Dow Futures contract was up 35 points, or 0.2%, at 06:35 ET (10:35 GMT), the S&P 500 Futures contract was up 5 points, or 0.1%, and the Nasdaq 100 Futures contract was up 25 points, or 0.2%.

Today’s main U.S. market news –

1. Fed meeting looms, more tech IPOs ahead, Evergrande slips – what’s moving markets  
2. Dollar edges lower in cautious trading ahead of Fed meeting  
3. Futures dither after Wall St rout; Fed rate verdict in focus 
4. SocGen shares tumble after new strategy sees little growth 
5. UAW, Detroit Three automakers try to reach deal before strike widens 
6. Buffett’s Berkshire Hathaway shows strong faith in Apple and itself 
7. U.S. stock futures indicate slight movements ahead of FOMC meeting  
8. Dollar moves lower in cautious trading ahead of Fed meeting 
9. TikTok Plans Steep Holiday Discounts On New Shopping Feature – Bloomberg 
10. KKR & Co. to Acquire 20% Stake in Singtel’s Regional Data Centre Business for S$5.5B Value 
11. Canada’s BMO will close indirect retail auto loan business, cites job losses  
12. Saab obtains enlarged U.S. contract for anti-armour system 
13. As chipmakers and mega caps fall, Wall Street closes significantly lower. 
14. At the close of trading, the Dow Jones Industrial Average was down 0.83%. 
15. Canada intends to modify competition laws in order to rein in soaring food prices. 
16. Nikola broadens its dealer network into Canada. 
17. Salesforce will hire 3,300 people after making job cuts earlier this year. 
18. After the Arm IPO, SoftBank’s Son intends an AI acquisition frenzy – FT 
19. Stellantis raises salary offer to 19.5%, according to the UAW – Detroit News 
20. Scaramucci leads bidders for SVB Financials’ venture capital arm – WSJ 
21. TikTok was fined 345 million euros in Europe for improper management of children’s data. 
22. As attention shifts to the Fed, Wall Street falls and Treasury yields rise. 

GLOBAL NEWS 

1. Australia stocks lower at close of trade; S&P/ASX 200 down 0.67%  
2. India stocks lower at close of trade; Nifty 50 down 0.29% 
3. German economy to shrink in Q3: Bundesbank  
4. Growth jitters knock global stocks before central bank-packed week 
5. ECB may need until spring to conclude that no more hikes are needed: Kazimir  
6. Costa Group falls most in 3-weeks as Pain Schwartz lowers buyout bid  
7. Thai cabinet approves higher budget for fiscal 2024, aiming to boost economy 
8. Deutsche Bank’s Bitcoin custody service boosts share price and Bitcoin value  
9. Growth jitters knock global stocks before central bank-packed week 
10. Asian markets are trading lower, with the Hang Seng down 1% and the Taiwan Weighted down 0.8%. 
11. European stock futures fall as investors exercise caution ahead of central bank meetings. 
12. According to a study, Chinese imports are threatening German automobiles. 
13. Singapore’s Aug exports fall 20% y/y, more than forecast 
14. Asia FX falls, dollar nears 6-month high ahead of Fed, c.bank-heavy week 
15. The Bank of England has been encouraged to hike interest rates due to continuing inflation fears. 
16. Asian chipmakers fall as the TSMC report raises demand concerns. 
17. Alibaba has informed Erdogan that it intends to invest $2 billion in Turkey. 
18. Asian stocks fall as investors prepare for a busy week of central bank meetings. 
19. Startups with zero-emission delivery vans are racing to meet demand. 
20. In 2022, the UAE’s overall revenue increased by 32%. 
21. The Japanese yen is the focus of central bank week. 
22. Turkish President Erdogan has requested that Musk build a Tesla factory in Turkey. 
23. China Evergrande shares fell 25% after wealth management personnel were detained. 
24. As the Federal Reserve’s interest rate decision approaches, Instacart is planning an IPO. 
25. South Korean stocks open lower in anticipation of the Federal Reserve meeting in the United States. 
26. GIFT Nifty shows a solid opening; US and Asian markets slump 
27. Oil prices rise due to supply concerns and a resurgence in China demand. 
28. Windfall tax on crude oil increased from Rs 6,700 to Rs 10,000 per tonne. 
29. Argentina’s government anticipates an economic resurgence and a slowing in inflation in 2024. 
30. Lagarde confiscated ECB colleagues’ cellphones to prevent leaks. 
31. The Chinese defense minister is being investigated for fraudulent purchases. 

 Economic data

• NY Fed’s Empire Statecurrent business conditions index +1.9 in September (consensus -10.0) vs -19.0 in August; new orders index +5.1 in September vs -19.9 in August; prices paid index +25.8 in September vs +25.2 in August; employment index at -2.7 in September vs -1.4 in August and six-month business conditions index +26.3 in September vs +19.9 in August. 
• Aug export pricesrose +1.3% vs. consensus +0.4% and vs July +0.5% while Aug import prices rose +0.5% (biggest gain since May 2022) vs. consensus +0.3% and vs July +0.1%. Aug y/y import prices -3.0%, export prices -5.5%; Aug non-petroleum import prices unchanged, y/y -1.1%. 
• Industrial Production for Augustrose +0.4% vs. est. +0.1% and July +0.7% as Aug mining output +1.4%, utilities output +0.9%; Capacity utilization rate 79.7% vs. consensus 79.3% and July 79.5%. U.S. Aug motor vehicle assembly rate fell to 10.74 mln units/y from July 11.77 mln units per year. 
• University of Michigan surveysof consumers sentiment prelim Sept 67.7 vs. consensus 69.1 and vs final Aug 69.5; current conditions index prelim sept 69.8 (consensus 75.3) vs final aug 75.7 and expectations index prelim sept 66.3 (consensus 66.0) vs final aug 65.5. 
• University of Mich surveysof consumers 1-year inflation outlook prelim September 3.1% vs final August 3.5%; the 5-year inflation outlook prelim September 2.7% vs final August 3.0%. 
• China’s August data dumpwas generally stronger-than-expected. China’s retail sales rose by 0.31% MoM, after standing still in July with -0.02% MoM. China’s industrial production rose 0.5% MoM to be 4.5% YoY. China’s property investment -8.8% year-to-date. China’s fixed asset investment eased to 3.2% YoY. China’s jobless rate eased 0.1% to 5.2%. China average new home prices fell -0.29% MoM, the third monthly fall in a row, and 5 months of price increases. 

Economic Calendar

·     4:00 PM ET                   Net Long-term TIC Flows for July 

Other Key Events: 

• CL King Annual Best Ideas Conference (virtual), 9/18
• Oracle Cloud World 2023, 9/18-9/21  

Upcoming Weekly IPO Calendar: 

• Klaviyo, Inc. (KVYO) 19.2M shares IPO expected to price $25-$27, trade date 9/20

Must read book about investing – check here

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