Financial Markets and Economy
Why September Could Be Huge for Markets All Around the World (Bloomberg)
The first debate of the U.S. presidential campaign. A Group of 20 (G20) central bank interest rate announcement nearly every other trading day. And a key meeting among commodity nations around the world.
Treasury Secretary Lew Criticizes EU Decision to Issue Apple $14.5 Billion Tax Bill (The Wall Street Journal)
WASHINGTON—U. S. Treasury Secretary Jacob Lew took the European Union to task Wednesday for its decision to levy a $14.5 billion tax bill on tech firm Apple Inc. on Tuesday, saying the move amounted to a swipe at the U.S. tax base.
Mylan's decision to make a cheaper, generic EpiPen 'baffles' experts (Business Insider)
Mylan, the drugmaker feeling the heat over its pricing of the EpiPen, said Monday that it will make an "authorized generic" version of the EpiPen that will cost $300 for a two-pack. It will also continue to produce its branded version, with a list price of $600.
National Bank Tops Estimates Led by Consumer Banking, Wealth (Bloomberg)
National Bank of Canada became the sixth Canadian lender to beat analysts’ estimates, posting a 5.5 percent jump in profit on record earnings in personal and commercial banking and gains in wealth management.
Tesla to Pay $422 Million to Bondholders, Raise Additional Funds (The Wall Street Journal)
Tesla Motors Inc. will pay out nearly a half-billion dollars to debtholders in the third quarter and raise additional funds by the end of the year to support a proposed merger and pay for the development of a cheaper electric car, a new battery factory and an expansion of retail operations.
European inflation sucked once again (Business Insider)
Inflation in the eurozone remained stagnant in August, according to a preliminary reading released by Eurostat on Wednesday morning.
Africa's biggest economy has crashed into recession (Business Insider)
Africa's largest economy, Nigeria, has officially entered recession after two consecutive quarters of contraction.
How Apple paid just 0.005% tax on its global profits (CNN Money)
Consider this: In 2014, the corporate giant paid just $50 in tax for every million it made selling iPhones and iPads to most of the world outside America.
Qatar Airways CEO Al Baker Planning Large Aircraft Order Soon (Bloomberg)
Qatar Airways said it’s poised to make a major jetliner purchase, adding to a backlog of more than 340 outstanding orders for Boeing Co. and Airbus Group SE planes.
Japan’s Biggest Banks Plan to Sign Agreement With Saudi Aramco (Bloomberg)
Mitsubishi UFJ Financial Group Inc.’s banking unit and its two biggest Japanese peers plan to sign a non-binding agreement with Saudi Arabian Oil Co. in Tokyo this week to expand lending to the state-run firm as it considers an initial public offering, people with knowledge of the matter said.
The pound is climbing (Business Insider)
The British pound is up.
The currency is stronger by 0.4% at 1.3136 against the dollar as of 7:42 a.m. ET.
Tanker Stocks Plunge on Declining West African Crude Production (Bloomberg)
Shares of Frontline Ltd., the world's largest publicly listed crude tanker operator have fallen as a growing supertanker fleet, setbacks in West African oil production and declining refining margins all offset record OPEC crude production.
Portuguese GDP Grew at Faster Pace in Second Quarter on Exports (Bloomberg)
Portugal’s gross domestic product expanded in the three months through June at a faster pace than in the first quarter as exports grew more than imports.
Canada's economy just had its worst quarter since the financial crisis (Business Insider)
Canada's economy just had its worst quarter since the financial crisis.
Real GDP fell by 0.4% in the second quarter after rising by 0.6% in the first, according to the latest data from Statistics Canada.
'The US economy will soon be at full employment' (Business Insider)
US private payrolls increased by 177,000 in August, according to the ADP Research Institute.
Economists had estimated that private payrolls grew by 175,000, according to Bloomberg.
Pound Extends Losing Run as Brexit Seen Sparking More BOE Action (Bloomberg)
The pound headed for a fourth monthly decline against the dollar amid speculation the Bank of England will try to soften the economic blow of Brexit with further easing of its monetary policy.
Here's a super-quick guide to what traders are talking about right now (Business Insider)
Via Dave Lutz, head of ETFs at JonesTrading, here's a super-quick guide to what traders are talking about right now:
A startup trying to become the Tesla of trucking just made a very strange move (Business Insider)
Nikola Motor is changing its tune just two months after its very first announcement.
The start-up announced Tuesday that it's building trucks powered by a hydrogen fuel cell, allowing them to achieve zero emissions.
10 things you need to know before the opening bell (Business Insider)
Consumer confidence is slowing down in China. The latest Westpac-MNI China consumer-sentiment index fell 2.2% to 111.5 and showed notable weakness in the labor market asthe employment outlook indicator sank to a six-month low of 92.2.
ADP: Private Employment increased 177,000 in August (ADP, Calculated Risk)
Private sector employment increased by 177,000 jobs from July to August according to the August … The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
U.S. pending home sales jump in July (Reuters)
Contracts to buy previously owned U.S. homes surged in July after two straight months of declines as demand rose almost across the board, suggesting the housing market remains on solid ground despite last month's drop in home resales.
German Businesses Blame U.S. for Iran Trade Disappointment (The Wall Street Journal)
FRANKFURT—German companies hoped the opening of Iran’s economy following the lifting of international sanctions in January would let them rekindle longstanding commercial ties and quickly strike gold.
This Chart Predicts $4,000 to $8,500 Gold! – What Happens If The Current Gold Bull Market Performs Like Previous Ones (Palisade Research, Zero Hedge)
The current gold bull market is just over 6 months old, and while it has not been a gentle ride, it is very much expected considering the volatility of previous bull markets. That being said, we are just getting started.
The Truth Emerges: EIA Admits It "Overestimated" Crude, Gasoline Demand In The First Half By 16% (Zero Hedge)
One of the recurring peculiarities of oil complex data as reported by the EIA was how, during a time of an unprecedented crude glut by OPEC and pronounced economic weakness in the US, was overall US demand of various petrochemical products as strong as the DOE reported on a weekly basis.
Brazil’s economy shrinks for 6th quarter but signals recovery (Reuters)
Brazil’s economy shrank for a sixth straight quarter between April and June, but investments grew for the first time since 2013 and fueled hopes of a modest recovery following the likely ousting of President Dilma Rousseff on Wednesday.
Dow, S&P Dump Into Red For August (Zero Hedge)
2173.6… that's all that matters today… an S&P close above that will keep the 5-month streak of monthly gains alive… a drop below that and August is the worst for stocks in 6 months…
Politics
Angela Merkel tries to reassure the public: 'Germany will remain Germany' (Associated Press)
Chancellor Angela Merkel says the influx of migrants won't fundamentally change Germany, a year after she first insisted that "we will manage" the refugee crisis.
A US state wants to scrap traditional voting in favor of a less polarizing election system (Quartz)
Something truly radical could happen on November 8, and it has nothing to do with electing the first female, or perhaps the first reality television star, as president. It’s the introduction of a better, fairer voting system altogether—at least on the state level.
Ivanka Trump’s Jewelry Business Sought Visas To Hire Foreign Workers (The Huffington Post)
Donald Trump has based his campaign on strident anti-immigration antagonism, promising to bring millions of jobs back to America, build a “great wall” to protect the southern border and save Americans from dangerous criminals here to take their jobs.
Mexican president Enrique Peña Nieto will dust off the red carpet to greet Donald Trump this afternoon (Aug. 30), but Mexican citizens are not expressing quite the same welcome.
Paul LePage Says He Won’t Resign After All (The Huffington Post)
Maine Gov. Paul LePage (R) said Wednesday that he has no plans to resign, adding that from this day forward, he will no longer talk to the media.
Technology
This company wants to put a Bluetooth tracker in every device you own (Business Insider)
Tile is all in on forgetfulness.
The California-based startup has spent the last few years finding lost items with its brand of Bluetooth trackers, little square fobs that can attach to a personal item (say, a keychain), pair with an app, and keep tabs on that item’s location.
Apple is beefing up iCloud ahead of the iPhone 7 launch (Business Insider)
Apple observers are eagerly awaiting the Cupertino company's September 7 event, when it is expected to announce the iPhone 7 — but one product quietly got an upgrade this week.
Uber is rolling out fully electric vehicles in London (Business Insider)
A handful of Uber drivers in London are now driving fully electric cars as part of a new three-month study.
Health and Life Sciences
Eating dinner after 7pm may increase risk of a heart attack, study finds (The Telegraph)
Millions of Britons are increasing their risk of heart attacks by eating dinner after 7pm, experts have warned.
Americans skeptical about the potential use of synthetic blood (Pew Research Center)
Americans are largely cautious about the idea of using synthetic blood substitutes to improve the speed, strength and stamina of healthy individuals, according to a recent Pew Research Center report examining U.S. attitudes about the potential use of emerging biomedical technologies.
Life on the Home Planet
World's Largest Indoor Theme Park Opens in Dubai (Sarah Begley, TIME, Fortune)
The project cost $1 billion.
The world’s largest indoor theme park—which cost $1 billion to build—opened in Dubai on Wednesday.
Storm bears down on Florida, hurricane threatens Hawaii (Reuters)
Florida Governor Rick Scott declared an emergency on Wednesday, with parts of the U.S. Gulf Coast under a tropical storm warning and a hurricane watch from an approaching system that forecasters warned could bring life-threatening flooding and fierce winds.
Air strike kills 16 members of Yemeni imam's family: Reuters witness, resident (Reuters)
At least 16 members of the extended family of a Yemeni mosque imam were killed on Wednesday in an air strike on their family home in northern Yemen by the Saudi-led Arab coalition, a Reuters witness, a medic and a resident said.
French Coca-Cola Workers Find Smuggled Cocaine in Shipment (Associated Press)
Paris (AP) — Workers at a Coca-Cola factory in southern France opened a shipment of orange juice but found a huge shipment of cocaine instead.
Four athletes stripped of medals from 2008 Beijing Olympics (Associated Press)
Eight years later, more athletes continue to be stripped of medals from the Beijing Olympics because of positive doping tests.
