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US FINANCIAL MARKET
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DAILY MARKET REPORTS

  • U.S. stocks were mixed at the open on Friday after data showed cooling consumer spending in August and slowing pace of inflation growth, pointing to moderation in economic activity in the third quarter.
  • The S&P 500 has added 3.6% over the past three months, with most daily moves fairly small.
  • European stocks are on track to climb about 3.4% this month and end the quarter about 1.9% higher despite a drop in August as solid earnings growth and a buoyant global economy have drawn in investors.
  • Businesses and households across the eurozone were more upbeat about their prospects than at any time in more than a decade during September.
  • Japan led the way regionally in September, with the Nikkei notching its best month of 2017, up 3.6%.

US FINANCIAL MARKET

Amazon Sells $1.6 Million in Whole Foods’ Store-Brand Products in First Month

  • Deli turkey breast and coconut water were most popular items sold.
  • Amazon completed $500,000 in online sales in the first week after it started offering Whole Foods’ “365 Everyday Value” products, according to the One Click Retail e-commerce data analytics.
  • During the past month, 19% of Whole Foods sales on Amazon were of snacks and candy, followed by frozen fruit and vegetables, One Click found.
  • The sales are small compared with the roughly $8 billion in retail sales Amazon averages a month.
  • A Whole Foods spokeswoman declined to comment. Amazon didn’t respond to requests for comment.

Elon Musk Projects First Private Trips to Mars by Middle of Next Decade

  • Billionaire entrepreneur has stunned space experts again, unveiling titillating details about plans to build the most powerful rocket ever and using it to launch a giant, fully reusable manned spacecraft to Mars—potentially in less than a decade.
  • Projecting the first trips to Mars by 2022 or 2024—more than a decade before the U.S. or any other government anticipate coming close—Mr. Musk’s latest plans are built around a business principle he had never publicly broached before.

GoPro Unveils New Devices as It Faces Heat From Smartphone Cameras

  • GoPro announced the Hero 6 Black, a refreshed version of its flagship camera aimed at adventure seekers.
  • The Hero 6 Black is packed for the first time with a custom processor created specifically for GoPro.
  • The company said the camera includes digital zoom, improved voice control, simpler editing software and the ability to transport footage at three times the speed than its predecessor.
  • It sells for $499, about $100 more than its previous version.

Honeywell not expected to spin off its aerospace business, sources say

  • Earlier this year activist investor Daniel Loeb pushed Honeywell to shed the business to boost shareholder value by an estimated $20 billion and make it an industrial growth company focused on automation and productivity.
  • Aerospace is the conglomerate’s largest segment, representing 40 percent of annual sales.
  • Shares are up 21 percent this year.

Roku jumps another 20 percent the day after its IPO

  • Shares closed nearly 70 percent up Thursday at $23.50.
  • The price continues to rise Friday, surpassing $29 before 10 a.m. Friday.

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US ECONOMY & POLITIC

U.S. Consumer Spending Soft in August

  • Personal-consumption expenditures, a broad measure of household outlays on everything from groceries to doctor visits, rose a seasonally adjusted 0.1% in August from a month earlier.
  • Personal income from sources like paychecks, investments and government benefits was up 0.2% in August.
  • Consumer spending accounts for more than two-thirds of total U.S. economic output.
  • The personal-saving rate in August was 3.6%, steady from the prior month but down over the past few years.
  • The personal-consumption expenditures price index was up 0.2% in August from the prior month and rose 1.4% on the year.

Consumer sentiment declines more than expected in September

  • The consumer sentiment index, a survey of consumers by The University of Michigan, hit 95.1 in September in a final reading Friday, which was lower than expected.
  • In August the index returned to near peak levels recorded earlier in 2017, hitting 96.8 in the final recording in August.

U.S. Manufacturers Upbeat Amid Rising Demand, Promise of Tax Overhaul

  • The National Association of Manufacturers on Friday said its outlook survey rose to 60.95 in the third quarter of the year from 60.75 in the prior period.

U.S. Upper Midwest factory growth accelerates in Sept

  • Marquette University and the Institute for Supply Management-Milwaukee said their seasonally adjusted index on manufacturing in the Milwaukee region rose to 60.24 in September from 55.41 in August.
  • The September figure was strongest since the 61.77 reached in March when it was the highest reading since November 2014.
  • This barometer marked 11 consecutive months of manufacturing expansion in the Upper Midwest region.

US urges no travel to Cuba, cuts embassy staff

  • The United States is pulling roughly 60 percent of its staff out of Cuba, officials say.
  • Only so-called “emergency personnel” will remain.
  • The U.S. is halting visa processing in Cuba indefinitely.

Trump Meets with Former Fed Governor Kevin Warsh About Chairman Job

  • President Donald Trump and Treasury Secretary Steven Mnuchin met with former Federal Reserve governor Kevin Warsh on Thursday to discuss his potential nomination as the next Fed chairman.
  • Other names said to be in contention include current Fed Chairwoman Janet Yellen, Stanford University economist John Taylor and John Allison, the former BB&T Bank chief executive.
  • Mr. Warsh was a member of the president’s Strategic and Policy Forum, a group of business leaders that disbanded in August in protest over what they said was Mr. Trump’s failure to sufficiently condemn racism.
  • He was also an economic adviser to 2016 Republican presidential candidate Jeb Bush.
  • Mr. Warsh, a veteran Republican economic policy maker, is married to Jane Lauder, granddaughter of cosmetic icon Estée Lauder.
  • A former member of Morgan Stanley ’s mergers and acquisitions department, Mr. Warsh was on the Federal Reserve board during the financial crisis that started to unfold in 2007.

U.S. auto sales for Sept to be highest in 2017: JD Power and LMC

  • September retail sales are expected to come in at an annualized selling rate of 15 million vehicles, flat from a year earlier.
  • Retail sales in September are expected to fall 2.6 percent to 1.2 million vehicles, compared with September 2016, the consultancies reported.
  • “While the industry will benefit from additional replacement demand from storm damaged vehicles in the coming months, elevated incentives remain a threat to the overall health of the industry,” said J.D. Power Senior Vice President Thomas King.

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EUROPE & WORLD

Canadian Economy Stalls in July After Eight Months of Growth

  • The level of Canada’s gross domestic product, or the broadest measure of goods and services produced in an economy, was largely unchanged in July versus the previous month, sitting at 1.74 trillion Canadian dollars ($1.40 trillion), Statistics Canada said Friday.
  • Nevertheless, on a one-year basis, GDP rose by a still-robust 3.8%.

Eurozone Inflation Points to ECB Caution on Quantitative Easing

  • Consumer prices across the eurozone were 5% higher in September than a year earlier, below the 2% target.
  • Core inflation, which excludes prices of energy and food that the ECB has little influence over, at 1%, its lowest level since June.

UK’s growth since Brexit vote lower than previously thought

  • The Office for National Statistics said that the British economy grew at an annual rate of 5 percent in the second quarter.
  • The quarterly rate was left unchanged at 0.3 percent, which remains the lowest among the Group of Seven industrial economies.
  • the Bank of England is widely expected to raise its main interest rate from the record low 0.25 percent in November, in response to above-target inflation.

China sets 2019 deadline for automakers to meet green-car sales targets

  • Car makers will need to amass credits for so-called new-energy vehicles (NEVs) equivalent to 10% of annual sales by 2019.
  • That level would rise to 12 percent for 2020.

Volkswagen to Take New $2.9 Billion Charge from Diesel Scandal

  • The new costs stem from an increase in provisions for buyback and retrofitting programs of its 2.01 TDI vehicles in North America.
  • Volkswagen pleaded guilty to conspiracy to defraud the U.S. government in late 2016 and agreed to pay nearly $25 billion in fines, penalties and compensation, after it settled a number of civil lawsuits.
  • Two Volkswagen employees have also faced charges in the U.S., with one sentenced to just over three years in prison.
  • Volkswagen is set to release third-quarter results on Oct. 27.

IKEA Jumps Into ‘Gig Economy’ With Deal for TaskRabbit

  • TaskRabbit is an online marketplace that connects people with freelancers willing to run errands and do odd jobs.
  • IKEA said it would use TaskRabbit to make it easier for its existing customers to assemble its shelves, sofas and beds.
  • Terms of Thursday’s deal, expected to close in October, weren’t disclosed.

Documents related to a financing round from 2015 suggest TaskRabbit then had a valuation of about $50 million.

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TODAY in HISTORY

  • King Richard II became the first English monarch to abdicate his throne. (1399)
  • The space shuttle Discovery was launched, the first American staffed space flight since the Challenger disaster. (1988)

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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