Good evening.
Earnings madness continues apace this week. Monday, look for earnings from IBM and Morgan Stanley. The big q for Big Blue: Will earnings continue to decline? Morgan Stanley may get a lift from its wealth management business. Also on Monday: Richmond Federal Reserve President Jeffrey Lacker speaks at noon. Housing starts are the next big economic indicator to keep an eye on, Tuesday at 8:30 a.m. ET.
Here’s what else you need to know:
It’s official. Even China says it’s growth is under 7%. Make that 6.9% to be precise in the last quarter, a six-year low. Makes ya’ wonder what it would have been without all the stimulus the government launched this past year. The Guardian
Deutsche Bank in major revamp. The bank is splitting its investment bank into two units — one focused on M&A and the other on corporate finance and trading. Its former head, Colin Fan, is resigning. The board has been reorganized in an effort to make the bank more competitive after a series of legal and financial missteps. Wall Street Journal (paywall)
Goldman Sachs chief economist says December rate hike likely. Jan Hatzius says his confidence level is about 60%, twice that of the Street. Calculated Risk
Britain rolls out the red carpet for President Xi and everyone wonders why. Says one advisor: “(It’s) the only place where China is truly influential right now because they are so desperate for Chinese investment.” Ouch. Financial Times (payall)
10,000 more North Sea oil workers likely to lose jobs. The prediction from two major independent oil producers comes after the sector has already lost 5,500 jobs, 15% of the work force. Financial Times (paywall)
Pentagon says Qaeda leader killed in airstrike in Syria. In a statement, the Pentagon said Sanafi al-Nasr, a Saudi national, was the cell he led was involved in planning terrorist attacks in the U.S. and Europe. The New York Times (paywall)
Gripping read: “The Lonely Death of George Bell.” The story of a man who died alone and the people who piece together a life gone off the rails. The New York Times (paywall)
You won’t believe this:
Don’t even think about sitting down. A Bronx elementary school principal ordered the custodians in her school to haul all the teachers’ desks (but not their chairs) to the curb. Why? Donna Connelly reportedly didn’t want the teachers sitting down. The superintendant reversed the order. New York Post
Photo: AK Rockefeller