>>> Fed Vice Chair Fischer: Fed will not wait for 2% inflation to raise interest

Fed Vice Chair Fischer: Fed will not wait for 2% inflation to raise interest rates; Watching China extra closely, but skeptical of a link between volatility and US monetary policy 
- Says: "We should not wait until inflation is back to two percent to begin tightening"; Confident economy is on track to achieve inflation target.
- PCE inflation data "have recently been only above zero" due to temporary factors like declining oil prices.
- Energy price declines should be a one-off event for inflation.
- 17% increase in USD since last summer has lowered the price of imports; Stronger USD likely to restrain US GDP through 2016 and perhaps into 2017.
- Need to "consider the overall state of the US economy as well as the influence of foreign economies on the US economy as we reach our judgment on whether and how to change monetary policy... 
At this moment, we are following developments in the Chinese economy and their actual and potential effects on other economies even more closely than usual."
- Reiterates Fed will proceed cautiously in normalizing policy; Fed can remove accommodation at a gradual pace.

>>> Barron's Summary: Positive on PAYX, AAL, CA, COH, PCAR, PYPL; Cautious on AA

Barron's Summary: Positive on PAYX, AAL, CA, COH, PCAR, PYPL; Cautious on AAPL 

Cover story: Positive on F, CAT, GE, PG, MCD, INTC, IBM, MRK, DD, BLK, NVS, JPM: With growth stocks in favor this year, many blue-ship stocks that have languished now offer yields of 3% or 4%. Investors have also punished industry groups, such as basic materials, and industrials that have significant overseas exposure; Stocks as measured by the S&P 500 arent cheap by historical standards at a current 16 times forward earnings, but they arent expensive either.

Tech Trader: Cautious on AAPL: Tiernan Ray says that chief Tim Cooks candor, something Steve Jobs lacked, may be ill-advised because it can be seen as an attempt to appease Wall Street, raising the question of how much time corporate executives should spend pandering to the demands of richly awarded investors. 

Trader: Peter Jankovskis, co-chief investment officer at Oakbrook Investments, says market volatility wont go away until the Fed makes an interest-rate move; Positive on PAYX: Investors may be viewing the company too harshly, since demand for its service is increasing and it has defensive characteristics that will be seen more favorably as markets stabilize; Positive on XLE, IXC, IYE: Exchange traded funds that hold large-caps are a diversified way for patient, long-term investors to play the eventual recovery in crude. 

Features: 1) Chinas stock market could tumble another 15% before it hits bottom, but it may not be a good time to swoop in and buy, because if historic price-to-earnings multiples are any guide, Chinas rout has yet to run its course; 2) Positive on AAL, CA, COH, PCAR: Shares of these four companies have taken a hit lately, and are down more than 10% this year, but they offer double-digit returns on invested capital and sell for low price/earnings ratios, suggesting theyre stronger than Wall Street gives them credit for; 3) Positive on HCA, DHI, GOOG, MAS: Stocks could perform well in the coming months, partly because theyre not overly tied to Chinas problems, with Google looking strong after a recent selloff; 4) Positive on PYPL: Payment company still has a number of opportunities for growth, and should be able further expand in areas such as remittances, shared networks, and back-office servicing for companies such as AAPL. 

Profile: Kevin Smith, founder and chief investment officer, Crescat Capital, which has benefited from bets against oil futures, energy companies, master limited partnerships, and biotechs (picks: SBGI, NXST, CNC, MOH; pans: EWA, WBK). 

Interview: Felix Zulauf, president, Zulauf Asset Management and partner at Vicenda Asset Management, says that stocks will undercut this months lows in the next wave of selling. 

Follow-Up: Positive on GOOG: The strength of YouTube is but one reason the stock could see 20% upside; BX founder Stephen Schwarzman was among several high-profile traders who predicted that a crunch would arise from higher costs resulting from restrictive new global bank rules. 

European Trader: European stocks have taken a hit because of fears about China, creating an opportunity for investors looking for value and attractively priced equities.

Asian Trader: China needs more domestic consumption, but reforms that could make that happen appear unlikely, and the countrys leadership seems in disarray. 

Emerging Markets: Emerging-market assets are cheap amid all the turmoil in China, and the sector may not have hit bottom yet; Audrey Kaplan of Federated Investors likes markets that are tapping developed-world strengths. 

Commodities: Iron ore, which has already been battered, is likely to keep falling as supplies rise and China is unable to consume the extra inventory. 

Streetwise: Even if a Fed hike is postponed, the fact that far fewer folks are expecting one means that financials no longer are priced for that possibility.

(BFW) German Carmakers Cut 2015 China Sales Outlook on Turmoil: Focus


German Carmakers Cut 2015 China Sales Outlook on Turmoil: Focus
2015-08-30 09:56:49.795 GMT


By Nicholas Comfort
(Bloomberg) -- VDA German auto industry association expects
FY China car sales to rise max. 4% to 19.1m vs 6% increase
anticipated at beginning of year, Focus cites association
president Matthias Wissmann as saying in interview.

* Germany FY car sales to rise ~4% to 3.1m vs earlier 2%
expectation
* Western Europe FY car sales to rise 6% to 12.8m vs 2%
earlier 2% forecast
* U.S. car and light truck sales to rise ~3% to 10-yr high of
16.9m units, exceeding 2% earlier forecast
* NOTE: VW ordered to sell back Suzuki stake valued at $3.8b


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(BFW) Syngenta May Seek Partners After Monsanto Pulls Offer: FuW


MORE: Syngenta May Seek Partners After Monsanto Pulls Offer: FuW
2015-08-30 11:18:32.61 GMT


By Corinne Gretler
(Bloomberg) -- Syngenta will perform complete review of
product portfolio, especially of seeds business, Chairman Michel
Demare tells Finanz und Wirtschaft in an intvw

* “Then we will see if there are suitable transactions to
improve ourselves, like with partnerships and joint
ventures”
* NOTE: Aug. 28: Syngenta to Start Review to Optimize
Business, Demare Tells Fuw
* NOTE: Aug. 26: Monsanto Withdraws Offer for Syngenta After
Being Rebuffed


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(BFW) SABMiller Said to Strengthen Takeover Defenses: Sunday Times


SABMiller Said to Strengthen Takeover Defenses: Sunday Times
2015-08-29 22:27:00.339 GMT


By Mike Millard
(Bloomberg) -- SABMiller has held talks with Simon Robey,
Simon Warshaw to get advice on mergers and acquisitions
strategy, Sunday Times reports, citing unidentified people.

* NOTE: 5/7 SABMiller Gains Most Since Dec. 14 on Bid
Speculation

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(BFW) Yuan Doesn’t Have Basis for Continuous Depreciation: Premier Li


BN 08/29 23:42 *CHINA STATE COUNCIL POSTS LI COMMENTS FROM FRIDAY MEETING
BN 08/29 23:42 *CHINA TO PREVENT REGIONAL, SYSTEMATIC RISKS: PREMIER LI
BN 08/29 23:42 *YUAN CAN REMAIN STABLE ON REASONABLE AND BALANCED LEVEL: LI
BN 08/29 23:42 *YUAN DOESN'T HAVE CONTINUOUS DEPRECIATION BASIS: PREMIER LI
Yuan Doesn’t Have Basis for Continuous Depreciation: Premier Li
2015-08-29 23:54:32.853 GMT


By Bloomberg News
(Bloomberg) -- Yuan can remain basically stable on
“reasonable and equilibrium level”, said Premier Li Keqiang,
according to a statement posted on the State Council’s
website Saturday.
· China will “defend the bottom line” of preventing regional
or systemic risks: Li
· Li made the comments at a state council meeting on Friday,
according to statement



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(BFW) Deutsche Bank Job Cuts May Cost Billions, Welt Am Sonntag Says


Deutsche Bank Job Cuts May Cost Billions, Welt Am Sonntag Says
2015-08-30 00:00:00.0 GMT


By Johannes Koch
(Bloomberg) -- The proposed staff cuts at Deutsche Bank may
cost an average of 120,000 euros per person in redundancy-
related costs, Welt am Sonntag reports, citing supervisory board
sources.

* Costs could reach 300,000-400,000 euros per person at the
bank’s headquarters, where well-paid employees work: Welt
says
* A spokesman for the German bank declines to comment to Welt


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(BFW) Volkswagen to Sell 19.9% Stake in Suzuki Motor Corp After Ruling


BN 08/30 07:04 *VW SAYS COMPANY HAS RIGHT TO CLAIM DAMAGES FROM SUZUKI
BN 08/30 07:04 *VW SAYS COURT RULED SUZUKI BROKE ITS CONTRACTUAL OBLIGATIONS
BN 08/30 07:03 *VW SAYS THE DISPOSAL WILL HAVE POSITIVE IMPACT ON EARNINGS
BN 08/30 07:02 *VOLKSWAGEN SELLING STAKE AFTER RULING FROM TRIBUNAL
BN 08/30 07:01 *VOLKSWAGEN TO SELL 19.9% STAKE IN SUZUKI MOTOR CORP
Volkswagen to Sell 19.9% Stake in Suzuki Motor Corp After Ruling
2015-08-30 07:10:05.355 GMT


By Chad Thomas
(Bloomberg) -- VW to sell the stake following ruling from
arbitration tribunal that Suzuki had right to terminate
cooperation agreement between the two, the German carmaker says
in statement

* VW says stake sale will have positive impact on earnings
* VW says the automaker has right to claim damages because
Suzuki breached contractual obligations to VW


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(BFW) Jackson Hole Paper Backs View of Fed Liftoff ‘Sooner,’ Not Later


Jackson Hole Paper Backs View of Fed Liftoff ‘Sooner,’ Not Later
2015-08-29 14:00:00.0 GMT

By Vivien Lou Chen
(Bloomberg) -- U.S. is “nearing” point at which
diminishing slack will lead to upward pressure on inflation,
according to paper presented at Fed’s Jackson Hole symposium
that seems to support rate liftoff “sooner rather than later.”

* “We can be confident based on our slack measures that
inflation will soon be rising,” economists Jon Faust of
Johns Hopkins University and Eric Leeper from Indiana
University wrote in paper
* “Confident” that slack is diminishing; “at some
point,” it will put upward pressure on inflation
* Authors sketch “variations on view that might support
liftoff sooner rather than later”
* Also focus on “new normal” in policy making, conclude
“disparate confounding dynamics” are more important
than normal cyclical dynamics that currently dominate
policy analyses
* Fed policy “could easily devolve into regular goalpost
moving” without clearer framework for applying a new
approach into deliberations
* There’s “very real risk” of “seat-of-the-pants”
policy making as officials “use judgment,” “take a
stand on things that basic research has not yet
incorporated into a well-established analytic
framework”
* “Best solution” is for researchers to integrate
“disparate confounding dynamics” that dominate practice of
central bank into standard models
* Until this happens, policy makers “must take a stand”
on what these dynamics mean for policy
* 3 examples of dynamics that should grow more important to
policy makers in coming decades are labor’s share of income,
demographics and fiscal policy
* NOTE: Fed’s Jackson Hole symposium in Wyo. is hosted by KC
Fed; Fed Vice Chair Stanley Fischer is scheduled to speak
later on Saturday


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(BFW) Tsipras Says Will Get Strong Mandate in Greek Elections: Real


BN 08/29 15:27 *SYRIZA LEADER ALEXIS TSIPRAS COMMENTS IN REAL NEWS INTERVIEW
BFW 08/29 15:27 *TSIPRAS SAYS WILL GET STRONG MANDATE IN GREEK ELECTIONS: REAL
Tsipras Says Will Get Strong Mandate in Greek Elections: Real
2015-08-29 15:33:29.669 GMT


By Vassilis Karamanis
(Bloomberg) -- Former Greek Prime Minister Alexis Tsipras
says Syriza party will get parliamentary majority in next
month’s elections, according to comments in Real News interview.

* Independent Greeks party will be strong ally of new govt
* Says won’t form coalition with New Democracy, River party
and Pasok
* Says will form new govt from scratch, comprised of best and
most able; ministers who were efficient in previous govt may
also participate
* NOTE: Earlier, Greek Election Campaign Starts With Tsipras
in Narrow Lead Link


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