每日议程：Glencore和Volkswagen Spook Equity Markets

在9月初在Federa市场大跌l Reserve policy, a slowdown in China and other macro factors, investors find themselves facing more selling pressure in equity markets, this time driven by turmoil at firms in once high-flying sectors. Baar, Switzerland-based global mining giant Glencore saw its share price cut by nearly a third in trading Monday before staging a single-digit percentage comeback Tuesday on speculation that it might return to private ownership. Like many commodity players in recent years, the firm has amassed debts that are difficult to remove from the balance sheet now that buyers are scarce for mining assets after the collapse of metals prices. Meanwhile, an expanding scandal at Wolfsburg, Germany-based Volkswagen, recently the biggest global carmaker by sales, has threatened equity values across automotive sector. As the dust settles from yesterday’s sharp declines, the near-term question for investors is whether the selloff has bottomed for now.

印度削减了速度。这印度储备银行抓住市场的市场偏离经济学家之间的基准率。银行州长拉杰和他的同事宣布了75个基本点减少了回购税率，使其降至6.75％，自2011年5月以来的最低水平。为了提高对次大陆的国内需求，随着商品价格的推动，散发出来的商品价格已经回火和外部需求闷闷不乐。

管道运营商合并. On Monday, Dallas-based Energy Transfer Equity announced an agreement to acquire Tulsa, Oklahoma’s Williams Companies for $33 billion in stock and assumed debt. The deal will integrate the two companies’ networks of natural gas pipelines. In a sign of pressures squeezing the natural-gas industry because of low energy commodity prices, the deal was struck roughly a third below an offer by Energy Transport that was rejected by Williams’ board in June.

德国降低了新债务问题的步伐。由于2015年的第二次，德国联邦财政机构宣布减少政府债务安全发行，因为税收收入以高于预测和低利率降低债务服务费用。尽管债券全年发布了110亿欧元（122.9亿美元），但今天德国内阁推动了今天的计划，计划部署近80亿美元的救助为欧洲逃离叙利亚的难民。

雅虎继续前进阿里巴巴分拆。周一，雅虎！确认计划在中国杭州卸载其近15％的股份阿里巴巴控股集团在提交监管机构的情况下，无论内部收入服务的决定如何，不对股东拟议交易的税收影响衡量。价值约为220亿美元的职位将分为一个名为aabaco控股的新实体，该公司还将包括雅虎的小企业部门，并在纳斯达克上市。

欧洲信心提高了9月。欧洲委员会编制的情绪数据于9月份注册了收益，并在崛起的商业领导者之间的信心措施。普通货币区域的商业环境指数上升至0.34，预期0.20，而经济情绪指标结合业务和消费者调查上升至105.6。

投资组合视角：准备在美国股票进一步回调

随着市场交易低于关键的200日均线持续约一个月，我希望继续向明天的下行交易，但范围比今天较小。本周晚些时候有两个主要的经济版本，其中预期应该在周二减少波动。

Jason Rotman是一个管理合作伙伴Lido Isle Advisors.在加利福尼亚州纽波特海滩。

在短期内，股票仍然陷入了无人的土地上，信贷交易员看跌，而信贷投资者正在继续购买，但在股票市场上一方面，以防众所周指进一步的恐慌。我们认为，每股股票反弹都持续被销售的事实使得下一次股票的潜力略微下降，更有可能。

Brian Reynolds是首席市场战略家新的Albion合作伙伴in New York.