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  • Even Apple’s 2.3 percent gain, after two U.S. carriers reported strong demand for the new iPhones, was not enough to pull up the indexes.
  • U.S. crude oil dropped 2.7% to $45.05 a barrel after the IEA slashed its forecast for global oil demand this year amid “wobbling” Asian demand.
  • Speculation that the Fed could raise rates as soon as next week sparked a sharp selloff in stocks and government bonds on Friday.


IEA Cuts Global Oil Demand Forecast amid ‘Wobbling’ Asian Demand

  • The IEA downgraded its global oil demand predictions by about 100,000 barrels a day for this year.
  • It also reduced the forecasts by about 200,000 barrels a day in 2017, with consumption increasing more slowly at 1.2 million barrels a day.
  • “The stimulus from cheaper fuel is fading,” the IEA report said.
  • The agency said advanced economies were storing record amounts of oil, with inventories rising to a record of over 3.1 billion barrels.

T-Mobile Chief Legere Says iPhone 7 Order Rate Breaks Record

  • T-Mobile and Sprint have received almost four times as many orders for Apple’s iPhone 7 than previous iPhone models.
  • T-Mobile said it saw subscribers switching from Verizon, AT&T and Sprint.
  • T-Mobile reported orders over four days and Sprint over three days.

Wells Fargo to Eliminate Product Sales Goals, Aiming to Rebuild Trust

  • After last week’s firestorm over alleged cross-selling, CFO John Shrewsberry says the bank is spending additional $50 million a year to monitor sales tactics.

GM Says Chevy Bolt Electric Car to Get 238-Mile Range

  • The Chevrolet Bolt scheduled to go on sale late this year will travel 238 miles on a single electric charge.
  • This will give GM a key marketing claim over Tesla Motors similarly priced model 3 which is projected to have a 215-mile range.
  • Both GM and Tesla face the challenge of selling electric cars amid a prolonged period of low gas prices.

Boeing lifts long-term outlook for China plane demand to $1 trillion

  • Boeing estimated 6,810 aircraft purchases in the period to 2035, up 7.6 percent from its previous prediction of demand until 2034.
  • “The continuing expansion of China’s middle class, coupled with new visa policies and a wide range of widebody airplanes… gives us every reason to expect a very bright future for China’s long-haul market,” Randy Tinseth, Boeing Commercial Airplanes’ vice president of marketing.

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U.S. Household Incomes Surged 5.2% in 2015, First Gain Since 2007

  • The median annual household income—the level at which half are above and half are below—rose 5.2% from a year earlier, or $2,800, after adjusting for inflation, to $56,500, the Census Bureau said Tuesday.
  • The boost leaves household incomes around 1.6% below the 2007 level, before the last recession began. But the 5.2% annual gain is the largest such increase since the Census Bureau began releasing such data in 1967.
  • The official poverty rate in 2015 was 13.5%, down 1.2 percentage points from 14.8% in 2014, the report added.

U.S. House committee set to approve Dodd-Frank revamp

  • The bill is not anticipated to receive President Barack Obama’s signature if it ever reaches his desk.
  • The bill, introduced this summer by the committee chairman, Republican Jeb Hensarling, would allow banks to choose between complying with Dodd-Frank or meeting much tougher capital requirements.
  • Corresponding legislation to Hensarling’s bill has not been introduced in the Senate.
  • Hensarling’s bill would also throw out the Volcker Rule that restricts banks from making speculative investments.
  • It will also eliminate the authority of the Financial Stability Oversight Council consisting of regulatory agencies’ heads to designate firms as “systemically important,” also known as “too big to fail.”

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China’s economy perks up in August, thanks to housing boom, gov’t spending

  • Industrial output rose 6.3 % in August from a year earlier, as demand for products from coal to cars rebounded.
  • Investment by state firms surged 21.4 % in the first eight months of the year and China’s fiscal spending rose 12.7 %.
  • Property investment rose 6.2 % in August on-year, according to Reuters calculations, compared with 1.4 % in July, while sales by floor space grew 25.5 %.
  • Private investment grew just 2.1 % in the first eight months of the year, the same pace as in January-July and remaining at record lows.

UK consumer inflation holds steady despite Brexit pressure

  • The annual rate of consumer price inflation was unchanged at 0.6 percent in August.
  • Lower prices for clothing, hotels and wine offset an upward effect from fuel prices, food and airfares.
  • Data keeps the chance of another BoE rate cut on track despite a big rise in raw material costs after June’s vote to leave the EU.

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Chiang Kai-Shek became president of China (1943)

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This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S&P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg, Wall Street Journal.

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