No Happy Ending for Investors in Central Bank Fairy Tale (BBG) Ebola Response Strains Hospitals (WSJ) Obama, foreign military chiefs, to thrash out Islamic State plans (Reuters) Draghi’s ‘Whatever It Takes’ Plan on Trial at EU Court (BBG) Too-Big-to-Fail Banks Face Up to $870 Billion Capital Gap (BBG) Iran’s Message to World: You Need Us to Fight Islamists (BBG) Facing new oil glut, Saudis avoid 1980s mistakes to halt price slide (Reuters) Ukraine Grannies Outprice Banks on Hryvnia Black Market (BBG) HK police use sledgehammers, chainsaws to clear protest barriers, open road (Reuters) Gazprom Quarterly Net Rises 13%, Misses Estimate on Ukraine Debt (BBG) Google Adopts Delivery-Service Model, Targets Amazon (WSJ) German Investor Confidence Drops With Economy Near Recession (BBG) JPMorgan posts profit as legal costs ease (Reuters) Koch donors uncloaked (Politico) Americans face post-foreclosure hell as wages garnished, assets seized (Reuters) Bond Market Convinced Fed Inflation Goal Elusive This Decade (BBG) Turkish warplanes hit Kurdish militant targets in southeast (Reuters) Energy Honeymoon Over as Canadian Stocks Trailing U.S. (BBG) North Korea leader Kim re-appears, with walking stick (Reuters) Overnight Media Digest WSJ * The challenges specialized centers have encountered with Ebola show the steep learning curve all hospitals are facing. On Monday, the director of the Centers for Disease Control and Prevention, Tom Frieden, said the country needs to boost hospital training and prevention techniques for Ebola. (http://on.wsj.com/1D8qX7f) * Canadian Pacific Railway Ltd's proposed merger with CSX Corp is being pushed by perhaps the only railroad boss in favor of consolidation. And while CSX did not accept CP Chief Executive Hunter Harrison's approach last week, that is unlikely to be the last word. (http://on.wsj.com/1ERHdv7) * J.C. Penney Co Inc chose Marvin Ellison, a retail veteran most recently at Home Depot Inc, as its next CEO, picking an executive who is known for his strong operational skills and giving him a long transitional period to come up to speed. (http://on.wsj.com/1p7MN2k) * Crude producers, from corporations to oil-rich nations, are keeping the spigots open, and there is little sign that global demand will rise quickly enough to help erase the overhang in supplies. (http://on.wsj.com/1CfAqY9) * Iliad SA has dropped plans to acquire a controlling stake in T-Mobile US Inc, ending a four-month pursuit that would have marked the French telecommunications company's entry into the North American market. (http://on.wsj.com/1wwTA9X) * Fidelity Investments has named Abigail "Abby" Johnson chief executive, according to an internal memo sent by the mutual-fund firm Monday. (http://on.wsj.com/ZWZyqN) * Google Inc is expanding its delivery service and will start charging a membership fee, intensifying its battle with Amazon.com Inc for consumer spending. Starting this week, Google will charge $10 a month, or $95 a year, for unlimited same-day or overnight delivery on orders over $15. Nonmembers will pay $4.99 an order, or $7.99 if the order costs less than $15. Until now, the deliveries had been free. (http://on.wsj.com/1tpWvV0) * For months this summer, unidentified hackers used a previously unknown hole in Microsoft Corp's Windows operating system to spy on Ukrainian officials and an American academic, according to an investigation by a U.S. cybersecurity company. Microsoft said it plans to release a patch for the bug Tuesday. But once it is publicized, other hackers could race to exploit the vulnerability before Windows users update their systems, which often does not happen immediately. (http://on.wsj.com/Zpja5W) FT French telecom group Iliad SA said on Monday night that it has dropped its offer to acquire a majority stake in T-Mobile US Inc. Swiss-based chemicals group Ineos has acquired an 80 percent stake in a shale gas license in Scotland, its second such license in the country. Novo Banco, which has been put up for sale to rescue it from the wreckage of Banco Espirito Santo SA, has been warned that it will struggle to attract takeover offers more than half the 4.9 billion euros it had hoped for. U.S. medical technology company Steris Corp offered to buy British sterilisation services provider Synergy Health Plc for about $1.9 billion in cash and stock in a deal that would shift its domicile to the UK and cut its tax bill. George Osborne, the chancellor, announced on Monday that initial bids for a 40 percent stake in Britain's Eurostar could be made by the end of October. NYT * Steris Corp said on Monday that it had offered to buy Synergy Health Plc, a British provider of outsourced equipment-sterilization services, for about $1.9 billion in cash and stock. Steris would reincorporate in Britain in what would be the latest proposed inversion deal. (http://nyti.ms/1vmTm8x) * Luxury shoe maker Jimmy Choo, which aims to list in London, has narrowed the range of its initial public offering to 140-160 pence from 140-180 pence, valuing the company up to 624 million pounds ($1 billion) at the top end of the range, according to a person familiar with the discussions. (http://nyti.ms/Zpjem0) * Japanese investment bank Nomura Holdings Inc is accelerating its expansion in the Americas. The bank said on Monday it had hired 13 managing directors and two executive directors for investment banking roles. (http://nyti.ms/1tpWoc7) * The aircraft leasing unit of General Electric Co announced on Monday that it would buy the Milestone Aviation Group, which leases helicopters, for $1.78 billion. (http://nyti.ms/1qm3nMc) * A fund led by the activist investor William Ackman stumbled badly in its trading debut in Amsterdam on Monday. The offering price was $25 a share, valuing the fund, Pershing Square Holdings, at $6.2 billion. But the stock took a 12 percent skid in its first day on the Euronext Amsterdam bourse, closing at $22. (http://nyti.ms/1v3fpj2) * French low-cost telecoms operator Iliad SA said on Monday it was ending its efforts to take over T-Mobile US Inc , despite having increased the size of the stake it was willing to acquire and the price it was willing to pay. (http://nyti.ms/ZBOD59) * J.C. Penney Co Inc on Monday named a Home Depot Inc executive, Marvin Ellison, as president and as its next chief executive, tapping a seasoned retail hand as it struggles to assure investors that a nascent turnaround after two years of heavy losses will be lasting. (http://nyti.ms/1sAf3iY) Canada THE GLOBE AND MAIL ** As clinical trials begin on a Canadian Ebola vaccine, the country's top public health officials are set to discuss whether to strengthen their strategy for preventing or containing an Ebola case after an American nurse fell ill despite efforts to prevent spread of the virus. (http://bit.ly/1vq0tNx) ** TransCanada Corp faces a rough ride in Central Canada over its proposed C$11 billion ($9.78 billion) Energy East pipeline as industrial users and natural-gas distribution companies warn they'll be short-changed by the company's plan to switch the pipeline to gas from oil. (http://bit.ly/1z6IBd8) ** Toronto mayoral candidate Doug Ford is defending his management record at his family label business, contending sales are up and all of the firm's divisions are profitable. During the campaign, the one-term councillor has pointed to his experience as president of Deco Labels and Tags as evidence he is best qualified to manage the public purse. (http://bit.ly/1w3Wm6J) NATIONAL POST ** Canadian Pacific Railway Ltd has reportedly approached CSX Corp about a tie-up, but a merger of two major North American railroads has virtually no hope of getting a green light from regulators, according to several analysts. (http://bit.ly/1w5tHA5) ** The subject of a massive police manhunt in southern British Columbia after an exchange of gunfire in the tiny community of Slocan last week is dead, Royal Canadian Mounted Police said late Monday. Police say Peter DeGroot was discovered Monday afternoon in the vicinity of the community in British Columbia's West Kootenay region, but they refused to disclose whether further shots were fired. (http://bit.ly/1sB96lW) ** John Tory received a key endorsement in a campaign dominated by transit issues when federal Transport Minister Lisa Raitt on Monday became the latest Conservative MP to back his bid for Toronto mayor. (http://bit.ly/1w3YRGb) China SHANGHAI SECURITIES NEWS - Preparations for the Shanghai-Hong Kong stock connector programme are complete, and brokerages are applying for trading licenses, according to industry insiders. CHINA SECURITIES JOURNAL - China's new bank loans is estimated to reach 720-800 billion yuan ($130.61 billion) in September, after a rise in broad money supply, but the growth of trust loan financing may remain at a low level, according to experts. CHINA DAILY - China is to unify the safety standards for consumer products from both home and abroad markets in the next three years, said Tian Shihong, the head of the Standardization Administration of China at a work conference. - Former senior political official Li Daqiu from the Guangxi Zhuang Autonomous Region was sentenced to 15 years in jail for accepting bribes. SHANGHAI DAILY - The price of imported milk formula in China will not be affected by fines imposed by the EU on eight European milk exporters for exceeding their production quotas, given global milk supply is adequate, a Chinese expert said. - Consumer sentiment in Shanghai grew in the third quarter as people were more willing to accept the slow growth in the current economic downturn, according to a research conducted by a local university. PEOPLE'S DAILY - Self discipline and obeying the rules are the keys to grow for the party, according to the commentary in the People's Daily. Britain The Times OIL SLIDES AS SAUDIS DIG IN FOR PRICE WAR The price of Brent crude falls to $87.7 a barrel as the Saudis refuse to slash production to address flush global supply and arrest a dramatic slide in prices. Oil prices have hit a near four-year low after Saudi Arabia indicated it was digging in for a drawn-out price war. (http://thetim.es/11gmTV1) 'DOUBLE IRISH' TAX LOOPHOLE TO BE SEALED OFF A tax-avoidance loophole - one that is thought to allow the likes of Google, Facebook and Microsoft to save hundreds of millions of dollars legally - could be shut down beginning as early as Tuesday when Dublin announces its annual budget. (http://thetim.es/1voyaiw) The Guardian JEAN TIROLE WINS NOBEL PRIZE FOR ECONOMICS Jean Tirole, the French economist who has used game theory in an attempt to find ways to control the dominance of major companies, has won the Nobel prize for economics. Tirole, of the University of Toulouse, said he was very grateful for the award for his work on "taming powerful firms". (http://bit.ly/1tobnDl) JIMMY CHOO SET FOR LOWER IPO PRICE Luxury shoemaker Jimmy Choo is facing the prospect of a lower flotation price for its shares as market turbulence hits companies planning to list in London. (http://bit.ly/1xM1pd8) The Telegraph ITALY'S 'UKIP' LAUNCHES DRIVE FOR EURO REFERENDUM Italy's Five Star Movement has launched a petition drive for withdrawal from the euro to lift the country out of depression and protect Italian democracy, a dramatic turn for a country that was passionately pro-European for 60 years. "We must leave the euro as soon as possible," said Beppe Grillo, the combative comedian-politician and founder of the protest party that swept into Italy's parliament last year with 26 percent of the vote. (http://bit.ly/1D81ydM) FRANCE'S PM: NOBEL PRIZE WIN MAKES MOCKERY OF FRENCH-BASHING French Prime Minister Manuel Valls has claimed that the award of the Nobel Prize for economics to France's Jean Tirole makes a mockery of "French-bashing" amid growing criticism of the country's economic management. (http://bit.ly/1vYDU02) Sky News FTSE 100 DIRECTORS' EARNINGS UP 21 PCT IN A YEAR A steep rise in long-term incentives meant directors at FTSE 100 companies earned 21 percent more in the last financial year, a study by employment research specialists Incomes Data Services suggests. (http://bit.ly/1D7GODa) AMAZON TO CREATE 1,000 UK WAREHOUSE JOBS Online retailer Amazon has announced plans to hire a further 1,000 staff for its UK warehouse operations. The company, which just a month ago said it was expanding its UK office operations, said the separate announcement would boost staffing levels across its eight existing distribution sites. (http://bit.ly/1sGvOJP) The Independent NASDAQ: WE'RE TOP CHOICE FOR TECH IPOS DESPITE ALIBABA REBUFF Nasdaq is still the top choice for tech firms looking to list on the stock market, according to Hans-Ole Jochumsen, president of global trading and market services at Nasdaq, despite losing out to its bitter rival for the world record Alibaba flotation. (http://ind.pn/1p7gpNk) EUROSTAR SALE: FRANCE'S SNCF HAS NO INTENTION TO BUY UK STAKE SNCF, the French majority shareholder in the Eurostar, has ruled out plans to buy the UK's stake in the Channel tunnel train operator as the government started the sale. (http://ind.pn/1sJkKeV) Fly On The Wall Pre-Market News ECONOMIC REPORTS Domestic economic reports scheduled for today include:NFIB small business optimism index for September at 7:30--consensus 95.8 ANALYST RESEARCH Upgrades 8x8, Inc. (EGHT) upgraded to Buy from Neutral at B. RileyARC Document (ARC) upgraded to Outperform from Market Perform at William BlairAU Optronics (AUO) upgraded to Neutral from Sell at UBSBancorpSouth (BXS) upgraded to Equal Weight from Underweight at Morgan StanleyBorgWarner (BWA) upgraded to Buy from Neutral at GoldmanCRH Plc. (CRH) upgraded to Buy from Neutral at CitigroupDelphi Automotive (DLPH) upgraded to Buy from Neutral at GoldmanEOG Resources (EOG) upgraded to Outperform from Market Perform at BernsteinEaton (ETN) upgraded to Overweight from Equal Weight at BarclaysEnergizer (ENR) upgraded to Outperform from Market Perform at Wells FargoFederal-Mogul (FDML) upgraded to Neutral from Sell at GoldmanHeartWare (HTWR) upgraded to Overweight from Neutral at Piper JaffrayHelmerich & Payne (HP) upgraded to Outperform from Market Perform at FBR CapitalIsrael Chemicals (ICL) upgraded to Buy from Neutral at UBSKimco Realty (KIM) upgraded to Neutral from Sell at UBSLegg Mason (LM) upgraded to Neutral from Underperform at BofA/MerrillNetflix (NFLX) upgraded to Buy from Neutral at BTIGNielsen (NLSN) upgraded to Outperform from Market Perform at BernsteinOrbitz (OWW) upgraded to Outperform from Market Perform at FBR CapitalRackspace (RAX) upgraded to Buy from Hold at EvercoreUniversal Forest (UFPI) upgraded to Buy from Neutral at Sterne Agee Downgrades Advanced Semiconductor (ASX) downgraded to Equal Weight from Overweight at BarclaysBrinker (EAT) downgraded to Hold from Buy at KeyBancCigna (CI) downgraded to Neutral from Buy at Sterne AgeeCorning (GLW) downgraded to Neutral from Buy at BofA/MerrillEnerNOC (ENOC) downgraded to Neutral from Overweight at JPMorganFord (F) downgraded to Neutral from Buy at GoldmanGeneral Motors (GM) downgraded to Buy from Conviction Buy at GoldmanGoodyear Tire (GT) downgraded to Buy from Conviction Buy at GoldmanGroup 1 Automotive (GPI) downgraded to Sell from Neutral at GoldmanHawaiian Electric (HE) downgraded to Neutral from Outperform at MacquarieJohnson Controls (JCI) downgraded to Market Perform from Outperform at Wells FargoLas Vegas Sands (LVS) downgraded to Neutral from Buy at BofA/MerrillLear (LEA) downgraded to Neutral from Buy at GoldmanNetScout (NTCT) downgraded to Hold from Buy at WunderlichTexas Roadhouse (TXRH) downgraded to Hold from Buy at KeyBancTyco (TYC) downgraded to Equal Weight from Overweight at BarclaysWynn Resorts (WYNN) downgraded to Neutral from Buy at BofA/Merrill Initiations Akorn (AKRX) initiated with a Buy at WallachBethBT Group (BT) initiated with a Hold at Deutsche BankCSX (CSX) initiated with a Buy at UBSCanadian National (CNI) initiated with a Neutral at UBSCanadian Pacific (CP) initiated with a Buy at UBSCubeSmart (CUBE) initiated with a Buy at JefferiesDiamond Resorts (DRII) initiated with a Neutral at GoldmanF.N.B. Corp. (FNB) initiated with a Buy at SunTrustFirstMerit (FMER) initiated with a Neutral at SunTrustKansas City Southern (KSU) initiated with a Neutral at UBSMichael Kors (KORS) initiated with a Hold at StifelNational Penn (NPBC) initiated with a Neutral at SunTrustNorfolk Southern (NSC) initiated with a Buy at UBSQuantum (QTWW) initiated with an Outperform at FBR CapitalSovran Self Storage (SSS) initiated with a Buy at JefferiesTumi (TUMI) initiated with a Hold at StifelUnion Pacific (UNP) initiated with a Buy at UBSVodafone (VOD) initiated with a Buy at Deutsche Bank COMPANY NEWS JPMorgan (JPM) CEO: While challenges remain in recovery, U.S. economy is exceptionGoogle (GOOG) expanded Express delivery service to new cities, to charge membership feeLuxottica (LUX) named Leonardo Del Vecchio as interim CEOiSIGHT Partners announced the discovery of a zero-day vulnerability impacting all supported versions of Microsoft Windows (MSFT) and Windows Server 2008 and 2012Toyota (TM) reported September global hybrid sales surpassed 7M unit mark EARNINGSCompanies that beat consensus earnings expectations last night and today include:Wolverine World Wide (WWW) Companies that missed consensus earnings expectations include:JPMorgan (JPM) Companies that matched consensus earnings expectations include:Del Frisco's (DFRG) Wolverine World Wide (WWW) backs FY14 adjusted EPS view of $1.57-$1.63Del Frisco's (DFRG) sees FY14 EPS 90c-94c, consensus 89cHudson Global (HSON) lowers Q3 revenue guidance to $163M from $165M-$175MExactech (EXAC) sees Q3 net income below prior guidance NEWSPAPERS/WEBSITES Google (GOOG) may be leading $500M funding round for Magic Leap, Re/code reportsApple (AAPL) expected to show new iPads at Thursday's event, Re/code reportsEMC (EMC) to acquire cloud-computing firm Cloudscaling, Bloomberg reports'Double Irish' tax arrangement poised to be halted, itnews says (GOOG, AAPL, FB)Sysco (SYY) looks to save $3.5B acquisition of US Foods, NY Post reports