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Frontrunning: November 2

Wednesday, November 2, 2016 6:38
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  • U.S. Election Angst Spreads as Stocks Drop, Bonds Rise (BBG)
  • Fed Doesn’t Aim to Push Inflation Beyond 2% (WSJ)
  • Tighter Race Brings a Shift in Tactics (WSJ)
  • After another release of documents, FBI finds itself caught in a partisan fray (WaPo)
  • Trump Tells Early Voters to Change Their Ballots If They Have ‘Buyer’s Remorse’ (ABC)
  • More Pot, Fewer Guns, Higher Pay: Other Big Issues on the Ballot (BBG)
  • Banks No Longer Make the Bulk of U.S. Mortgages (WSJ)
  • Kuroda dismisses idea of BOJ buying municipal bonds (Reuters)
  • AT&T-Time Warner Deal Stirs Streaming Concerns (WSJ)
  • MH370 May Have Fallen at 25,000 Feet Per Minute: New Analysis (BBG)
  • Gun control groups spend millions on state ballot initiatives (Reuters)
  • NATO builds up offensive capability on borders of Russia & Belarus, Moscow to respond (RT)
  • Philippines’ Duterte rails at U.S. ‘monkeys’ for halting gun sale (Reuters)
  • How a Smooth Talker Convinced Bankers to Invest $32 Million, Then Vanished (BBG)
  • Maersk Shares Sink After Profit Hit by Weak Freight Rates, Oil Prices (WSJ)
  • Alibaba revenue beats expectations with strong e-commerce, media growth (Reuters)
  • Hard-Partying Tech Founders Drop Jägermeister for Yoga (BBG)
  • Buy Gold No Matter Who Wins the Election, HSBC Says (BBG)

Overnight Media Digest


– With polls showing a tightening in the presidential race, Hillary Clinton and Donald Trump are moving advertising dollars and fine-tuning their closing arguments during the final week of one of the most unpredictable elections in modern history.

– An explosion and fire at a pipeline that delivers about one-third of the gasoline used on the East Coast is expected to raise prices at the pump and shows the fragility of a delivery system that is relied upon by tens of millions of people.

– Federal Reserve officials are likely to leave short-term interest rates unchanged when they meet Tuesday and Wednesday, just a week before the U.S. presidential election, and indicate they remain on track to raise them in December.

– AT&T Inc’s practice of exempting its streaming video services from data-usage caps is rankling competitors and shaping up as a major issue for regulators set to weigh the telecom giant’s proposed $85.4 billion acquisition of Time Warner Inc.

– Iraqi security forces entered Mosul on Tuesday, with the crackle of gunfire in densely populated neighborhoods signaling a dangerous new stage of urban combat for control of the Islamic State-held city.

– Valeant Pharmaceuticals International Inc. is in advanced talks to sell a big stomach-drug business to Japan’s Takeda Pharmaceutical Co. for about $10 billion, a move seen easing pressure on Valeant over its hefty debt load.

– A management shake-up is hitting Wal-Mart Stores Inc’s e-commerce operations as founder Marc Lore takes the helm, a sign the online entrepreneur is moving swiftly to put his stamp on the giant retailer.

– Herbalife Ltd. Chief Executive Michael Johnson will step down next year to become executive chairman of the embattled nutritional-products maker.

– The hackers believed responsible for breaking into computers at the Democratic National Committee have exploited previously undisclosed flaws in Microsoft Corp’s Windows operating system and Adobe Systems Inc’s Flash software, Microsoft said Tuesday.

– SolarCity Corp would add more than $500 million in cash to Tesla Motors Inc’s balance sheet during the next three years if the two companies were to merge, the auto maker said.


China-based property developer, China Evergrande Group is in talks to buy UK housebuilder Cala Homes.

EasyJet Plc averted a potential strike by pilots after they accepted a fresh offer from the European airline to resolve a dispute over fatigue.

Intercontinental Exchange Inc will appeal a UK antitrust ruling that its purchase of London-based Trayport hurt competition.

Takeda Pharmaceutical Co Ltd is in advanced talks with Valeant Pharmaceuticals International Inc to buy Salix Pharmaceuticals for about $10 billion.


– In the latest hit to the bank, Wells Fargo and Co has agreed to pay $50 million to settle a class-action lawsuit that accused the bank of overcharging hundreds of thousands of homeowners for appraisals ordered after the homeowners defaulted on their mortgage loans.

– Airbnb on Tuesday avoided a potential class-action lawsuit by customers who accused hosts of racial discrimination when a federal judge ruled that the company’s arbitration policy prohibited its users from suing.

– Teneo, the corporate consulting firm with ties to the Clintons, filed papers to sue Ed Rollins, a Republican strategist and chairman of a Donald Trump super PAC, for defamation and breach of contract over comments made about the firm in recent days.

– African-Americans are failing to vote at the robust levels they did four years ago in several states that could help decide the presidential election, creating a vexing problem for Hillary Clinton as she clings to a deteriorating lead over Donald Trump with election day just a week away.

– Unifor, Canada’s largest private sector union, reached a tentative agreement with the Ford Motor Co of Canada early Tuesday, concluding contract talks with the three Detroit-based automakers.

– Meeting reporters, President Bashar al-Assad of Syria said his country’s social fabric was “better than before” the war, and rejected political changes until government forces had prevailed.



The Times

The National Institute of Economic and Social Research has estimated that real income per person will “decline by half a per cent in 2017.” It is the first projection by a leading independent forecaster that households will be poorer after the Brexit vote.

Full-year profits at Weir Group Plc will be lower than market expectations because of weakness in its oil and gas markets, the company has warned.

The Guardian

The competition watchdog has been accused of complacency and missing an opportunity to overhaul high street banking, including capping overdraft charges, despite a two-year-long investigation.

Melton Mowbray pork pies, stilton cheese and British-made chocolate such as Cadbury’s could be under threat from Brexit, former deputy prime minister Nick Clegg has warned.

The Telegraph

Avant Homes, a privately owned house builder, has reported a 43 percent boost in revenues, and its the chief executive urged the chancellor of the exchequer use the Autumn Statement to help the whole the U.K. housing market, not just the Southeast.

The British Airline Pilots’ Association said its members voted by 68 percent to 32 percent to accept Luton-based easyJet Plc’s offer.

Sky News

Virgin Money has tightened its requirements for customers applying for a credit card since the EU referendum vote, following a 41 percent increase in debt compared to last year.

Two major British energy firms, BP Plc and Royal Dutch Shell Plc, saw their profits increase in the third quarter of this year as cost cutting helped to balance out low global oil prices.

The Independent

Nissan’s decision to build new cars in Britain will not be enough to persuade other businesses to remain in the country following the Brexit vote, one of Japan’s top business strategists has said.

Consumer price inflation will shoot up to 4 percent in the second half of 2017 according to the latest forecast from the National Institute of Economic and Social Research.


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