Business

Nordstrom shares are tumbling uin the pre-open (down over 5% to 3-month lows) as the company temporarily suspends its explorations for going-private, citing "difficulties in obtaining debt financing."

As Bloomberg reports, Nordstrom family plans to continue efforts after holiday season with management set to maintain focus on execution of business plan for year-end period.

And the result is the erasure of all post-rumor-gains and then some...

World stocks and commodities rose on Monday, boosted by upbeat Chinese data, while U.S. oil futures jumped to a near six-month high as escalating tensions between the Iraqi government and Kurdish forces threatened supply.  Global markets digested the large amount of weekend newsflow, and clearly liked what they saw as S&P futures were modestly in the green, as both European and Asian stocks are higher.

Authored by Marco Cattaneo, from Basta con l’Eurocrisi, via GEFIRA,

There is an increased talk in Italy about fiscal money as an instrument to resolve the economic crisis, which is not over yet.

Despite the optimism shown by the Italian government and the EU, the Eurozone economy is far from being in an acceptable condition, and this applies in particular for Italy.

Despite a disappointing US CPI report on Friday, which saw core inflation miss once again despite an expected spike due to the "hurricane effect", moments ago China reported that in September, its CPI printed at 1.6% Y/Y, in line with expectations, and down from, 1.8% in August largely due to high year-over-year base effects, but it was PPI to come in smoking hot, jumping from 6.3% last month to 6.9% Y/Y, slamming expectations of a 6.4% print and just shy of the highest forecast, driven by the recent surge in commodity costs and strong PMI surveys.

News of mass “performance-based departures” at Tesla, reported yesterday by the San Jose Mercury News has underscored the fact that Elon Musk and company have burned through a ridiculous amount of cash in the past two quarters alone, raising questions about why the company would choose to cut nearly 10% of its workforce when the assembly line for the company’s new Model 3 sedan has reportedly not yet been completed, and production remains woefully behind schedule as employees at the company’s Freemont factory have been forced to piece together the cars by hand.