US stocks slumped, a bit. The S&P 500 fell 0.22 per cent, closing at 1,456.89. Brent crude fell below $111, after last week's sell-off (Reuters). Supply fears followed Apple's record opening sale of the iPhone 5. Tim Cook, Apple's chief executive, said initial inventories of the smartphone were sold out after 5, units were shifted over the weekend - a number below expectations but breaking the 4m record set by the iPhone 4S (Wall Street Journal). Analysts were divided over whether the shortfall reflected over-hyped expectations, or problems at iPhone suppliers including Foxconn and Sharp (Reuters). Foxconn suspended production at its Taiyuan plant on Monday after a worker riot (Financial Times). Temasek has sounded out potential buyers for its 18 per cent stake in Standard Chartered. The Singaporean fund, which is StanChart's single largest shareholder, would gain from the bank's strong price-to-book valuation to its peers in the event of a sale (Financial Times). Regulators have stepped back from stricter regulation of oil price reporting agencies. A draft report by Iosco abandons "precipitous regulation" including a proposal to require oil market participants to provide all prices to the agencies (Reuters). The draft also suggests allowing agencies to continue compiling benchmarks from bids and offers, rather than requiring completed transactions (Financial Times). Markit is to add three companies on which no CDS is currently quoted to its North American high yield credit index. The addition of CIT Group, Charter Communications and Calpine Corp to the 100-name index is designed to foster quoting and trading in single-name corporate CDS, where liquidity has been drying up (Financial Times). Shares in Google hit a fresh record high. Google ascended to $748.90 in Monday trading, clearing a $747 high hit in November 2007. It still trades at 17 times 2012 earnings compared to the 47 times price-to-earnings of Facebook - which fell 10 per cent on Monday (Reuters, Bloomberg). Treasuries have climbed back from their post-QE3 sell-off. The 10-year yield fell as low as 1.70 per cent on Monday, having risen as high as 1.89 per cent following expectations of a Fed-inspired reflation trade (Financial Times). July's S&P-Case Shiller index is out at 9am EST (consensus is a 0.9 per cent month-on-month gain), followed by the FHFA home price index, also for July, at 10am (consensus 0.8 per cent m/m). Other economic data: September's consumer confidence index (forecast to come in at 64.8, up from 60.8 in August) and the Richmond Fed survey of manufacturing - predicted to be in less severe contraction territory, -4. Dealbreaker liveblogs Jeff Gundlach's press conference plea to return his stolen art. This was a thing. Back to the question of whether QE3′s come too late. Tim Duy's fiery: "Policy is effective even in the aftermath of a financial crisis. Don't let policymakers fool you into believing otherwise. Academics, opening up the credit ratings business. Further (market monetarist) reading. This entry was posted by Joseph Cotterill on Monday, September 24th, 2012 at 22:16 and is filed under Uncategorised.