· Obama orders U.S. airstrikes in Syria against Islamic State (Reuters)
· Obama Relying on Mideast Allies to Counter Islamic State (BBG)
· Scotland Nationalists Claim U.K. Oil in 40-Year Campaign (BBG)
· Scottish Polls Embolden Catalans Pushing Rajoy for Vote (BBG)
· Royal Bank of Scotland: RBS will leave Scotland if voters back independence (Guardian)
· Most Hedge-Fund Managers Are Overpaid, Unigestion Says (BBG)
· China Inflation Softens to Four-Month Low (WSJ)
· Australian Employers Add Record Jobs as Currency Jumps (BBG)... of which 87% were part-time
· Munger Hosts Groupies, Mocks Wall Street, Praises Buffett (BBG)
· RadioShack posts tenth straight quarterly loss, prepares bailout loan (Reuters, Bloomberg)
· Said loan is basically a pre-petition DIP: RadioShack Says It’s Seeking Ways to Boost Cash as Losses Mount (BBG)
· Manhattan’s Rent Gains Send Queens Leasing Deals Surging (BBG)
· Washington Trading Probe Broadens to Hedge Funds (WSJ)
· U.S. lawmakers embrace fight against Islamic State, some question Obama plan (Reuters)
· Lawmakers Seek to Smooth Banks' Path Through Bankruptcy (WSJ)
*Overnight Media Digest*
WSJ
* President Barack Obama authorized the start of U.S. air strikes in Syria and expanded a month-long bombing campaign in Iraq to "degrade and ultimately destroy" Islamic militants who recently beheaded two Americans. (http://on.wsj.com/1p97F8h)
* The National Football League said Wednesday night that it is appointing former FBI Director Robert Mueller to conduct an investigation into the league's "pursuit and handling of evidence" in the Ray Rice domestic violence incident. The investigation will be supervised by New York Giants owner John Mara and Pittsburgh Steelers President Art Rooney. (http://on.wsj.com/1tLZCWt)
* Investigators are examining communications between research firm Height Securities and several hedge funds, opening a new front in an insider-trading probe focused on the firm's 2013 investor alert about a change in health-care policy. (http://on.wsj.com/1tzuV2V)
* Fifteen years ago, Ana Patricia Botín was pushed out of her senior job at Banco Santander SA by the bank's chairman, who also happened to be her father. On Wednesday Botín's Shakespearean career came full circle, with her being named chairman after her father's death. (http://on.wsj.com/1qEWKIJ)
* A bipartisan bill approved by a congressional committee to amend the U.S. bankruptcy code underscores a post-crisis conundrum: Big banks must demonstrate they can be dismantled in bankruptcy, but experts and some lawmakers say the current code is inadequate to handle the failure of a major financial firm. (http://on.wsj.com/1nMQObQ)
* The Securities and Exchange Commission is stepping up its scrutiny of corporate executives who sell shares in their own companies, announcing a raft of cases Wednesday against insiders for allegedly breaking rules on disclosing stockholdings and trades. (http://on.wsj.com/Zhuwte)
* Twitter Inc plans to raise as much as $1.5 billion in the social-media company's first sale of debt to support its growing business. The San Francisco company said it is offering convertible bonds in two chunks of $650 million, according to a securities filing on Wednesday. (http://on.wsj.com/1lV9Wsx)
* Sony Corp said it reached an agreement for its planned Web-based TV service to carry MTV, Nickelodeon and 20 other Viacom Inc channels and offer access to streaming Viacom programming on mobile devices. (http://on.wsj.com/1qHHdIm)
* JDS Uniphase Corp said it plans to split into two publicly traded companies, separating its optical components business from its networking operations. The fiber-optic communications company plans to spin off its communications and commercial optical products segment into a separate company by the third quarter of next year. (http://on.wsj.com/Zhvdmn)
FT
Banco Santander SA names Ana Patricia as its chairperson. Patricia succeeds her father Emilio Botin, who died of a heart attack on Tuesday night.
Ferrari's chairman for 23 years, Luca Cordero di Montezemolo, said he will quit as chairman, a move that was expected after being questioned by Fiat SpA over Formula One team's poor performance. Sergio Marchionne, chief executive of Fiat, will replace him.
Veronique Laury has been appointed as the chief executive of Kingfisher Plc. Laury, who currently runs the company's France division, replaces Ian Cheshire.
U.S. Bitcoin company Coinbase said it plans to start its consumer service across a large part of the eurozone.
JPMorgan Chase & Co is set to propose in its next paper a better framework to deal with failing clearing houses, calling the current method brittle and opaque.
NYT
* Making global e-commerce available to Chinese shoppers is a key aim of Alibaba Group Holding Ltd, and the strategy could help put a dent in American trade deficits. (http://nyti.ms/1pRl0lK)
* On Wednesday, Dollar General Corp said it was going hostile and taking its $9.1 billion offer for Family Dollar directly to shareholders after being rebuffed. The move further complicates Family Dollar's agreed-upon deal, announced in July, to sell itself to Dollar Tree for $8.5 billion. (http://nyti.ms/1tLYXEs)
* Syncora Guarantee Inc, Detroit's most vociferous adversary in bankruptcy, is close to a breakthrough settlement with the city, but before it can close the deal it must resolve a related dispute with two big banks, Bank of America Corp and UBS AG. The bankruptcy judge, Steven Rhodes, has adjourned a trial in the case until Monday. If Syncora cannot reach an agreement with the banks by then, it will face a breakdown of its whole deal with Detroit. (http://nyti.ms/1qMCVOc)
* Coinbase is taking its bitcoin services to Europe in a move that could help expand the virtual currency's reach. The company, one of the most popular digital wallet providers, said on Wednesday that it was expanding to 13 European countries, including France, Italy and the Netherlands, by allowing those with authorized European bank accounts to buy and sell bitcoins in exchange for euros. (http://nyti.ms/1nMkYMr)
* The Coleman Company, a manufacturer of camping and other outdoor equipment, has agreed to take more than 20,000 of its inflatable rubber tubes off the shelves at Wal-Mart Stores Inc . Two dozen consumers reported skin irritation from the 36-inch-wide black Sevylor River Racer tubes, intended for one person to sit in and float in the water. (http://nyti.ms/1wgIgiA)
* France's economic recovery will be much more fragile this year than originally thought, and the government will not be able to meet targets for reducing the deficit for at least another two years in the face of sputtering growth, the French Finance Ministry announced on Wednesday. (http://nyti.ms/1ung3Hz)
Canada
THE GLOBE AND MAIL
** Much of the local television programming that Canadians cherish won't survive without a new revenue stream for broadcasters, BCE Inc is warning, while pleading with the federal TV regulator to be measured in its efforts to boost consumer choice. On Wednesday, a phalanx of executives from Bell Media, which is owned by BCE, spent more than five hours arguing the company's case on a range of issues at Let's Talk TV, a regulatory hearing exploring a sprawling list of proposals that could dramatically reshape the TV landscape in Canada. (http://bit.ly/1nNp07d)
** The Canadian government will announce on Thursday that it is lowering Employment Insurance premiums in an effort to boost hiring at a time of sluggish job growth - the first of an expected series of tax cuts as Ottawa moves out of deficit and prepares to face voters in next year's federal election. (http://bit.ly/1rXzrwf)
** Toronto Mayor Rob Ford has been admitted to hospital with a tumour, throwing his high-profile re-election efforts into question with the months-long campaign in its final stretch. (http://bit.ly/1qMm9Pn)
NATIONAL POST
** With the recent spate of disappointing Canadian economic data, momentum is growing for a new round of bearish bets on the Canadian dollar's fall, particularly as the American economy - and with it, the U.S. dollar - gains greater strength relative to Canada. (http://bit.ly/1whUE4Q)
** After being expelled from Germany and banned from the United States, United Kingdom and Australia, Canadian Muslim preacher Bilal Philips was detained in the Philippines on Wednesday for "inciting and recruiting people to conduct terrorist activities." (http://bit.ly/1squAlj)
** Parks Canada's underwater archaeologists return to the Arctic on Thursday with their diving equipment, hoping to reach out and touch the wreck of a Franklin expedition ship before the ice moves in. The divers urgently want to answer some pressing questions before summer ends and ice prevents further exploration. (http://bit.ly/YzqSed)
China
CHINA SECURITIES JOURNAL
- Stocks traded on China's Nasdaq-style ChiNext market for more than three years will be included as components for the country's blue-chip stock indexes, such as CSI300 Index and SSEF 500 Index for the first time from December, exchange officials said.
- China's agriculture-related insurance should deepen its connections with the credit and futures products, said Chen Wenhui, vice chairman of the China Insurance Regulatory Commission (CIRC), at the 2014 China agriculture insurance seminar on Wednesday.
- A working group of the State Council plans to loosen its control over more than 200 items of administrative examination and approval procedures for new business and investment mode this year, said the group's spokesperson during the State Council's press conference on Wednesday.
SECURITIES TIMES
- Ebay Inc has established cooperation with CreditEase company from China to launch its wealth management product Shangtongdai, a product resembling Alibaba's Yuebao platform, the newspapers reported on Thursday.
CHINA DAILY
- China will maintain its current pace of reform, and putting its large market under better governance will be the country's best contribution to the rest of the world, the paper said in an editorial.
Britain
The Times
BRITISH NOMINEE SECURES ECONOMIC POST IN EU COMMISSION
United Kingdom Prime Minister David Cameron's hopes of securing a better deal from the European Union were given a boost today when Britain won control of the key Brussels job of regulating the financial sector. Jean Claude Juncker, named Lord Hill of Oareford as Commissioner for Financial Stability, Financial Services and Capital Markets Union.(thetim.es/WVMe3P)
FINANCIAL TURMOIL HITS SCOTLAND OVER REFERENDUM
Scotland was facing financial turmoil yesterday, with banks and insurers reporting a growing number of customers worried about their cash as leading business figures warned against the consequences of separation. (thetim.es/1p8U7cZ)
The Guardian
SCOTTISH INDEPENDENCE: NEW POLL GIVES NO VOTE SIX-POINT LEAD
A new opinion poll on Scottish independence has found the no vote back in the lead at 53 percent of voters, suggesting the sudden surge in backing for independence has subsided. (bit.ly/Yy0QYG)
FRANCE TO MISS EU BUDGET DEFICIT TARGET
France has admitted it will overshoot the European Union's 3 percent budget deficit target this year, putting the eurozone's second-biggest economy on a collision course with Brussels. (bit.ly/1Bt7DRm)
The Telegraph
PENSIONS FIRM STANDARD LIFE THREATENS TRANSFER TO ENGLAND IF SCOTLAND VOTES FOR INDEPENDENCE
Standard Life PLC, the pensions and insurance company, has said it is planning to shift large parts of its business to England in the event of a "Yes" vote in next week's Scottish referendum. (bit.ly/1sisJil)
ALL EU COUNTRIES WANT BRITAIN TO STAY - EXCEPT FRANCE
In a new poll published on Wednesday by the German Marshall Fund think tank, people in the major EU countries were asked for the first time whether Britain should leave the bloc. In all countries surveyed, except France, more people said the EU should accommodate Britain's concerns about the bloc rather than see it leave. (bit.ly/1smLgKe)
Sky News
SCOTTISH VOTE: BP SAYS NO TO INDEPENDENCE
BP Plc has weighed into the Scottish independence debate by declaring its support for the "integrity of the United Kingdom." (bit.ly/1xKG4oi)
SANTANDER CHAIRMAN EMILIO BOTIN DIES AGED 79
The death from a heart attack of Santander's Chairman Emilio Botin - known as "El Presidente" - has raised the prospect of his eldest daughter Ana Botin being handed the role. Ana Botin, who currently heads Santander UK, is understood to be in line to succeed her father. (bit.ly/1wgwrZX)
The Independent
FOREIGN INVESTORS DESERT BRITISH ECONOMY AMID FEARS OF YES VOTE
Major global investors have been pulling billions of pounds out of the British economy due to fears that Scotland could vote Yes to independence. (ind.pn/YvEjfh)
VERONIQUE LAURY TO BECOME FIFTH FTSE 100 FEMALE BOSS AS HEAD OF B&Q OWNER KINGFISHER
The FTSE 100 is to get its fifth female boss after B&Q owner Kingfisher PLC today replaced Chief Executive Officer Ian Cheshire with the head of its struggling French DIY business, Veronique Laury. (ind.pn/ZgHiIu)
*Fly On The Wall Pre-Market Buzz*
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Jobless claims for week of September 6 at 8:30--consensus 300K
Treasury budget for August at 14:00--consensus deficit $130.0B
ANALYST RESEARCH
Upgrades
Atlas Air (AAWW) upgraded to Outperform from Market Perform at FBR Capital
CRH Plc. (CRH) upgraded to Buy from Neutral at BofA/Merrill
JDSU (JDSU) upgraded to Outperform from Sector Perform at RBC Capital
Jones Lang LaSalle (JLL) upgraded to Overweight from Neutral at JPMorgan
Omnicare (OCR) upgraded to Buy from Neutral at Goldman
SeaWorld (SEAS) upgraded to Outperform from Neutral at Macquarie
Tenaris (TS) upgraded to Overweight from Equal Weight at Morgan Stanley
Vera Bradley (VRA) upgraded to Outperform from Neutral at RW Baird
WESCO (WCC) upgraded to Overweight from Neutral at JPMorgan
Wet Seal (WTSL) upgraded to Buy from Neutral at B. Riley
Downgrades
E2open (EOPN) downgraded to Market Perform from Outperform at Northland
E2open (EOPN) downgraded to Sector Perform from Outperform at Pacific Crest
Express Scripts (ESRX) downgraded to Neutral from Buy at Goldman
Macy's (M) downgraded to Neutral from Buy at Sterne Agee
Veolia Environment (VE) downgraded to Sector Perform from Outperform at RBC Capital
Initiations
Aerohive Networks (HIVE) initiated with an Outperform at Macquarie
Amphenol (APH) initiated with an Equal Weight at Morgan Stanley
Athlon Energy (ATHL) initiated with a Buy at Deutsche Bank
CBOE Holdings (CBOE) initiated with a Buy at Deutsche Bank
CME Group (CME) initiated with a Buy at Deutsche Bank
Callon Petroleum (CPE) initiated with an Outperform at Cowen
Edwards Lifesciences (EW) initiated with a Buy at Sterne Agee
Energen (EGN) initiated with a Buy at Deutsche Bank
Globus Medical (GMED) initiated with an Outperform at JMP Securities
Goodrich Petroleum (GDP) initiated with an Outperform at Cowen
Healthcare Realty Trust (HR) initiated with a Neutral at Mizuho
Healthcare Trust (HTA) initiated with a Neutral at Mizuho
IntercontinentalExchange (ICE) initiated with a Hold at Deutsche Bank
JD.com (JD) initiated with a Buy at Brean Capital
Live Nation (LYV) initiated with a Buy at Jefferies
Medtronic (MDT) initiated with a Neutral at Sterne Agee
Midstates Petroleum (MPO) initiated with a Market Perform at Cowen
NASDAQ (NDAQ) initiated with a Hold at Deutsche Bank
Nationstar (NSM) initiated with an Equal Weight at Barclays
Nuverra Environmental (NES) initiated with a Buy at Stifel
Ocwen Financial (OCN) resumed with an Equal Weight at Barclays
Orion Engineered (OEC) initiated with a Neutral at Macquarie
Palo Alto (PANW) initiated with a Buy at Roth Capital
Petrobras (PBR) initiated with an Outperform at Cowen
PharMerica (PMC) initiated with a Neutral at Goldman
RSP Permian (RSPP) initiated with a Hold at Deutsche Bank
Sensata (ST) initiated with an Equal Weight at Morgan Stanley
Stage Stores (SSI) initiated with a Neutral at Credit Suisse
Synergy Resources (SYRG) initiated with an Outperform at Cowen
TE Connectivity (TEL) initiated with an Overweight at Morgan Stanley
Twitter (TWTR) initiated with a Buy at Canaccord
Walter Investment (WAC) initiated with an Underweight at Barclays
Yandex (YNDX) initiated with a Buy at Canaccord
COMPANY NEWS
Twitter (TWTR) said it will offer $1.3B in convertible notes
JDSU (JDSU) said it will separate into two publicly traded companies
RBS (RBS) confirmed re-domicile plans ahead of Scottish referendum vote
T-Mobile (TMUS) extended 'Wi-Fi Un-leashed' with Gogo (GOGO) partnership
FDA approved weight management drug Contrave (TKPYY, OREX)
Starboard Value said Darden (DRI) has not fully complied with Florida court’s order
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
lululemon (LULU), Men's Wearhouse (MW), Sigma Designs (SIGM), Restoration Hardware (RH), Five Below (FIVE)
Companies that missed consensus earnings expectations include:
First Marblehead (FMD), Wet Seal (WTSL), LifeVantage (LFVN)
Companies that matched consensus earnings expectations include:
Pike Electric (PIKE)
NEWSPAPERS/WEBSITES
RadioShack (RSH) loan being prepped by UBS (UBS), Standard General, Bloomberg reports
Apple (AAPL) consumers in China unable to buy new iPhones this month, Reuters reports
Time Warner (TWX) not planning HBO IPO, says took 21st Century Fox's (FOXA) offer "seriously," NY Post reports
Deal.com says Energy XXI (EXXI) hires adviser for GOM sale, Bloomberg reports
Muddy Waters founder says Alibaba (BABA) could defraud investors, NY Times reports
Lloyds (LYG), RBS (RBS) to relocate to England if Scots vote yes, Bloomberg says
Starbucks (SBUX) to sell single-origin coffees in supermarkets, WSJ reports
Spirit Airlines (SAVE) looks expensive, Barron's says
SYNDICATE
Hilton (HLT) files to sell 90M in common stock for holders
Identiv Group (inve) files to sell common stock
PrivateBancorp (PVTB) 1.3M share Block Trade, price range $30.07-$30.28
Twitter (TWTR) to offer $1.3B in convertible notes Reported by Zero Hedge 3 hours ago.
· Obama Relying on Mideast Allies to Counter Islamic State (BBG)
· Scotland Nationalists Claim U.K. Oil in 40-Year Campaign (BBG)
· Scottish Polls Embolden Catalans Pushing Rajoy for Vote (BBG)
· Royal Bank of Scotland: RBS will leave Scotland if voters back independence (Guardian)
· Most Hedge-Fund Managers Are Overpaid, Unigestion Says (BBG)
· China Inflation Softens to Four-Month Low (WSJ)
· Australian Employers Add Record Jobs as Currency Jumps (BBG)... of which 87% were part-time
· Munger Hosts Groupies, Mocks Wall Street, Praises Buffett (BBG)
· RadioShack posts tenth straight quarterly loss, prepares bailout loan (Reuters, Bloomberg)
· Said loan is basically a pre-petition DIP: RadioShack Says It’s Seeking Ways to Boost Cash as Losses Mount (BBG)
· Manhattan’s Rent Gains Send Queens Leasing Deals Surging (BBG)
· Washington Trading Probe Broadens to Hedge Funds (WSJ)
· U.S. lawmakers embrace fight against Islamic State, some question Obama plan (Reuters)
· Lawmakers Seek to Smooth Banks' Path Through Bankruptcy (WSJ)
*Overnight Media Digest*
WSJ
* President Barack Obama authorized the start of U.S. air strikes in Syria and expanded a month-long bombing campaign in Iraq to "degrade and ultimately destroy" Islamic militants who recently beheaded two Americans. (http://on.wsj.com/1p97F8h)
* The National Football League said Wednesday night that it is appointing former FBI Director Robert Mueller to conduct an investigation into the league's "pursuit and handling of evidence" in the Ray Rice domestic violence incident. The investigation will be supervised by New York Giants owner John Mara and Pittsburgh Steelers President Art Rooney. (http://on.wsj.com/1tLZCWt)
* Investigators are examining communications between research firm Height Securities and several hedge funds, opening a new front in an insider-trading probe focused on the firm's 2013 investor alert about a change in health-care policy. (http://on.wsj.com/1tzuV2V)
* Fifteen years ago, Ana Patricia Botín was pushed out of her senior job at Banco Santander SA by the bank's chairman, who also happened to be her father. On Wednesday Botín's Shakespearean career came full circle, with her being named chairman after her father's death. (http://on.wsj.com/1qEWKIJ)
* A bipartisan bill approved by a congressional committee to amend the U.S. bankruptcy code underscores a post-crisis conundrum: Big banks must demonstrate they can be dismantled in bankruptcy, but experts and some lawmakers say the current code is inadequate to handle the failure of a major financial firm. (http://on.wsj.com/1nMQObQ)
* The Securities and Exchange Commission is stepping up its scrutiny of corporate executives who sell shares in their own companies, announcing a raft of cases Wednesday against insiders for allegedly breaking rules on disclosing stockholdings and trades. (http://on.wsj.com/Zhuwte)
* Twitter Inc plans to raise as much as $1.5 billion in the social-media company's first sale of debt to support its growing business. The San Francisco company said it is offering convertible bonds in two chunks of $650 million, according to a securities filing on Wednesday. (http://on.wsj.com/1lV9Wsx)
* Sony Corp said it reached an agreement for its planned Web-based TV service to carry MTV, Nickelodeon and 20 other Viacom Inc channels and offer access to streaming Viacom programming on mobile devices. (http://on.wsj.com/1qHHdIm)
* JDS Uniphase Corp said it plans to split into two publicly traded companies, separating its optical components business from its networking operations. The fiber-optic communications company plans to spin off its communications and commercial optical products segment into a separate company by the third quarter of next year. (http://on.wsj.com/Zhvdmn)
FT
Banco Santander SA names Ana Patricia as its chairperson. Patricia succeeds her father Emilio Botin, who died of a heart attack on Tuesday night.
Ferrari's chairman for 23 years, Luca Cordero di Montezemolo, said he will quit as chairman, a move that was expected after being questioned by Fiat SpA over Formula One team's poor performance. Sergio Marchionne, chief executive of Fiat, will replace him.
Veronique Laury has been appointed as the chief executive of Kingfisher Plc. Laury, who currently runs the company's France division, replaces Ian Cheshire.
U.S. Bitcoin company Coinbase said it plans to start its consumer service across a large part of the eurozone.
JPMorgan Chase & Co is set to propose in its next paper a better framework to deal with failing clearing houses, calling the current method brittle and opaque.
NYT
* Making global e-commerce available to Chinese shoppers is a key aim of Alibaba Group Holding Ltd, and the strategy could help put a dent in American trade deficits. (http://nyti.ms/1pRl0lK)
* On Wednesday, Dollar General Corp said it was going hostile and taking its $9.1 billion offer for Family Dollar directly to shareholders after being rebuffed. The move further complicates Family Dollar's agreed-upon deal, announced in July, to sell itself to Dollar Tree for $8.5 billion. (http://nyti.ms/1tLYXEs)
* Syncora Guarantee Inc, Detroit's most vociferous adversary in bankruptcy, is close to a breakthrough settlement with the city, but before it can close the deal it must resolve a related dispute with two big banks, Bank of America Corp and UBS AG. The bankruptcy judge, Steven Rhodes, has adjourned a trial in the case until Monday. If Syncora cannot reach an agreement with the banks by then, it will face a breakdown of its whole deal with Detroit. (http://nyti.ms/1qMCVOc)
* Coinbase is taking its bitcoin services to Europe in a move that could help expand the virtual currency's reach. The company, one of the most popular digital wallet providers, said on Wednesday that it was expanding to 13 European countries, including France, Italy and the Netherlands, by allowing those with authorized European bank accounts to buy and sell bitcoins in exchange for euros. (http://nyti.ms/1nMkYMr)
* The Coleman Company, a manufacturer of camping and other outdoor equipment, has agreed to take more than 20,000 of its inflatable rubber tubes off the shelves at Wal-Mart Stores Inc . Two dozen consumers reported skin irritation from the 36-inch-wide black Sevylor River Racer tubes, intended for one person to sit in and float in the water. (http://nyti.ms/1wgIgiA)
* France's economic recovery will be much more fragile this year than originally thought, and the government will not be able to meet targets for reducing the deficit for at least another two years in the face of sputtering growth, the French Finance Ministry announced on Wednesday. (http://nyti.ms/1ung3Hz)
Canada
THE GLOBE AND MAIL
** Much of the local television programming that Canadians cherish won't survive without a new revenue stream for broadcasters, BCE Inc is warning, while pleading with the federal TV regulator to be measured in its efforts to boost consumer choice. On Wednesday, a phalanx of executives from Bell Media, which is owned by BCE, spent more than five hours arguing the company's case on a range of issues at Let's Talk TV, a regulatory hearing exploring a sprawling list of proposals that could dramatically reshape the TV landscape in Canada. (http://bit.ly/1nNp07d)
** The Canadian government will announce on Thursday that it is lowering Employment Insurance premiums in an effort to boost hiring at a time of sluggish job growth - the first of an expected series of tax cuts as Ottawa moves out of deficit and prepares to face voters in next year's federal election. (http://bit.ly/1rXzrwf)
** Toronto Mayor Rob Ford has been admitted to hospital with a tumour, throwing his high-profile re-election efforts into question with the months-long campaign in its final stretch. (http://bit.ly/1qMm9Pn)
NATIONAL POST
** With the recent spate of disappointing Canadian economic data, momentum is growing for a new round of bearish bets on the Canadian dollar's fall, particularly as the American economy - and with it, the U.S. dollar - gains greater strength relative to Canada. (http://bit.ly/1whUE4Q)
** After being expelled from Germany and banned from the United States, United Kingdom and Australia, Canadian Muslim preacher Bilal Philips was detained in the Philippines on Wednesday for "inciting and recruiting people to conduct terrorist activities." (http://bit.ly/1squAlj)
** Parks Canada's underwater archaeologists return to the Arctic on Thursday with their diving equipment, hoping to reach out and touch the wreck of a Franklin expedition ship before the ice moves in. The divers urgently want to answer some pressing questions before summer ends and ice prevents further exploration. (http://bit.ly/YzqSed)
China
CHINA SECURITIES JOURNAL
- Stocks traded on China's Nasdaq-style ChiNext market for more than three years will be included as components for the country's blue-chip stock indexes, such as CSI300 Index and SSEF 500 Index for the first time from December, exchange officials said.
- China's agriculture-related insurance should deepen its connections with the credit and futures products, said Chen Wenhui, vice chairman of the China Insurance Regulatory Commission (CIRC), at the 2014 China agriculture insurance seminar on Wednesday.
- A working group of the State Council plans to loosen its control over more than 200 items of administrative examination and approval procedures for new business and investment mode this year, said the group's spokesperson during the State Council's press conference on Wednesday.
SECURITIES TIMES
- Ebay Inc has established cooperation with CreditEase company from China to launch its wealth management product Shangtongdai, a product resembling Alibaba's Yuebao platform, the newspapers reported on Thursday.
CHINA DAILY
- China will maintain its current pace of reform, and putting its large market under better governance will be the country's best contribution to the rest of the world, the paper said in an editorial.
Britain
The Times
BRITISH NOMINEE SECURES ECONOMIC POST IN EU COMMISSION
United Kingdom Prime Minister David Cameron's hopes of securing a better deal from the European Union were given a boost today when Britain won control of the key Brussels job of regulating the financial sector. Jean Claude Juncker, named Lord Hill of Oareford as Commissioner for Financial Stability, Financial Services and Capital Markets Union.(thetim.es/WVMe3P)
FINANCIAL TURMOIL HITS SCOTLAND OVER REFERENDUM
Scotland was facing financial turmoil yesterday, with banks and insurers reporting a growing number of customers worried about their cash as leading business figures warned against the consequences of separation. (thetim.es/1p8U7cZ)
The Guardian
SCOTTISH INDEPENDENCE: NEW POLL GIVES NO VOTE SIX-POINT LEAD
A new opinion poll on Scottish independence has found the no vote back in the lead at 53 percent of voters, suggesting the sudden surge in backing for independence has subsided. (bit.ly/Yy0QYG)
FRANCE TO MISS EU BUDGET DEFICIT TARGET
France has admitted it will overshoot the European Union's 3 percent budget deficit target this year, putting the eurozone's second-biggest economy on a collision course with Brussels. (bit.ly/1Bt7DRm)
The Telegraph
PENSIONS FIRM STANDARD LIFE THREATENS TRANSFER TO ENGLAND IF SCOTLAND VOTES FOR INDEPENDENCE
Standard Life PLC, the pensions and insurance company, has said it is planning to shift large parts of its business to England in the event of a "Yes" vote in next week's Scottish referendum. (bit.ly/1sisJil)
ALL EU COUNTRIES WANT BRITAIN TO STAY - EXCEPT FRANCE
In a new poll published on Wednesday by the German Marshall Fund think tank, people in the major EU countries were asked for the first time whether Britain should leave the bloc. In all countries surveyed, except France, more people said the EU should accommodate Britain's concerns about the bloc rather than see it leave. (bit.ly/1smLgKe)
Sky News
SCOTTISH VOTE: BP SAYS NO TO INDEPENDENCE
BP Plc has weighed into the Scottish independence debate by declaring its support for the "integrity of the United Kingdom." (bit.ly/1xKG4oi)
SANTANDER CHAIRMAN EMILIO BOTIN DIES AGED 79
The death from a heart attack of Santander's Chairman Emilio Botin - known as "El Presidente" - has raised the prospect of his eldest daughter Ana Botin being handed the role. Ana Botin, who currently heads Santander UK, is understood to be in line to succeed her father. (bit.ly/1wgwrZX)
The Independent
FOREIGN INVESTORS DESERT BRITISH ECONOMY AMID FEARS OF YES VOTE
Major global investors have been pulling billions of pounds out of the British economy due to fears that Scotland could vote Yes to independence. (ind.pn/YvEjfh)
VERONIQUE LAURY TO BECOME FIFTH FTSE 100 FEMALE BOSS AS HEAD OF B&Q OWNER KINGFISHER
The FTSE 100 is to get its fifth female boss after B&Q owner Kingfisher PLC today replaced Chief Executive Officer Ian Cheshire with the head of its struggling French DIY business, Veronique Laury. (ind.pn/ZgHiIu)
*Fly On The Wall Pre-Market Buzz*
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Jobless claims for week of September 6 at 8:30--consensus 300K
Treasury budget for August at 14:00--consensus deficit $130.0B
ANALYST RESEARCH
Upgrades
Atlas Air (AAWW) upgraded to Outperform from Market Perform at FBR Capital
CRH Plc. (CRH) upgraded to Buy from Neutral at BofA/Merrill
JDSU (JDSU) upgraded to Outperform from Sector Perform at RBC Capital
Jones Lang LaSalle (JLL) upgraded to Overweight from Neutral at JPMorgan
Omnicare (OCR) upgraded to Buy from Neutral at Goldman
SeaWorld (SEAS) upgraded to Outperform from Neutral at Macquarie
Tenaris (TS) upgraded to Overweight from Equal Weight at Morgan Stanley
Vera Bradley (VRA) upgraded to Outperform from Neutral at RW Baird
WESCO (WCC) upgraded to Overweight from Neutral at JPMorgan
Wet Seal (WTSL) upgraded to Buy from Neutral at B. Riley
Downgrades
E2open (EOPN) downgraded to Market Perform from Outperform at Northland
E2open (EOPN) downgraded to Sector Perform from Outperform at Pacific Crest
Express Scripts (ESRX) downgraded to Neutral from Buy at Goldman
Macy's (M) downgraded to Neutral from Buy at Sterne Agee
Veolia Environment (VE) downgraded to Sector Perform from Outperform at RBC Capital
Initiations
Aerohive Networks (HIVE) initiated with an Outperform at Macquarie
Amphenol (APH) initiated with an Equal Weight at Morgan Stanley
Athlon Energy (ATHL) initiated with a Buy at Deutsche Bank
CBOE Holdings (CBOE) initiated with a Buy at Deutsche Bank
CME Group (CME) initiated with a Buy at Deutsche Bank
Callon Petroleum (CPE) initiated with an Outperform at Cowen
Edwards Lifesciences (EW) initiated with a Buy at Sterne Agee
Energen (EGN) initiated with a Buy at Deutsche Bank
Globus Medical (GMED) initiated with an Outperform at JMP Securities
Goodrich Petroleum (GDP) initiated with an Outperform at Cowen
Healthcare Realty Trust (HR) initiated with a Neutral at Mizuho
Healthcare Trust (HTA) initiated with a Neutral at Mizuho
IntercontinentalExchange (ICE) initiated with a Hold at Deutsche Bank
JD.com (JD) initiated with a Buy at Brean Capital
Live Nation (LYV) initiated with a Buy at Jefferies
Medtronic (MDT) initiated with a Neutral at Sterne Agee
Midstates Petroleum (MPO) initiated with a Market Perform at Cowen
NASDAQ (NDAQ) initiated with a Hold at Deutsche Bank
Nationstar (NSM) initiated with an Equal Weight at Barclays
Nuverra Environmental (NES) initiated with a Buy at Stifel
Ocwen Financial (OCN) resumed with an Equal Weight at Barclays
Orion Engineered (OEC) initiated with a Neutral at Macquarie
Palo Alto (PANW) initiated with a Buy at Roth Capital
Petrobras (PBR) initiated with an Outperform at Cowen
PharMerica (PMC) initiated with a Neutral at Goldman
RSP Permian (RSPP) initiated with a Hold at Deutsche Bank
Sensata (ST) initiated with an Equal Weight at Morgan Stanley
Stage Stores (SSI) initiated with a Neutral at Credit Suisse
Synergy Resources (SYRG) initiated with an Outperform at Cowen
TE Connectivity (TEL) initiated with an Overweight at Morgan Stanley
Twitter (TWTR) initiated with a Buy at Canaccord
Walter Investment (WAC) initiated with an Underweight at Barclays
Yandex (YNDX) initiated with a Buy at Canaccord
COMPANY NEWS
Twitter (TWTR) said it will offer $1.3B in convertible notes
JDSU (JDSU) said it will separate into two publicly traded companies
RBS (RBS) confirmed re-domicile plans ahead of Scottish referendum vote
T-Mobile (TMUS) extended 'Wi-Fi Un-leashed' with Gogo (GOGO) partnership
FDA approved weight management drug Contrave (TKPYY, OREX)
Starboard Value said Darden (DRI) has not fully complied with Florida court’s order
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
lululemon (LULU), Men's Wearhouse (MW), Sigma Designs (SIGM), Restoration Hardware (RH), Five Below (FIVE)
Companies that missed consensus earnings expectations include:
First Marblehead (FMD), Wet Seal (WTSL), LifeVantage (LFVN)
Companies that matched consensus earnings expectations include:
Pike Electric (PIKE)
NEWSPAPERS/WEBSITES
RadioShack (RSH) loan being prepped by UBS (UBS), Standard General, Bloomberg reports
Apple (AAPL) consumers in China unable to buy new iPhones this month, Reuters reports
Time Warner (TWX) not planning HBO IPO, says took 21st Century Fox's (FOXA) offer "seriously," NY Post reports
Deal.com says Energy XXI (EXXI) hires adviser for GOM sale, Bloomberg reports
Muddy Waters founder says Alibaba (BABA) could defraud investors, NY Times reports
Lloyds (LYG), RBS (RBS) to relocate to England if Scots vote yes, Bloomberg says
Starbucks (SBUX) to sell single-origin coffees in supermarkets, WSJ reports
Spirit Airlines (SAVE) looks expensive, Barron's says
SYNDICATE
Hilton (HLT) files to sell 90M in common stock for holders
Identiv Group (inve) files to sell common stock
PrivateBancorp (PVTB) 1.3M share Block Trade, price range $30.07-$30.28
Twitter (TWTR) to offer $1.3B in convertible notes Reported by Zero Hedge 3 hours ago.