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Sep 14, 2018

Trump can start panicking now: Manafort will cooperate with the special counsel I Top Opinion p.m. I The Washington Post

Jennifer Rubin
Opinion writer reporting from a center-right perspective
President Trump’s former campaign chairman Paul Manafort pleaded guilty Friday to two criminal charges under terms of a plea deal that includes his cooperation as a potential witness for special counsel Robert S. Mueller III.
The decision by Manafort to provide evidence in exchange for leniency on sentencing is a stunning development in the long-running probe into whether any Trump associates may have conspired with Russia to influence the 2016 election.
Manafort’s defenders have long insisted that he would not cooperate with Mueller, and didn’t know any incriminating information against the president.
Prosecutor Andrew Weissmann said at the beginning of Friday’s plea hearing that Manafort had agreed to cooperate with investigators.
That’s the news Trump never wanted to hear. The prospect of just such a deal is why his lawyers reportedly dangled the promise of a pardon in front of Manafort’s lawyers. A plea deal that could put the Russians inside Trump’s campaign blows to smithereens the notion that only low-level, non-players or those distantly related to the campaign had Russian connections. Trump, who was praising Manafort to the heavens just weeks ago, will find it hard (but not impossible) to now smear him as a liar.
“The relentless Mueller push continues — as does that of the rule of law,” observes former White House ethics counsel Norman Eisen. “The reported cooperation agreement could be devastating to the president — and those around him. Manafort for example could  implicate not only the president in the Trump Tower meeting — but also others who were involved such as Don Jr. or [Jared] Kushner. The same is true on the mysterious [RNC] platform change, and indeed on all the possible collision offenses.”
The plea certainly explodes Trump’s claim that Mueller is engaged in a “witch hunt.” The only “hoax” here is the pretense that there was nothing out of the ordinary going on inside the Trump campaign or that it was too disorganized to have spent time colluding with Russians.
Trump also loses the argument that Mueller is wasting taxpayer money. As part of the plea deal, Manafort is going to cough up $46 million in forfeited assets, according to news reports. That more than pays for Mueller and his team (who at last glance had spent $20 million). Then again, it all depends how high a price you put on restoration of American democracy.
Trump was already crashing in the polls and Mueller’s approval rising, in large part due to, in August, the trial and conviction of Manafort and the plea deal with Michael Cohen. The recording of Trump discussing a payoff with Cohen surely didn’t help his credibility.
What we will find out in the days and weeks ahead is just how much Manafort knows and how much he can tell us about what Trump knew regarding Russian interference on his behalf. For Republicans who have been carrying water for the president, it might be time to put down the buckets and run for their political lives. Frankly, voting for impeachment and removal might be a good option for Republicans at some point. Before we get there, however, there are the midterms, which are shaping up to be a wipeout for the GOP.
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Wall Street at Close Report: S&P 500 ekes out 5-day winning streak as chipmakers rise

Fred Imbert, Alexandra Gibbs

Stocks were little changed on Friday as reports said President Donald Trump wants to move forward with tariffs on $200 billion in Chinese goods offset strong gains in chipmaker shares.
The Dow Jones Industrial Average traded 10 points lower with Apple and Disney lagging. The S&P 500 declined just 0.01 percent, while the Nasdaq Composite slipped 0.1 percent.
Bloomberg News first reported that Trump told aides to proceed with slapping tariffs on the $200 billion worth in Chinese goods. Reuters later matched Bloomberg's reporting.
The major indexes gave back their slight gains but stabilized heading into the close.
"Absent any bad news, the market wants to go higher," said Craig Birk, chief investment officer at Personal Capital. "I think investors are realizing that these trade negotiations are going to go on for a while. More and more you're seeing a muted reaction the individual pieces of news."
Boeing shares pared gains to trade 1 percent higher, while Caterpillar erased its gains and was last down 0.5 percent. Boeing and Caterpillar are considered bellwethers for global trade given their large international exposure.
U.S. President Donald Trump in the East Room of the White House in Washington, D.C., U.S., on Wednesday, Sept. 12, 2018. 
Andrew Harrer | Bloomberg | Getty Images
U.S. President Donald Trump in the East Room of the White House in Washington, D.C., U.S., on Wednesday, Sept. 12, 2018.
Chipmaker stocks initially fell on the report but quickly regained their lost ground. The Van Eck Vectors Semiconductor ETF (SMH) traded 1 percent higher as shares of Nvidia gained more than 1 percent. Nvidia rose after Needham hiked its price target on the stock, noting the company's "dominance" in machine learning gives the stock more upside. Advanced Micro Devices also rose 6.5 percent.
The report comes after sources familiar with these negotiations told CNBC on Wednesday that the States was in the early stages of proposing a new round of trade talks with China in the near future.
"Trade has been the focus this week and the past month," said Benjamin Lau, chief investment officer of Apriem Advisors. "But the muted reaction shows investors are a bit complacent. ... I think investors are shrugging this off."
It also comes after a week of turmoil between the two nations, which saw China looking to seek permission from the World Trade Organization to inflict sanctions upon the U.S., and President Donald Trump stating last week that he was "ready to go" on hitting China with an additional amount of tariffs.
Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research, said trade is the key for the market to be able to move substantially higher from here. "Trade has been the only thing holding this market back," he said.
The S&P 500 was on track to post its fifth straight day of gains as well as notch solid weekly gains. Entering Friday's session, the broad index was up 1.1 percent for the week.

Gerald Celente Video: The Fed and Trump TO Ignite Economic Turmoil

EU diplomats reject Raab claim that Brexit talks are 'closing in' on deal | Politics I The Guardian

Daniel Boffey

Dominic Raab has surprised EU officials and diplomats by optimistically claiming the Brexit talks are “closing in” on a solution to the Irish border problem, following a 30-minute telephone conversation with Michel Barnier.
In an an article on Thursday, in which he had threatened to withhold the UK’s £39bn divorce bill, the British cabinet minister had told how he was looking forward to continuing negotiations with Barnier the following day.
In reality, the two men had a call that lasted about 30 minutes on Friday, sources said. EU diplomats in Brussels also expressed astonishment at the sunny outlook offered by the British cabinet minister over the state of the negotiations.
In a statement issued after the call, Raab said: “This morning, I had an extended phone call with Michel Barnier. We discussed the latest progress our teams have made on the withdrawal agreement and the framework for the future relationship.
“While there remain some substantive differences we need to resolve, it is clear our teams are closing in on workable solutions to the outstanding issues in the withdrawal agreement, and are having productive discussions in the right spirit on the future relationship.”
EU diplomats suggested that in reality there was a complete impasse on the most difficult issue of finding a backstop solution that will ensure a lack of hard border on the island of Ireland, whatever the outcome of the future trade negotiations.
In a tweet that hinted at the lack of movement, Barnier said:
Michel Barnier (@MichelBarnier)
Useful dialogue w/ @DominicRaab this morning on the progress our teams have made this week on the #Brexit WA. But substantive differences remain on the Protocol for IE/NI, governance and GIs. We are also continuing our discussions to find common ground on the future relationship.
September 14, 2018
The UK has rejected the EU’s proposal to in effect keep Northern Ireland in the customs union and single market after Brexit, but has not yet delivered on the prime minister’s promise to offer a workable alternative, Brussels claims.
In response to Raab’s comments, one senior diplomat said he hoped that the words were a sign that the UK was coming round to the proposal to simply “de-dramatise” the EU’s version of the backstop. “But that is not what Barnier is signalling to me,” the diplomat added.
Barnier wants both sides to illustrate to opponents of the EU backstop just how few checks in the Irish sea there would be due to the relative low level of trade between Northern Ireland and the rest of the UK.
A second EU diplomat told The Guardian: “In reality this is a matter of who blinks first. And we don’t think it is going to be the EU.”
The source added: “Nothing is going to happen until after Tory party conference on their end.”
A third said of Raab’s optimistic comments: “On the contrary my understanding is that the UK is refusing to discuss details of how the backstop could function. The EU will continue insisting on that”.
Raab suggested in his statement that the highest talks would be put on hold for a week, while EU leaders meet in Salzburg for a summit.
Theresa May is due to present her thoughts on the state of the talks over dinner on Thursday night before the EU leaders discuss the outstanding issues over a two-hour lunch the following day.
“We agreed to review the state of play in the negotiations following the informal meeting of heads of state or government of the European Union in Salzburg next Thursday”, Raab said, “and we reiterated our willingness to devote the necessary time and energy to bring these negotiations to a successful conclusion.”
Both Barnier, and most recently the European commission president, Jean Claude Juncker, have also dismissed the central planks of the prime minister’s Chequers proposals of a common rule book on goods and a customs arrangement that would allow the UK to enjoy frictionless imports and export and an independent trade policy.

Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Florence I FDIC Press Release

Joint Release
  • Board of Governors of the Federal Reserve System
  • Conference of State Bank Supervisors
  • Federal Deposit Insurance Corporation
  • National Credit Union Administration
  • Office of the Comptroller of the Currency
For Immediate Release
September 14, 2018
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators recognize the serious impact of Hurricane Florence on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.
A complete list of the affected disaster areas can be found at
Lending: Financial institutions should work constructively with borrowers in communities affected by Hurricane Florence. Prudent efforts to adjust or alter terms on existing loans in affected areas should not be subject to examiner criticism. Modifications of existing loans should be evaluated individually to determine whether they represent troubled debt restructurings. This evaluation should be based on the facts and circumstances of each borrower and loan, which requires judgment, as not all modifications will result in a troubled debt restructuring. In supervising institutions affected by Hurricane Florence, the agencies will consider the unusual circumstances these institutions face. The agencies recognize that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound practices as well as in the public interest.
Temporary Facilities: The agencies understand that many financial institutions may face staffing, power, telecommunications, and other challenges in re-opening facilities after Hurricane Florence. In cases in which operational challenges persist, the primary federal and/or state regulator will expedite, as appropriate, any request to operate temporary facilities to provide more convenient availability of services to those affected by Hurricane Florence. In most cases, a telephone notice to the primary federal and/or state regulator will suffice initially to start the approval process, with necessary written notification being submitted shortly thereafter.
Publishing Requirements: The agencies understand that the damage caused by Hurricane Florence may affect compliance with publishing and other requirements for branch closings, relocations, and temporary facilities under various laws and regulations, as applicable. Institutions experiencing disaster-related difficulties in complying with any publishing or other requirements should contact their primary federal and/or state regulator.
Regulatory Reporting Requirements: Institutions affected by Hurricane Florence that expect to encounter difficulty meeting the agencies' reporting requirements should contact their primary federal and/or state regulator to discuss their situation. The agencies do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with the agencies' regulatory reporting requirements if those institutions are unable to fully satisfy those requirements because of the effects of Hurricane Florence. The agencies' staffs stand ready to work with affected institutions that may be experiencing problems fulfilling their reporting responsibilities, taking into account each institution's particular circumstances, including the status of its reporting and recordkeeping systems and the condition of its underlying financial records.
Community Reinvestment Act (CRA): Financial institutions, as applicable, may receive CRA consideration for community development loans, investments, or services that revitalize or stabilize federally designated disaster areas in their assessment areas or in the states or regions that include their assessment areas. For additional information, institutions should review the Interagency Questions and Answers Regarding Community Reinvestment at
Investments: The agencies realize local government projects may be negatively affected by Hurricane Florence. Institutions should monitor municipal securities and loans affected by Hurricane Florence. Appropriate monitoring and prudent efforts to stabilize such investments are encouraged.
For more information, refer to the Interagency Supervisory Examiner Guidance for Institutions Affected by a Major Disaster, which is available as follows:
FDIC: PR-62-2018

FDIC Releases Results of Summary of Deposits Survey I FDIC Press Release


September 14, 2018

The Federal Deposit Insurance Corporation (FDIC) today released the results of its annual survey of branch office deposits for all FDIC-insured institutions. The latest data are as of June 30, 2018.
The FDIC's Summary of Deposits (SOD) provides deposit totals for each of the more than 88,000 domestic offices operated by more than 5,500 FDIC-insured commercial and savings banks, savings associations, and U.S. branches of foreign banks. The SOD includes historical data going back to 1994 that can be analyzed using online reports, tables, and downloads.
SOD users can locate bank offices in a particular geographic area and create custom market share reports for state, county, and metropolitan statistical areas. Market share reports have been expanded to allow users to see market growth and market presence for specific institutions. The SOD is available at
To receive annual updates of the SOD, go to the subscription page at
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 5,542 as of June 30, 2018. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars—insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at, by subscription electronically (go to and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-61-2018

SEC Charges Investment Advisers With Defrauding Retail Advisory Clients I SEC Press Release

Washington D.C., Sept. 14, 2018 —
The Securities and Exchange Commission today charged an Indianapolis-based investment advisory firm and its sole owner with selling approximately $13 million of high-risk securities to more than 120 advisory clients – many of whom are current or former teachers or other workers in public education – without disclosing that the firm and its owner stood to receive commissions of up to 18 percent from the sales.
The SEC’s complaint alleges that from December 2012 to October 2016, Steele Financial Inc. and Tamara Steele sold to advisory clients and other investors more than $15 million of the securities of Behavioral Recognition Systems Inc. (BRS), a private company previously charged with fraud by the SEC.  All told, Steele and Steele Financial received commissions of cash and warrants from BRS that were worth more than $2.5 million.  Steele and Steele Financial allegedly targeted their own advisory clients who generally did not invest in individual stocks, selling more than 120 clients approximately $13 million of BRS securities without disclosing that the defendants were receiving commissions from BRS.  The complaint further alleges that the defendants created false invoices and took other steps to conceal their involvement selling BRS securities.   
“We allege that Steele took advantage of her own advisory clients, including clients whom she herself described as ‘two-pension, two Social Security families,’” said Antonia Chion, Associate Director of the SEC’s Division of Enforcement.  “Investment advisers must put their clients’ interests ahead of their own and make full and fair disclosure of financial conflicts of interest.”   
The SEC’s complaint, filed in federal district court in Indiana, charges the defendants with violating the antifraud and broker-dealer registration provisions of the federal securities laws.  The SEC is seeking disgorgement of ill-gotten gains with interest, penalties, and permanent injunctions. 
The investigation has been conducted by Peter Fielding and Joseph Griffin and supervised by George Bagnall, Stacy Bogert and Antonia Chion.  The litigation will be led by Gregory Bockin and Kevin Lombardi and will be supervised by Cheryl Crumpton.

Whistleblower Receives Award of Approximately $1.5 Million I SEC Press Release

Washington D.C., Sept. 14, 2018 —
The Securities and Exchange Commission today announced that a whistleblower has earned an award of more than $1.5 million.  The whistleblower provided the SEC with vital information and ongoing assistance that proved important to the overall success of an enforcement action.  However, the SEC’s order notes that the award was reduced because the whistleblower did not promptly report the misconduct and benefited financially during the delay.
“This award reflects the value of the information while underscoring the need for individuals to come forward without delay so that our enforcement staff may quickly leverage the information and prevent further investor harm,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This is especially critical and, as is the case here, may result in an award reduction where an individual provided valuable information but it came after receiving a benefit from the wrongdoing.”
The SEC’s whistleblower program has now awarded approximately $322 million to 58 individuals since issuing its first award in 2012.  In that time, more than $1.6 billion in monetary sanctions have been ordered against wrongdoers based on actionable information received by whistleblowers.
Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action.  Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.  All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards.
By law, the SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower’s identity.
For more information about the whistleblower program and how to report a tip, visit

SEC Charges Citigroup for Dark Pool Misrepresentations I SEC Press Release

Citigroup and Affiliate Ordered to Pay More Than $12 Million in Disgorgement and Penalties

Washington D.C., Sept. 14, 2018 —
The Securities and Exchange Commission today entered an order finding that Citigroup Global Markets Inc. misled users of a dark pool operated by one of its affiliates.
The SEC’s order found that Citigroup misled users with assurances that high-frequency traders were not allowed to trade in Citi Match, a premium-priced dark pool operated by Citi Order Routing and Execution (CORE), when two of Citi Match’s most active users reasonably qualified as high-frequency traders and executed more than $9 billion of orders through the pool.   
The SEC order also found that Citigroup failed to disclose that over a period of more than two years, close to half of Citi Match orders were routed to and executed in other trading venues, including other dark pools and exchanges, that did not offer the same premium features as Citi Match.  Citigroup also sent trade confirmation messages to certain users that indicated their orders had been executed on Citi Match when in fact those orders had been executed on an outside venue.
The SEC also found that CORE failed to register as a national securities exchange in connection with its operation of Citi Match.  
“Market participants deserve to make informed decisions about where they execute their orders,” said Joseph G. Sansone, Chief of the SEC Enforcement Division’s Market Abuse Unit.  “All trading venues, regardless of their trade volume, must ensure that their users have accurate information, particularly about key issues like order routing.”
The SEC’s order found that Citigroup violated an antifraud provision of the federal securities laws and that CORE violated a registration provision.  Without admitting or denying the findings in the SEC’s order, Citigroup and CORE have agreed to be censured.  Citigroup will pay disgorgement and prejudgment interest totaling $5,437,475 and a penalty of $6.5 million.  CORE will pay a penalty of $1 million.
The SEC’s investigation was conducted by Vanessa De Simone and Charles Riely of the Market Abuse Unit and Charu A. Chandrasekhar with assistance from Mathew Wong and Mandy Sturmfelz of the Market Abuse Unit.  The case was supervised by Mr. Sansone.

European Markets at Close Report: European markets finish on an upbeat note as autos, miners climb I CNBC

I apologize for the delay in the information of the European markets at close Report.
Fernando Guzmân Cavero

Sam Meredith, Alexandra Gibbs

European stocks ended Friday's session on a positive note, as a strong performance by markets overseas lifted sentiment.
The pan-European STOXX 600 closed up 0.35 percent; however, on the week, it soared 1.09 percent.
On the bourses front, the U.K.'s FTSE 100 rose 0.31 percent, the French CAC 40 jumped 0.46 percent and the German DAX closed up 0.57 percent. Almost all of the region's sectors finished in the black, with the exception of utilities, retail and media.
FTSE FTSE 7304.04 22.47 0.31% 595139685
DAX DAX 12124.33 68.78 0.57% 80151611
CAC CAC 5352.57 24.45 0.46% 68858940
IBEX 35 --- --- --- --- --- ---
Europe's automakers and miners were the top performing sectors on Friday, with both industries rising some 1 percent or more each. Sentiment was boosted for both groups on signs that trade tensions could be easing. Overnight gains seen in Asia and a solid performance on Wall Street also provided a boost to European stocks.
Looking at individual stocks, Britain's Investec surged to the top of the European benchmark, closing up 8.35 percent, following news the company had announced plans to hive off and separately list its asset management unit. The strategic overhaul comes ahead of the departure of the firm's founder and boss next month.
Sticking with top performers, Shire rose over 2 percent after Takeda Pharmaceutical announced that it had received clearance in China for its proposed acquisition of the London-listed biotech firm.
At the other end, Ahold Delhaize, the Dutch operator of grocery chains in the United States and Europe, slumped to the bottom of the index, finishing down 4.4 percent, after UBS slashed its stock recommendation to "sell" from "neutral."
Danske Bank closed in the red, after the Wall Street Journal reported, citing documents and a person familiar with the matter, that law enforcement agencies in the States were investigating the lender over allegations of money laundering flows from Russia and former Soviet states.
Meantime, JD Wetherspoon fell 1.3 percent after publishing its latest financial figures Friday. In the report, the group said it had a reasonable start to the current financial year, but added that it expects higher costs this year.

Trade talks

Market focus is largely attuned to global trade developments, amid expectations the U.S. and China could soon launch a fresh round of trade talks. The news of another potential meeting between Washington and Beijing comes amid an escalating trade war between the world's two largest economies.
Chinese officials recently welcomed a U.S. invitation for talks, however President Donald Trump did tweet Thursday that the U.S. was "under no pressure to make a deal with China." The Trump administration is preparing to impose charges on a final list of $200 billion worth in Chinese imports, with many market participants fearful that such a move could negatively impact global growth.
Back in Europe, Turkey's central bank moved to support a tumbling lira on Thursday, lifting interest rates by 625 basis points to 24 percent. Currency crises in Turkey and Argentina have stoked fears of contagion in recent weeks, exacerbating broader negative sentiment in emerging markets.

FDIC Releases Results of Summary of Deposits Survey I FDIC Press Release

September 14, 2018
The Federal Deposit Insurance Corporation (FDIC) today released the results of its annual survey of branch office deposits for all FDIC-insured institutions. The latest data are as of June 30, 2018.
The FDIC's Summary of Deposits (SOD) provides deposit totals for each of the more than 88,000 domestic offices operated by more than 5,500 FDIC-insured commercial and savings banks, savings associations, and U.S. branches of foreign banks. The SOD includes historical data going back to 1994 that can be analyzed using online reports, tables, and downloads.
SOD users can locate bank offices in a particular geographic area and create custom market share reports for state, county, and metropolitan statistical areas. Market share reports have been expanded to allow users to see market growth and market presence for specific institutions. The SOD is available at
To receive annual updates of the SOD, go to the subscription page at
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 5,542 as of June 30, 2018. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars—insured financial institutions fund its operations.

Ex-Trump campaign chief Manafort agrees to guilty plea deal I Breaking News I CNBC

Dan Mangan

Former Trump campaign manager Paul Manafort arrives at the Prettyman Federal Courthouse for a hearing December 11, 2017 in Washington, DC.
Getty Images
Former Trump campaign manager Paul Manafort arrives at the Prettyman Federal Courthouse for a hearing December 11, 2017 in Washington, DC.
Former Trump campaign boss Paul Manafort has agreed to plead guilty in a deal to resolve charges filed by special counsel Robert Mueller, but it is not clear if he will cooperate with prosecutors against President Donald Trump, court documents filed Friday indicate.
Manafort, who was set to begin jury selection for a second federal criminal trial next Monday, was charged in a superseding criminal information in U.S. District Court in Washington, D.C.
That charging document alleges Manafort engaged in a conspiracy involving money laundering, tax fraud, failing to report foreign bank accounts, violating rules requiring registration of foreign agents, lying and witness tampering.
Criminal informations are routinely filed in federal cases when a defendant has agreed to plead guilty. The charging document will replace an indictment that had been pending against Manafort in Washington court.
Manafort, 69, is scheduled to appear later Friday morning in court. It is not clear if he will enter his plea then, or later.
Mueller's office, in a prepared statement said, "Additional information will be provided in the near future."
Manafort was convicted last month at his first trial in federal court in Virginia on charges that included bank and tax fraud. He has been held in jail since June after Mueller accused him in the Washington case of trying to tamper with witnesses against him.
Both criminal cases relate to consulting work he and his associate, Rick Gates, did on behalf of pro-Russia politicians in Ukraine, in the years before both men worked on Trump's campaign.
Gates pleaded guilty earlier this year to conspiracy and to lying to investigators. He testified against Manafort at his trial in Virginia.

sensex: Morgan Stanley sees Sensex at 42,000 by September 2019 I Economic Times I India Times|
Updated: Sep 14, 2018 
Morgan Stanley added SBI, Apollo Hospitals and Prestige Estates to its portfolio.
NEW DELHI: Global brokerage Morgan Stanley raised BSE Sensex target for September 2019 to 42,000 level, citing earning cycle was at the cusp of turning around.
India is coming out of deepest earnings recession that extended for seven years and corporate are looking confident on business growth over the next 12 months, according to Morgan Stanley.
The global financial services firm seeing signs of investment rate rising and thereby profit margins should rise. Elections outcome in 2019 is the key risk for the market.
Morgan Stanley added SBI, Apollo HospitalsNSE 1.07 % and Prestige Estates to its portfolio. Shares of SBI closed 1.89 per cent up at Rs 290.85 on Friday, while Apollo Hospitals and Prestige Estates gained 1.20 per cent and 8.55 per cent, respectively.
Domestic equity markets extended their gains for a second straight session on Friday after CPI-based inflation came in at a 10-month low of 3.69 per cent for August and positive global cues. Domestic sentiments were also buoyed as the rupee recovered from its lows against the dollar as the government had on Wednesday assured that all steps would be taken to ensure the domestic currency does not depreciate to unreasonable levels. Besides, broader indices too were trading in green.
The BSE Sensex gained 372.68 points, or 0.99 per cent, to 38090.64, while the NSE Nifty index advanced 145.30 points, or 1.28 per cent, to 11515.20 on Friday.

Also Read

The Week in Tech: Apple’s Watch Steals the Show I Business I DealBook I NYT

Hello, readers! I’m Farhad Manjoo, your technology columnist — and more important for our purposes today, I’m a guy who has been to every Apple iPhone-unveiling event since the first one, all the way back in 2007. (If I were single, this would make a killer Tinder profile, right?)
As you might guess, then, I’m sometimes a little jaded on iPhone day, which took place again this week. Apple showed off three new permutations of its smartphone at its newish spaceship headquarters in Cupertino, Calif. In its precise choreography — and after seeing it for the billionth time — Apple’s rollout for its most important device can feel as formulaic as an episode of “Law & Order.” Every year, the message is essentially the same: Amazingly, we’ve somehow made an even better iPhone!
But I come to you today to praise rather than complain. Because this year, I did find myself getting a little out of my seat and my picture of the future expanded to include possibilities I hadn’t considered viable before. For the first time in years, I was truly surprised.
There’s just one catch: I felt this way about Apple’s new watch, not its smartphone. The phones were fine. Apple’s going to sell a lot of them and make a lot of money, as it does every year. But it’s the watch that might change the future most arrestingly.
The big deal: The new Apple Watch packs a slew of sensors to make it a truly novel kind of wearable device — something like a “Star Trek” tricorder on your body. The new watch can administer a medically accurate electrocardiogram, a test of a person’s heart rhythm that can help detect dangerous health conditions. It also detects and alerts rescue personnel to dangerous falls, a leading cause of injury, especially for older people.
One detail was particularly compelling. Apple received clearance from the Food and Drug Administration for its device, meaning that when you take your watch’s data to your doctor, there will be some basis for accepting its pronouncements.
By themselves, these features won’t change the world. But they may play a significant role in some people’s lives, even saving some from an early death.
They also suggest a new era in tech. For the last few years, “wearables” have been more of a gimmick than of any lasting utility. Apple itself has spent much time refining the watch to figure out its true purpose for people. At first, it thought of the device as a fashion accessory (the “Edition” version of the watch, which came in real precious metals and sold for $10,000 or more, was discontinued this week). But in the last few years, Apple has hit on a mission — health and fitness — and with these latest features, the company is setting itself on a path to create a device of lasting promise in people’s daily lives.
It is significant that Apple is consulting with regulators as it does so. The prevailing ethos across much of the industry is to charge forward with new tech — to beg forgiveness from the world when things go wrong, instead of asking permission first. How refreshing it is, then, that Apple went through proper channels here. When it comes to health, moving fast and breaking things isn’t an option.
There was some other news in tech this week:
■ The spotlight on Google grew harsher. Breitbart, the right-wing outlet, posted a leaked video of a Google staff meeting that took place shortly after the 2016 presidential election. The contents aren’t surprising: Google executives and employees were visibly shaken and horrified by Donald J. Trump’s victory. Breitbart and many on the right took those political views as support for the notion that Google biases its search results against the right, a claim that President Trump has made repeatedly. The video added to political pressure on Google, which had escaped the scrutiny that fell on Facebook and Twitter after the election.
■ Jeff Bezos, the founder of Amazon, and his wife, MacKenzie, pledged $2 billion to fund initiatives for the homeless and for preschools. It’s the first major foray into philanthropy for Mr. Bezos, who recently became the world’s wealthiest man. It’s hard to criticize someone who’s giving money away, but it’s worth noting that $2 billion isn’t that much. Other billionaires have given away much more of their wealth — Facebook’s Mark Zuckerberg has pledged $45 billion, which at the time was nearly all he was worth — and as Amazon’s stock price keeps rising, Mr. Bezos, who is worth $164 billion, is likely to keep getting richer still.
And that’s it, folks! See you next week.
Farhad Manjoo writes a weekly technology column called State of the Art. You can follow him on Twitter here: @fmanjoo.

'Rolling Bear Market' Will Paralyze Stocks for Years: Morgan Stanley I Investopedia News

Shoshanna Delventhal

U.S. stock investors should brace for a market that will be paralyzed for several years in a narrow trading range, according to one team of analysts on the Street, and as reported by CNBC. Investors are already in the midst of a "rolling bear market" that will push the S&P 500 down as much as 17% and no higher than 4% from today's levels, Morgan Stanley's chief equity strategist, Michael Wilson, told clients in a recent note.
"We think this 'rolling bear market' has already begun with peak valuations in December and peak sentiment in January," stated Wilson.
What A Rolling Bear Market Looks Like
  High: 3000, up 4%
  Low: 2,400, down 17%
(For more, see also: Stay in Small Caps Even If Trade Woes Ease: Stifel.)

Earnings Deceleration Caused by Higher Input Prices

Unlike a typical bear market, where stocks fall simultaneously, Morgan Stanley says the "rolling bear market" will rotate from sector to sector and even from stock to stock, as the weakest are hit first and the hardest. As a result, the investment firm indicates that assets like bitcoin, the world's largest cryptocurrency by market capitalization, as well as emerging market debt equities, base metals and homebuilders could prove particularly risky.
He expects the rolling bear market to accelerate as the investors send shares down on weaker than expected earnings, driven by higher supply-side inputs like energy, transports, labor, funding, tariffs and material costs.
"We view the rate of change in earnings growth as one of the most important drivers of equity prices broadly; so our belief that earnings growth is likely to slow more in 2019 than the market anticipates is important for our less optimistic view on equities," wrote Wilson, who is the most bearish strategist tracked in CNBC's regular survey. His June 2019 S&P 500 target of 2,750 implies a 5.2% downside from current levels. At 2,901 as of Thursday morning, the S&P 500 reflects an 8.5% return year-to-date (YTD).
These Rolling Bear Market Sectors Are at Risk 
Emerging Market Debt
Emerging Market Equities
Base Metals

Information Technology Looks Risky

Wilson reiterated a pessimistic outlook for high-flying information technology stocks. "It makes sense to lower broad exposure in the near term as elevated valuations, lack of material earnings upside against expectations, extended positioning, technicals, and trade-related risks all add up to a poor risk reward for the sector in the near term," he wrote.
In May, Morgan Stanley first forecasted the rolling bear market, which it says is now upon us, and recommended stocks that would thrive in this kind of environment. In the report titled, "30 for 2021: Quality stocks for a 3-year holding period," analysts highlighted players such as video game maker Activision Blizzard Inc. (ATVI), financial firms The Charles Schwab Corp. (SCHW), JPMorgan Chase & Co. (JPM) and BNY Mellon (BK), consumer brands leader Constellation Brands Inc. (STZ), and search giant Alphabet Inc. (GOOGL) as safe bets in the rolling bear market. (For more, see also: 8 Stocks to Outperform a 'Rolling Bear Market'.)
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Stocks making the biggest move premarket: ADBE, AMZN, LB, HAS, DNKN & more

Peter Schacknow

Check out the companies making headlines before the bell:
Adobe Systems – Adobe reported adjusted quarterly profit of $1.73 per share, beating estimates by 4 cents a share. The software maker's revenue topped forecasts, as well, however Adobe's revenue guidance was merely in line with analysts' estimates after topping expectations for nine straight quarters. – Amazon CEO Jeff Bezos said a decision on where the company will build a second headquarters will be made before the end of the year.
L Brands – L Brands will close all of its Henri Bendel stores as well as shut down the brand's website in January. The handbag maker has been in business for 123 years and was bought by the Victoria's Secret parent in 1985.
Hasbro – Hasbro was added to the "franchise pick" list at Jefferies, which thinks the toy maker's stock could jump by 50 percent over the next 1-2 years. Jefferies said Hasbro has a superior brand and content pipeline that should boost sales and generate strong cash flow.
Dunkin' Brands – The stock was downgraded to "sector perform" from "outperform" at RBC Capital, which notes a turnaround for the restaurant chain but adds that this is now reflected in the stock's price.
Coca-Cola – Coca-Cola was rated "buy" in new coverage at Guggenheim, which calls the soft drink maker's stock a "best idea". Guggenheim thinks the company's sales and profit will come in above Street projections, thanks in part to Coke's global market leadership in highly profitable carbonated soft drinks.
Costco – The warehouse retailer's stock was downgraded to "market perform" from "outperform" at Wells Fargo, in a valuation call. Wells Fargo said Costco's performance has been "stellar" over the past year and the stock's price reflects that view, but thinks comparable store sales seem destined to slow this year.
Bunge — Point72 Asset Management has a 5 percent stake in the agricultural products company, according to a Securities and Exchange Commission filing
NiSource – NiSource unit Columbia Gas is investigating a natural gas pipeline rupture that apparently triggered dozens of explosions in three communities near Boston. At least one person was killed, in addition to about a dozen injuries.
Sanofi – The French drugmaker said that several of its key drugs were selling well and that it expected to report a return to growth beginning in the second half of this year.
Shire – China approved the acquisition of the British drug maker by Japan's Takeda Pharmaceutical, the latest country to clear the $62 billion acquisition.

Before the bell: futures edge higher ahead of economic data cluster I CNBC

Alexandra Gibbs

U.S. stock index futures rose ahead of Friday's open as investors awaited several pieces of economic data.
Around 7:45 a.m. ET, Dow Jones Industrial Average futures rose 48 points, indicating a gain of 48.01 points at the open. S&P 500 and Nasdaq 100 pointed to an upbeat open for each respective market.
Dow Jones Industrials' Massive One Day Drop Of 4.6 Percent Rattles Markets Overseas
Spencer Platt | Getty Images News | Getty Images
Dow Jones Industrials' Massive One Day Drop Of 4.6 Percent Rattles Markets Overseas
Economic data due Friday includes retail sales and import and export price indexes at 8:30 a.m. ET, followed by industrial production figures at 9:15 a.m. ET and consumer sentiment and business inventories data at 10 a.m. ET.
On the central banking front, Chicago Fed President Charles Evans is set to make an appearance at the Northeast Indiana Regional Economic Forum in Fort Wayne. This comes a day after a slew of central banking decisions overseas, and the release of the latest consumer price index (CPI) figures, which came in below market expectations.
The future of trade relations between the U.S. and China continues to occupy investors' time. Earlier this week, sources told CNBC that Washington was seeking to restart trade discussions with Beijing. However, President Donald Trump said Thursday that there is no pressure to strike a trade deal with China, adding an air of caution to markets.
Overseas, markets in Asia and Europe showed a mostly positive picture.