Here is what you need to know.
China’s economy got some good news. Industrial production, fixed-asset investment, and retail sales all topped expectations.
Fed rate-hike expectations are falling. Dovish commentary from Federal Reserve Gov. Lael Brainard has pushed back expectations for a September interest-rate hike. Data compiled by Bloomberg shows the market sees just a 22% probability of a September hike, down from 30% on Monday morning.
UK inflation rose by less than expected. Data released by the Office for National Statistics showed consumer prices for August rose 0.6% year-over-year in Britain and remained at their highest level since late 2014. The British pound is down 0.5% at 1.3267 versus the dollar.
Germany’s ZEW survey was unchanged. The reading held at 0.5 in September, but the “current ambiguity of economic impulses from Germany and abroad means that forecasts for the next few months are difficult,” Professor Achim Wambach, the ZEW president, wrote. The euro is little changed at 1.1233 against the dollar.
The IEA says the oil glut will continue into 2017. “Global oil demand growth is slowing at a faster pace than initially predicted,” the International Energy Agency’s most recent oil report said, predicting that the oil glut would persist into at least the first half of 2017. West Texas Intermediate crude oil is lower by 2.4% at $45.19 a barrel.
A team at Goldman is using retail deposits to make Wall Street-style profits. Reuters reports, speaking with people familiar with the matter, that the team uses “consumer deposits and other types of funding for trades, investments, and big loans to earn profits.”
Apple’s iPhone 7 is the “best phone you can buy.” That’s according to Business Insider’s Steve Kovach, who reviewed the phone. Kovach concludes that anyone who owns the iPhone 6s can probably do without the upgrade, but there should be enough improvements to make an upgrade worthwhile for everyone else.
There are 2 major drawbacks with Apple’s AirPods. Kovach said that while there’s a lot to like about the new Apple headphones, “the lack of audio controls and the awkward design” were major drawbacks. Additionally, $159 is a “big ask on top of a new $649 iPhone.”
DraftKings and FanDuel could still merge. Bloomberg reports that while speaking at TechCrunch Disrupt, DraftKings CEO Jason Robbins said of a combination of the two daily fantasy sports sites, “When the time is right, there’s potential.”
Stock markets around the world are mostly lower. Hong Kong’s Hang Seng (-0.3%) led the losses in Asia, and Germany’s DAX (+0.4%) paces the gains in Europe. S&P 500 futures are down 12.50 points at 2,139.50.