Investors are worried about credit, specifically pertaining to high-yield bonds.
"If your company needs debt in order to grow, then your stock is being punished, and there is not much that can be done except to watch the carnage, wait it out, or just take a loss," the "Mad Money" host said.
Cramer cited the case of XPO Logistics, the trucking company that visited "Mad Money" on Friday. CEO Bradley Jacobs confirmed that while the company is doing well, the stock is hurting.
The reason? It's because XPO is a roll-up company. That means it is a vehicle used by the CEO to buy other companies to grow or dominate an industry. XPO recently announced the purchase of Con-way, a giant trucking company, for $2.72 billion. This deal was right on the back of another large acquisition by XPO; it purchased European logistics company Norbert Dentressangle earlier in the year.
For now, XPO is stock in the vortex of the most hated group on Wall Street. Investors want as little risk as possible, and unfortunately these debt-financed deals are being viewed as toxic.
One day they will not be viewed as toxic, but that day is not here yet.
Read More Cramer: Stocks stuck in a vortex of hate right now
There was also big news announced by Alcoa on Monday, the maker of aluminum and high value-added aluminum based products. After years of building out Alcoa's value-added manufacturing business, CEO Klaus Kleinfeld decided to break the company up into two parts.
The first Alcoa business will be a commodity metals play, and the other will be a maker of high-value added engineered products. The market loved this move, as Alcoa's stock rallied 5.9 percent Monday.
Will this breakup work for the long-term? To find out, Cramer spoke with Kleinfeld.
"I would say depending on what you want; you have two very attractive companies. Both will be Fortune 500 companies. We've basically gotten them to scale and strengthen. They are both competitive, they have a different profile and in the future you have a choice between both of them," Kleinfeld said.
A worker at a factory operated by Alcoa.Getty Images
GameStop is the world's largest videogame retailer, and a stock that has been absolutely on fire until about a month ago thanks to fantastic numbers and the company's diversification into various kinds of TV-, movie- and game-related goods.
However, the stock hit a wall recently with shares falling 8 percent in a single session after the company reported back on August 27. When Cramer took a look at the company's results, the numbers seemed very strong. But the company also gave guidance for next quarter that was regarded by many as being disappointing, which is why the stock dropped.
Was management conservative, or was the guidance worrisome? Cramer spoke with the company's CEO Paul Raines to find out.
"Jim we have been around a long time and we are going to continue to be very successful…The story that nobody talks about is gross margins expanded 110 basis points. So our business is healthy, we would love to talk about any of the segments but our business is very strong. I think unfortunately some investors have chosen to flee, but they will be back," Raines said.
Unfortunately Monday's market hammering took the good, along with the bad. So now Cramer is wondering what to do with a fast growing and innovative company such as Teladoc that had the misfortune of coming public this summer, right before the market took a nosedive and investors started to sell risky high fliers.
Teladoc is the largest player in the disruptive field of telehealth. It is the No. 1 purveyor of on-demand health-care services via the internet. Its platform already has 11.5 million members, and the company's revenue flew up 78 percent in its first quarter after going public. However, the company still continues to lose money as it spends in order to expand.
"I feel like this is the kind of concept that would have been embraced in a bull market, but unfortunately we are firmly in bear territory," the "Mad Money" host said.
Read More Cramer: Forever changing the way you see a doctor
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Johnson Controls: "This company has so much going for it. It's got climate, which is a very good air conditioning company. It's a really really good battery business. And it doesn't matter right now because it's for sale because it's an industrial. We are not going to be able to pull the trigger on it at this level."
Jacobs Engineering Group: "Jacobs Engineering is perceived to be an energy stock, and we know the energy complex is still in free-fall so we are not going to be able to go near it. It's only down 18 percent, believe it or not that's relatively strong."
Read MoreLightning Round: Don't go near this stock
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f348c40edc5b33967043aac6bbd431ad | https://www.cnbc.com/2015/09/28/e-for-bearishness-on-commodities-behind-us.html | Gartman: Time for bearishness on commodities behind us | Gartman: Time for bearishness on commodities behind us
VIDEO3:1503:15The most interesting commodity: GartmanFast Money
With oil dropping more than 2 percent Monday and platinum at a 6 1/2-year low, commodity prices are plummeting. One analyst says this might be the perfect time for commodities investors to pounce. (Tweet This)
"I think the time for being bearish for commodities is behind us, but I'm not sure the time for being bullish for commodities is upon us," said Dennis Gartman, editor and publisher of The Gartman Letter.
Trading and mining giant, Glencore saw its shares tumble 26-percent Monday, underscoring the market's pre-existing commodity concerns. The London-based company's collapse could indicate that investors might not be taking a commodities plunge seriously enough.
"I think investors have made mistakes in not getting out of commodity trades long ago," said Gartman.
"The public will probably be a huge seller of everything in the next week or two," he added. "Then the commodities market will have moved from weaker hands into stronger hands."
Cheap mining stocks: Ripe for picking?
Glencore tanks another 29%: Who's next?
Glencore shares hit fresh all-time low
Certainly, there's no consensus on when commodities will come out of a steady decline that's gone on since last year.
Analysts at Credit Suisse wrote last week that until Chinese demand and emerging market currencies find a floor, there's no way to predict a base for commodity prices. Credit Suisse analysts pointed to iron ore as facing the greatest downside while copper is expected to hover around the top end of the cost curve until the market moves back into deficit.
That said, Gartman said he thinks investors should expect several months of bottoming, confusion, undue bearishness in the news media, and a repeated testing of lows.
Still, Gartman said that investors should mentally prepare themselves to be buyers of commodities as opposed to sellers, adding that they should be getting ready to own copper, steel, crude oil and grains.
Glencore tanks another 29%: Who's next?
"I think if investors are pressuring themselves to divest themselves of their commodities trades now, I think they are doing themselves a very serious disservice," Gartman said. "The time for being short is long past."
Last week, Credit Suisse drastically slashed its forecasts for commodity prices, especially for precious metals and base metals, going as far out as 2017.
Also last week, Goldman Sachs warned of a potential drop in shares of Glencore, the Anglo-Swiss mining company, due in part to falling commodity prices. Credit Suisse said on Tuesday that Glencore "has suffered a complete loss of confidence from investors," adding that the sentiment is felt across the metals and mining sector.
Glencore's stock was down about 28 percent in Monday afternoon trading.
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2266704d221cf5442de1010858bc0680 | https://www.cnbc.com/2015/09/28/fed-officials-speak-and-investors-scratch-their-heads.html | Fed officials speak, and investors scratch their heads | Fed officials speak, and investors scratch their heads
VIDEO3:2403:24A red start to the weekPower Lunch
The flurry of opinions following the Federal Reserve's decision to hold interest rates near zero at its September meeting has done little to provide clarity on future interest rate policy, market watchers told CNBC on Monday.
In fact, the pronouncements are simply confusing the market, they said.
"I think they're trying to be transparent — which you can't argue against transparency — but there is such a thing as an overload of information, and I think that's what a lot of investors are getting right now," Robert Luna, Surevest Capital Management CEO, told CNBC's "Power Lunch" on Monday.
Market watchers got another opinion to mull over on Monday after Chicago Federal Reserve President Charles Evans said in a speech the United States faces inflation and dollar headwinds that may not subside until the middle of next year. He said the Fed could help the country navigate those headwinds by delaying a long-anticipated hike to the benchmark fed funds rate until 2016.
Read More Fed's Evans: Later rate hike better for economy
Earlier in the day, New York Fed President William Dudley said the central bank's policymaking committee would likely raise interest rates this year, perhaps as soon as its next meeting in October. That comment echoed a speech by Fed Chair Janet Yellen last week, during which she said it would likely be appropriate to raise rates sometime this year.
Former Dallas Fed president, Richard Fisher told CNBC's "Closing Bell" that he would put more weight on Dudley's comments than those of Charles Evans.
"I pay a lot of attention to President Dudley. I think he reflects more the line of the Board of Governors. It seemed to me that speech indicated [the Fed] are still considering a move in October or December," Fisher said.
Fisher added that Yellen's Thursday speech at the University of Massachusetts Amherst indicated that the door for a rate hike was still open.
"The data is moving in the right direction, unless they see something that changes that direction, then as Dudley said today they're likely to move either in October or December," he said. "I know that [the Fed is] eager to start lift off as soon as it's pragmatic for them to do so."
In her statement after the September meeting, Yellen said the Federal Open Market Committee wanted to see further evidence of labor market improvement and that inflation would move towards the Fed's 2 percent target.
"People are very panicked. When they're hearing these types of headlines, it's not giving them a lot of clarity, so in terms of getting some long-term investor money back into this market, I don't think that's going to do anything to give it a boost," Luna said.
Investors want to play it safe in an environment in which Fed members are sending mixed signals and walking back earlier comments, O'Neil Securities Director Kenny Polcari said. "Safe at the moment is to raise some cash," he told "Power Lunch."
Stephen Guilfoyle, director of NYSE floor operations for Deep Value, noted that investors were moving into safe haven Treasurys and out of every equity sector, including utilities. "Usually they move well with Treasurys here, so right now you're seeing some people protect their money."
Read MoreFed just threw kerosene on the fire: RBC Strategist
Investors are focusing on "every little bit of data" available because the Fed continues to say that its decision to hike rates remains data-dependent, Kate Warne, investment strategist at Edward Jones told "Power Lunch." That mantra, combined with the differing views from Fed officials, is not giving investors confidence.
"I think the Fed needs to do a better job of communicating what it's really planning to do as opposed to all the various options that different people think it might take," she said.
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cad7e7e3e8cd2fe5f2913a79f335513f | https://www.cnbc.com/2015/09/28/goldman-earnings-buyback-blackout-to-hit-market.html | Goldman: Earnings, buyback blackout to hit market | Goldman: Earnings, buyback blackout to hit market
Traders work on the floor of the New York Stock Exchange.Getty Images
With the end of the third quarter in sight, Goldman Sachs predicts the upcoming earnings season will not be pretty. That, and the accompanying blackout period for stock buybacks, should cause volatility to remain in the fourth quarter.
The firm told clients to hide out in high quality stocks with large domestic sales.
"For a second consecutive quarter, economic turmoil in China alongside mixed US economic activity and a generally strengthening dollar will likely weigh on corporate results," wrote Goldman's equity strategist David Kostin.
Analysts' bottom-up consensus calls for a 3 percent decline in earnings per share during the third quarter from a year ago, Kostin said.
The biggest culprit for the overall decline will be energy, which according to analysts' forecasts, will see earnings plunge nearly 70 percent.
Removing energy out of the mix, as has been the norm in recent quarters to gauge the strength of sales in other areas of the market, earnings growth is expected to rise by 6 percent, Goldman said.
The market is also entering the week without one of its biggest backers: share buyback programs.
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407f0b53144727f3b01637b0e84996f9 | https://www.cnbc.com/2015/09/28/google-takes-aim-at-apple-with-new-devices-os.html | Google takes aim at Apple with new devices, OS | Google takes aim at Apple with new devices, OS
VIDEO0:3500:35Google set to unveil Nexus Communications Equipment
Google is expected to unveil two new Nexus smartphones, its new mobile operating system and the next generation of its Chromecast streaming device at an event in San Francisco on Tuesday.
Analysts will be watching closely, but not just for product updates: The event marks Sundar Pichai's first presentation as CEO and investors will be looking for signals of a change in direction for Google's business.
"[It] will be interesting to see if Pichai talks about any topics other than products. Will he discuss business or organizational goals for Google? [We] will be looking for signs of how active or distinct of a CEO he will be," said RBC Capital Markets analyst Mark Mahaney.
Pichai is expected to unveil Google's new flagship Nexus phones from LG and Huawei. The Nexus 6P is Huawei's first Nexus device and, according to Android Police, will be available for pre-order on Tuesday in the U.S., U.K., Ireland, Canada and Japan starting at $499.99 and the device features a metal body, Gorilla Glass 4, a Qualcomm Snapdragon 810 v 2.1 processor and 3450mAh battery.
The Nexus line provides Google with the opportunity to show off the features of its new Android software. Most device makers and carriers customize Android, but Nexus phones run an unchanged version, allowing Google to showcase its vision for the new OS dubbed "Android Marshmallow."
The two new Nexus phones Pichai is expected roll out are an important part of Google's pitch to developers to get them to build apps on the platform. According to Comscore, Android has 51 percent of the US smartphone market share and an even greater share of the pie outside the U.S., where Apple's iOS devices are less popular.
VIDEO1:1601:16So, who is this new Google CEO?Squawk Alley
Android Marshmallow, first unveiled in May, includes some key new features to rival Apple's iOS 9 and is expected to be released in early October.
Android Pay — a rival to Apple Pay — lets users pay for products using an Android phone, and virtual assistant Google Now gets an upgrade with Now On Tap, which let users access the service by holding down the home button, just like Apple's Siri. The new feature also incorporates information Google knows about users, such as location data and data from gmail, to suggest useful information.
Pacific Crest analyst Evan Wilson said that the fragmentation of Android limits its impact in the short term. Only 21 percent of Android smartphones are currently running Google's latest Android OS, Lollipop, according to the Google Play store.
Still, Android has "closed the functionality gap with [Apple's] iOS at high end and is now a true competitor," Wilson said — an important step since Android phones are generally seen as targeted to more price-conscious users.
Google is also expected to announce the second generation of Chromecast stick with home screen support for streaming video and improved Wi-Fi capabilities, and a new Chromecast audio stick for streaming music. Android Police reports that Google will also announce a Play Music family plan for $15 per month for up to 6 devices, rivaling similar offerings from Spotify and Apple. It's all part of Google's effort to get more devices using Google's platform.
How Google is like a biotech portfolio: Goldman Sachs
Why we're teaming up with Google for an Android phone
With Android facing probes in Europe and reportedly in the U.S. over antitrust claims, first reported by Bloomberg, Google is under increased scrutiny from regulators, though analysts are split on how much of a threat these investigations pose to Google's business. "For now, we are assuming that regulatory scrutiny of Android will not lead to any material changes at Google. Largely because there are no direct revenue streams associated with Android," said Mahaney.
But SunTrust analyst Robert Peck says Wall Street is not so optimistic. "Many believe there could be some cash penalty, akin to what Microsoft saw several years ago (several billion). However, the much more important part would be any impact to top-line growth rates, should Google be forced to emphasize other services (i.e., YELP) over its own," he said.
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1dd16f40ae8f79ffa949ee1f5878b441 | https://www.cnbc.com/2015/09/28/indias-rbi-likely-to-cut-rates-caution-on-inflation.html | India's RBI likely to cut rates, caution on inflation | India's RBI likely to cut rates, caution on inflation
Getty Images
The Reserve Bank of India is expected cut its key repo rate to a four-year low on Tuesday to help support the domestic economy at a time when consumer inflation is at a record low, but may express caution about easing further as price risks still loom.
A Reuters poll last week showed 45 of 51 economists expect the RBI to cut the repo rate by 25 basis points to 7.00 percent, its lowest since May 2011. The RBI has already eased the policy rate by 75 bps so far this year.
But another rate cut may depend on how food prices impact consumer inflation starting in September, given India could be facing its driest year since 2009 as monsoon rains have fallen below their long-term average.
VIDEO4:5404:54RBI decision will be a close call: BNP ParibasSquawk Box Asia
A favorable base effect seen in the previous two months is also expected to wane.
The RBI is also likely to err on the side of caution as U.S. interest rates are expected to rise by the end of this year for the first time since 2006, potentially putting pressure on emerging market currencies, including the rupee.
RBI Governor Raghuram Rajan is expected to express that cautiousness as he looks to manage expectations, and counterbalance the calls for aggressive easing from government officials and corporate executives.
Read More Gokarn to RBI: Stop focusing on the Fed
"I expect the RBI to cut the repo rate and sound a cautionary tone on the deficient monsoon's impact on food prices and the Fed," Soumya Kanti Ghosh, chief economic adviser at State Bank of India, said.
Expectations for a rate cut surged the release of data showing consumer inflation at a record low of 3.66 percent in August. Inflation looks set to undershoot the government's projection of 6 percent inflation by January 2016.
Read MoreIndia FinMin: I want an RBI rate cut
The economy expanded at a slower-than-expected annualized rate of 7 percent in the April-June quarter. That is faster than China, but well below the government's target of 8 to 8.5 percent for the year ending in March.
The stuttering recovery in the growth rate lies behind the calls for the central bank to lower interest rates, but the RBI is worried about the potential for inflation to flare up again.
Rajan this month pointed out that without a favorable base effect, August inflation would have been around "mid five percent."
Looking ahead, analysts expect Rajan set a new target to bring consumer inflation down to 5 percent by January 2017, as part of his longer-term objective to keep inflation at around 4 percent.
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0f3c64e32b7e6bcaa037e6606f4e9766 | https://www.cnbc.com/2015/09/28/iran-to-test-investor-confidence-with-islamic-debt-issue.html | Iran to test investor confidence with debt issue | Iran to test investor confidence with debt issue
Getty Images
Iran will issue Islamic Treasury Bills, its version of short-term sovereign debt, for the first time on Monday in an attempt to provide a fresh fiscal stimulus for its cash-strapped economy, according to people involved in the move.
About $300 million-worth of the Treasury Bills — a sharia law-compliant way for the government to raise money — will be offered to investors at a steep discount to their face value in a sign of how nascent capital markets are developing in Iran.
The public offering will test the international community's reaction to Iran's risks following a breakthrough nuclear agreement with world powers that is expected to partially lift sanctions on the country next year.
The government issues the one-year bonds to contractors in lieu of paying them and the securities are now being offered to investors via Iran's Fara Bourse, its small over-the-counter market.
Crucially, the effective interest rate on the bills is expected to be higher than the official bank deposit rate, which is about 20 per cent. Iran's economy is heavily dependent on its banking system, which is hampered by large levels of bad debts, punitively high interest rates and double-digit rates of inflation.
VIDEO1:4801:48President Obama: China crucial in Iran talksHalftime Report
"There is a credit crunch in Iran and the solution is to increase the money supply," said Majid Zamani, chief executive of Kardan Investment Bank, the Tehran-based company that is acting as market maker on the Islamic T-bill sale.
This is the first opportunity in many years for the market to give its verdict on the sovereign debt of Iran. The government, according to Mr Zamani, is planning $600 million more of these Islamic T-bills in the coming months.
More from the Financial Times:
Russia's Syria build-up surprises IranFrench companies fear losing Iran tradeSanctions' end will help Iran property market
Saeed Laylaz, an economic analyst, said: "These Treasury bills with such small amounts cannot help our economic problems but their issuance is the first step toward reviving financial relations with the world and seeing if foreigners and the Iranian expatriate community trust this market after the nuclear deal."
The centrist government of Hassan Rouhani is struggling with debts it inherited from its populist predecessor, Mahmoud Ahmadi-Nejad. Tehran owes 1,000 trillion rials ($33.3 billion) to the banking system and is facing a squeeze on funding due to falling oil revenues and the impact of the sanctions.
Read MoreIran leader demands Saudi Arabia apologise for hajj deaths
Iran's economy started growing last year after three successive years of contraction, but it has slowed this year and many Iranian economists predict a sharp deterioration.
Gholamali Kamyab, vice-governor of Iran's central bank, told delegates at last week's Europe-Iran Forum: "Having deep debt markets in Iran is one of the instruments that we can use to raise funds internally." He said the issue of Islamic T-bills was "quite new, so we will have to wait and see how it goes".
The Central Bank of Iran is allowed by the Monetary and Credit Council — a decision-making body — to issue 100 trillion rials ($3.3 billion) of bonds in the current year to the end of March 2016 if needed.
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d5becf6609a05e5d164c0dc7982de439 | https://www.cnbc.com/2015/09/28/is-the-blackphone-2-four-times-more-secure-than-an-iphone-6.html | Can Blackphone 2 replace the likes of Blackberry in privacy? | Can Blackphone 2 replace the likes of Blackberry in privacy?
VIDEO2:5402:54Blackphone 2: Privacy without compromiseWorldwide Exchange
Privacy and security continue to dominate talk inside the tech space and what better way to ease concerns than have a phone that puts privacy ahead of selfie cameras or fancy emojis?
Encrypted communications company, Silent Circle, unveiled the "Blackphone 2" on Monday, a revamped version of its "world's first" smartphone built to be private by design.
Silent Circle's co-founder and chairman, Mike Janke, said the phone offered "privacy without compromise."
Silent Circle's "Blackphone 2" designCredit: Silent Circle
The latest version is described as a "game changer" for mobile and combines Silent Circle's proprietary "Silent" operating system with Google Android technology and pre-installed apps that users can modify to their liking.
"We wanted to be understated. It's not about selfie cameras and colors and waterproofing, it's about privacy and security. Being understated and getting the job done," Janke told CNBC on Monday.
The phone provides encryption to enable secure calls, texts, file transfers and video conferencing. It has 32GB of internal storage and allows users to separate work information from personal data.
Don't want to be spied on? You need these phones
"Data is the new gold coming out of the ground, not oil. So, the more data there is the more competitive advantage there is for countries. It's increasing tenfold, not decreasing," said Janke, when discussing whether demand for the Blackphone would decrease as governments make increasing efforts to tackle cyber threats.
The phone comes with a $799 price-tag, which roughly matches the price of an unlocked Samsung Galaxy S6 Edge Plus or an unlocked 32GB Apple iPhone 5S.
Janke said that the price was "not a big cost" for companies concerned about security. He added that the new phone could even replace Blackberry as the phone of choice for security-concerned employers.
CNBC Explains: How to encrypt your email
Employees are also increasingly concerned over privacy, especially in light of recent high-profile data hacks.
"The growing number of companies where employees work on their own devices in and out of the office means that it is ever more vital to build smartphones that deliver on privacy," Silent Circle CEO Bill Conner said in a statement.
"People and enterprises want to take back control of their privacy but too often they don't know how, or they feel they must compromise too much."
Clarification: This article has been amended since first published following clarification from Silent Circle on the security of the handset.
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cc4a180a6ad8ca3cd87746778f8628fd | https://www.cnbc.com/2015/09/28/is-the-end-near-for-anti-immigrant-democrat-trump.html | Is the end near for 'anti-immigrant Democrat' Trump? | Is the end near for 'anti-immigrant Democrat' Trump?
VIDEO8:0308:03Donald Trump: My tax plan saves America so much moneySquawk Alley
VIDEO0:3900:39Trump set to release tax planTaxes
VIDEO2:0302:03Donald Trump: My tax plan will grow American economySquawk Alley
Perhaps the most dangerous game in political punditry is declaring an end to the strange, narcissistic odyssey that is the Donald Trump presidential campaign.
But the end may actually be near.
Trump went on CBS' "60 Minutes" on Sunday night and repeated some of his more outlandish plans, including building a huge and classy border wall with Mexico and making the Chinese respect him "just like I have the Chinese banks in my building, they listen to me."
Republican presidential candidate Donald Trump speaks at the Values Voters Summit at the Omni Shoreham hotel in Washington D.C., September 25, 2015.Al Drago | CQ Roll Call | Getty Images
He also said of the roughly 11 million undocumented immigrants in the United States "we are rounding them up in a very humane way and a very nice way and they are going to be happy because they want to be legalized. … I know it doesn't sound nice but not everything is nice."
"Rounding up" and forcibly relocating millions of people has never worked out very well in human history.
After the interview, Trump did what he always does: Go on Twitter and slam the interviewer—in this case CBS' immensely talented and relentless Scott Pelley. To Trump, any journalist who asks serious questions and won't accept nonsensical, word-salad answers is a "hater" and all-around terrible person.
But slamming journalists and railing against undocumented immigrants is not going to derail Trump. It's a large part of why he is so popular. What will—and already is—slowing Trump down is the realization among Republicans that he is basically running as an anti-immigrant Democrat.
On "60 Minutes," Trump pledged to release a tax plan that would raise levies on the wealthy and cut them, in some cases to zero, on the less well off. And he again proposed a universal health plan that sounds a great deal like Obamacare.
Read More
"Everybody has got to be covered, Trump said. "I am going to take care of everybody. … The government is going to pay for [the uninsured] but we are going to save so much on the other side. But for the most part it's going to be a private plan and people are going to be able to go out and negotiate great plans with lots of different competition with lots of competitors with great companies and they can have their doctors, they can have plans, they can have everything."
Giving people the ability to shop for different private plans in a single marketplace while offering subsidies to help those who can't afford premiums is the basic premise of Obamacare. It's also the model for the Massachusetts plan promoted by then-Gov. Mitt Romney. And it didn't work too well for Romney among Republicans or when making the case against Obama in the general election.
Trump has some other stances that now sound Republican, including his new-found opposition to abortion. But his record of being strongly pro-choice is plain for all Republicans to see.
Trump himself acknowledged in 2004 in an interview with CNN that "I probably identify more as a Democrat." At some point, people who actually vote in Republican primaries and caucuses will realize that the billionaire real estate mogul is not really one of them.
And despite Trump's protestations and citing of unscientific, online polls, the decline has already begun.
Just look at the aggregate of polls maintained by Real Clear Politics that shows Trump peaking at around 30 percent of the GOP vote and now has him down to 23 percent, still the front-runner but moving in the wrong direction. Trump hasn't lost much ground yet in Iowa polls but he's down from 32.8 percent to 25.3 percent in New Hampshire. In the latest NBC/Wall Street Journal poll, Trump is in a virtual tie with Ben Carson.
Could Trump turn this around and rise again?
Sure he could. Predicting his demise so far has been a fool's game. Trump could deploy some of his millions to run ads touting his promise of a greater, stronger America that is rich again and somehow "takes back" the jobs lost to other countries while giving everyone health care, getting rid of undocumented immigrants, smashing ISIS and building a gorgeous and impenetrable wall on the Mexican border.
If you thought Boehner brought the ruckus, stay tuned
That could slow down the slide but it probably can't stop it, and so far Trump has shown a very strong inclination to rely on free rather than paid media. Declining poll numbers and general boredom with the Trump Show will eventually reduce that free media.
So the question at some point—and probably soon—will be on who replaces Trump in the top slot. So far it's been either retired neurosurgeon Carson and former HP CEO Carly Fiorina. But both those candidates have serious flaws (Carson is very low energy and doesn't think a Muslim should ever be president and Fiorina struggles with her business record).
The most likely candidates to get the nomination remain former Florida Gov. Jeb Bush and Florida Sen. Marco Rubio. And right now Rubio has the edge given his recent strong debate performances. The next debate, coming up on CNBC on Oct. 28, will go a long way to deciding who becomes the post-Trump GOP front-runner as the actual voting draws closer. Bush needs a knockout performance to quiet donors worried about his stagnant poll numbers.
If Bush doesn't get it, Rubio could head into 2016 as the favorite for the nomination. And the summer (and early fall) of Trump could recede into strange memory and the political history books.
—Ben White is Politico's chief economic correspondent and a CNBC contributor. He also authors the daily tip sheet Politico Morning Money [politico.com/morningmoney]. Follow him on Twitter @morningmoneyben.
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da4fd03a8c1ea8bbf338ba09fc3e63d0 | https://www.cnbc.com/2015/09/28/jpmorgan-buy-into-the-biotech-bear-market.html | JPMorgan: Buy into the biotech bear market | JPMorgan: Buy into the biotech bear market
Pedro Castellano | Getty Images
The biotech sector plunged 13 percent last week sparked by Hillary Clinton's comments on high drug pricing and her plan for greater regulation of the sector.
Investors are wondering what's next for life sciences stocks as they are now in bear market territory, down 22 percent from July's highs.
JPMorgan reached out to fund managers to find out their current concerns and analyze the prospects for the biotech sector.
Here are the key takeaways in its note to clients sent Monday.
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7f2171bccf6cc1830c681f700376f544 | https://www.cnbc.com/2015/09/28/klm-passenger-mistakes-plane-door-for-toilet-report.html | KLM passenger mistakes plane door for toilet: Report | KLM passenger mistakes plane door for toilet: Report
VIDEO0:4000:40Scottish man tries to open plane door mid flight
James Gray, a KLM Royal Dutch Airlines passenger, made a nearly tragic mistake on his flight from Edinburgh to Amsterdam.
At 30,000 feet, Gray mistook an airplane door for a restroom. He was detained overnight, fined 600 euros and banned from the airline for five years, The Telegraph reported Sunday.
"The crew told me to stay in my seat and I was to be arrested when the plane landed," he told the newspaper. "I tried to explain it was a simple mistake. It was a misunderstanding. The police came and arrested me. They weren't too friendly."
The newspaper didn't say when the incident took place.
"After the flight the passenger was handed over to the Royal Police at Schiphol because of his misbehavior on board. We do not give any details on individual passengers," a KLM spokesman later told CNBC in an email.
Click here for the full report.
Read More American flies wrong plane from LA to Hawaii: Report
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6b6bc89c02e3c1abd284fbcfa09f5de6 | https://www.cnbc.com/2015/09/28/latinas-say-trump-is-the-worst-thing-about-us.html | Latinas say Trump is the worst thing about US | Latinas say Trump is the worst thing about US
Donald TrumpLucas Jackson | Reuters
What's the biggest downside to living in the U.S., according to Latina women? One survey has discovered that Hispanic women name Donald Trump.
A study commissioned by one of the leading millennial women's media companies Popsugar, in partnership with Contecxt and Ipsos CT, asked Latina women about their preferences, especially as it pertained to advertising.
One of the open-ended questions asked Latinas what the most negative thing about living in the United States was. Forty-one percent of the survey takers, who wrote more than 500 unique responses, referenced negative Hispanic stereotypes — with many of those specifically naming Trump.
Still, the survey found that, overall, Latinas had a positive view of America, and considered themselves to be equally American and Latina.
Latinas are considered an immensely lucrative demographic to advertise to, given their purchasing power. According to the 2015 Multicultural Economy Report from the University of Georgia's Selig Center for Economic Growth, Hispanics are expected to have a total purchasing power of $1.3 trillion this year, the largest of all the U.S. minority groups. The figure is projected to hit $1.7 trillion in 2020.
"The pure size of the market has exploded," said Yashoda Sampath, research director at digital agency Huge. "It's also the one that is growing the most in affluence over time, even accounting for the recession."
Mark Book, vice president and director of Digitas Studios, said that there are more than 6.4 million Hispanic moms in the U.S., and they typically have larger households. In addition, a quarter of the millennials in the U.S. are Hispanic, and contribute more to overall household expenses than non-Hispanic white millennials.
"Marketing to the Latina demographic is so important for brands because of the share of buying power that they represent today, in the next five years, and beyond," he said.
Why technology is the way to reach Latinas
These consumers can make or break sales growth
In addition, Sampath said that Hispanics are more likely to embrace newer digital technologies, like mobile and social media, than the rest of the population. Because of a lower penetration of broadband services in Hispanic households, the population started out as mobile-first.
For example, Digitas Studios data shows that 77 percent of Latinas own smartphones, as opposed to 55 percent of non-Hispanic whites.
"The Latina demographic is more digital and mobile savvy than the general population, and multitask less when watching ads online or on television," said Book. "This allows more concentrated consumption of brand media."
The Popsugar survey also discovered that 45 percent of Latinas overall said they trusted digital advertising more than they trusted opinions of friends. Native advertising, or pieces of commissioned content, was highly favored, especially among Latina moms and young Latinas between 18 and 24. Also, they had no problem sharing branded content with friends.
There is room for brand improvement: When it came to content, the overwhelming majority of survey takers said they wanted to see more Latinas in the media, especially in lifestyle categories such as food, beauty and fashion.
Previously, Sampath said many marketers relied on what is called niche marketing to reach Hispanic audiences, taking historically Hispanic products and creating advertising campaigns in Spanish featuring a predominantly Hispanic cast.
However, she explained more brands are starting to take a total market approach, realizing that including Hispanic people in ads targeted toward the general population can reach all consumers instead of having campaigns for each demographic.
"That's changing fast as more brands become aware of the opportunity.... It's more of an inside-out approach rather than an outside-in approach," she said.
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e299202c755a11d7d730ed10347de9bb | https://www.cnbc.com/2015/09/28/lightning-round-its-about-to-find-a-bottom.html | It's that time again! Jim Cramer rang the lightning round bell, which means he gave his take on caller favorite stocks at rapid speed:
Johnson Controls: "This company has so much going for it. It's got climate, which is a very good air conditioning company. It's a really really good battery business. And it doesn't matter right now because it's for sale because it's an industrial. We are not going to be able to pull the trigger on it at this level."
Jacobs Engineering Group: "Jacobs Engineering is perceived to be an energy stock, and we know the energy complex is still in free-fall so we are not going to be able to go near it. It's only down 18 percent, believe it or not that's relatively strong."
La Jolla Pharmaceutical: "If you are new to investing I think you have to start with a little less risk. I'm talking about a stock that's come down a lot that we like, such as a Bristol-Myers, it got hit very badly, and Eli Lilly. La Jolla is a very risky stock. I just want you to know that. Why? It doesn't have any earnings and that doesn't have any dividend. And that is what determines a risk profile."
Sherwin Williams: "If earnings mattered, you would be buying Sherwin Wiliams right here. But earnings don't seem to matter right now. I think it's a good company. I look at PPG right now by the way, it's down to $84. It is down from $118 and down 27 percent. It is in a very similar business, I would rather own PPG and accept the consequences that it is probably not done going down."
Read more from Mad Money with Jim Cramer
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WhiteWave Foods: "WhiteWave reported a terrific quarter, my charitable trust owns it. It is a stock that I do think is trying to find a bottom and it wouldn't surprise me if it finds one not that far from here."
Spark Therapeutics: "No, that is again one of these companies that even the big earning biotechs are not holding up. They have to hold up first before you can buy that stock."
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1e6a70fdc441f3fb3fd79d463f2b35b4 | https://www.cnbc.com/2015/09/28/missed-supermoon-total-lunar-eclipse-next-one-due-in-2033.html | Missed Supermoon Total Lunar Eclipse? Next One Due in 2033 | Missed Supermoon Total Lunar Eclipse? Next One Due in 2033
The supermoon rises behind Glastonbury Tor on September 28, 2015 in Somerset, England.Getty Images
Skywatchers had something to howl about on Sunday: a supermoon total eclipse. Not only was it the best and last opportunity of the year for Americans to witness any kind of eclipse, but this particular phenomenon is extremely rare, happening perhaps five times a century. The last supermoon eclipse was in 1982, and there won't be another until 2033.
Beginning at 8:11 p.m. Eastern (5:11 p.m. Pacific), the moon — currently full and at the closest point in its orbit, making it an extra-large, extra-bright "supermoon" — entered the shadow of the Earth, darkening it until only light refracted around the planet falls on its surface. The redness of this light gives the moon a rusty color, resulting in the nickname of this type of eclipse: a "blood moon."
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The total lunar eclipse, in which the moon is completely engulfed in the center of the Earth's shadow, or umbra, began two hours later, lasting for a little more than an hour before things brightened up again.
In Los Angeles, a large crowd filled the lawn of Griffith Observatory to watch the celestial show while listening to Beethoven's "Moonlight Sonata" played by 14-year-old pianist Ray Ushikubo.
Christine Bush tweet
"You always want to see the eclipse because they're always very different," said astronomer Edwin Krupp, the director of the hilltop landmark.
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9b2911deaf3caeadda7091d155aa183e | https://www.cnbc.com/2015/09/28/nasdaq-death-cross-forms-four-horsemen-pattern.html | Nasdaq 'death cross' forms 'four horsemen' pattern | Nasdaq 'death cross' forms 'four horsemen' pattern
Traders work on the floor of the New York Stock Exchange.Getty Images
The following is a free preview of CNBC Pro. To get more investment analysis and the live CNBC TV feed, please subscribe.
The Nasdaq composite spooked investors on Monday after forming a death cross, a trading pattern that shows a decline in short-term momentum and is often a precursor to future losses.
A death cross occurs when the short-term moving average of a security or an index pierces below the long-term trend, in this case the 50-day moving average breaking through the 200-day moving average.
In the past month, similar chart patterns formed in the S&P 500, Dow and small-cap Russell 2000, but the Nasdaq avoided a death cross formation until Monday.
Among the major averages, the domino effect was progressively felt as the drop in one index preceded the next.
"The Dow Jones Industrial Average triggered the sell signal in August, followed by the S&P 500 then Russell 2000," Brean Capital head of equity trading Roberto Friedlander wrote Monday, alluding to the deterioration in the market.
Read MoreGoldman: Earnings, buyback blackout to hit market
Friedlander explains that the Nasdaq's death cross formation, along with the three other indexes, marks the first time since 2011 that "all four horseman of the apocalypse" were in a death cross simultaneously.
Here's how Brean Capital is trading this technical development:
Source: FactSet
Since 1979, there have been 13 instances when all four indexes traded in a death cross, according to Brean Capital.
In those instances, the market returns in the short term or less than one month were "weak." In the long-term, however, the performance improved drastically with the market up 75 percent of the time three months out.
Read More Recession risk rising, low returns ahead: Street
At the current levels, Friedlander thinks the S&P 500 is in the midpoint of a "significant" correction.
"Since the uptrend that began in 2011 was breached in August, we've been fairly confident that the SP500's price path has a greater than most imagine probability of passing through the 1700's before new highs are likely, and we continue to believe that SPX 1730 has a magnetic pull in a 'can test, could hold' kind of way," Friedlander said in a note.
"If we're right, 1730 would be a 38 percent retracement of wave three and, if it tests in Q4, there would also be potential support from the rising bottoms line which connects the 2009 and 2011 swing lows," he warned.
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642d9c7e1060935de1d6d2ced0bac0db | https://www.cnbc.com/2015/09/28/obama-and-putin-to-meet-on-sidelines-of-united-nations-general-assembly.html | Obama and Putin to Meet on Sidelines of United Nations General Assembly | Obama and Putin to Meet on Sidelines of United Nations General Assembly
President Barack Obama listens to Russian President Vladimir Putin during a meeting in 2012.Jewel Samad | AFP | Getty Images
An all-star star lineup of world leaders will take the stage at the United Nations on Monday, but all eyes will be on the sidelines for the first meeting between the estranged U.S. and Russian leaders in nearly a year.
President Barack Obama and Moscow-based counterpart Vladimir Putin will come face-to-face at a time when relations between the U.S. and Russia have fallen to near Cold War-level lows amid disagreements over Syria and Ukraine.
The two countries were unable to agree on the premise of the meeting — the White House says that Putin reached out, which the Kremlin disputes — or even what the two leaders will discuss.
Read more from NBC News: Banksy: 'Dismaland' heading to Calais to help refugees Missed supermoon total lunar eclipse? Driver arrested after smashing into Ariz. airport fence
The White House initially said the talks will focus on Ukraine, while the Kremlin said Syria and the fight against ISIS will be at the fore. The Obama administration has since confirmed Syria will be on high on the agenda.
Putin told "60 Minutes" on Sunday that he and Obama "listen to each other in a way," but when asked if the U.S. president considers him an equal said: "How could I know what he thinks?"
Before he gets to hear for himself, both Putin and Obama will address the world leaders gathered from the floor of the U.N. General Assembly.
Both are expected to speak of Syria and the need for a political transition — but diverge on matters of that country's President Bashar Assad. Obama is expected to stress the White House line that Assad must go, while Putin is expected to put Assad up as the only option to defeat ISIS.
The Russian leader insisted on that point in his interview with "60 Minutes," saying that "there is no other solution to the Syrian crisis than strengthening the effective government structures and rendering them help in fighting terrorism."
Read More Putin pumps iron to show Russians his healthy side
Putin said that Russia "will not participate in any troop operations" in Syria at the moment, but is looking into "intensifying" its work with Assad.
That work has been under a microscope of late: Russia's recent military buildup in Syria has flummoxed and concerned U.S. officials, who fear Moscow has been sending in weapons to shore up Assad.
Monday's meeting will give Obama an opportunity to ask Putin directly about Russian military forces in Syria — though few expect Moscow is interested in joining the U.S.-led anti-ISIS coalition.
"It's time for clarity and for Russia to come clean and come clear on just exactly how it proposes to be a constructive contributor to what is already an ongoing multi-nation coalition," said Celeste Wallander, the White House National Security Council's senior director for Russia. "That's a question for President Putin, and it's a question we'll be posing to President Putin."
"We're just at the beginning of trying to understand what the Russians intentions are in Syria, in Iraq, and to try and see if there are mutually beneficial ways forward here," a senior State Department Official said Sunday. "We've got a long way to go in that conversation."
Read More What has Russia got invested in Syria?
Ahead of the Obama-Putin encounter, Secretary of State John Kerry had a "preparatory" meeting with his Russian counterpart Sergei Lavrov in New York where both Syria and Ukraine were discussed.
The "very constructive" discussion involved a "very thorough exchange of views on both the military and the political implications of Russia's increased engagement in Syria," according to the senior State Department official.
Putin insisted that Russia's presence in Syria was "under entirely legal international contracts," telling "60 Minutes" that it only has supplied weapons to the government, personnel training and humanitarian aid.
He also criticized U.S. efforts to train moderate opposition and suggested Washington was in violation of international law by supporting non-state structures.
Kerry struck a slightly more conciliatory note on Sunday, saying from New York that discussions with Russia were "the beginning of a genuine effort to see if there is a way to de-conflict, but also to find a way forward that will be effective in keeping a united, secular Syria that can be at peace and stable again."
Read More Move Over, Santa: Putin Claims the North Pole
Beyond bridging the divides over Syria, Obama and Putin also were poised to discuss the problem of Ukraine — one of the main drivers of the broadening wedge between the U.S. and Russia.
After Russia's annexation of Crimea from Ukraine in March 2014, the U.S. and other Western nations imposed sanctions on Moscow. The U.S. also has accused Russia of supporting an insurgency in eastern Ukraine —allegations Moscow staunchly denies.
"The situation in Ukraine continues to be of significant concern and our support for the territorial integrity and sovereignty of Ukraine will be front and center throughout our discussions, particularly with President Putin," Ben Rhodes, White House national security adviser, told reporters on Thursday.
However, the ongoing conflict in Syria — and Moscow's unmitigated support for embattled Assad — appears to have eclipsed the urgency of the Ukraine conflict heading into the annual General Assembly.
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815e62cae83923df9685fb47f26b043f | https://www.cnbc.com/2015/09/28/philanthropist-investor-richard-rainwater-dies-at-71.html | Philanthropist-investor Richard Rainwater dies at 71 | Philanthropist-investor Richard Rainwater dies at 71
VIDEO0:5400:54Richard Rainwater dead at age 71Squawk Box
Richard Rainwater, the son of a North Texas grocer who went on to amass a fortune as an investment manager before becoming a billionaire investor and philanthropist in his own right, has died, according to his charitable foundation. He was 71.
A statement issued by the Rainwater Charitable Foundation says Rainwater died Sunday morning at his Fort Worth, Texas, home after a long battle with a rare neurological disease. He had been battling progressive supranuclear palsy since 2009 and had pumped millions into a campaign to finding a cure.
The president of Rainwater Inc. also confirmed the death.
Among Rainwater's career achievements was conducting billionaire investor Sid Bass' acquisition of a major stake in the Walt Disney and partnering with future President George W. Bush in the 1989 purchase of the Texas Rangers baseball team.
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af0cdf8141f5bdf4e581e2642de63372 | https://www.cnbc.com/2015/09/28/piketty-and-stiglitz-backing-uks-left-wing-leader.html | Piketty and Stiglitz backing UK’s left-wing leader | Piketty and Stiglitz backing UK’s left-wing leader
VIDEO3:2403:24Does nationalisation have public support in the UK?Squawk Box Europe
VIDEO3:2103:21Right thing to cut UK's deficit: British Chambers of Commerce directorSquawk Box Europe
VIDEO1:3001:30What exactly is People's QE?
VIDEO3:5703:57Proud to call myself a socialist: Corbyn Squawk Box Europe
Jeremy Corbyn, the U.K. Labour Party's most left-wing leader for decades, has brought on board a raft of world-famous economists in an effort to boost his credentials.
Corbyn has been in the job for two weeks and has already attracted particularly fierce flak for his economic policies – although his ideas on nuclear weapons, welfare payments and foreign policy have also proved controversial.
The new economic advisers include well-known figures like Thomas Piketty, the French economist, and Nobel Prizewinner Joseph Stiglitz. Their presence will help Corbyn and his team counter suggestions that they are not to be trusted with the economy.
Thomas PikettyGetty Images
"I am very happy to take part in this Economic Advisory Committee and assist the Labour Party in constructing an economic policy that helps tackle some of the biggest issues facing people in the UK," Piketty, whose book "Capital in the 21st Century" caused a stir last year, said in a statement.
"There is now a brilliant opportunity for the Labour party to construct a fresh and new political economy which will expose austerity for the failure it has been in the UK and Europe."
Here, CNBC takes a look at Corbyn's potentially controversial economic policies:
One key tenet of what John McDonnell, Corbyn's shadow Chancellor of the Exchequer, calls a "radical but pragmatic and deliverable economic policy" is raising taxes on personal wealth, via increasing the 40 percent top income tax bracket back up to 50 percent and the removal of a dramatic rise in the threshold of inheritance tax under the Conservative Party.
Corporation tax is also going to be targeted, with plans for a financial transaction tax that could impact the U.K.'s important financial services sector. If the tax is not implemented internationally, this could make the U.K. a less attractive place for investment.
McDonnell, who wants a "new economic discourse" for the country and a move away from the pro-austerity policies of the current government, has clarified earlier suggestions that the Bank of England might lose its independence from the government – a move introduced by a Labour government back in 1997 -- under his plans for "people's QE".
UK’s Sanders elected: Does politics in the West need disrupting?
He told the BBC his plan was to review the Bank's mandate where it may be getting it wrong, specifically on inflation, and focus on growth and investment.
"This would require a change in the Bank of England's mandate, but not a big one," Richard Murphy, author of The Joy of Tax, whose ideas form part of the cornerstone of Corbyn's policies, told CNBC.
Renationalizing the U.K.'s railways has not been a model of free market success since their privatization during the 1990s, thanks to unreliable operators and inadequate infrastructure. This is one policy where Corbyn may find himself in agreement with many throughout the country, including floating voters.
"The public thinks the railways have let them down, they think the gas and electricity companies have let them down. A lot of people, according to our polling, like the idea of these industries coming back into state ownership," Peter Kellner, president of polling company YouGov, told CNBC.
- By CNBC's Catherine Boyle.
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a5058e4b45ddfa863112aa601b4d237a | https://www.cnbc.com/2015/09/28/platinum-hits-fresh-6-12-yr-low-gold-pressured-by-us-rate-view.html | Platinum hits 6½-year low, pares losses on bargain hunting | Platinum hits 6½-year low, pares losses on bargain hunting
Getty Images
Platinum prices fell below $900 an ounce on Tuesday for the first time since January 2009, hurt by fears that the Volkswagen emissions scandal would cut demand from carmakers, but later pared losses as bargain-hunting investors swooped in.
The metal has been hit by last week's revelations that Volkswagen AG falsified U.S. vehicle emission tests, which some believe could affect demand for diesel cars. Platinum is widely used in autocatalysts, particularly for diesel engines.
Spot platinum was down 0.5 percent at $917.40 an ounce, having earlier touched a low of $894. The metal is on track for its biggest monthly loss since May 2012 in September, and its steepest quarterly plunge in seven years.
VIDEO2:2902:29Volkswagen scandal weighs on platinum, lifts palladiumStreet Signs Asia
"There might be some discussions going on, despite the worry about diesel vehicle demand, if the fundamentals really justify the market being around $900," James Steel, chief metals analyst for HSBC Securities in New York, said of the recovery from the lows.
"The dips have been met a little bit with some short-term buying."
Even before the Volkswagen scandal broke last week, the market had been suffering from an increase in supplies following the end of last year's five-month strike among platinum miners in major producer South Africa, and a weakness in Chinese jewelery demand.
was down 0.3 percent at $1,127.80 an ounce, while U.S. gold futures for December delivery settled down $4.90 an ounce at $1,126.80.
Gold has come under pressure from uncertainty over when exactly the Federal Reserve will raise U.S. interest rates for the first time in nearly a decade. Conflicting views by policymakers, several of whom are scheduled to speak this week, have stirred more uncertainty.
Read MoreSwiss watchdog opens precious metals pricing probe
William Dudley, head of the New York Fed, and John Williams, head of the San Francisco Fed, both signalled support for a rate hike this year. But Charles Evans, head of the Chicago Fed, called for rates to stay near zero until mid-2016.
"Fed policy has been instrumental in influencing gold prices for many months," HSBC said in a note. "The bullion market consequently continues to look for any indicators of Fed policy shifts."
Gold spent much of the day trading just below unchanged, but extended losses slightly after equities turned higher in the afternoon.
Silver was up 0.5 percent at $14.63 an ounce, while palladium was up 1.7 percent at $654.75 an ounce.
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f35405b2e61fcbd84eb28908e294ca3a | https://www.cnbc.com/2015/09/28/putin-do-you-realize-what-you-have-done.html | Putin: Do you realize what you have done? | Putin: Do you realize what you have done?
VIDEO1:5701:57Putin: Need broader international anti-terrorist coalitionHalftime Report
Russian President Vladimir Putin told the U.N. on Monday that those who supported democratic revolutions in the Middle East are to blame for the rise of a globally ambitious Islamic State.
"Instead of the triumph of democracy and progress, we got violence, poverty and social disaster — and nobody cares a bit about human rights, including the right to life," Putin said through a translator. "I cannot help asking those who have forced that situation: Do you realize what you have done?"
Russian President Vladimir Putin addresses attendees during the 70th session of the United Nations General Assembly at the U.N. Headquarters in New York, September 28, 2015.Mike Segar | Reuters
The Russian president added that the power vacuum following these revolutions led to the rise of terrorist groups in the region — including the Islamic State group.
He told the United Nations General Assembly it would be an "enormous mistake" not to cooperate with the Syrian government to combat the extremist group.
"No one but President (Bashar) Assad's armed forces and Kurdish militia are truly fighting the Islamic State and other terrorist organizations in Syria," he said.
In an earlier speech at the U.N., President Barack Obama said it would be a mistake to think that Syria could be stable under Assad.
Acknowledging some of the criticism lobbed at Russia's proposal, Putin said his country is only proposing to help save the world from terrorism.
Read More Obama at the UN: I won't hesitate to use force
"I must note that such an honest and frank approach from Russia has been recently used as a pretext to accuse it of its growing ambitions — as if those who say it has no ambitions at all. However, it's not about Russia's ambitions, dear colleagues, but about the recognition of the fact that we can no longer tolerate the current state of affairs in the world," he said.
He proposed a "generally broad international coalition against terrorism," likening the suggestion to the anti-Hitler coalition that brought together disparate interests to battle fascism in Europe.
Putin warned that international policy toward the region has led to an Islamic State with plans that "go further" than simply dominating the Middle East. And citing recent data about failures in successfully recruiting "moderate" Syrian opposition, Putin said countries opposed to Assad are simply worsening the situation.
"We believe that any attempts to play games with terrorists, let alone to arm them, are not just short-sighted, but hazardous. This may result in the global terrorist threat increasing dramatically and engulfing new regions," the Russian leader said.
On the subject of the ongoing civil war in Ukraine, Putin warned that NATO expansion could lead to other similar crises. He called for all sides in the conflict — which he said was sparked by a "military coup" orchestrated "by the outside" — to respect the Minsk agreements, or else risk more violence.
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9b48973adae8f8e8d47817f55762d075 | https://www.cnbc.com/2015/09/28/putins-moves-in-syria-may-be-linked-to-sanction-hopes.html | Putin's moves in Syria may be linked to sanction hopes | Putin's moves in Syria may be linked to sanction hopes
VIDEO2:0402:04Refugees need compassionate support: Putin
VIDEO4:0304:03Middle East power vacuum filled by terrorists: Putin
VIDEO1:5701:57Putin: Need broader international anti-terrorist coalitionHalftime Report
Russia may hope that using its military in Syria could help end European economic sanctions down the line, Kremlin watchers told CNBC, though Russia's ability to put significant force in the Middle East is hampered by its own financial struggles.
Syrian opposition group attacks Daesh terrorists with heavy artillery in Titalyan village of Aleppo's Mari district on Aug. 27, 2015.Huseyin Nasir | Anadolu Agency | Getty Images
Ahead of President Vladimir Putin's planned meeting with President Barack Obama on Monday, Russia is expanding its military operations in Syria. Though still small compared with U.S. capabilities in the region, Russia is believed to have warplanes in Latakia, Syria, and it announced an intelligence-sharing pact with Syria and Iran on Sunday. All three nations are sworn enemies of ISIS, also known as the Islamic State.
Donald Jensen, senior fellow at the Center for Transatlantic Relations, said that Russia wants to protect a long-time ally and distract international attention from its existing military operations into Ukraine. But Putin also may believe that a role in Syria could help Russia strike a deal to lift economic sanctions from the European Union that have crippled its economy since it began supporting insurgents in Ukraine, he said.
Obama at the UN: I won't hesitate to use force
Europe has been hit by a massive inflow of refugees fleeing fighting in Syria and elsewhere, a flow that shows no signs of slowing. Eurasia Group President Ian Bremmer agreed that Russia could be angling to get European sanctions lifted, "as the Europeans consider Syria and the refugee crisis more important."
Moscow believes that a struggling U.S. policy in the region is leaving a vacuum, which is both an opportunity and a problem for Russia, said Robert Legvold, the Marshall D. Shulman Professor Emeritus of political science at Columbia University.
"It is an opportunity to appear a constructive and major player, but also risks dragging Russia into a morass from which no outsider is going to benefit," he said.
VIDEO1:2901:29President Obama: Have you seen Russia's economy lately?Squawk Alley
VIDEO2:3002:30 China pessimism mirrors Russia’s fall: CIO Squawk Box Europe
VIDEO1:5701:57Russia's military action in Syria is a huge mistake: HRH Turki al-FaisalWorldwide Exchange
And Russia already faces a major budget shortfall that has come in part from its rising military expenditures. The country still supports antigovernment insurgents in Ukraine, even though the Russian federal budget deficit for 2015 is expected to come in at $40 billion, or 3 percent of its gross domestic product, according geopolitical research firm Stratfor. That said, Russia has refrained from making any cuts to its military budget so far.
High-level U.S. officials have hinted at a possible working relationship with Russia when it comes to Syria—though with preconditions, the chief one being the ouster of Syrian President Bashar al Assad, whom the Obama Administration and some of its allies oppose but who is a long-time friend of both Russia and Iran. Resolving Assad's fate will be "incredibly difficult," said RBC Capital Markets Chief Commodities Strategist Helima Croft.
"While Russians are keen on keeping him until there is an acceptable transition figure, the GCC (Gulf Cooperation Council) leaders and Turkey are adamant that he must go and cannot remain in office even for a transitional period," Croft said. "So even if Obama was inclined to accept a Putin plan—which I think is unlikely—it may be a moot point without these countries' support."
VIDEO2:2402:24Syria’s Assad regime creating refugees: Prince TurkiSquawk Box Europe
Matthew Rojansky, director of the Kennan Institute at the Wilson Center, disagreed with the notion that a Russian role in Syria will have an impact on sanctions, but he expressed no surprise that Russia is making a foray into the region.
"I don't think Putin or anyone else has illusions this will lead to lifting of sanctions; however, it's a very smart and in many ways justified Russian move," Rojansky told CNBC.
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666710badf8ba82fd24dd932b8ef4935 | https://www.cnbc.com/2015/09/28/rbc-slashes-sp-500-call-but-loves-stocks-huh.html | RBC slashes S&P 500 call, but loves stocks (huh?) | RBC slashes S&P 500 call, but loves stocks (huh?)
VIDEO1:3901:39Markets want 'normalized rates': ProSquawk Box
Jonathan Golub and the rest of his strategy team at RBC Capital Markets acknowledge they were way too optimistic about the stock market's prospects in 2015.
But don't call Golub a bear: He still thinks equities are heading higher, just not at the rapid pace he had originally expected.
RBC in a note to clients Monday cut its full-year outlook for the from 2,325 to 2,100. The old number would require a 22 percent or so surge in the next three months that would appear to be borderline delusional considering the ongoing heightened level of volatility. That forecast was a more modest 13 percent upside expectation from back where the index started 2015.
At 2,100, the target still is an expectation for a 10 percent move higher — again, a lofty expectation considering the market's current downside momentum, but more reachable than 2,325. Multiple other Wall Street firms were earlier in lowering their expectations; Piper Jaffray, for instance, in late August slashed its 2,350 call all the way down to 2,135.
Trader on the floor of the New York Stock Exchange.Getty Images
"You say, 'All right, the market's moved sufficiently away from my initial numbers. I still think the thing is going to be on track, but you've got to reflect reality," Gollub said in a phone interview. "Sometimes you've just got to look around."
Read MoreFed just threw kerosene on the fire: RBC strategist
Golub cites a number of assumptions for his bullishness: That recent volatility represents a spike but not a new normal; that earnings, which have been flat this year due primarily to a plunge in energy, will resume; and that the Federal Reserve will cease to be so disruptive once the U.S. central bank stops making investors guess about its next move.
Just a few days ago, Golub had complained on CNBC about the Fed's mixed signals, with its decision this month to forgo a rate increasing followed up by hawkish talk from Fed officials, including Chair Janet Yellen.
"Our longer‐term outlook for market trends remains largely intact," he said in his client note. "We believe the market will deliver ~10 percent annually for the next several years."
In all, though, it's a challenging environment.
Read More Fed's window for 2015 rate hike is closing quickly
The S&P 500 slipped back into correction territory Monday morning and was down 7.5 percent for the year following the day's aggressive selling. Third-quarter earnings season, which starts in earnest the week of Oct. 12, is expected to show a drop of more than 4 percent, making it a difficult backdrop for a profit-driven rally. Revenue has been poor as well, with top-line growth expected to decline 2.3 percent for the full-year period, according to S&P Capital IQ.
Golub, though, believes a return to normalization will begin and companies will resume aggressive share buybacks, which have underpinned market growth as earnings stumbled. Buybacks in the second quarter fell 8.7 percent from the first three months of 2015 but remained up 13.2 percent from the year-ago period, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
"Our constructive outlook on the market remains intact," Golub said. "Revenue growth should come in more positively (but still weak) in the year ahead. In this low top-line environment, margins/buybacks should continue to contribute to solid earnings results. Additionally, valuations should rise as equities appear favorable versus corporate bonds, alternatives abroad, and the cost of capital."
Just three of the 10 S&P 500 sectors were out of correction territory Monday, with consumer discretionary the only positive sector for 2015 as a whole.
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a83c81e2951051a619aea7ebab7612a7 | https://www.cnbc.com/2015/09/28/reaction-spain-breakaway-fears-after-catalan-vote.html | Reaction: Spain breakaway fears after Catalan vote | Reaction: Spain breakaway fears after Catalan vote
Separatist parties in the Spanish region of Catalan won a clear majority in local elections Sunday.
The victory paves the way for the autonomous community to break away from Spain but Prime Minister Mariano Rajoy Rajoy's government vows to block the plan in court.
Squawk Box Live had the full reaction of the vote plus the main market movements and updates.
(App users please click here).
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13c52e42f37dba1e5e73638efdd38a8d | https://www.cnbc.com/2015/09/28/richard-branson-vw-cheating-may-be-positive-news.html | Richard Branson: VW cheating may be 'positive news' | Richard Branson: VW cheating may be 'positive news'
VIDEO0:4500:45VW should have invested in batteries rather than diesel: BransonSquawk Box Next 20
VIDEO4:0904:09Biz opportunities in clean energy: BransonSquawk Box Next 20
VIDEO8:0008:00Private players race to conquer space: BransonSquawk Box Next 20
Billionaire entrepreneur and outspoken environmentalist Richard Branson said Monday the Volkswagen emissions scandal should be a wake-up call to automakers to invest in clean vehicle innovations instead of backward-looking, fossil-fuel-derived technologies.
"It shows they should have actually invested their money in battery-driven cars, which is the future, rather than diesel-driven cars and cheating," the Virgin Group founder said in a CNBC's "Squawk Box" interview.
"What's happened to Volkswagen is actually positive news in that hopefully the car manufacturers will do the right thing and will invest in the future."
Asked if he would buy a VW-made vehicle, Branson said: "I would want to operate a car that is clean. So I wouldn't."
On the broader debate on man-made climate change, he said, "I don't bother about the few climate skeptics anymore. The overwhelming evidence is the world has a problem unless we do something about it."
Branson is the co-founder with Jochen Zeitz of the B Team, a group of entrepreneurs invested in boosting social, environmental and economic benefits.
"Let's have fun doing something constructively about it that saves the world money and powers the world at a price that's less than today," he said. "Let's rally hundreds of thousands of entrepreneurs all over the world to do that."
The Virgin conglomerate runs branded businesses worldwide in industries including mobile, airlines, financial services, music, health and wellness and space.
Branson said he ended up getting into the airline business because he was bumped on the flight of one of his eventual competitors.
Even though Virgin seems be into everything, he said his rule for putting his brand on a business is: Can it do what it does better than its competitors.
"Space was very much my own baby," Branson said. "I'd seen the moon landing and I said, 'One day I'll go to the moon.' Governments did [exclusively] run space travel. And they weren't interested in sending you or I to the moon."
Thus Virgin Galactic was born.
Last year, the commercial space travel company's SpaceShipTwo crashed during a test flight over the Mojave Desert—killing the aircraft's co-pilot and wounding the pilot.
Branson said the tragedy rattled his confidence for about 48 hours. "But talking to our engineers and our teams, seeing their commitment ... made us determined to carry on."
In addition to working on putting people into space at up to $250,000 a seat, he said Virgin Galactic is developing rockets to launch satellites to help people around the world stay connected.
Branson isn't the only billionaire in the private space race. SpaceX founder Elon Musk, also leader of electric automaker Tesla and Blue Origin founder Jeff Bezos, also head of e-commerce giant Amazon, are also reaching for the stars.
"Competition is extremely good for all of us," the Virgin leader said. "We're in a slightly different field than they are. But we'd all like to get to Mars first."
"It's a pretty friendly competition," said Virgin Galactic Vice President Will Pomerantz, sitting next to his boss on CNBC. The private companies don't share technology, but they do swap lessons on safety, he said.
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9cf71f8ff98e93a3af9a51402c2fd7e9 | https://www.cnbc.com/2015/09/28/spain-readies-fight-to-keep-catalonia-after-vote.html | Spain readies fight to keep Catalonia after vote | Spain readies fight to keep Catalonia after vote
VIDEO0:3100:31Catalonia takes one step closer to independence from SpainIndependents
Pro-independence parties won a clear majority of seats in Catalonia's parliament in a regional election this weekend, piling the pressure on Spanish Prime Minister Mariano Rajoy to keep Spain together ahead of a general election in December.
The regional election on Sunday was widely promoted by separatist parties as a de facto referendum on secession from Spain. As the results came in late Sunday night, the main pro-independence alliance and a smaller party notched up 72 seats in the 135-seat regional parliament, according to regional government data, with 77.4 percent voter turnout.
Having won a slim majority of the seats, the pro-separatist coalition -- made up of the secessionist coalition Junts pel Si (JxSI, or "Together for Yes") and the leftwing Popular Unity Candidacy (CUP) party -- could now work towards declaring independence from Spain within 18 months, as pledged ahead of the vote.
President of Catalonia Artur Mas (C) claimed victory in the regional election in Catalonia Sunday.David Ramos | Getty Images
"Catalans have voted yes to independence," Catalonia's President Artus Mas, who heads the separatist agenda, told a jubilant crowd late on Sunday. "That gives us a great strength and strong legitimacy to keep on with this project," adding, "we have won!"
The result has put the wealthy north-eastern Spanish region on a collision course with Spain's national government, which has vowed to fight any secessionist move.
Spanish Prime Minister Mariano Rajoy has described breakaway plans as "a nonsense" and the government has said it would oppose any such move to secede from Spain. Opponents also say that pro-independence parties did not get more than 50 percent of the votes, making any secession from Spain a deeply divisive move. There has been no official government comment on the Catalonian result on Sunday as yet.
Catalonia has a strong sense of identity that is separate to Spain, with its own language, customs and booming regional economy. It is Spain's wealthiest region and accounts for 19 percent of the country's gross domestic product (GDP) – making it a crucial economic contributor for the national government.
What's more, any independence for one region could prompt more calls for the same in the Basque region in north-west Spain, another region with a strong separatist movement and fractious relationship with Madrid.
The vote will be a blow to Prime Minister Rajoy's premiership and will be an unwelcome distraction just three months ahead of a general election in December.
Not only is his government being shaken by rebels in Catalonia; he is also facing a new enemies in the form of both the anti-establishment, leftwing Podemos party and unionist Cuidanos party, called "the Podemos of the right."
Nicholas Spiro, head of Spiro Sovereign Strategy, said the result "raises more questions than it answered" and made for an uncertain national election later this year.
"It injects more uncertainty into an already volatile and conflict-ridden Spanish political scene in the run-up to a crucial parliamentary election in December," he said in a note Sunday.
Rajoy could be comforted by the fact that most analysts believe that the pro-independence coalition working with the CUP in Catalonia could struggle to overcome internal divisions.
"The secessionist parties' strong parliamentary majority is compromised by their failure to win a majority of votes, while tensions between the nationalist Junts pel Si, the main secessionist bloc, and CUP, the far-left secessionist party, are likely to undermine the pro-independence agenda," Spiro said.
Antonio Barroso, senior vice-president at risk consultancy Teneo Intelligence agreed, stating in a note Sunday that "difficult negotiations that could undermine the unity of the pro-independence movement will take place in the coming days."
Ominously for Rajoy, however, Barroso said that if those differences are overcome, the challenge to Rajoy and the headache from Catalonia won't be disappearing any time soon.
"If JxSI and CUP manage to get over their differences regarding Mas' re-election, the Catalan parliament is likely to start adopting symbolic moves towards independence, thus continuing the ongoing game of chicken with Spain's central government."
- By CNBC's Holly Ellyatt, follow her on Twitter @HollyEllyatt. Follow us on Twitter: @CNBCWorld
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e81a61639ff8269e42992e07d0fe4084 | https://www.cnbc.com/2015/09/28/steve-jobs-movie-is-not-opportunistic-aaron-sorkin.html | Steve Jobs movie is ‘not opportunistic’: Sorkin | Steve Jobs movie is ‘not opportunistic’: Sorkin
VIDEO2:0102:01Steve Jobs movie 'isn't opportunistic'
VIDEO0:2500:25‘Steve Jobs’ film is not opportunistic: Sorkin Worldwide Exchange
VIDEO3:1003:10Apple giving up the ghost of Steve Jobs?Fast Money
VIDEO0:1200:12'Steve Jobs' trailer debuts Squawk Alley
VIDEO4:4904:49'Becoming Steve Jobs' co-author says more books to comeSquawk Alley
As Danny Boyle's latest creation, "Steve Jobs" is to hit cinemas this Fall, it's already stirring up controversy thanks to Jobs' successor, Apple's current CEO, Tim Cook.
Aaron Sorkin, screenwriter for "Steve Jobs" has been in the line of fire over the weekend, after retaliating to comments made by the CEO on The Late Show, that filmmakers creating movies on Jobs, were "opportunistic."
In an exclusive interview with CNBC, Sorkin said while the film was "not opportunistic," he hoped Cook would enjoy the film.
"(The film is) not opportunistic. Tim Cook hasn't seen the film yet, or hadn't when he made that comment on Colbert. Nobody signed up for this movie to get rich; it's just not that kind of movie. So I hope that when Tim Cook sees it, he enjoys it as much as I enjoy his products."
1. Steve Jobs
Similar to Sorkin's work on "The Social Network"; "Steve Jobs" portrays a tech genius while unveiling the rough side to the character. However, "harshness" may come out through their dedication to their work, Sorkin says.
"Steve was aware of his own imperfections, and had a need therefore for his products to be perfect, that's what he wanted to be known for. If somebody got in the way of him making that product perfect – because his identity was so wrapped up in that product – that's where the harshness comes from."
The film is "not a biopic" both Sorkin, and director, Danny Boyle stress. To explore the co-founder's identity, the film team focused on relationships Steve Jobs had, which was done using three key scenes, all taking place backstage, in the minutes leading up to Jobs' product launches.
Director of "Steve Jobs", Danny Boyle said he chose to focus on the "behind the scenes" aspect to present a a man "stripped bare", showcasing Jobs from his "ferocious energy", to "this terrible cunning full of guile man."
Steve Jobs at Macworld in 2004.Getty Images
Like other films, to achieve the level of depth and intrigue, Sorkin put the research in, from studying Walter Isaacson's book, "Steve Jobs", to conversing with those who knew the Apple co-founder.
"It was those first-person accounts where the ideas for stories began forming. It was easy to see points of friction between Steve and these characters. I selected five of them, five stories, and I tell them in an unusual way. This is not a biopic," Sorkin said.
Actors also immersed themselves fully with their characters by interviewing the actual people who knew Apple's co-founder, including Kate Winslet, who plays Jobs' right hand woman, Joanna Hoffman, and Jeff Daniels, who plays former Apple CEO, John Sculley.
Apple sold more than 13M new iPhones, a record
While the previous film adaptation on Steve Jobs received criticism, Boyle told CNBC he wasn't daunted by the task, as not only was the script "first class" along with its cast; there was an extraordinary opportunity to examine an individual who's legacy has grown significantly in recent years.
"You've got to be provoked by this extraordinary opportunity to examine this man who's legacy has grown since his passing, you know, it's not diminished at all and he's one of the major figures in our lives."
—Written by CNBC's Alexandra Gibbs, follow her on Twitter @AlexGibbsy.
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debdcb9c4f65ea74c70692bd68d6b7b1 | https://www.cnbc.com/2015/09/28/stocks-could-break-below-august-lows-experts.html | Stocks could break below August lows: Experts | Stocks could break below August lows: Experts
VIDEO3:5103:51Markets re-calibrating, S&P 500 to bottom at 1850: Pro
Stock market pain could persist well into next month, and investors may want to stay put until they see signs that equities have settled, experts said Monday.
Major U.S. averages all closed about 2 percent or more lower, as the Dow Jones industrial average fell below 16,000 during the session for the first time since Sept. 1. Biotechnology stocks suffered another rough day, leading a 3 percent loss in the Nasdaq.
Read MoreS&P below 1,900; Nasdaq off 3% as biotech weighs
But with potentially lackluster quarterly earnings looming and global growth concerns lingering, stocks may take another leg down before reaching appealing prices, said John Manley, chief equity strategist at Wells Fargo Funds Management.
"I think you have to watch the earnings. They're not acting well here," he said on CNBC's "Closing Bell." "I'm not in a rush. Let it settle."
Traders work on the floor of the New York Stock Exchange.Getty Images
The ended Monday at 1,881.77, its lowest close since Aug. 25. While the index could slip through 1,850, it will likely reach a floor near there and offer buying opportunities, said Peter Costa, president of Empire executions and a New York Stock Exchange governor.
"I think that's going to be the bottom for this phase," Costa said on "Closing Bell."
Read MoreAre stocks suddenly rooting for a rate hike?
While agreeing that the S&P may break through 1,850, Virtu Financial trader Matt Cheslock added that it could mount a stark reversal after that.
Though sustained low prices could lead to brutal energy earnings, most sectors will not suffer as much, added Sam Stovall, chief equity strategist at S&P Capital IQ.
"Things actually look pretty healthy under the surface," he said on "Closing Bell."
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731716588c1ea5d81ff1e52de60a44b0 | https://www.cnbc.com/2015/09/28/strategist-dont-touch-emerging-markets-just-yet.html | Strategist: Don't touch emerging markets just yet | Strategist: Don't touch emerging markets just yet
VIDEO1:2901:29More losses ahead?Power Lunch
VIDEO4:0504:05Oil sector 10% Nigeria's GDPPower Lunch
VIDEO1:2101:21Demand worries crush commodities Closing Bell
It's too soon to be investing in emerging markets amidst a commodity collapse, said David Spika, Guidestone Capital Management global investment strategist.
"There's still just way too much uncertainty," he told CNBC's "Power Lunch" Monday.
Spika named three elements driving emerging markets now: capital outflows, commodity price declines and currency devaluations.
Read More Oil's latest casualty: Mexico
"It's a vicious cycle," he said. "The more currencies fall, the more capital flows out. Commodity price declines are hurting the economic growth of most of these countries. It's creating inflation in a slow growth environment. It's a very difficult situation and there's just not enough certainty right now to get in front of this train."
Spika said that lower oil prices will probably mean that more smaller companies will have to go out of business to help lower supply. "The other side of that is we have to hope that China and the emerging markets can level out in terms of economic growth so we don't see a significant decline in demand."
Pius Utomi | EKPEI | AFP | Getty Images
Folorunsho Alakija, a Nigerian billionaire and Africa's third-richest woman, said that although Nigeria is hurting from lower oil prices, it's not a kiss of death.
"There is the wrong perception that Nigeria relies solely on oil production — that's not the case," she said in an interview on CNBC's "Power Lunch" on Monday.
Read More Gartman: Time for bearishness on commodities behind us
She said that the oil sector brings in about 10 percent of Nigeria's GDP. But other sectors such as telecom, banking and consumer retail are booming, she added.
Alakija said that investors have not yet pulled out of the country but that could change, "depending on what happens with the oil prices, but I believe that the other sectors that are cushioning the negative effects of the oil price drop and will make people still invest in Nigeria."
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36fb654dd65197a9431cfa2e972f5fa8 | https://www.cnbc.com/2015/09/28/swiss-watchdog-opens-probe-into-precious-metal-manipulation-by-ubs-hsbc.html | Swiss watchdog opens precious metals pricing probe | Swiss watchdog opens precious metals pricing probe
A Swiss regulator launched an investigation into the possible manipulation of precious metals trading by a number of leading banks Monday, making it the latest global watchdog to look into the potential rigging of a major financial market.
Switzerland's competition commission, known as WEKO, has opened an investigation following an initial probe into seven banks including Deutsche Bank, UBS, Julius Baer, HSBC, Barclays, Morgan Stanley and Mitsui.
Spokespeople for HSBC, Morgan Stanley, Barclays and UBS declined to comment.
An employee arranges one-kilogram gold bars at a Tanaka Kikinzoku Kogyo K.K. store in Tokyo, Japan.Bloomberg via Getty Images
A spokesman for Deutsche Bank also declined to comment but referenced the bank's statement in its second quarter earnings release, where it said it would "continue to cooperate" with regulatory investigations.
Spokesmen for Mitsui and Julius Baer, both said they would fully co-operate with the investigations.
News of the investigation comes as one bank moved closer to resolving precious metal trading investigations with global regulators, sources told CNBC.
Chief executive of Sharps Pixley, a London-based physical bullion broker, Ross Norman told CNBC there wasn't a "single gold trade that hasn't been picked over" by regulators in the U.S., Europe and now Switzerland.
Read MorePrecious metals back in favor as volatility rises
"It is a good, clean, efficient market," Norman said, adding that certain banks have been investigated "dozens of times" and "nothing untoward has been found."
Here we look at some of the details of the probe.
The possible manipulation and "anticompetitive behavior" in the trading of precious metals, such as gold, silver, platinum and palladium, with the Swiss regulator looking specifically at whether the seven banks named were involved in manipulating the bid/ask spread – the difference between the bid and the asking price of a metal.
WEKO, the Swiss competition commission, which is made up of 12 members who are elected by the Swiss Federal Council, with the majority of the members of the watchdog being independent experts - usually professors of law or economics.
The Swiss regulator's probe follows investigations launched in the U.S. by the Department of Justice (DoJ) into the possible price manipulation of gold, silver and other precious metals earlier this year, with the regulator requesting documents from some banks in relation to the probes.
Read MoreWatchdogs impose $3.4B fines in bank forex probe
Around 10 banks including Credit Suisse, Goldman Sachs, JPMorgan Chase, Societe Generale, Standard Bank and Bank of Nova Scotia were involved with the DoJ investigations, which were first reported in February.
Following the U.S. probe, European Union antitrust regulators are also investigating precious metal trading.
The European Commission issued HSBC with a request for information regarding the bank's precious metal trading, according to the bank last month and the group continues to cooperate with regulators.
WEKO said the investigation will likely conclude in 2016 or 2017 and if the regulator finds misconduct, banks will face financial penalties.
Most of the watchdogs' investigations into bank's trading has centred on misconduct and rate-rigging in foreign exchange markets, most recently with major banks including Citigroup, JP Morgan Chase & Co, Barclays and Royal Bank of Scotland as well as others fined a total of almost $6 billion for manipulating currency trades.
Last year, Switzerland's financial market regulator FINMA fined UBS for "serious misconduct" in precious metals trading, with the Zurich-based bank ordered to give up profits of 134 million Swiss francs ($136 million).
In the U.K. Barclays were fined £26 million by the Financial Conduct Authority after one trader was found to have rigged the London gold fix, the twice daily conference call used to value the metal that has since been replaced by an electronic system.
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c28d95a6e8756e5fe056ca88117d97b3 | https://www.cnbc.com/2015/09/28/thai-police-say-bangkok-bomb-case-solved-but-doubts-remain.html | Thai police declare Bangkok bomb case solved; doubts remain | Thai police declare Bangkok bomb case solved; doubts remain
Onlookers near the site of a bomb explosion that took place on August 17, 2015 in BangkokNicolas Axelrod - Getty Images
Thai police have declared Bangkok's worst-ever bombing solved, even as questions grow over the investigation, the alleged culprits and their claimed motives.
In a televised address on Monday, authorities said two suspects already in custody had now confessed to carrying out the deadly August 17 blast at the Erawan shrine, in revenge for an official crackdown on human trafficking gangs.
The announcement is the latest twist in the aftermath of an attack the government has been at pains to avoid styling as international terrorism, even though many of the suspects are foreigners and more than two-thirds of the 20 dead were overseas nationals.
Adem Karadag, who is now accused of being the man in the yellow T-shirt caught by security cameras dumping his rucksack at the shrine shortly before the explosion, was detained late last month, but was initially suspected of being an accomplice rather than the bomber.
Police gave an account of a network of at least 17 people whom they said helped plot, prepare and plant the bomb at a landmark that is located in the heart of Bangkok's business district and is popular with tourists from around Asia. Thailand's ruling junta also proclaimed the investigation complete, thanking the public efforts that helped lead to the "perpetrators being brought to justice."
VIDEO3:3503:35After Bangkok blast, apprehensiveness lurksSquawk Box Asia
Officials backed further away from the idea, seen as credible by many independent analysts, that the attack was revenge for Thailand's deportation to China in July of more than 100 members of the Uighur ethnic minority. The Uighurs say they are persecuted by Beijing, which the Chinese government denies.
More than a third of those killed at the shrine were from mainland China or Hong Kong. That was a blow both to the Thai junta's efforts to forge closer links with Beijing, and to a Thai tourist industry whose growth has been driven by surging Chinese visitor numbers.
More from the Financial Times:
Thai police say near to bomb plot success Thailand property – same, same but different Thai protests continue despite snap poll
Somyot Pumpanmuang, Thailand's police chief, said instead that the "main motive" for the bombing was a crackdown by Thai authorities on the country's notorious human trafficking industry. He said police did not rule-out an additional link between the bombing and Thailand's long-running political crisis, which the military cited as its reason for seizing power in May last year.
Mr Somyot, who is due to retire this week, appeared before the media with several blocks of banknotes totaling about $83,000 — a reward, he said, for his investigators. He had brandished a similar bounty at a press conference shortly after Mr Karadag's arrest.
VIDEO2:1102:11'Foreigner' identified as suspect for Bangkok blastSquawk Box Asia
Authorities now say two bombs, including one that exploded on a Bangkok bridge the day after the shrine blast, were set off by Mr Karadag and Mieraili Yusufu, the only other suspect in custody. Mr Yusufu, who is allegedly from the Xinjiang region of China where many Uighurs live, is accused of detonating the shrine device after Mr Karadag planted it. Both men allegedly confessed after interrogation by the military junta.
Read MoreBangkok reels after deadly shrine bombing
Mr Karadag, whose nationality is still unclear, was paraded at the weekend in a televised "re-enactment" of the crime at the Erawan shrine and other central Bangkok locations. Police dressed him in a yellow T-shirt similar to the one worn by the man in the CCTV footage.
Mr Karadag, who is also known as Bilal Mohammed, was originally arrested almost two weeks after the blast, in a raid on a flat in Bangkok. Police claimed they found stacks of false passports and bomb-making equipment similar to materials used in the shrine blast.
Mr Yusufu was arrested at around the same time. Some reports said he was detained near the Cambodian frontier, while others claimed he was stopped at Phnom Penh airport.
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b913da4a19680a21fc2eb9b95c58fd79 | https://www.cnbc.com/2015/09/28/the-10-most-stolen-vehicles-of-2014-is-yours-on-the-list.html | The 10 most stolen vehicles of 2014—is yours on the list? | The 10 most stolen vehicles of 2014—is yours on the list?
Maridav | Getty Images
The Federal Bureau of Investigation estimates that a vehicle is stolen every 45 seconds in the United States.
However, some cars are more likely to be stolen than others, according to the National Insurance Crime Bureau's (NICB) annual "Hot Wheels" report.
While thefts of motor vehicles have declined in the last decade—barring a spike in 2012—some models are still popular among thieves.
Is your car on the list?
— By CNBC's Sarah WhittenFirst published 28 Sept. 2015
Nissan MaximaGetty Images
The Nissan Maxima falls into the tenth slot with 6,586 units stolen in 2014.
Although absent from last year's list, the car was ranked in the same spot in 2012 after 6,847 vehicles were reported stolen. It is estimated that more than 3.1 million Maximas have been sold since the company began production of the model in 1980.
An older Acura Integra topped the most stolen car list in 2004.Getty Images
More than 6,900 Acura Integras were reported stolen in 2014, making the model the ninth-most pilfered car in 2014.
The Integra, which debuted in 1985 and was discontinued in 2006, was not included in last year's list, but was named the eighth-most stolen vehicle in 2012 after 9,555 were stolen.
2013 Nissan AltimaSource: Nissan
The Nissan Altima is the eighth-most stolen car on NICB's list. In 2014, more than 9,100 were reported missing by drivers.
Since the vehicle's first production in 1992, more than 4.9 million Altimas have been sold by the company.
Source: Dodge
The Dodge Caravan, which has been on the market for more than 30 years, is the seventh-most stolen vehicle.
There were 10,483 thefts of this model in 2014, down from the 11,799 reported in 2012.
The 2014 Dodge Ram 1500.Chrysler Group LLC
More than 11,000 full-sized Dodge pickups were reported stolen in 2014, making it the sixth-most pinched car of the year.
Thefts of these half-ton models are down year-over-year, but the vehicle has remained in the #6 spot for two years running. In 2012, it was the seventh-most stolen car.
2012-2014 Toyota Camry HybridSource: Toyota Motors
For three years in a row, the Toyota Camry has been the fifth-most stolen vehicle. Once again, thefts of this car are in decline, having dropped from 16,251 in 2012 to 14,605 this year.
10.5 million Camrys have been sold since the vehicle was first produced in 1982 and it has been the best-selling mid-size car in America for 13 years, according to Toyota.
2015 Chevrolet ColoradoGetty Images
The Chevrolet pickup moved down a spot from the third-most stolen car in 2013 to the fourth this year.
The full size vehicle had 23,196 reported thefts in 2014, down from 27,809 the year before.
A 2015 Ford F-150Source: Ford Motor Company
The third-most stolen vehicle of 2014 was the Ford pickup. There were 28,680 reported thefts of this car last year, up from 26,494 in 2013.
In addition, the 2014 Ford pickup model was the most stolen vehicle of all 2014 models during the calendar year, with 964 reported thefts.
The 2014 Honda Civic Si Sedan.American Honda Motor Co.
In the second slot for the third straight year is the Honda Civic. First manufactured in 1972, this vehicle had 43,936 reported thefts in 2014.
In 2013, 45,001 Civics were stolen, down from 47,037 in 2012.
The 2015 Honda Accord EX-L V-6 Coupe.American Honda Motor Co.
With more than 51,000 thefts reported last year, the Honda Accord is the most stolen car 2014.
First manufactured in 1976, it is estimated that more than 11 million Accords have been sold in the United States, according to Motor Trend.
Often car parts for vehicles are interchangeable across multiple model years. Since the Accord has been on the market for more than 38 years, it could be a popular target for thieves looking to make money selling used parts.
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46b72c7fbd0f1bd3f24cb30b10e67f76 | https://www.cnbc.com/2015/09/28/the-endless-greek-debt-drama-has-finally-hit-the-us.html | The endless Greek debt drama has finally hit the US | The endless Greek debt drama has finally hit the US
Pope Francis is a hard act to follow, but for Greek Prime Minister Alexis Tsipras, who has been in New York since Sunday, getting European "rock star" treament isn't the goal. Tsipras is in New York seeking more generous friends than he has found in the euro zone to help relieve Greece's massive debt burden.
Hat in hand and hitting the United Nations and Clinton Global Initiative, the Greek prime minister is hoping to form intergovernmental alliances that favor a "market friendly" restructuring of Greek debt held by the members of the euro zone, including the European austerity "hard line" members led by Germany.
Alexis Tsipras speaking at the Clinton Global Initiative, September 28, 2015.Adam Jeffery | CNBC
In his speech at the UN Summit on Sunday, Tsipras said, "We can not speak effectively for aid to developing countries, or loans in developed countries, unless we address the debt issue as an international challenge at the heart of our global financial system. In all forums, including this one here, we should talk about how the restructuring or reconfiguration of the debt can be associated with the development."
Notably, Tsipras cited the 1953 deal for Germany's external debt as an example.
At the Clinton Global Initiative annual meeting in New York, Tsipras called upon the world community and Greek Americans to support the reconstruction efforts in Greece. "We will fulfill our promises, but it is also important for the other side to fulfill its promises to ease the public debt," he said, adding that solving the debt crisis is a prerequisite for attracting investors in Greece. Answering questions posed by President Bill Clinton, Tsipras said growth with social cohesion and tackling the high unemployment rate are the only ways for Greece to overcome its financial crisis.
Hillary emails show US tried to help Greece and maintain EU relations
Greece aims to initiate debt-relief negotiations before Christmas, but the power dynamic in the euro zone won't allow Tsipras to get the best deal he can to relieve the country's debt. The International Monetary Fund, while calling for Greek debt relief, does not want to clash with Europe on how debt restructuring is implemented. As such, Greece is looking to the U.S. for the greatest possible support on debt restructuring.
Greek diplomatic documents published in the Greek newspaper Kathimerini reveal how Tsipras has received valuable support from the Obama administration in recent months. The documents also show how Washington advised the previous Greek government against butting heads with Germany and to instead show a willingness for reform in the time leading up to the July 13 agreement for the third Greek bailout.
A secret telegram sent to the Greek government on July 16 by Greece's ambassador to the U.S., Christos Panagopoulos, reveals how Washington advised Athens to avoid verbal attacks against Berlin and to try to create a broad alliance with countries such as the U.K., France, Italy and Austria.
The U.S. government made it clear that the Tsipras administration would have to convince these countries that it was serious about implementing reforms if they, in turn, were to offer their support. Panagopoulos also explained that Washington's strategy was to stress the geopolitical importance of keeping Greece in the single currency.
Why star economists support left-wing parties in Europe
Panagopoulos also noted that there was frequent and extensive contact between Athens and Washington, including officials from the Treasury and the State Department. The senior diplomat wrote that U.S. authorities underlined the need for the euro zone to accept further reduction of Greek debt, while the U.S. government also encouraged the IMF to be vocal about debt relief.
Tsipras was among the participants in Monday's UN General Assembly, and on Monday evening he will attend a reception for the heads of the delegations, hosted by President Obama and First Lady Michelle Obama.
Driblets of debt relief cannot be merely a prize for more counterproductive austerity.Ashoka Modyvisiting professor of international economic policy at Princeton University's Woodrow Wilson School
The way in which the euro zone carried out the Greek debt restructuring is essential for the country's broader effort to get its fiscal house in order. It is also essential for investors, who require fiscal stabilization and debt sustainability, to invest in Greek bonds. Debt relief has special political importance for Tsipras, who must implement tough fiscal measures and structural reforms and use the debt settlement as a "sweetener" to settle internal political and social reactions caused by the austerity battle with EU partner nations.
Euro zone officials have reportedly offered Greece a 30-year grace period and a lengthened loan maturity period so that annual debt servicing does not exceed 15 percent of the country's GDP. Some analysts argue that such a settlement would keep Greece dependent on the "moods" of its creditors for years, perhaps decades. In such a case, Europe is likely to pin the restructuring of Greece's debt to a series of milestones and new terms and conditions.
"Driblets of debt relief cannot be merely a prize for more counterproductive austerity," said Ashoka Mody, visiting professor of international economic policy at Princeton University's Woodrow Wilson School.
The Greek aspirations for debt include extending the euro zone loans' maturities and an interest-rate swap so that the floating-rate loans become fixed. However, if such a swap is conducted at market rates, it will not reduce the net present value of the debt without the euro zone debt holders assuming losses—one of the main reasons Tsipras is seeking international community support.
—By Nasos Koukakis, special to CNBC.com
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f5a5e9bc015e2e266c81b0f5c0e30616 | https://www.cnbc.com/2015/09/28/these-previously-untouchable-stocks-are-cracking-tech.html | Here's the big problem with biotech: Trader | Here's the big problem with biotech: Trader
VIDEO4:1004:10Behind the biotech bustTrading Nation
Biotechnology stocks are having one of their worst months ever.
IBB, the ETF that tracks biotech, bounced off a seven-day losing streak on Tuesday morning, gaining more than 4 percent. On Monday, the ETF closed down more than 6 percent, its biggest one-day tumble since 2011.
But according to one strategist, the group is about to face more challenges from the government, as lawmakers go after the pricing models of biotech companies.
"The politics of going after some of the pricing in the biotechs has started to escalate a little bit," Andrew Burkly of Oppenheimer said Monday on CNBC's "Trading Nation." "I don't know if this is an ETF trade anymore. I think this is going to be a more of a select name-by-name basis."
On Monday, lawmakers called for a subpoena on pharmaceutical company Valeant, criticizing price increases for its products. Shares of Valeant tumbled 16 percent.
Earlier this month, Hillary Clinton spoke out publicly against price gouging from biotech companies, after reports that one specialty drug spiked in price from $13.50 to $750 overnight. IBB closed down more than 4 percent following Clinton's comments.
Read More Biotech falls on Clinton 'price gouging' comments
However, Burkly said some individual names within biotech could bounce back from the selloff.
"If you go back a couple months ago, this was the ultimate in growth momentum," he said. "There's not a lot of growth out there to begin with, so a lot of investors are really flocking to a select few stocks that make up some of these ETFs."
Read MoreOvernight drug price hikes not isolated
Jonathan Krinsky of MKM Partners also said the recent plunge is a minor blip in the context of biotech's multi-year rally.
Given the 400 percent increase in IBB over the past four years, Krinsky said, biotech's most recent drop is "not that big a deal." He said as stocks sell off in the broader market, leading groups like biotech are usually the first to go.
"We're probably in the middle innings of that, and when you see that start to happen, the entire group gets sold broadly. It's indiscriminate," he said Monday.
Krinsky said Monday's drop is an "early sign of cracking," but he would look for another 10 percent drop before writing off the group's upward trend.
Want to be a part of the Trading Nation? If you'd like to call in to our live Wednesday show, email your name, number and a question to TradingNation@cnbc.com.
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d3811dc21edda6787a268e3dc56b1028 | https://www.cnbc.com/2015/09/28/this-is-transforming-solar-power.html | An ancient Japanese art is transforming solar power | An ancient Japanese art is transforming solar power
Aaron Lamoureux | University of Michigan
Solar power is becoming an increasingly significant part of our planet's energy mix.
According to the International Energy Agency, by 2050 the sun could become the world's biggest source of electricity.
At the University of Michigan a team of experts has come up with a solar cell concept -- using an ancient Japanese craft -- that they say can track the sun in a highly effective way.
Using kirigami – a type of Japanese paper art similar to origami – the team, which includes engineers and an artist, have developed what the university describes as, "an array of small solar cells that can tilt within a larger panel." It is this ability to tilt that enables the cells to follow the sun's rays.
Tetra Images | Getty Images | Getty Images
"I have done research in the area of solar cells previously and was aware of the different problems there, including the need to do solar tracking more effectively," Max Shtein, associate professor of materials science and engineering at the university, told CNBC over email.
Shtein added that he had been thinking "for some time" about miniaturizing structures and mechanisms that are currently being used on a bigger scale. After talking with artist Matthew Shlian, who presented him with new paper forms he'd been working with, Shtein said he saw "a connection."
"The design in its current form relies on solar cells being distributed over a large sheet," he said.
Shtein went on to explain that these cells can be segmented and mounted or bonded to a flexible substrate – an underlying layer – or can be flexible themselves.
"The sheet itself has parallel cuts made in it, with some offset between the neighbouring rows of cuts," Shtein added.
"When stretched, the entire structure deforms to make individual elements of the surface tilt in a way that's very uniform throughout the sheet, and with a tilt angle that's proportional to how much you stretch it. That's where the control comes from."
In terms of efficiency, Shtein told CNBC that, "On the basis of any given surface area of semiconductor material used," his team's design could capture more than 35 percent electricity over the course of "a typical day, compared to a design where the photovoltaic is stationary."
One of the main questions surrounding the design is ensuring reliability, which could involve more testing or structural modification, or what Shtein described as "a deeper look at the materials and structures involved."
In a press release at the beginning of September, the University said it was in the process of seeking patent protection for the intellectual property as well as "seeking commercialization partners to help bring the technology to market."
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4ea19460c33e4304ccb0ec869273ba87 | https://www.cnbc.com/2015/09/28/todays-market-looks-like-2000-and-2007-technical-analyst.html | Today’s market looks like 2000 and 2007: Technical analyst | Today’s market looks like 2000 and 2007: Technical analyst
VIDEO3:4303:43Trading Nation: Worst yet to come?Trading Nation
A key technical indicator is sending a signal that it hasn't since 2007, suggesting to one technical analyst that even after a 10 percent decline in the past three months, the still has further to fall.
Stocks head to lows, may be setting up for negative year
Jonathan Krinsky of MKM Partners is looking at the S&P's 12-month moving average, which averages out the prior year into just 12 data points.
"Because it only takes data once a month, it tends to take out a lot of the false signals," Krinsky said. "It's a very slow-moving average; it takes a long time to change directions. But when it does, we think you want to take notice."
The moving average has just turned from positive-sloping to negative-sloping for the first time in since 2007, Krinsky said. He views that as an important sign of the market's loss of momentum from high prices.
Needless to say, after the indicator rolled over in 2007, substantial losses were still ahead.
What's even more troubling is that prior to 2007, the moving average last turned negative in 2000.
"We don't think, necessarily, that we're in for anything like we saw in 2000 or 2007," Krinsky said Monday on CNBC's "Power Lunch." "But to ignore this long-term moving average turning from a positive to a declining slope would be a mistake."
In the shorter term, the technical analyst believes the S&P 500 is set to fall back to the late August lows of 1867, which is just a bit below where the index closed Monday.
A move to that level "would bring in the October 2014 lows around 1,820," Krinsky said. "And we do think you find some short-term stabilization around that area."
That's roughly in line with the call of Oppenheimer head of institutional portfolio strategy Andrew Burkly.
"We're viewing this as a bull market correction," meaning a drop of 10 to 15 percent. "Anything bigger than that — 15-to-20-percent-plus — I think you have to think about down-earnings, down-economy, and I just really don't see any evidence of that still."
A drop to 1,820 would take the S&P 14.7 percent below the all-time highs the index made in May.
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b6905de5a80f212883e01d0f3b33d902 | https://www.cnbc.com/2015/09/28/us-personal-income-aug-2015.html | Consumer spending rises in Aug; inflation firms | Consumer spending rises in Aug; inflation firms
VIDEO1:2201:22Consumer spending up 0.4% in AugustSquawk Box
U.S. consumer spending grew briskly in August and a key measure of inflation firmed a bit, signs of strength in America's domestic economy that could lead the Federal Reserve to tighten interest rates despite weakness abroad.
The Commerce Department said on Monday consumer spending increased 0.4 percent after an upwardly revised 0.4 percent rise in July.
The figures give a bullish sign for economic growth in the third quarter.
Read More
"These data underscore the ongoing health of the consumer sector," said John Hoff, an economist at RBS Securities.
The report could help convince investors of Fed Chair Janet Yellen's view, most recently expressed on Thursday, that the economy was strong enough to warrant a rate increase this year. New York Fed President William Dudley on Monday also said a hike was likely this year and could come as soon as October.
Investors have been doubtful, with many betting that the Fed's first rate increase in a decade won't come until March.
But the U.S. dollar firmed following the consumer spending report, as did yields on U.S. government debt, signs that some investors were bringing forward their bets on a rate increase.
Economists polled by Reuters had forecast consumer spending rising 0.3 percent last month. Consumer spending accounts for more than two-thirds of U.S. economic activity.
It was the latest report indicating momentum in the economy as it confronted recent global financial markets turbulence, sparked by concerns over a slowing Chinese economy, which pushed the Fed to hold off hiking rates earlier in September.
The economy grew at a robust 3.9 percent annual rate in the second quarter.
Read MoreIcahn warns of potential looming disaster
Last month, spending on long-lasting goods such as automobiles increased 0.9 percent. Outlays on services like utilities rose 0.5 percent.
Personal income increased 0.3 percent in August.
Overall inflation remained muted, reflecting low oil prices. Inflation, which has persistently run below the Fed's 2 percent target in annual terms, rose just 0.3 percent in August from the same month a year earlier.
However, prices were up 1.3 percent when excluding food and energy, a key metric used by the Fed to gauge the trend rate of inflation. In July, core prices rose 1.2 percent year-over-year.
Despite the positive signals for consumer spending, the U.S. housing market appeared to loose a step last month, with contracts to buy previously owned U.S. homes falling 1.4 percent.
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ca45a1328d916cc444965cd5b0ea4103 | https://www.cnbc.com/2015/09/28/us-stocks-open-lower-fed-eyed.html | S&P below 1900; Nasdaq off 3% as biotech weighs | S&P below 1900; Nasdaq off 3% as biotech weighs
VIDEO5:0005:00S&P falls below 1900Halftime Report
VIDEO2:1902:19Cashin says: Juggling oil & biotechsWorld Economy
VIDEO1:5801:58Dow and energy fall at open
U.S. stocks closed sharply lower Monday as uncertainty about the timing of a rate hike and concerns about global economic growth continued to weigh on sentiment. (Tweet This)
The S&P 500 closed down about 2.5 percent, falling below the psychologically key level of 1,900 for the first time since Aug. 26. Health care fell more than 4 percent as the greatest decliner.
The Dow Jones industrial average closed near session lows, off about 312 points, but holding just above the psychologically key 16,000 level. Earlier, the index dipped below 16,000 for the first time since Sept. 1. The last close under that level was on Aug. 25.
Goldman Sachs plunged nearly 3.8 percent as the greatest weight on the blue chip index. The Dow and S&P are on track for their worst quarter in four years.
Apple closed nearly 2 percent lower despite news that it sold more than 13 million units of the new iPhone 6s and 6s Plus models in a record first weekend of sales.
The Nasdaq composite closed down 3 percent, pressured by a 6.3 percent decline in the iShares Nasdaq biotechnology ETF (IBB). The ETF fell further into bear market territory, or more than 20 percent from its 52-week high.
"I think it's a lot of panic. It's a lot of people who came in recently," said Paul Yook, portfolio manager at BioShares Funds. "In hindsight clearly the market did not price in this political risk."
Shares of Valeant closed down nearly 17 percent amid news that Democrats are pressing a Republican committee chairman to tied to a price hike from earlier this year.
Hillary Clinton's tweet last Monday on drug "price gouging" pressured IBB for its worst day of the year. The declines continued throughout the week, with IBB plunging nearly 5 percent Friday for its worst day since August 2014. The Dow closed more than 100 percent higher, boosted by solid earnings.
"I think (because) we're a few days ahead of the quarter close, people want to close out of some losers. It looks like momentum selling," said Mike Bailey, director of research at FBB Capital Partners.
Read MoreJPMorgan: Buy into the biotech bear market
"The big concern here is the market has deteriorated to a point that now even the leadership is faltering," said Lance Roberts, head of Streettalklive.com.
The Nasdaq composite became the last of the three major averages to flash a death cross, in which the 50-day moving average falls below the 200-day. The index is on track for its worst quarter in about three years.
The Russell 2000 fell below the low hit in late August.
"The fact that the Russell already broke down to me suggests the path of least resistance is lower," said Adam Sarhan, CEO of Sarhan Capital.
All three major averages traded in correction territory, or more than 10 percent below their 52-week highs.
"So far we're in a correction phase and I don't want to make more of it than that," said Bruce Bittles, chief investment strategist at RW Baird. "Investors have to be cautious here and wait for the market to prove itself and not try to pick bottoms."
Investors continued to digest remarks from Fed speakers for indications on the timing of a rate hike.
New York Fed President William Dudley said the central bank will , Dow Jones reported. He noted international events have created uncertainty about the U.S. outlook.
"I think the biggest focus remains Fed uncertainty. You hear Dudley saying, uncertainty about the outlook can't be eliminated," said Peter Cardillo, chief market economist at Rockwell Global Capital.
"The Fed has created this wall of uncertainty even as we get good economic data," he said.
Read MoreFed, jobs could drop more rate clues in week ahead
Chicago Fed President Charles Evans said in prepared remarks a later liftoff would better help the U.S. economy navigate through uncertain economic trends.
Ahead of Friday's key employment report, August personal income data showed an increase of 0.3 percent in personal income and a 0.4 percent increase in consumer spending, roughly in-line with estimates.
"What's a little concerning is Janet Yellen did speak last week and she made it pretty clear that she wants to raise rates," said Patrick Maldari, fixed income manager at Aberdeen Asset Management.
"The underlying growth rate is below long-term trends. I think we should be positioned for rates to be lower for a lot longer," he said.
Treasury yields trimmed losses, with the 10-year yield at 2.10 percent and the near 0.66 percent.
The U.S. dollar reversed to trade mildly lower, with the euro above $1.12 and the yen at 119.91 yen against the greenback.
August pending home sales posted a decline of 1.4 percent, missing expectations of a slight gain. Pending home sales are still 6.1 percent from a year ago.
The September Dallas Fed Survey showed manufacturing activity was flat.
"If you're looking for good news, you've got it (in good personal income data)," said Art Hogan, chief market strategist at Wunderlich Securities. "The unfortunate thing is we have two major things in front of us that haven't changed: When does the Fed raise rates? When does China bottom?"
"We've got a market that's found a path of least resistance to the downside," he said.
Asian markets closed mixed on Monday as data from China showed industrial profits declined 8.7 percent in August from a year earlier, the largest drop since 2011.
European markets closed about 2 percent lower, pressured by continued concerns about Glencore and Volkswagen. Shares of Glencore closed nearly 30 percent lower in London.
Commodities weighed, with crude down more than 2.5 percent and copper off more than 1.5 percent.
Earlier, the Dow futures were about 100 points lower — reversing early gains and pointing to a lower open for the blue-chip U.S. stock index.
"Outside of the U.S. there may be better absolute growth opportunities but the economies there are deteriorating and weakening much faster than the U.S. is doing," said Nick Raich, CEO of The Earnings Scout.
Major U.S. Indexes
Investors also kept an eye on Washington, where the federal government faces a deadline on a new budget. If unresolved, the government would shut down as of Thursday. House Speaker John Boehner resigned on Friday as speaker and from Congress.
Read MoreEarly movers: AA, MEG, WMB, BHI, VOD, NVO, FB, JCP, SNY & more
The Dow Jones Industrial Average closed down 312.78 points, or 1.92 percent, at 16,001, with Visa leading decliners and Johnson & Johnson eking out a slight gain.
The Dow transports fell more than 2 percent, with Avis Budget and JetBlue leading all constituents lower.
The closed down 49.57 points, or 2.57 percent, at 1,881.77, with health care leading all 10 sectors lower.
The Nasdaq closed down 142.97 points, or 3.04 percent, at 4,543.97.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded above 27.
About nine stocks declined for every advancer on the New York Stock Exchange, with an exchange volume of 1.05 billion and a composite volume of nearly 4.3 billion in the close.
Crude oil futures for November delivery settled down $1.27, or 2.78 percent, at $44.43 a barrel on the New York Mercantile Exchange. Gold futures settled down $13.90 at $1,131.70 an ounce.
On tap this week:
Monday
5 p.m.: San Francisco Fed President John Williams
Tuesday
Midnight deadline for Congress to approve budget
9 a.m.: S&P/Case-Shiller home prices
10 a.m.: Consumer confidence
Wednesday
8 a.m.: New York Fed's Dudley on market liquidity
8:15 a.m.: ADP employment
9:45 a.m.: Chicago PMI
3 p.m.: Fed Chair Janet Yellen welcoming remarks at St. Louis Fed event
3:10 p.m.: St. Louis Fed President James Bullard at St. Louis Fed community banking event
8:15 p.m.: Fed Gov. Lael Brainard at St. Louis Fed event
Thursday
September vehicle sales
8:30 a.m.: Initial claims
9:45 a.m.: Manufacturing PMI
10 a.m.: ISM manufacturing; construction spending
2:30 p.m.: St. Francisco Fed's Williams on outlook
Friday
8:30 a.m.: Employment; Boston Fed President Eric Rosengren at Boston Fed conference
9 a.m.: Minneapolis Fed President Narayan Kocherlakota
10 a.m.: Factory orders
11 a.m.: Cleveland Fed President Loretta Mester
1:30 p.m.: Fed Vice Chair Stanley Fischer on monetary policy at Boston Fed
More From CNBC.com:
Are stocks suddenly rooting for a rate hike?Is Nike signaling China's economy is OK?Icahn warns of potential looming catastrophe
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c6506bdd8129b7ca2461c31cd224d704 | https://www.cnbc.com/2015/09/28/us-treasurys-on-firmer-footing-fed-speakers-eyed.html | Treasurys surge as stock market tumbles | Treasurys surge as stock market tumbles
U.S. Treasury prices rallied on Monday as global equity prices fell amid concerns over sluggish economic growth in China and falling commodity prices, ahead of Friday's highly anticipated employment report.
The benchmark 10-year Treasury yield was down about 7 basis point at 2.09 percent, while the two-year Treasury yield was lower at 0.67 percent. When a bond price rises, its yield falls. U.S. stocks meanwhile fell about 2 percent in afternoon trading.
Treasurys
Worries about global growth have reduced investor appetite for risk and increased demand for safe-haven bonds, even as U.S. data shows a still-strengthening economy.
A 30 percent plunge in shares of mining giant Glencore traded in London, and an 8.8 percent drop in Chinese industrial firms' profits triggered the most recent investor anxiety, dragging down copper below $5,000 a ton.
"We are still trapped between the various parts of the global market that aren't doing well and expectations for good U.S. data," said Jim Vogel, an interest rate strategist at FTN Financial in Memphis, Tennessee.
Yields briefly rose from their session lows on Monday after New York Federal Reserve President William Dudley said he expects the U.S. central bank to raise interest rates this year for the first time in nearly a decade.
Dudley said he was confident that weak global economic conditions and the strong U.S. dollar would not permanently hold down inflation in the U.S., or dislodge people's expectations about the path of price increases.
Some investors have pushed back their expectations on when\ the Fed is expected to raise rates after the U.S. central bank kept rates on hold at its September meeting.
The next major focus for the market will be Thursday's manufacturing data and Friday's employment report for September, both of which, analysts said, could sway the central bank to boost rates by year-end.
The Fed left interest rates at record lows following a meeting this month that surprised markets with a dovish statement that expressed concerns about the global growth outlook.
Economic data this session included August personal income, which rose 0.3 percent, slightly below the expected 0.4 percent increase.
Pending home sales fell 1.4 percent in August and the September Dallas Fed Survey at 10:30.
The highlight of the economic calendar this week, however, is the September non-farm payrolls report on Friday. The monthly jobs data is widely viewed as the most important U.S. economic indicator.
Elsewhere, Spanish government bond yields fell 6 basis points – outperforming euro zone peers – following news that Catalan separatists won a parliamentary majority in a regional election on Sunday.
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cba1c77899887c402cba2693e6fd562f | https://www.cnbc.com/2015/09/28/vws-audi-division-says-21m-cars-affected-in-emissions-scandal.html | Volkswagen under fire: Former CEO under investigation | Volkswagen under fire: Former CEO under investigation
VIDEO0:3300:33Audi affected by Volkswagen scandalAutos
Volkswagen came under renewed fire on Monday after prosecutors in the German state of Lower Saxony told news wires they have launched a criminal investigation into former CEO Martin Winterkorn.
The company, which overtook Toyota in the first half of the year as the biggest car maker by sales, has been left reeling after admitting to cheating U.S. vehicles emissions tests of its diesel-powered vehicles. It says 11 million of its cars around the world could be affected.
Getty Images
In the wake of that admission last week, Winterkorn stepped down to pave the way for a new leadership to get Volkswagen back on track.
Winterkorn was replaced on Friday by Porsche boss Matthias Mueller.
But the start of a new week provided fresh signs of strain for the German car maker: Volkswagen's luxury brand, Audi, said on Monday that 2.1 million of its cars globally have been affected by the emissions scandal that has engulfed the German car manufacturer.
Some 1.42 million Audi vehicles in Western Europe were fitted with the software that allowed parent group Volkswagen to cheat U.S. emissions tests, Audi said on Monday. Almost 13,000 Audi cars in the U.S. and 577,000 in Germany were also impacted.
Later Monday, VW's Czech division, Skoda, announced that 1.2 million of its cars were affected by diesel engine manipulations.
German media meanwhile reported that a Volkswagen engineer warned the firm about cheating over emission testing back in 2011.
Wolfsburg shocked by Volkswagen gamble
Volkswagen shares, which tumbled almost 30 percent last week, fell more than 7 percent on Monday as investors questioned whether the car firm can get to grips with the worst crisis in its 78-year old history.
"My biggest fear is that the amount of money we are talking about, the 6.5 billion euros ($7.3 billion) that has provisioned for, is a smaller amount than Volkswagen will probably have to pay," Juergen Pieper, head of automotive research at Bankhaus Metzler, told CNBC's "Squawk Box Europe" on Monday.
"My second concern is the duration of this scandal – it will probably take years before it sorts out all this and there's the reputational damage too," he added.
Last week, Volkswagen said it would set aside $7.3 billion to help cover the costs of the scandal. Fines related to the scandal were last week estimated at up to $18 billion.
In a bid to restore its credibility, Volkswagen has suspended the R&D chiefs of its Volkswagen brand, Audi and sport-car manufacturer Porsche, sources told Reuters on Monday.
"It is clearly a massive blow to the reputation of the company," Christian Ludwig, automotive analyst at Bankhaus Lampe, said on CNBC, talking about the Volkswagen scandal.
"Volkswagen is a core pillar of German engineering and for something like this to happen is a strong blow," he said. "Getting this reputation thing resolved is going to be a herculean task."
The emissions scandal at Volkswagen has the potential to damage Germany's economy - the biggest in Europe - Germany's Deputy Finance Minister Jens Saphn told Reuters on Monday.
Volkswagen is Germany's biggest car maker. It's also one of Germany's biggest employers, with more than 270,000 workers employed in the country.
Follow us on Twitter: @CNBCWorld
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a5067caad221a57da732c6313c2bab14 | https://www.cnbc.com/2015/09/28/wall-street-goes-all-in-on-climate-policy.html | Wall Street goes all in on climate policy | Wall Street goes all in on climate policy
Large U.S. financial firms are putting their deep pockets and political clout behind alternative energy, in a key stamp of approval from companies that have traditionally funneled money into fossil fuels.
In a statement Monday, six companies, including the four largest U.S. banks, pledged to cooperate to accelerate investment in renewable energy. They called for governments to help push clean power sources and combat "significant" economic risks from climate change ahead of critical private and public sector talks at the Sustainable Innovation Forum in December.
"Policy frameworks that recognize the costs of carbon are among many important instruments needed to provide greater market certainty, accelerate investment, drive innovation in low carbon energy and create jobs," said the statement signed by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley.
Timothy Fadek | Bloomberg | Getty Images
The effort from the financial industry comes as more research has linked carbon-producing fossil fuels to global warming and possible health and economic drawbacks. Some recent policy like President Barack Obama's Clean Power Plan, which aims to reduce carbon emissions from power plants, has received backlash from pockets of the energy industry.
"We do recognize that carbon does have a cost and it's important the government steps up and takes the lead" on further policy, said Marisa Buchanan, vice president of sustainable finance at JPMorgan Chase, at a Monday panel held by sustainability advocacy group Ceres.
Read MoreTop US businesses commit to renewable energy
Stronger commitment from firms that boast trillions of dollars in total assets boosts clean power initiatives, which will require huge capital in the coming decades to grow and become more affordable for consumers.
Still, the statement lacks specific policy recommendations, which brings into question how it will translate into real action.
"We are hopeful that this kind of effort helps to move that transition forward" and encourage businesses to change their energy consumption, said Valerie Smith, director and head of corporate sustainability at Citigroup.
Many large banks have injected more resources into renewable energy sources like solar and wind in recent years. Citi recently set a goal of allocating $100 billion to environmental finance in the next 10 years, while Wells Fargo has invested $52 billion in environmental efforts since 2005. Others like Bank of America have previously urged private sector and government action to mitigate climate risks.
VIDEO4:0904:09Biz opportunities in clean energy: BransonSquawk Box Next 20
But amid calls for change, parts of the financial industry still have a big stake in fossil fuels. The largest U.S. banks are among the top financiers of the coal industry, one of the biggest targets for environmental and climate regulations.
Read MoreA melting Arctic: The world is skating on thin ice
Smith and Buchanan, as well as representatives from Wells Fargo and Bank of America, stressed Monday that they maintain a role in financing the world's existing economy, which relies heavily on fossil fuels. However, they acknowledged that the firms hold a unique position in shaping how the energy industry will look in the future.
"Part of us feels like we're enablers of what gets done in the world," Smith said.
She stressed that not only pushing capital into sustainable energy but also a broader movement to pull money from the fossil fuel industry has "raised the profile" of climate issues, she added. Still, the statement did not offer any language on the banks further reducing their exposure to fossil fuel companies.
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a150dd9c90595c916cad665660068cfd | https://www.cnbc.com/2015/09/28/wall-street-set-for-a-cautious-open.html | Wall Street set for a cautious open | Wall Street set for a cautious open
U.S. stocks looked poised for a weak start to the week, with sentiment cautious ahead of U.S. Federal Reserve speakers, economic data and a budget battle in Washington.
Asian markets closed mixed on Monday as data from China showed industrial profits declined 8.7 percent in August from a year earlier — their biggest drop since 2011 — providing further evidence of weakness in the world's second-largest economy.
Scott Mlyn | CNBC
European markets traded lower on the day, while Dow Jones industrial average stock futures traded 100 points lower – reversing early gains and pointing to a lower open for the blue-chip U.S. stock index.
Commodities weighed, with both crude and brent down about 2 percent and copper off nearly 2 percent. Shares of Glencore plunged more than 25 percent in London trade.
Read More Early movers: AA, MEG, WMB, BHI, VOD, NVO, FB, JCP, SNY & more
August personal income data showed an increase of 0.3 percent in personal income and a 0.4 percent increase in consumer spending, roughly in-line with estimates.
Treasury yields trimmed losses, with the 10-year yield at 2.15 percent and the 2-year yield near 0.70 percent.
The U.S. dollar traded mildly higher, with the euro below $1.12 and the yen at 120.2 yen against the greenback.
August pending home sales data is due at 10:00 a.m. and the September Dallas Fed Survey at 10:30.
New York Fed President William Dudley said the central bank will , Dow Jones reported. He noted international events have created uncertainty about the U.S. outlook.
Chicago Fed President Charles Evans is also scheduled to speak later in the day.
Their comments are likely to be in focus following remarks by Fed Chair Janet Yellen last week that a rate increase later this year would be appropriate.
"By putting the prospect of a rate rise back on the table by the end of this year, her (Yellen's) comments appear to have reassured some nervous investors that despite not acting in September, the Fed remains cautiously upbeat by the strength of the U.S. economy, and that there appears to be a growing quorum within the FOMC (Federal Open Market Committee) for a move by the end of the year," Michael Hewson, chief market analyst at CMC Markets, said in a note.
"We will discover later today how comprehensive that quorum is when both the Chicago Fed's Charles Evans, an avowed dove, and William Dudley of the New York Fed are due to speak on monetary policy," he added.
VIDEO2:3802:38Why a Fed hike in 2015 is off the tableSquawk Box Asia
Robust second-quarter U.S. economic growth data on Friday have bolstered the case for a rate increase before the end of the year, while this Friday sees the release of the closely-followed non-farm payrolls report.
Attention was also expected to remain on Washington, where House Speaker John Boehner resigned on Friday as speaker and from Congress. Boehner was facing "turmoil" within the Republican Party over whether funding for Planned Parenthood should be tied to the federal budget.
If the budget does not pass, the government would be shut down from Thursday.
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ab0c0f23b41d3d57c010bdae71f2a3cf | https://www.cnbc.com/2015/09/28/whole-foods-market-to-cut-about-1500-jobs.html | Whole Foods Market to cut about 1,500 jobs | Whole Foods Market to cut about 1,500 jobs
A Whole Foods Market in Newport Beach, CaliforniaScott Mlyn | CNBC
Upscale food market operator Whole Foods Market said it would cut about 1,500 jobs, or about 1.6 percent of its workforce, over the next eight weeks.
The cuts are aimed at reducing costs as the company invests in technology upgrades, Whole Foods said in a filing.
The affected positions were mainly in stores, but "back of house" positions that were not customer facing, the company said in an email to Reuters.
Whole Foods said it would offer employees options including transition pay, severance, or allow them to apply for other jobs.
BK finally lifts veil on black bun burger in US
The job cuts come as the retailer is working to shed its "Whole Paycheck" nickname and its reputation for high prices. Whole Foods said in May that it would launch a new chain of smaller, more value-focused shops next year.
The company, which dominates the natural and organic grocery category, faces increasing competition from specialty and mainstream retailers.
The New York's Department of Consumer Affairs said in June it was investigating Whole Foods after finding that the company charged too much for some prepackaged foods at nine of its New York City stores.
The company's shares were down 0.5 percent at $30.96 in low volumes in premarket trading on Monday.
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6119305bad66e36c1d461dbf12a290ec | https://www.cnbc.com/2015/09/28/why-tim-cook-expects-tablet-takeover-in-some-homes.html | Why Tim Cook expects tablet takeover in some homes | Why Tim Cook expects tablet takeover in some homes
VIDEO1:2901:29Is the iPad cannibalizing the PC?Big Data
If Apple CEO Tim Cook's predictions are correct, some consumers will never buy a desktop computer. Tablets and smartphones could take over as the primary way some of them access the Internet, according a recent BuzzFeed interview with the chief executive.
"Because I think now we're at the point where the iPad does what some people want to do with their PCs," Cook told the news site.
All industries should brace for a shakeup in tech: Salesforce’s Benioff
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The average consumer who only needs to check Facebook, sendemails and watch streaming movies, for instance, only needs thecomputing power and the memory that a tablet can provide.
"Even today there are some people who only use their iPads as their main computer and it meets their needs just fine," said Tim Bajarin, president of tech research firm Creative Strategies, in an email echoing Cook's sentiment.
VIDEO2:0302:03Tim Cook surprises NYC Apple storeSquawk Alley
And that could increasingly be the case as more tablets are soldwith detachable keyboards, like Microsoft's Surface and Apple's new iPad Pro, which will be in stores in time for thisholiday season.
"There is little innovation any one can bring to the clamshell [laptop] form factor and large tablets with keyboards deliver even greater flexibility when it comes to mobile computers," Bajarin told CNBC.
Even as worldwide PC sales are giving way to tablets, overall tablet sales are declining as the consumer market for those devices saturates, according to research firm IDC. But the use of tablets at work is growing.
Forrester Research expects that 20 percent of the total tablet market will be business owned by 2018, up from 14 percent this year. The firm expects that Apple, Google and Microsoft will still be jockeying for the position as the top tablet maker specifically for businesses in the next few years.
Apple CEO Tim Cook discusses the iPad during an Apple media event in San Francisco, September 9, 2015.Beck Diefenbach | Reuters
But the desktop computer and traditional "clamshell" laptop aren't dead, analysts say.
While tablets with keyboards are the future of mobile computing, the traditional laptop is still a workhorse for businesses, noted Bajarin of Creative Strategies.
VIDEO0:3900:39IPad Pro a tough sell: AnalystsBig Data
"Desktops are not going away. They have tremendous power advantage ... huge growth potential in developing markets, and a massive installed base within corporations," said Eric Schiffer, chairman and CEO of Patriarch Private Equity in an email.
Some laptop and desktop computer sales forecasts look bright in the long term.
Worldwide PC shipments are expected to fall by 8.7 percent in 2015 and further in 2016, but they're projected to stabilize in 2017, as the next refresh cycle means computer upgrades at home and at work, according to the IDC Worldwide Quarterly PC Tracker report released last month.
VIDEO1:0601:06Intel unveils new 'Skylake' chipClosing Bell
Microsoft's new Windows 10 operating system could help boost PC sales as well, as CNBC previously reported.
While mobile devices may be enough for some users, Apple's CEO said in his interview with BuzzFeed that he expects to see Mac sales grow in the long term.
—With additional reporting by CNBC's Josh Lipton.
Watch The Pulse on CNBC's Squawk Alley, today at 11am ET/8am PT.
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8b667da4767d5dafc5aec6c0f9d550db | https://www.cnbc.com/2015/09/28/yen-firms-on-heightened-risk-aversion-commodity-currencies-sag.html | Dollar slips as commodity currencies steady | Dollar slips as commodity currencies steady
The U.S. dollar slipped against other major currencies on Tuesday, with volatility in global markets dulling prospects for U.S. interest rates increases, while Canada's and Australia's battered commodity-related currencies steadied.
Global stocks slid to lows not seen in more than two years as raw materials prices and emerging markets remained under pressure. Commodity prices edged up but held near multi-year lows on concern over an economic slowdown in major consumer China.
Mining and trading giant Glencore, whose shares fell by almost a third on Monday on worries over its debt, saw gains of 17 percent in London that helped the Australian and Canadian dollars.
The Australian dollar was ahead much of Tuesday and was last 0.16 percent higher at $0.6989, recovering from a low of $0.6934, while the U.S. dollar was up 0.22 percent against the Canadian unit at C$1.3428, having risen to a 11-year high earlier in the day.
VIDEO1:3301:33Santelli: Good year for the US dollar
The U.S. fluttered around flat and was last off 0.17 percent as dealers treaded carefully ahead of Friday's U.S. jobs report, likely to confirm the relative vigor of America's labor market.
"Investors are caught between expecting the dollar to rally and being fearful of the volatility in financial markets," said Shaun Osborne, chief currencies strategist at Scotiabank in Toronto. "This isn't the kind of environment where people want to take big bets."
Deepening concerns about the global economy, a recent sharp correction in stock markets and mixed messages from Federal Reserve officials led to a drop in front-end U.S. yields , and weighed on the dollar.
Read MoreMoney moves to make before the year ends
The was 0.27 percent higher against the dollar at 0.9717 franc per dollar. The yen was slightly firmer on the day against the dollar, trading at 119.72 yen.
"The market thinks the latest bout of risk aversion will drive the Fed to postpone a rate hike," said Niels Christensen, FX strategist at Nordea. "That is weighing on the dollar, while the yen and the franc are trading higher."
The euro was up 0.17 percent against the dollar and was last flat against the yen as Spanish consumer prices fell at their fastest rate in seven months in September and regional data out of Germany pointed to inflation stuck around zero.
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645fd8a733e5f4621560028d1c6bc677 | https://www.cnbc.com/2015/09/29/6-ways-to-save-on-your-prescription-drugs.html | 6 ways to save on your prescription drugs | 6 ways to save on your prescription drugs
VIDEO1:3801:38Turing bows to pricing pressureSquawk Box
Public backlash against Turing Pharmaceuticals for raising the price of the life-saving drug Daraprim, which treats malaria and toxoplasmosis, by more than 5,000 percent to $750 per pill made the drug company reverse course last week. And now lawmakers and presidential candidates are the pharmaceutical industry. Yet prices on many other prescription drugs are projected to rise sharply next year.
Prescription drug price inflation is expected to approach double-digits in 2016, more than 10 times the consumer price index for all goods and services, according to a health-cost survey by the Segal Group. The benefits consulting firm estimates that prescription drug price will rise 9.8 percent in 2016, up from a 7.5 percent increase this year.
If you're one of the millions of Americans who regularly take a prescription drug, you can make several moves to lessen the burden of increasing drug costs.
Cut your health costs during open enrollment
Review all the prescription drugs you're taking. About 44 percent of adult Americans say they regularly take at least one prescription drug, according to a survey by Consumer Reports. And a 2012 study by the Centers for Disease Control and Prevention found that more than 1 in 10 Americans had used five or more prescription drugs in the previous 30 days. Ask your doctors and pharmacist if all the medications you are taking are necessary. Some drug combinations might be redundant. Fewer prescriptions can lower your drug bill and decrease the chance of harmful interactions and side effects.
Use your health plan's formulary. That's the official list of medicines your health plan pays for. Drugs on the list change every year. Ask your doctor and pharmacist to use drugs from the formulary when writing and filling new prescriptions. Consider whether the prescriptions you regularly use are covered if you are evaluating health plans for next year during open enrollment, said Karen Frost, senior vice president of health strategy and solutions with benefits consulting firm Aon Hewitt.
Look for generic alternatives or less expensive brand-name drugs for the medications you are taking. But keep in mind the cost savings from generics is slowing. An AARP study found that 280 generic drugs widely used by seniors only dropped 4 percent on average in 2013, which was the slowest rate of decline since 2006.
Consider mail-order pharmacies for prescription drugs you take regularly. Overall drug costs at mail-order pharmacies were 16 percent lower than retail pharmacies across all drugs, according to a 2013 analysis by the Centers for Medicare & Medicaid Services. Plus, mail-order pharmacies are "super-convenient," Frost said.
Sign up for coupons and discount cards. Pharmacies, associations and drugmakers provide discounts and coupons that reduce your pharmacy bill. Smart phone apps, such as GoodRx, can help you comparison shop for the best price on prescriptions in your area.
Shop for prescription drugs at discount stores. Secret shoppers for Consumer Reports found that Costco usually offered the lowest retail prices on medications. Target and Wal-Mart sell hundreds of generic drugs for $4 per prescription. "The $4 generics can add up to big savings, especially for seniors," Frost said.
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5e955f867a1a47810cd992d5d6a65a78 | https://www.cnbc.com/2015/09/29/att-may-take-hit-related-to-directvs-venezuela-assets.html | AT&T's Venezuela assets may be slashed by rate change | AT&T's Venezuela assets may be slashed by rate change
CNBC; Getty Images
A change in exchange rates could wipe as much as $1.1 billion off the value of AT&T's newly acquired DirecTV assets in Venezuela, the company said in an SEC filing.
The former Dow Jones component finalized its $48.5 billion acquisition of the satellite TV provider in July.
AT&T said in the filing it is evaluating whether to use a less preferential Venezuela currency exchange rate to value more than $1.1 billion in DirecTV assets in that South American country.
"If AT&T changes to the Simadi exchange rate, it will have a negative impact on reported revenues, operating income and the fair value of our investment in the Venezuelan subsidiary," the company said in the SEC filing on Friday.
AT&T shares were slightly higher in late-morning trading.
—Reuters contributed to this report.
CORRECTION:This story has been updated to clarify that AT&T will revalue its Venezuelan assets rather than take a charge against them.
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cfa7c8311d4391f5b86c37dfbe148458 | https://www.cnbc.com/2015/09/29/australia-nz-want-chinese-tourists-to-replace-iron-ore-milk-money.html | Claws out as Australia, NZ battle for Chinese tourist dollars | Claws out as Australia, NZ battle for Chinese tourist dollars
New Zealand
Australia and New Zealand risk losing a global arms race for big-spending Chinese holidaymakers unless they improve their services and infrastructure, jeopardizing hopes that tourism will fill the economic hole left by the commodities downturn.
While both countries are enjoying record numbers of tourists from China, industry executives warn they need to improve their Chinese language skills and offer better high-end hotels and transport infrastructure.
"We're number one in terms of where they want to go, but we're only number 15 in terms of where they actually go," Matt Bekier, the chief executive of casino operator Echo Entertainment, told an American Chamber of Commerce lunch in Sydney this month.
VIDEO1:0801:08This is one of the fastest super yachtsTech Transformers
Bekier likened the competition for market share to "an arms race" in which $1.3 trillion of tourism infrastructure is being developed around the world.
"Countries are making it easy for people to come and visit not just once but multiple times," he said. "That's what we have to compete against. We can't just sit back and say 'well our beaches are better'."
Australia-based Chinese student Enni Guan embodies Bekier's concerns.
Leading her visiting parents and grandmother along a Sydney harbor walk to the world-famous Opera House, she said her relatives never would have made the trip from Guangzhou without her to guide them.
"My parents only go out when I can accompany them," 23-year-old Enni says, citing the lack of Chinese signage in Australia's gateway city. "They will never come to Australia again if I am not with them."
Read MoreFonterra raises milk payout, full-year profits soar
A rapid increase in Chinese visitors has been welcomed by both countries as they deal with plunging prices for their top export earners - iron ore in Australia and milk powder in New Zealand.
Australia's resource-based economy is struggling with the demise of a once-in-a-lifetime mining investment boom, with growth below expectations and almost zero in the last quarter.
Driven by Chinese arrivals, tourism overtook coal as Australia's second-largest export earner last year, raking in A$102 billion ($71 billion), while in New Zealand it is poised to leapfrog dairy as the top earner.
"This is going to be the next mining boom," said Bekier, whose Echo, along with rival Crown Resorts, is pinning the success of multibillion dollar new developments in Sydney and Brisbane on high-rolling Chinese gamblers.
New Zealand's central bank noted that tourism was one of the few supportive factors in the economy when it announced its third consecutive cut in interest rates earlier this month.
Read MoreOmnishambles! What's with Australian politics?
"In the past year and half, New Zealand has become a hot destination," said Stephen Lester, general manager of Ngai Tahu Tourism, where Chinese tourists now account for a quarter of revenues, up from less than 2 percent four years ago.
"Just in terms of pure money in the door, (China's) really important."
Tourism Australia expects spending by Chinese tourists to more than double from A$5.7 billion last year to A$13 billion by 2020. However some believe those estimates are hugely optimistic, given Australia's lack of readiness.
IHG/Oxford Economics predicts that Australia will not rank in the top 10 markets for forecast growth in Chinese visitors in the next decade.
North of Sydney, the Great Barrier Reef in Queensland state is one of Australia's biggest tourism drawcards. But even here, many resorts have not been upgraded since a wave of Japanese investment in the 1980s.
The state government is so worried it has issued a plea for foreign investors to take advantage of the weak Aussie dollar and snap up some cheap tourism assets. It has also warned operators of shabby resorts that their leases could be cancelled unless they lift their game.
Read MorePost-white gold rush, what next for New Zealand?
"We want to see anyone who will actually look at them, refresh them, rebrand them," Queensland Treasurer Curtis Pitt told a business function in Brisbane earlier this month.
"I think it's well-canvassed that while people are still providing some of the best service in the world, some of the architecture on those things is slightly out of date."
Student Enni compared Australia's tourist facilities to her smartphone.
"I upgrade my phone for new features, similarly Australia needs an upgrade," she said. "In China everything is brand new and flashy, Australia is old."
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736ff18792e023b73bfd2616f5f2947e | https://www.cnbc.com/2015/09/29/axel-springer-buys-88-percent-of-business-insider.html | Axel Springer buys 88 percent of Business Insider | Axel Springer buys 88 percent of Business Insider
VIDEO0:3000:30German publisher to buy Business InsiderInternet
German publisher Axel Springer said on Tuesday it would buy 88 percent of news website Business Insider valued at $343 million.
Springer, which earlier this year missed out on buying the Financial Times newspaper from Pearson, said it already owns about 9 percent of the website, which has 76 million monthly visitors.
Amazon founder and chief executive Jeff Bezos will hold the rest of the shares via his personal investment company Bezos Expeditions, Springer said in a statement.
(Disclosure: Business Insider is a competitor of CNBC.)
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3e63a2a920e33dfda3fe84b949b4252f | https://www.cnbc.com/2015/09/29/behind-the-strange-small-cap-underperformance.html | Behind the strange small-cap underperformance | Behind the strange small-cap underperformance
VIDEO2:3102:31Trading Nation: Small-cap slapTrading Nation
Small-cap stocks have underperformed large caps lately. The Russell 2000 is down 5.2 percent in the past week and 6.8 percent in the past month, versus declines of 3 percent and 5.3 percent, respectively.
The small-cap lag comes despite a market environment in which smaller companies might be expected to do better. After all, one of the biggest current worries is global growth, and Russell 2000 businesses tend to be more domestic-focused than those in the S&P 500.
But to Boris Schlossberg of BK Asset Management, the recent dive in the Russell reflects market dynamics more than fundamental factors.
Schlossberg argues that due to the prolifation of ETFs, many individual investors who might previously have been invested in individual small-cap stocks are now in large caps instead. That means that swift-moving hedge funds play a greater role in that segment of the equity market.
Read More Today's market looks like 2000 and 2007: Technical analyst
"Now that everyone is in (DIA) and (SPY), small caps are left to highly opportunistic hedgies," Schlossberg wrote to CNBC on Tuesday, referring to ETFs tracking the Dow and S&P, respectively.
These funds "exit the trades faster, and leave small caps to rot."
From a technical analysis perspective, Rich Ross of Evercore ISI believes the Russell has recently found an important level of long-term support at its 150-week moving average, which it is currently trading around now.
For Ross, that means the small-cap selling could soon be over.
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879cb5e017a39adf2f647fa1dffbe045 | https://www.cnbc.com/2015/09/29/bull-market-just-taking-a-breather-andrew-slimmon.html | Bull market just taking a breather: Andrew Slimmon | Bull market just taking a breather: Andrew Slimmon
VIDEO2:4702:47We'll end the year significantly lower: Pro Power Lunch
Andrew Slimmon of Morgan Stanley Wealth Management has a simple message for U.S. investors: The bull market is not over.
"I haven't seen the real deterioration in fundamentals," the firm's head of applied equity advisors told CNBC's "Power Lunch" on Tuesday. "Companies are still delivering pretty good numbers."
Slimmon added he expects the market to make a comeback during the fourth quarter, lifted by company earnings reports.
"What happens in the fourth quarter is we get back to fundamentals ... and we focus on what the companies are doing on earnings, and that's where the best opportunities are," he said.
Not everyone, however, shares Slimmon's bullish sentiment.
Stocks close mixed; biotech rally fizzles
"We actually think this might the first year in a while when we have a significant negative print on stocks," Lori Heinel, chief portfolio strategist at State Street Global Advisors, said in the same interview.
U.S. equities have been on a roller-coaster ride recently as global growth concerns shake investors' confidence. In fact, all three major indexes have dropped more than 8 percent this quarter, while the Dow Jones industrial average has shed about 10 percent in 2015.
Another issue concerning the markets has been the Federal Reserve and whether or not they're going to raise interest rates for the first time in nearly a decade.
"Our view is that they should raise rates, and we do think that they are going to raise this year," Heinel said. "In a perverse way, that will signal that things are not as dire as a lot of people fear."
This week has already featured a slew of Fed officials sharing their thoughts on monetary policy, including Chicago Fed President Charles Evans, San Francisco Fed President John Williams and New York Fed President Bill Dudley.
In his remarks, the central bank will likely raise rates later this year, while near-full employment in his argument for a 2015 hike.
Evans, on the other hand, argued that the best time to raise rates would be in the middle of next year.
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7bae02357bcb923e783d39a6bc639387 | https://www.cnbc.com/2015/09/29/china-revs-up-local-car-market-with-small-engine-tax-cut.html | China revs up local car market with small-engine tax cut | China revs up local car market with small-engine tax cut
Getty Images
China has decided to halve sales tax on small cars from Thursday, boosting local auto shares, as the government tries to revive growth in the world's largest car market.
The tax cut will run until the end of 2016 and apply to cars with 1.6-liter engines or smaller, a segment that accounts for nearly 70 percent of total sales in China.
VIDEO5:3605:36John Chambers: Rules of the road for ChinaSquawk Box
The move, announced by cabinet late on Tuesday, sent shares of major Chinese automakers higher on Wednesday, with Great Wall Motor jumping 5 percent in Shanghai in early trade. Its Hong Kong stock surged more than 10 percent.
Other carmakers BYD, BAIC Motor and SAIC Motor also rose sharply.
However, analysts at fund manager Bernstein said the move was unlikely to lead to a turnaround in the overall market.
Car sales in China, the world's biggest market since 2009, were flat in the first eight months of the year and could contract in 2015 for the first time since the market took off in the late 1990s. In August, sales fell 3 percent from a year earlier to 1.7 million vehicles.
Read MoreThanks to Apple, US will buy Chinese phones: ZTE
Many analysts expect auto sales growth to hold in low single-digits in coming years and global carmakers are cutting production and reining in wages and other costs.
Last month, China's central bank provided support for auto financing firms by slashing the amount of reserves they need to hold by 3.5 percentage points.
However many analysts said this move was unlikely to lead to any sharp rises in sales given the relatively low auto financing rate.
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9c260f56eca3e534c66e6957acc655b4 | https://www.cnbc.com/2015/09/29/china-typhoon-landfall-made-in-the-east-two-dead-in-taiwan.html | Typhoon makes landfall in eastern China; two dead in Taiwan | Typhoon makes landfall in eastern China; two dead in Taiwan
Sam Yeh | AFP | Getty Images
China ordered tens of thousands of boats back to shore and closed tourist attractions as a typhoon made landfall in the eastern province of Fujian early on Tuesday after leaving two dead and hundreds injured in Taiwan.
Fujian authorities told more than 30,000 fishing boats, carrying around 160,000 people, to return to shore as Typhoon Dujuan approached on Monday, state media reported, citing the flood control office.
The reports made no mention of any casualties in mainland China. The Taiwanese government said on Tuesday two people were killed and 324 people injured as Dujuan swept across the island.
VIDEO4:0904:09China woes are hurting Asian stocks: INGStreet Signs Asia
The storm had weakened since it hit the coastal city of Putian at about 8.50 a.m. (00:50 GMT), state media said, although torrential rain swept Fujian.
Tourist attractions were closed in several districts in the vicinity. Strong gales and towering waves also hit neighboring Zhejiang province, one of China's industrial powerhouses, state media reported.
In Taiwan, more than a million people faced power outages and hundreds of thousands were left without water. Financial markets there were also closed on Tuesday.
Read MoreAsian shares hurt by sell-off in commodity stocks
Maximum wind speeds reached about 120 km an hour (75 mph), the official Xinhua news agency reported, citing the Fujian Meteorological Service.
The Tropical Storm Risk website forecast that the storm would continue losing strength on Tuesday.
Super typhoon Soudelor killed eight people in Taiwan and cut power to more than 4 million households last month.
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b47e772a1a576a3df49652f4b025999f | https://www.cnbc.com/2015/09/29/cramer-remix-this-could-push-oil-even-higher.html | VIDEO1:1801:18Cramer: This could push oil higherCramer Remix
Jim Cramer considers the oil and gas complex to be a vicious open wound in this market, with horrendous declines in oil and gas prices that have caused immense carnage in all things related to energy.
Everything ranging from driller to pipeline plays has been punished, even if they have little direct exposure to the price of black gold.
That is why the "Mad Money" host decided to take a closer look at what the charts say are in store for the oil patch, particularly the largest oil company on Earth, Exxon Mobil. Cramer turned to Robert Moreno, a chartist and colleague of Cramer's at RealMoney.com, and the publisher of RightViewTrading.com.
Moreno thinks that with the strength of its balance sheet, the Exxon punishment could be over.
"In other words, the open wound that is the oil patch might finally be clotting, something that should have a stabilizing effect on the broader market," Cramer said. (Tweet this)
Looking at the daily chart of Exxon versus the , the action displayed told Moreno the story of just how important the energy group is. Exxon has clearly led the market down this year, with the oil giant underperforming the S&P by approximately 12 percent for the year.
However, for the last month Moreno has noticed a change in pattern. Lately Exxon has been consolidating, building a base as it trades sideways and refuses to go lower. Moreno thinks this could be a change in the short-term trend, and if it holds it could stabilize the entire stock market.
Read More Cramer: Why Exxon is ready to bounce
Yes, Cramer has been a bear lately. And guess what? He has been right, even though there was a late afternoon rebound on Tuesday. It seems that everyone has adopted a bearish outlook recently, which made Cramer even more worried.
There is plenty for the "Mad Money" host to dislike about the market recently. It seems that most other commentators are also bears, which prompted Cramer to clarify what would make him more constructive right now despite the endless torture.
"I don't hear much bullish commentary anymore from anyone. I feel most commentators have joined me in the bearish camp, and that's worrisome. The consensus is rarely right when people are all in, no matter what the direction," Cramer said.
So while that is not a long list, Cramer remains convinced that this market is more like what happened in 2011. That puts the downside target for the Dow at 15,231 and the at 1,768. Those levels are not far from where they closed on Tuesday.
In 2011 there was systemic risk to the U.S. banking structure. This time, the risk that Cramer sees is offshore, and there is also political toxicity happening in the United States. That is why he thinks the comparison still holds up.
"Yes, there is more pain ahead, but the saving grace is that we are getting closer to a bottom by the day," Cramer said. (Tweet this)
Read More Cramer: We are getting closer to a bottom
Another stock that was beaten down on Tuesday was Novavax, the next-generation vaccine developer that until a month-and-a-half ago was one of the hottest stocks on the market.
Novavax shot up to $13.65, more than doubling year to date, in August after announcing some very positive phase 2 data on its vaccine for RSV, a highly contagious respiratory virus. However since then, the entire biotech cohort has gone into free-fall, taking Novavax down with it.
What did the company do wrong? Nothing, said Cramer. On Tuesday morning the company also released very positive top-line data from its phase 2 maternal RSV vaccine trial, along with an $89 million grant from the Bill & Melinda Gates Foundation to fund the vaccine's phase 3 clinical trial.
One would think this news would send the stock skyrocketing on Tuesday. Instead, the stock closed down 1.04 percent. Has Novavax taken enough pain, or will hatred for biotech continue to bleed into the stock? To find out, Cramer spoke with the company's CEO Stanley Erck.
"Fortunately my days don't go up and down by my stock price. So what we do is we focus on executing our clinical trial strategy," Erck said.
John Fedele | Getty Images
Cramer also saw that many stocks on Tuesday were being buffeted by a titanic war between struggling money managers and hedge funds that smell blood and are eager to break uneasy shareholders. It is a game of predator versus prey.
After all, how could a company like Energy Transfer Partners be crushed endlessly, even as it might be snapping up critical pipeline player Williams in a groundbreaking move? How the heck could the best of biotechs be mauled over and over again when so many have been so right for so long?
"The answer lies in the shareholders, hedge funds who have often borrowed money to make levered bets on the stocks they love and are now under fire from other hedge funds that sense Armageddon among the investor base and know that shorting these stocks will be like shooting fish in a barrel," Cramer explained.
Ultimately, Cramer thinks that if an investor liked these stocks at higher prices, they should like them even more at lower prices. Just understand that the companies are defenseless because of their capital structures and weakened shareholders. That may be too much for many to stomach, even as the pain may not be over yet.
For most people, the way that they receive health care hasn't changed in ages: they make an appointment days, weeks or months in advance, spend what could be hours in the waiting room, and see a doctor for a few minutes, maybe get a few tests and then wait for the results.
It is an expensive, inefficient and a huge inconvenience for patients.
That is why Cramer has recently turned his focus to the companies that are trying to change the paradigm, such as Teladoc. Now one of the most influential scientists in the U.S. has made the argument that technology will revolutionize the future of medicine, and make it more patient-centric and democratic.
Dr. Eric Topol is a cardiologist and director of the Scripps Translational Science Institute and editor-in-chief of Medscape.com. Earlier in the year he wrote a groundbreaking book entitled "The Patient Will See You Now," about how technologies such as the cloud, big data and smartphones, along with medical advances such as genome sequencing will give patients control over the health care system.
"Medicine today is one-off. You go to the doctor and get this one measurement, a lab test. But the medicine of the future, and it's starting right now, is real-time streaming in your real world," Dr. Topol said.
Read More Skip the doctor, go to your smartphone? Dr. Topol
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Enbridge Energy Partners: "Enbridge Energy, which yields 10 percent, is doing quite well. But you see it doesn't matter. It's part of this master limited partnership accommodation where there was $1 billion for sale at the end of the day, and that seller will be back. You have got to just wait. It's still going lower."
United States Steel: "I can't be positive about steel, because the Chinese are dumping steel so aggressively. As a matter of fact, only Nucore has been the only steel company that I will recommend. I'm very sorry, I don't have a reason."
Read MoreLightning Round: Chinese are dumping this too aggressively
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cb3f1ce9ec6ee72d9bb402ed47b1839c | https://www.cnbc.com/2015/09/29/cramer-we-are-getting-closer-to-a-bottom.html | VIDEO12:2312:23Cramer: Closer to a bottom every dayMad Money with Jim Cramer
Yes, Jim Cramer has been a bear lately. And guess what? He has been right, even though there was a late afternoon rebound on Tuesday. It seems that everyone has adopted a bearish outlook recently, which made Cramer even more worried.
There is plenty for the "Mad Money" host to dislike about the market recently, it seems that most other commentators are also bears, which prompted Cramer to clarify what would make him more constructive right now despite the endless torture.
"The Fed's indecision is a huge part of the overhang. Sometimes I wonder what do they know that we don't. What is the looming event they are so worried about?" Cramer asked.
And it's not just the Fed that Cramer doesn't like right now. It is a combination of the political backdrop, no one caring about a weakening dollar, Chinese struggles and good news meaning nothing these days that has him on edge.
"I don't hear much bullish commentary anymore from anyone. I feel most commentators have joined me in the bearish camp, and that's worrisome. The consensus is rarely right when people are all in, no matter what the direction," Cramer said.
Yes, there is more pain ahead, but the saving grace is that we are getting closer to a bottom by the dayJim Cramer
Traders work on the floor of the New York Stock Exchange.Lucas Jackson | Reuters
Additionally Cramer has heard from many investors who have adopted a tortured and ugly sentiment. More likely, the market could be due for a bounce just based on the horrendous sentiment alone.
But most important, Cramer noted that empirically something has changed. Of the 1,500 stocks that are part of the S&P, 117 are down 50 percent from their highs. 600 stocks are down 25 percent from their highs.
That is staggering.
Cramer suspects that the majority of stocks will need to be down 25 percent for the market carnage to come to an end. With this in mind, he does think that there is more pain on the way simply because there are so many broken charts, broken funds and broken concepts that can't stop falling.
"As a defender of your capital, I am not going to let my guard down, but I am also not going to say 'nothing's really gone down and the rollovers have just begun.' They've been going on for months," Cramer said.
However there are stocks that Cramer remains constructive on, and if he weren't restricted he would be buying them for his charitable trust. He likes Eli Lilly, General Mills, ConAgra and is even willing to add McDonald's to the list.
Read more from Mad Money with Jim Cramer
Cramer Remix: Why Glencore is my biggest worry Cramer: Stocks stuck in a vortex of hate right now Cramer: 5 worries driving the market lower
So while that is not a long list, Cramer remains convinced that this market is more like what happened in 2011. That puts the downside target for the Dow at 15,231 and the at 1,768. Those levels are not far from where they closed on Tuesday.
In 2011 there was systematic risk to the U.S. banking structure. This time, the systematic risk that Cramer sees is offshore, and there is also political toxicity happening in the U.S. That is why he thinks the comparison still holds up.
"Yes, there is more pain ahead, but the saving grace is that we are getting closer to a bottom by the day," Cramer said. (Tweet this)
The torture might seem endless, but each day brings us closer to the end of this pain.
Questions for Cramer? Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com
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772430ad4ba6f43733e81bcd7e2732b9 | https://www.cnbc.com/2015/09/29/cramer-why-exxon-is-ready-to-bounce.html | VIDEO6:5406:54Off the Charts: Exxon punished enough?Mad Money with Jim Cramer
Jim Cramer considers the oil and gas complex to be a vicious open wound in this market, with horrendous declines in oil and gas prices that have caused immense carnage to all things related to energy.
Everything ranging from hideous driller to solid pipeline plays has been punished, even if they have little direct exposure to the price of black gold.
That is why the "Mad Money" host decided to take a closer look at what the charts say are in store for the oil patch, particularly the largest oil company on Earth, Exxon Mobil. Cramer turned to Robert Moreno, a chartist and colleague of Cramer's at RealMoney.com, and the publisher of RightViewTrading.com.
Moreno thinks that with the strength of its balance sheet, the Exxon punishment could be over.
"In other words, the open wound that is the oil patch might finally be clotting, something that should have a stabilizing effect on the broader market," Cramer said. (Tweet this)
The open wound that is the oil patch might finally be clotting, something that should have a stabilizing effect on the broader marketJim Cramer
Looking at the daily chart of Exxon versus the , the action displayed told Moreno the story of just how important the energy group is. Exxon has clearly led the market down this year, with the oil giant underperforming the S&P by approximately 12 percent for the year.
However, for the last month Moreno has noticed a change in pattern. Lately Exxon has been consolidating, building a base as it trades sideways and refuses to go lower. Moreno thinks this could be a change in the short-term trend, and if it holds it could stabilize the entire stock market.
Another technical force that Moreno considers to be important was the Moving Average convergence divergence line (MACD). This is an important momentum indicator that chartists use to predict changes in a stock's trajectory.
Moreno found that at the end of August, the MACD made a bullish crossover, which is a signal that the stock could be done going down. Additionally, the indicator has been steadily trending higher, even though the stock has moved sideways. This suggested to Moreno that Exxon's stock could be ready to start climbing, too.
Finally there was the Chaikin Money Flow oscillator on the Exxon chart that really had Moreno salivating. The Chaikin Money flow is a tool to measure the 21-day accumulation/distribution line. Meaning, it measures the level of buying or selling pressure for a stock. It can be used to figure out what the big institutional money managers are doing, because their huge buy and sell orders can leave a footprint on the chart.
When it came to Exxon, the Chaikin Money flow has been trending higher for a month, but then crossed below its center line into positive territory. That is reflective of buying interest in Exxon at these levels.
Read more from Mad Money with Jim Cramer
Cramer Remix: Why Glencore is my biggest worry Cramer: Stocks stuck in a vortex of hate right now Cramer: 5 worries driving the market lower
"That's right, not only has Exxon stopped going down, but there are some powerful investors out there who feel like loading up on the stock," Cramer said.
Ultimately the technical signals could be suggesting to Moreno that Exxon Mobil is ready for a bounce, at least in the short-term.
So if the biggest player in the oil patch can start to recover, that could be a good sign for the broader stock market as represented by the S&P 500.
"I will say this, Exxon's a leader. If it is bottoming, it could take the whole group, except those hobbled by debt, a lot higher," Cramer said.
Questions for Cramer? Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com
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0c6b4f4ba1af9167ffb61f00750331e0 | https://www.cnbc.com/2015/09/29/de-blasio-clinton-impressive-needs-to-fill-in-blanks.html | De Blasio: Clinton impressive, needs to fill in blanks | De Blasio: Clinton impressive, needs to fill in blanks
VIDEO1:1101:11De Blasio: Not ready to endorse Dem candidatePolitics
Despite his close ties to Hillary Clinton, New York Mayor Bill de Blasio said Tuesday he had not yet decided whom he would endorse for in the Democratic presidential nomination.
De Blasio said Clinton is "more prepared arguably than anyone who has ever run for president," but he added that his choice depends on what the candidates say about their grand plans.
"I've been very impressed by what Hillary Clinton has put out," he told CNBC's "Squawk Box." "With each passing week, she has added to her vision in a very compelling manner."
But, he added, "there are still a few areas where I think we have to fill in the blanks and get a better sense of where things are going."
Read More NBC/WSJ Poll: Trump and Carson lead GOP; Clinton loses ground
De Blasio served as campaign manager for Clinton during her successful run for the U.S. Senate in 2000. Three years earlier, then President Bill Clinton appointed de Blasio as regional director for the U.S. Department of Housing and Urban Development for New York and New Jersey.
The mayor said he was satisfied that the candidates the Democrats have are the right ones, adding that they are speaking to the core economic realities that Americans are facing.
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