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Daily Scan: Stocks plummet; McCarthy running for Speaker

By NexChange
Capital Markets

Updated throughout the day

September 28

Good evening,

Stocks fell hard Monday, dragged down by the health-care sector. The Dow plummeted almost 2%, falling below 16000 for the first time since Sept. 1. The S&P 500 fell 2.6% and the Nasdaq lost 3%. Valeant Pharmaceuticals saw their shares drop 16% after the House oversight committee indicated that it wanted documents from the company explaining the price increases of two heart drugs. Oil fell almost 2.7%, closing below $45/barrel. China’s nasty industrial production numbers weighed heavy on stocks today though a rally in tech shares did lead the Shanghai Composite to retrace losses and close 0.27% higher for the day. The Nikkei was down 1.32%, while Singapore's STI fell 1.45%. Hong Kong, Taiwan, and Korea meanwhile were all closed for a holiday. Over in Europe, things weren't any better. In fact, it might actually be worse thanks to the political risk surrounding Catalonia’s recent elections. The FTSE 100 is currently down 0.95%, the DAX down 1.04%, and the CAC down 1.20%.

Here’s what else you need to know:

Kevin McCarthy in running to replace John Boehner. The Republican House Majority Leader McCarthy announced his candidacy for speaker of the House Monday. Boehner is set to retire at the end of October. Reuters 

Trevor Noah is hosting his first official Daily Show tonight. Comedian Kevin Hart will be the first guest on Noah's Comedy Central show.

Obama speaks at U.N. President Obama laid into Russian President Vladimir Putin and Syrian President Bashar al-Assad while speaking to the U.N. for the seventh time. Obama is meeting personally with Putin Monday, and is also meeting with Cuban President Raul Castro Tuesday. CNN

Ex-VW CEO investigated for fraud. German prosecutors are looking at Martin Winterkorn for fraud over VW rigging the diesel emissions tests. Reuters

Spain's Catalonia a step closer to independence. Catalonia’s independence movement won a historic but incomplete election victory on Sunday night, securing a majority of seats in the regional parliament but falling short of winning an outright majority of the vote. The poll was seen as a test of the region’s desire to break with Spain and set up an independent republic. The Spanish bond market meanwhile, is going haywire. Financial Times (paywall)

Russia wants 'co-ordination' against IS. Russian President Vladimir Putin has called for a regional "co-ordinating structure" against Islamic State (IS). Mr. Putin reiterated his support for Syrian President Bashar al-Assad, who Western countries and the Syrian opposition have said must go. BBC

 

Xi: “no basis” for long-term yuan devaluation. Speaking to U.S. President Barack Obama, Chinese President Xi Jinping said that “there is no basis for the renminbi to have devaluation in the long run,” adding that “at present, the exchange rate between renminbi and US dollars is moving toward stability.” SCMP (paywall)

Iraq agrees to share ISIS intel with Rus

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