Our Mission is to keep our audience with an interrupted stream of financial information from serious sources, with the objective to provide the tools and the sufficient knowledge about investments in the financial markets.
Here’s what we’re watching as the U.S. business day gets under way:
The search for an anonymous Trump critic intensified. Top officials, including Vice President Mike Pence, disavowed an anonymous New York Times opinion column critical of the president. The paper says it was written by a senior Trump administration official.
The choice to grant anonymity for a column is a rare one. Editorial page editors say the move by the Times was highly unusual, but the paper said it arrived at its decision after weighing past practices, the official’s position and arguments in the piece.
Meanwhile, Mr. Trump won’t consider the special counsel’s obstruction questions until later. The president’s lawyer, Rudy Giuliani, said Mr. Trump would wait until after the Russian collusion aspect of the probe is complete.
Brett Kavanaugh weathered a raucous day before lawmakers. The Supreme Court nominee wrapped up
what is likely to be the toughest part of his confirmation process,
completing another long day of public questioning in which senators
often spent their time sparring.
China’s HNA will exit its Deutsche Bank stake under pressure from Beijing. One of China’s largest conglomerates, HNA will unload the vast majority of overseas investments it made in recent years. The assets are currently valued at more than $10 billion.
The Labor Department’s jobs report is on tap today. Economists expect it to show U.S. employers created 192,000 jobs in August and that the unemployment rate fell to 3.8% from 3.9% a month earlier.
Chances are fading for a U.S.-China trade deal. Relaxing trade tensions with Mexico and Canada, plus a preliminary trade agreement with the European Union, have made it easier to force a multilateral front to oppose Chinese trade practices.
Protestors held signs behind Richard Fuld, chairman and chief executive
of Lehman Brothers, as he prepared to testify in October 2008 at a
congressional hearing on the causes and effects of the company’s
bankruptcy. PHOTO: REUTERS
Lehman’s failure has lessons, 10 years later. The
Journal’s James Mackintosh writes that the firm’s collapse offers plenty
of important takeaways, many of which still haven’t sunk in. Here are five.
CBS directors are negotiating the exit of CEO Leslie Moonves.
Independent board members are also asking
for assurances of autonomy from controlling shareholder National
Amusements. The talks come as CBS and National Amusements, led by Shari
Redstone, are trying to settle a legal dispute over control of the
The DOJ is probing Wells Fargo’s wholesale banking unit. The Department of Justice is looking into whether employees committed fraud, following revelations that employees improperly altered customer information.
Sen. Tom Carper won the Democratic nomination in Delaware. Three-term incumbent Mr. Carper beat community activist Kerri Evelyn Harris, who had hoped to replicate upsets in other states’ primaries.
The U.S. unveiled charges against a North Korean operative. The Justice Department announced charges
against Park Jin Hyok in connection with cyberattacks including the
2014 Sony Pictures hack and a global ransomware attack last year.
Twitter permanently banned Alex Jones and his website Infowars. The tech company said its decision was based
on reports of tweets and videos Mr. Jones posted in the past 24 hours
‘‘that violate our abusive-behavior policy, in addition to the accounts’
Aramco is weighing a $1 billion venture capital fund for tech. Saudi Arabia’s national oil company is considering a fund
to invest in technologies that complement its operations and is also
considering opening an office in Silicon Valley or elsewhere in the U.S.
to generate deals.
Ford recalled two million trucks. The auto maker received reports of a seat-belt equipment malfunction that could cause smoke or fire, marking a setback for its top-selling F-Series product line that generates the bulk of its profit.
The Trump administration wants to detain migrant children longer. Officials said they want to circumvent
the so-called Flores agreement, a 1997 court settlement that prevents
authorities from detaining children for more than 20 days.
Federal prosecutors are exploring charges against Harvey Weinstein. The investigation concerns
whether the former Hollywood producer violated wire-fraud or other laws
in an effort to silence women who accused him of sexual misconduct.
Generation Z is entering the workforce. The generation now entering the workforce is sober, industrious and driven by money. They are also socially awkward and timid about taking the reins.
So far at the U.S. Open, Naomi Osaka has been the most dominant player. She is quickly becoming one of the most dangerous opponents in the game. And tomorrow she will play Serena Williams in the final.
Chart of the Day
Emerging markets entered bear territory. It marked investors’ retreat from risky assets amid growing concerns
about the outlook for the global economy. The MSCI Emerging Markets
Index’s decline yesterday, led by selloffs in Russia and the
Philippines, pushed that gauge of stocks in poorer countries 20% below
its recent peak.
News From Other Sources
Elon Musk: online star? The Tesla chief sipped whiskey and
smoked marijuana during a 2.5-hour podcast with comedian Joe Rogan,
shown live on the internet, that touched upon everything from flame throwers to artificial intelligence.
Credit Suisse’s Tidjane Thiam says he won’t quit for politics. The CEO said he has no intention of leaving his job for a political position in his native Ivory Coast, after speculation he could be a presidential candidate.
What’s next for the Sacklers? A pharmaceuticals dynasty has become tainted by its association with the U.S. opioid crisis, and accusations that OxyContin is responsible for sparking a public health epidemic.
via the Financial Times
This Day in History
U.S. Government Seizes Fannie Mae and Freddie Mac
‘‘The government seized Fannie Mae and Freddie Mac in its most dramatic
market intervention in years,’’ the Journal reported. ‘‘The Treasury
plans to replace the mortgage giants’ CEOs and buy $1 billion of
preferred shares in each without providing immediate cash. It also
pledged to provide as much as $200 billion. The government takeover of
Fannie and Freddie isn’t expected to cure falling home prices and rising
foreclosures, economists say.’’