Economy
Chinese President Xi Jinping is considering replacing Zhou Xiaochuan, the long-serving head of the PBOC, as part of a wider reshuffle as economic reforms are debated. It was about 18 months ago that Xi named Zhou to a third term running the PBOC despite his having passed the official retirement age. Zhou, however, has been a big proponent of market-oriented reforms, including the liberalizing of interest rates. His removal could be interpreted as a sign momentum for reform is slowing. Topping the list as a replacement is Guo Shuqing, a former banker and top securities regulator who is currently governor of Shandong.

The euro tumbled to a near two-year low against the greenback as Markit's early look at manufacturing activity for September showed the PMI falling to 52.3, its lowest level this year, and Mario Draghi reminded that the ECB is open to using further unconventional measures such as QE to combat below-target inflation. "We have this big divergence between U.S. and Europe in monetary policy," said one fund manager. "That's not going to change any time soon." The euro fell 0.7% vs. the dollar, dropping below $1.27 for the first time since November 2012.

Stocks
Citizens Financial Group returns to the U.S. stock market, gaining 7.4% in its first day of trade. The advance came after Royal Bank of Scotland (NYSE:RBS) sold 140M shares, or about a 25% stake in its U.S. bank unit for $21.50 each vs. an expected range of $23-$25. Citizens Financial (NYSE:CFG) CEO Bruce Van Saun said the deal priced weakly in part because bank executives made clear the need to improve its financial performance - 2013 ROE was just 5% compared to PNC at 10.7% and Fifth Third Bank at 13.4%. RBS purchased Citizens in 1988 for $440M as part of a push to build global reach. The sale comes amid regulatory pressure for RBS to return to core businesses and build its capital ratios.

Checking accounts come to Wal-Mart as Green Dot (NYSE:GDOT) and the retailer announced a nationwide rollout of GoBank to be available exclusively at Wal-Mart (NYSE:WMT) stores. The checking account will feature no fees for overdrafts and no minimum balance requirements. An $8.95 per month service charge will be waived provided there is a direct deposit of at least $500. Neither a ChexSystems score nor credit bureau rating will be used to determine eligibility, as proprietary underwriting will allow nearly any customer who passes ID verification to open an account.

In what could eventually be a challenge to Bloomberg, a group of 14 Wall Street firms led by Goldman Sachs (NYSE:GS) is close to a deal to buy messaging startup Perzo, reports the WSJ. Bloomberg terminals are a staple at banks and money management operations - helping employees keep up with the markets and allowing them to communicate electronically - but gripes about the $20K per year price tag and Bloomberg's refusal to sell services on an a la carte basis are growing. By backing a viable alternative to Bloomberg's highly popular messaging service, bank chiefs believe they've got a lever with which to better negotiate better pricing on terminals.

There are growing reports the 5.5" iPhone 6 Plus occasionally bends after being left in a user's front pocket for a long period of time, and a video of a bending test done by Unbox Therapy has quickly racked up more than 7M views. A similar test on the 5.7" Samsung (OTC:SSNLF) Galaxy Note 3 (which has a plastic, not aluminum case) found it held up better. In other news, Apple (NASDAQ:AAPL) released then quickly pulled an iOS 8 update that fixed a bug on the new HealthKit platform after some users reported the update led to the disabling of their cellular service.

8:30 Durable Goods
8:30 Initial Jobless Claims
9:45 PMI Services Index Flash
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $29B, 7-Year Note Auction
1:20 PM Fed's Lockhart: U.S. Economic Outlook and Monetary Policy
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

Notable earnings before today's open: SCHL

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