Dow Futures contract was up 85 points, or 0.2%, the S&P 500 Futures contract was up 15 points, or 0.3%, and the Nasdaq 100 Futures contract was up 60 points, or 0.4%.

Today’s main U.S. market news –

1. PPI and retail sales are expected to rise, as are arm prices. What’s causing market volatility? 
2. The dollar falls after the release of the CPI; the euro rises ahead of the ECB decision. 
3. Dow futures rise after PPI data and retail sales are released. 
4. Futures rise on Fed pause optimism; investors anticipate the Arm introduction 
5. German automakers are leading the decline in European auto stocks as a result of the China EV probe disagreement. 
6. Alphabet’s new employment layoffs are good for the stock – BofA 
7. HP stock falls as Berkshire Hathaway reduces its investment. 
8. Belgium is investigating Apple’s iPhone 12 after France suspends sales due to radiation concerns. 
9. In the United States, inflation rose to 3.7% in August, owing to a rise in gasoline costs. 
10. S&P 500 finishes up as CPI data cements predictions on a Fed pause. 
11. At the close of trading, US markets were neutral, with the Dow Jones Industrial Average down 0.20%. 
12. More inflation data, Adobe profits, and Lennar: three things to keep an eye on 
13. Berkshire Hathaway sells some HP stock after acquiring a large investment last year. 
14. The CEO of Citigroup has announced major management changes and employment layoffs. 
15. BlackRock adds a new active fixed-income ETF to its portfolio. 
16. A moderate increase in consumer prices in August prevented the Fed from raising interest rates. 
17. Starbucks’ former CEO Howard Schultz will step down from the board. 
18. Birkenstock files for an initial public offering, showing strong financial results. 
19. In a late-stage research, the moderna flu vaccination was successful. 
20. In the year’s largest IPO, SoftBank’s Arm was valued at $54.5 billion. 
21. Arm Holdings has set the IPO price at $51, which is more than the expected range. 
22. There were no surprises in Semtech’s (NASDAQ:SMTC) Q2 sales figures, yet the stock dropped. 
23. Delta and United must face class action lawsuits over US airfares. 
24. BP CEO Looney resigns due to personal conflicts with colleagues. 
25. VW is considering job layoffs at its Zwickau facility due to low e-car demand -dpa 
26. Bank of India raises 2,000 crores using Tier II Basel III bonds. 
27. Meta plans to expand WhatsApp Channels to over 150 countries. 
28. India will design a new policy to encourage EV investment, according to a minister. 

GLOBAL NEWS 

1. The Nifty 50 is up 0.16% at the closing of trade in India.
2. Australia’s markets closed higher, with the S&P/ASX 200 up 0.46%.
3. Japan’s markets are higher at the close of trade, with the Nikkei 225 up 1.52%.
4. European stocks are mixed, with the ECB meeting taking center stage.
5. Even as the economy slows, the ECB considers raising rates to a record high.
6. The dollar falls after the release of the CPI; the euro rises ahead of the ECB decision.
7. Belgium is investigating Apple’s iPhone 12 after France suspends sales due to radiation concerns.
8. Jobs in Australia are increasing while the productivity debate heats up.
9. Swedish inflation fell in August, but the Riksbank is still anticipated to raise interest rates next week.
10. Fears of a China-led global downturn dampen Japan’s corporate morale.
11. Even as the economy slows, the ECB considers raising rates to a record high.
12. Argentina’s inflation rate reaches 124% as the country’s cost-of-living issue worsens.
13. China warns Europe that its investigation into Chinese EVs may harm relations. 
14. Taiwan criticizes Elon Musk for his recent comments on China. 
15. Foreign investors sold Asian bonds in August as US yields rose; economists expect a rebound. 
16. South Africa’s Reserve Bank will keep rates at their September 21 meeting and cut them by 75 basis points in 2024, according to a Reuters poll. 
17. The GIFT Nifty is off to a good morning; US markets are divided, but Asia is up. 
18. Nikkei, Taiwan, and other Asian markets are trading higher. Weighted by 1%,  
19. Oil prices rise as markets focus on supply scarcity.  
20. As the ECB decision approaches, the dollar remains above its three-month low against the euro. 
21. Despite the CPI surprise, Asia FX is quiet, and the dollar is drifting down.  
22. NAB, an Australian lender, will close its Hong Kong office. 
23. According to Reuters, Indonesia’s August trade surplus is expected to increase to $1.55 billion. 
24. Japan’s weak industrial orders and other soft data enhance the BOJ’s difficulties. 
25. IndusInd Bank has reached an insolvency settlement with Coffee Day Global. 
26. The Hinduja Group’s Reliance Capital resolution plan moves on as the NCLT rejects Torrent’s appeal. 
27. The IPO of Zaggle will begin, ushering in a new era for the Indian fintech firm. 
28. As the dust from inflation settles, Asian stocks push higher, with Japan leading the way. 
29. Shares of Chinese EV manufacturers slump after the EU begins an anti-subsidy investigation. 
30. Extreme weather has harmed the earnings of 44% of Japanese companies, according to a Reuters poll. 
31. The UAW is planning a strike in Detroit. Three automakers have rejected new bids. 
32. Singapore Exchange names President Michael Syn 

 Economic data

·     Aug Consumer Price Index (CPI) headline M/M rose +0.6% vs. est. 0.6% (vs. 0.2% in July) and y/y change +3.7% vs. est. 3.6% (vs. 3.2%). CPI Core inflation (ex: food & energy) M/M rose +0.3% vs. est. 0.2% (same as prior month) and on a y/y basis fell to +4.3%, in-line with estimates but below prior month of 4.7%). Aug CPI Energy Prices +5.6%; Food Prices +0.2%.

·     The U.S. government posted an August surplus of $89 billion due to the reversal of $319 billion in student loan forgiveness costs after the Supreme Court struck down the Biden administration program in June. The August surplus compares to a year-earlier deficit of $220 billion. Receipts last month totaled $283 billion, down 7% or $21 billion from a year earlier, while outlays came to $194 billion after the student loan reversal.

·     US mortgage purchase applications fell 16.7% over the past ten weeks, the lowest since 1995, per Reuters. This week, the Mortgage bankers Assoc said its applications index fell -0.8%, the purchase index rises 1.3% and the refinance index falls -5.4% as the average 30-year mortgage rate rises 6 bps to 7.27% in sept 8 week.

·     The Institute of International Finance estimated that Chinese equities saw an outflow of $14.9B last month, highlighting the negative sentiment toward the country’s economic challenges, amid skepticism over Beijing’s measures to stem slowdown. 

Global Economic data

·     China’s central bank will cut banks’ reserve requirement ratio by 25 basis points from Sept. 15, it said in a statement on Thursday; reserve requirement ratio cut effective as of Sept 15.

·     The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was 5.2 vs 12.6 last week. Bulls fall to 34.4% from 42.2%, Neutrals rise to 36.4% from 28.2%, Bears fall to 29.2% from 29.6%.

·     Australia’s total employment increased by 64.9k (expectations 25k) in August. The unemployment rate remained at a relatively low 3.7%.

·     UK Aug House Price Balance: -68 vs -56 consensus; RICS see a slow housing market with little sigh of relief in prospect; prices continue to slip albeit relatively modestly compared to the substantial rise during the pandemic.

Economic Calendar

·     8:30 AM ET            Advance Retail Sales M/M for August…est. +0.2%

·     8:30 AM ET            Retail Sales – Less Autos M/M for August…est. +0.4%

·     8:30 AM ET            Weekly Jobless Claims…est. 225K (prior week 216K)

·     8:30 AM ET            Continuing Claims…est. 1.695M (prior 1.679M)

·     8:30 AM ET            Producer Price Index (PPI) Headline M/M for August…est. +0.4%

·     8:30 AM ET            Producer Price Index (PPI) Headline Y/Y for August…est. +1.2%

·     8:30 AM ET            PPI Core – Ex: Food & Energy M/M for August…est. +0.2%

·     8:30 AM ET            PPI Core – Ex: Food & Energy Y/Y for August…est. +2.2%

·     10:00 AM ET          Business Inventories M/M for July…est.

·     10:30 AM ET          Weekly EIA Natural Gas Inventory Data

Other Important Events

·     Benchmark Technology, Media & Telecom 1:1 Conference, 9/13-9/14, in NY

·     B. Riley 2023 Consumer Conference 9/14, in New York

·     Deutsche Bank Healthcare Growth & Innovation Conference, 9/13-9/14, in New York

·     Salesforce Dreamforce 2023 in San Francisco, 9/12-9/14

·     China Industrial Output, Retail Sales for August

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