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Aug 26, 2013

Gerald Celente - Trends In The News - "A Golden Forecast" - (8/23/13).



NYT Global Update August 26, 2013: Kerry Says Chemical Arms Attack in Syria Is 'Undeniable'.

August 26, 2013
Compiled 20:45 GMT

Global Update



TOP NEWS

Kerry Says Chemical Arms Attack in Syria Is 'Undeniable'

By MICHAEL R. GORDON, ALAN COWELL and RICK GLADSTONE
Secretary of State John Kerry said Monday that the Obama administration would hold the Syrian government accountable for what he called a "moral obscenity" that had shocked the world's conscience.

Political Staging in Trial of Fallen China Official

By EDWARD WONG and JONATHAN ANSFIELD
As his trial ended Monday, Bo Xilai asserted that his wife and the prosecution's other star witness, a former police chief, had a secret affair.

Egypt Military Enlists Religion to Quell Ranks

By DAVID D. KIRKPATRICK and MAYY EL SHEIKH
Egyptian military leaders are worried about insubordination among the rank and file after members of the security forces killed hundreds of their fellow countrymen.
Opinion

Latitude

Voting On Russia's Scorched Political Earth

By MASHA GESSEN
The Moscow mayoral election isn't really an election, but then what is it?
Sports

Video: 2013 U.S. Open: Players to Watch

Among the players to watch at this year's United States Open are John Isner, Jelena Jankovic, Juan Martin del Potro, Dominika Cibulkova, Grigor Dimitrov and Sloane Stephens.
WORLD

Confident Syria Used Chemicals, U.S. Mulls Action

By SCOTT SHANE and BEN HUBBARD
An Obama aide's statement that Syria's promise to allow United Nations inspectors access to the site of a possible chemical attack was "too late" appeared to move the United States closer to potential military action.

As Egyptians Ignore Curfew, Talk of a U.S.-Brotherhood Conspiracy

By ROD NORDLAND
Among supporters of the military, which ousted Mohamed Morsi, there is a widespread view that the United States and the Muslim Brotherhood have a plan to destroy Egypt.

Official Denies Inquiry Into Egyptian Activists

By DAVID D. KIRKPATRICK
Reports in the state news media over the weekend drew attention as evidence that the Egyptian government was broadening its crackdown on dissent.
BUSINESS

Telefónica Improves Offer for E-Plus

By REUTERS
The increased bid for the German unit of KPN was supported by América Móvil, KPN's largest shareholder, improving its odds for success.

Not Business Class, but Still Traveling Like a Boss

By MIKE TIERNEY
A number of independent airport lounges have sprouted up at international concourses to offer services to travelers who aren't frequent fliers.

China Says It's on Track to Meet Growth Target for Year

By REUTERS
The issue of local government debt also remained under control, the National Bureau of Statistics said at a briefing organized by the Foreign Ministry that appeared to be aimed at allaying global concern.
TECHNOLOGY

Young Tech Sees Itself in Microsoft's Ballmer

By QUENTIN HARDY
Those in mobile and cloud computing, which Microsoft has not taken full advantage of, know that they could one day face similar problems.
Bits Blog

How Surveillance Changes Behavior: A Restaurant Workers Case Study

By STEVE LOHR
A new study of employee monitoring software in restaurants suggests that when employees know they're being watched, it can significantly alter behavior - and increase sales.
Disruptions

Barbs for Silicon Valley and Some Who Cover It

By NICK BILTON
Sam Biddle of Valleywag takes aim at those he finds very rich and very self-absorbed. And some find him gratuitous and simply cruel.
SPORTS

England Sweeps Ashes at Home, but Not All Is Lost for Australia

By HUW RICHARDS
Australia may have suffered its worst loss ever in England during the Ashes, but it has reasons to be hopeful for when the series resumes in November.
Soccer

In Premier League, a Shuffle of Players, Then a Reshuffle

By ROB HUGHES
Trying to make sense of a system that encourages the buying and selling of players just as Europe's major soccer leagues get under way.
Rugby

Tom Taylor Lifts All Blacks

By EMMA STONEY
Taylor finished with a 14-point haul in his first start with New Zealand, carrying the All Blacks to a Bledisloe Cup victory over Australia.
U.S. NEWS

Making Choice to Halt at Door of Citizenship

By KIRK SEMPLE
Many green card holders have everything needed for citizenship except the desire - some don't feel American; some dislike American policies; some don't care.
Sidebar

Taking a Second Chance, and Running With It

By ADAM LIPTAK
Shon R. Hopwood, a onetime bank robber whose legal skills in prison drew wide attention, is attending law school and has won a prestigious federal appeals court clerkship.

Under Obama, Little Progress on High-Level Jobs for Women

By ANNIE LOWREY
The president, who is considering candidates for a new Federal Reserve leader, has named no more women to major posts than Bill Clinton did. Janet L. Yellen, the Federal Reserve's vice chairwoman, is a finalist for the position.
OPINION
Op-Ed Columnist

Adrift on the Nile

By BILL KELLER
America has leverage in Egypt. We're just short of leadership.
Op-Ed Columnist

The Decline of E-Empires

By PAUL KRUGMAN
Steve Ballmer, meet Ibn Khaldun.

CMI | Spot Prices as of close of trading in New York August 26, 2013.



Spot Prices as of close of trading in New York Monday, August 26, 2013
Updated 8/26/2013 Today Change Week Ago Month Ago Year Ago
GOLD $1,394.85 -$2.80 $1,366.80 $1,323.45 $1,671.30
SILVER $24.08 +$0.27 $23.21 $19.83 $30.72
PLATINUM $1,547.80 +$3.40 $1,511.70 $1,426.50 $1,557.90
PALLADIUM $748.80 -$5.80 $755.70 $726.50 $655.40
GOLD/SILVER RATIO 57.92



DealBook P.M. Edition August 26, 2013: BATS and Direct Edge to Merge, Taking On Older Rivals



Monday, August 26, 2013
TOP STORY
BATS and Direct Edge to Merge, Taking On Older Rivals Combining BATS Global Markets and Direct Edge will vault the new company past Nasdaq to become the second-largest exchange operator in the United States, as the industry continues to face pressure to consolidate.
DEALBOOK HIGHLIGHTS
White Collar Watch: Justice Dept. Again Signals Interest to Pursue Financial Crisis Cases The United States attorney general is likely to pursue charges under a civil statute that has become the Justice Department's favorite tool of late. It remains to be seen whether the public will be satisfied with such action, says Peter J. Henning.
ING to Sell South Korean Insurance Unit for $1.7 Billion The deal is the latest in a string of divestments in Asia for the ING Group, which is trying to raise money to repay a 2008 bailout by the Dutch government.
U.S. Short-Seller Takes Aim at Chinese Vegetable Producer The Glaucus Research Group has accused the China Minzhong Food Corporation of fabricating sales and doctoring financial statements, leading to a 48 percent fall in Minzhong's stock before trading was suspended on Monday.
Indian Firm to Pay $2.6 Billion to Build Its Stake in African Gas Project ONGC Videsh, a unit of the India's state-run Oil and Natural Gas Corporation, says it will acquire a 10 percent stake in a natural gas project in Mozambique from Anadarko Petroleum in an all-cash deal.
Breakingviews: Trump Further Sullies For-Profit Schools Given Donald Trump's financial achievements, and his lack of modesty, it is no surprise he opened a school to pass on the secrets of his success. Trump University always seemed liked a dubious enterprise, says Daniel Indiviglio.
Another View: Activists Seek Short-Term Gain, Not Long-Term Value While shareholder activists like Carl Icahn, William Ackman, Nelson Peltz and Ron Burkle often cloak their demands in the language of long-term actions, Bill George says that their real goal is a short-term bump in the stock price.
Buzz Tracker
Telefonica Improves Offer for E-Plus The Spanish telecommunications giant Telefónica raised its offer on Monday for E-Plus, the German unit of KPN, winning support from KPN's biggest shareholder, América Móvil, Reuters reports.
LOOKING AHEAD
Economic Data Data to be released this week include the Standard & Poor's/Case-Shiller home price index for June (Tuesday); pending home sales for June, and weekly mortgage applications (Wednesday); revised second-quarter gross domestic product, and new weekly unemployment claims (Thursday); and personal income and spending for July, the Institute for Supply Management survey of Chicago purchasing managers for August, and the University of Michigan consumer confidence survey for August (Friday).
Corporate Earnings Companies scheduled to report results include TiVo and Tiffany (Tuesday); Accor (Wednesday); Campbell Soup, Krispy Kreme, Salesforce.com, Carrefour, L'Oréal, Pernod Ricard and Vivendi (Thursday); and Hermès International (Friday).
Overseas On Tuesday, the Ifo Institute will report on its index of Germany's business climate in July, and Mercedes-Benz will open its first production plant in China.

On Wednesday, Brazil's central bank will issue its decision on the nation's benchmark interest rate, and the new governor of the Bank of England, Mark J. Carney, is set to deliver his first policy address.

On Thursday, Japan will report on retail sales in July, Germany will report on unemployment in August, and Spain will report on revisions in its estimate for its gross domestic product in the second quarter.
Quotation of the Day
"It pretty much guarantees you're going to have a significant force to be reckoned with in the global exchange place for decades to come."
William O'Brien, the chief executive of Direct Edge, on a merger with BATS Global Markets.

Wall Street at Close Report by MarketWatch August 26, 2013: U.S. stocks turn lower after Syria talk

U.S. stocks turn lower after Syria talk

By Kate Gibson and Wallace Witkowski, MarketWatch 

NEW YORK (MarketWatch)U.S. stocks closed lower in light volume Monday after Secretary of State John Kerry called Syria’s actions ‘inexcusable’ and a report said the U.S. would hit its debt limit in October. 

Stocks had been modestly higher after a downbeat U.S. economic report did little to change the belief that the Federal Reserve would likely tighten monetary policy in September.

“The market is trying to build in ahead of time” the consensus view that the central bank would begin cutting back on its $85 billion in monthly bond purchases next month, and if not then, in December, Randy Frederick, managing director of active trading and derivatives at Charles Schwab, said of Wall Street’s pullback the past three weeks.
Stock indexes fell to session lows after Kerry told a nationally televised news conference that the United States would hold Syria’s government accountable for using chemical weapons. “By any standard it is inexcusable,” said Kerry of last week’s attack that the Syrian opposition said killed more than 1,300 people.
After rising as much as 39 points and falling 65, the Dow Jones Industrial Average DJIA -0.43%   finished at 14,946.46, down 64.05 points, or 0.4%. The S&P 500 index SPX -0.40%   shed 6.72 points, or 0.4%, to 1,656.78, with telecommunications the worst performing and health care faring best of its 10 major sectors. The Nasdaq Composite COMP -0.01%   was off a fraction at 3,657.57. 


Kerry: Syria used chemical weapons
On Monday afternoon, Secretary of State John Kerry gave a statement on the Syrian government's use of chemical weapons. Watch his full remarks here. 


Decliners pulled ahead of advancers on the New York Stock Exchange, where 545 million shares traded. Composite volume surpassed 2.4 billion, or less than 80% of the past month’s average volume. 

Treasury prices rose, with the yield on the 10-year note 10_YEAR -1.20%  falling 3 basis points to 2.788%. 

The Wall Street Journal cited sources in reporting Monday afternoon that the U.S. government would hit the debt limit in mid-October, a more precise estimate than provided in the past.

With the next Federal Open Market Committee meeting in mid-September and sabre-rattling over Syria, Mark Luschini, chief investment strategist at Janney Montgomery Scott called a selloff based solely on the debt-ceiling news -- which has been known about for a while --“misguided,” given there’s so much more to worry about before then. 

“It seems to be a bit of an overreaction because it’s so far away,” said Luschini. “With Congress away, I would have expected the rhetoric to intensify and give the market something to bite on.”

‘Really awful’ durables report

The market’s early action was set by a report on big-ticket items. Orders for U.S. durable goods fell more than expected last month, down 7.3% in the largest drop in nearly a year. The decline in bookings for goods intended to last at least three years is the biggest drop since August 2012 after a 3.9% rise in June, the Commerce Department said. 

Data showing a steep drop in orders for U.S. factory goods were “really awful,” Frederick of Schwab added. 

Trading volume is extraordinarily low, so what had been tepid climb could also be explained by some bargain hunting by “a few institutional investors,” Frederick said. 

Investors are looking at reports on the economy with a less-than-straight-forward view, given improvement is likely to bring on reduced monetary easing by the Federal Reserve sooner rather than later. 

The central bank is expected to begin cutting its $85 billion in monthly bond purchases before the end of the year, with the market currently debating whether the move would begin in September or December. 

“The August market-correction has been driven by tapering fear and higher interest rates. It appears to us that tapering is now almost fully discounted, while Treasury yields may have reached a ceiling,” noted William Riegel, head of equity investment, and Lisa Black, head of global public fixed-income markets, at TIAA-CREF, in emailed commentary. 


Reuters
Fed chief Ben Bernanke.
Biotechnology-firm Amgen Inc. AMGN -0.02%   rallied 7.7% a day after the drug maker agreed to buy Onyx Pharmaceuticals Inc. ONXX +5.58%   for about $10.4 billion to gain access to its three cancer drugs. Shares of Onyx Pharmaceuticals were up 5.6%.
The dollar DXY +0.02%   gained against the currencies of U.S. trading partners, including the euro EURUSD -0.12%  .
After rising 1.9% last week, gold futures for December delivery GCZ3 +0.53%   lost $2.70, or 0.2%, to settle at $1,393.10 an ounce. Gold rose above $1,403 in electronic trade as stocks turned lower. 

The price of oil fell, with crude futures for October delivery CLV3 -0.18%   off 50 cents, or 0.5%, at $105.92 a barrel. 

Up more than 14% on the year and down 3.6% in August, the Dow industrials on Friday marked a third consecutive weekly drop, the longest weekly losing streak since mid-November 2012. Both the S&P 500 and Nasdaq Composite gained last week, with the former off 1.7% in August but up 16% for the year and the latter up 0.9% for the month and 21% year-to-date. 

Kate Gibson is a reporter for MarketWatch, based in New York. Wallace Witkowski is a MarketWatch news editor in San Francisco.

Wall Street at Close Report by CNBC August 26, 2013: Stocks reverse gains to close near session lows, Dow ends below 15000

Stocks reverse gains to close near session lows, Dow ends below 15000

Stocks reversed their earlier gains in the last hour of trading to close near session lows Monday, with the Dow ending below the psychologically-important 15,000 level, as traders cited jitters over Syria.
Earlier, U.S. Secretary of State John Kerry said all nations must stand up for accountability on the use of chemical weapons in Syria.

"Make no mistake: President Obama believes there must be accountability for those who would use the world's most heinous weapons against the world's most vulnerable people," said Kerry.

Adding to woes, the Treasury will reach its debt limit in mid-October, Dow Jones reported, citing sources familiar with the matter. Treasury Secretary Jack Lew said earlier this year that the debt ceiling was unlikely to be reached until September.

Name Price Change %Change
DJIA Dow Jones Industrial Average 14946.46
-64.05 -0.43%
SandP 500 S&P 500 Index 1656.78
-6.72 -0.40%
NASDAQ Nasdaq Composite Index 3657.57
-0.22 -0.01%

The Dow Jones Industrial Average finished in the red, dragged by Proctor & Gamble and Microsoft. The index is on track for its biggest monthly loss since last May.

The S&P 500 and the Nasdaq also closed in negative territory. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, jumped above 14.

Most key SandP sectors ended lower, dragged by telecoms and consumer staples, while health care eked out a gain.
 
Stocks traded modestly higher for most of the session as a weaker-than-expected durable goods report eased worries that the Federal Reserve will scale back its stimulus efforts.
Durable goods orders slumped in July, according to the Commerce Department, recording their biggest drop in nearly a year and snapping three straight months of gains. (Read more: Ugly durables tossmonkey wrench into taper debate) "With durable goods orders plunging in July, the Fed has an additional reason—in addition to the rise in mortgage rates and the mixed housing data—that QE tapering should start small," according to a note from Strategas Research Partners. "We continue to believe that the smaller the Fed wants to move, the sooner they should start, since the unemployment rate has continued its decline toward 7 percent. To be sure, there is an important payroll employment report coming next week, and today's weakness in durables orders makes that employment release even more important. Solid employment has led us to believe that business capex will return (the two have been highly positively correlated historically). Based on today's durables report, that hasn't happened yet." Treasury prices rose following the disappointing report. The yield on 10-year benchmark Treasury notes fell to 2.795 percent. Meanwhile, manufacturing activity in the Texas areas continued to expand at a modest pace in August, according to a report by the Federal Reserve bank of Dallas. (Read more: Here's what economists say is US's biggest worry) Deal news took the early focus, with a big merger in the pharmaceutical industry. Amgen soared to lead the S&P 500 gainers after the biopharmaceutical giant said it will acquire cancer drug maker Onyx Pharmaceuticals in a deal worth about $10.4 billion, marking the fifth-largest biotech acquisition ever. At least two brokerages lifted their price targets on Amgen, while Piper Jaffray boosted its rating on the firm to "overweight" from "neutral." Meanwhile, BATS Global Markets and Direct Edge said they would merge in a deal that would create the second-largest U.S. stock exchange. Financial terms of the transaction were not immediately announced. the deal is expected to close in the first half of 2014.
Microsoft edged lower following a 7-percent surge on Friday after the technology giant said its longtime chief executive officer, Steve Ballmer, planned to retire within a year. BMO raised its price target on the company to $37 from $34 with a "market perform" rating. Tesla rallied following a report from California New Car Dealers Association that its Model S is gaining popularity in California. Shares of the electric carmaker have skyrocketed nearly 400 percent year to date. In Asia, China stocks outperformed other equity markets on economic optimism following economic data out of the U.S. on Friday. The Shanghai Composite rose to a one-week high, South Korea's Kospi hit a three-day high, Australian equities were steady around 5,137 points but Japan's Nikkei bucked the trend to dip 0.2 percent. (Read more: German CEOs warn over political stability ahead of elections) Meanwhile in Europe, shares were mixed in morning trade, while the U.K.'s FTSE 100 was closed for a public holiday. Dutch telecoms group KPN on Monday announced improved terms for the sale of its German business to Spanish telecom firm Telefonica, and shares in both companies rose on the news.
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter:

NYT | Opinion Today August 26, 2013: We're All Still Hostages to the Big Banks

August 26, 2013

Opinion Today



Op-Ed Contributor

We're All Still Hostages to the Big Banks

By ANAT R. ADMATI
Financial institutions must be forced to rely less on borrowing.

Room for Debate

Game, Set, Match...Roof?

Will the roof planned for Arthur Ashe stadium, which will end weather delays at the U.S. Open, sanitize the outdoor tennis tournament too much?
Robot arms welded a vehicle on the assembly line at a General Motors plant in Lansing, Mich., in 2010.
Opinionator | The Great Divide

How Technology Wrecks the Middle Class

By DAVID H. AUTOR and DAVID DORN
Technology is creating jobs - but at the upper and lower ends of the spectrum.


Opinionator | The Stone

What Is Economics Good For?

By ALEX ROSENBERG and TYLER CURTAIN
A Fed leader has to know that economics is not yet a science, and may never be.
Papers Find Mixed Impacts on Ocean Species from Rising CO2
Dot Earth Blog

Papers Find Mixed Impacts on Ocean Species from Rising CO2

By ANDREW C. REVKIN
A new collection of scientific papers provide fresh insights on how the ecology of the oceans is being affected by the global buildup of carbon dioxide released by human activities.
ADVERTISEMENT
Editorial

For New York Mayor

By THE EDITORIAL BOARD
In the primaries, the editorial board endorses Christine Quinn in the Democratic contest, and for Republicans, Joseph Lhota.
Editorial

Reading Tweets From Iran

By THE EDITORIAL BOARD
How seriously should we take President Hassan Rouhani's messages?
Editorial

Federal Courts in Crisis

By THE EDITORIAL BOARD
Irrational budget-cutting is doing grievous harm to the American justice system.
Editorial

Mixed Signals on Employee Health Insurance

By THE EDITORIAL BOARD
A report says premiums nationwide have risen only moderately, but yet another company is restricting coverage for workers' spouses.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
News Flash: The CBO Isn't Stupid
The Conscience of a Liberal

News Flash: The CBO Isn't Stupid

By PAUL KRUGMAN
Investment affects capacity? Duh.
Aleksei Navalny campaigning in Moscow in August.
Latitude

Voting On Russia's Scorched Political Earth

By MASHA GESSEN
The Moscow mayoral election isn't really an election, but then what is it?