Morning Journal---The global impact of a strong dollar

   News on Stocks in Our Portfolios

FactSet Research Systems beats by $0.01, beats on revenue

·         FactSet Research Systems (NYSE:FDS): FQ4 EPS of $1.31 beats by $0.01.

·         Revenue of $238.7M (+8.8% Y/Y) beats by $1.8M.

Economics

   This Week’s Data

            August industrial production fell 0.1% versus expectations of a 0.3% increase; in addition, the July number were revised down.  Capacity Utilization came in at 78.8 versus estimates of 79.3.

            http://www.calculatedriskblog.com/2014/09/fed-industrial-production-decreased-01.html

                August PPI was flat; in line.  PPI, ex food and energy was up 0.1%, also in line.

   Other

            The global impact of a strong dollar (medium):

            http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/11093618/Global-banks-retreat-as-the-US-and-China-tighten-in-lockstep.html

                        UK hints at issuing yuan denominated bonds (medium):

            http://www.zerohedge.com/news/2014-09-15/uk-hints-next-reserve-currency-issue-chinese-yuan-denominated-bond

Politics

  Domestic

Some good news in healthcare (short):

http://www.coyoteblog.com/coyote_blog/2014/09/healthcare-deductibles-rising-why-this-is-good-news.html

  International

            EU buying ISIS oil (short):

            http://www.zerohedge.com/news/2014-09-15/petrodollar-panic-eu-officials-admit-buying-oil-isis

                US ignores human rights offenses in Saudi Arabia.  I repeat, these guys are not our friends (medium):

            http://www.zerohedge.com/news/2014-09-15/record-beheadings-and-mass-arrest-christians-%E2%80%93-isis-or-saudi-arabia

                It appears that Putin pretty much has what he wants in Ukraine (medium):

            http://www.zerohedge.com/news/2014-09-15/ukraine-presidents-days-numbered-after-broad-accusations-betraying-national-interest

                        But it is never over till it’s over (medium):

            http://www.zerohedge.com/news/2014-09-16/over-1000-us-nato-troops-begin-military-exercises-ukraine