Markets: Asian stocks fell for a third day with industrial and health care companies retreating, trimming the biggest monthly advance on the regional benchmark index since January 2012, as fears mounted of the impending showdown in Washington over a possible US government shutdown. (Financial Times) (Bloomberg) (Reuters)
Alibaba abandons $60bn Hong Kong listing: Alibaba has abandoned plans for a $60bn-plus listing in Hong Kong and is pursuing a US share sale after the city's exchange refused to allow the company to hand-pick most of its board members. The shift to the US would set up the latest fight between Nasdaq and NYSE Euronext. (Financial Times) (WSJ)
JPMorgan in $11bn settlement talks over mortgage securities: JPM is preparing to settle all of its outstanding mortgage securities issues for about $11bn ($7bn cash and $4bn of mortgage relief) as part of a deal with US state and federal authorities. (Financial Times)
US could run out of funds by October 17: "The US government could start to run short of funds to meet its obligations by October 17, Jack Lew, the Treasury secretary said, unless Congress votes to lift the debt ceiling before then." (Financial Times)
"Longtime rivals NYSE Euronext and Nasdaq are discussing a plan with other exchanges in which each company would run a backup for the other's benchmark stock-pricing data, according to people involved in the discussions. If one exchange group's feed went down, traders could turn to its competitor for data while the problem was being fixed." (WSJ)
"Deutsche Bank is trying to drum up interest with some of its largest competitors to create a multi-dealer U.S. bond trading platform at the same time that asset managers discuss ways to make buying and selling debt easier, according to people familiar with the matter." (Bloomberg)
'Lord Libor' trio put ICAP at heart of rate-rigging scandal: The London-based interdealer broker paid £55m to settle civil investigations by the US and UK regulators as it accepted findings that the three ex-employees helped a former UBS trader in his "relentless" attempts to manipulate yen Libor between 2006 and 2011. (Financial Times) (Alphaville)
BlackBerry shares fall on doubts over Fairfax offer: The stock dropped about 6 per cent to just above $8, well below the proposed $9-a-share cash offer from the consortium as analysts piled sceptisim on the deal. (Financial Times)
Companies rush to sell long-term debt: At least 10 benchmark deals led by BHP, with a $5bn offering, AIG and Walmart priced on Wednesday, boosting September's tally toward $140bn in debt sales, eclipsing the record $136.6bn mark set in November 2012, according to Dealogic. (Financial Times)
Nets owner and sovereign funds eye Uralkali stakes: The billionaire owner of the Brooklyn Nets basketball team, Mikhail Prokhorov, and two Asian groups are among potential bidders for stakes in Russian fertiliser group Uralkali as the group's oligarch shareholder prepares to sell out amid a spat with neighbouring Belarus. China's sovereign wealth fund CIC took a 12.5 per cent stake in the group this week. (Financial Times)
Barclays is to pull out of more than 100 markets and cut staff in its wealth management business as it aims to boost the unit's feeble profitability. The UK bank will reduce the number of countries in which it provides wealth and investment management services from about 200 to 70 by the end of 2016. (Financial Times)
"Twitter has tapped two more banks, J.P. Morgan Chase and Morgan Stanley, to help lead its coming initial public offering, said people familiar with the matter." Goldman had been flying solo. (WSJ)
Penney stock at 13-year low: "Concerns are growing about J.C. Penney as it considers raising fresh capital heading into the holiday season... The aim appears to be to build a cushion in case the company's turnaround efforts stall out over the key year-end shopping season." (WSJ)
COMMENTS & CURIOS
"Womenomics": another Abenomics neolgism. This one is brought to you be Abe himself (WSJ)
Rouhani and how denouncing the holcoust can get you into trouble (NYT)
And Rouhani as an iPhone: how domestic politics is driving Iran's diplomatic shift (Financial Times)
JPM: the converse of TS Eliot's Macavity the cat (Financial Times)
Britain will not have much of a choice at the 2015 election (Financial Times)
Another China corruption trial risks erosion of party legitimacy (Financial Times)
Why China will disappoint the pessimists (Bloomberg O'Neill) and why it's running out of room to restructure (Bloomberg - Pettis)
Russia's hope of Siberian shale salvation (Financial Times)
Privatizing Pakistan (WSJ)
OVERNIGHT MARKETS
Asian markets
Nikkei 225 up +62.45 (+0.43%) at 14,683
Topix down -4.68 (-0.39%) at 1,206
Hang Seng down -97.53 (-0.42%) at 23,112
US markets
S&P 500 down -4.65 (-0.27%) at 1,693
DJIA down -61.33 (-0.40%) at 15,273
Nasdaq down -7.16 (-0.19%) at 3,761
European markets
Eurofirst 300 down -1.25 (-0.10%) at 1,257
FTSE100 down -19.93 (-0.30%) at 6,552
CAC 40 down -0.26 (-0.01%) at 4,195
Dax up +1.03 (+0.01%) at 8,666
Currencies
€/$ 1.35 (1.35)
$/¥ 98.84 (98.39)
£/$ 1.61 (1.61)
Commodities ($)
Brent Crude (ICE) down -0.06 at 108.26
Light Crude (Nymex) down -0.32 at 102.34
100 Oz Gold (Comex) unchanged 0.00 at 1,336
Copper (Comex) unchanged 0.00 at 3.28
10-year government bond yields (%)
US 2.64%
UK 2.79%
Germany 1.82%
CDS (closing levels)
Markit iTraxx SovX Western Europe -0.4bps at 86.66bp
Markit iTraxx Europe +0.35bps at 97.89bp
Markit iTraxx Xover +0.88bps at 389.14bp
Sources: FT, Bloomberg, Markit
