U.S. President Donald Trump holds a flag of the state of Texas after receiving a briefing on Tropical Storm Harvey relief efforts at a local fire station where local residents gathered to welcome the president in Corpus Christi, Texas.Reuters/Carlos Barria
Here is what you need to know.
Trump is getting ready to unveil his tax plan. Trump is exepected to say the US economy is “rigged” to favor the wealthy and that Congress should close loopholes to help “Main Street.”
S&P says the US will maintain its AA+ rating as long as it doesn’t default. “If the debt ceiling is not raised in a timely way, we expect, at a AA+ level of confidence, that the government will take necessary measures to avoid default on the debt which our ratings address,” Robert Sifon-Arevalo, a managing director in S&P’s sovereign ratings group, said in a statement.
Economic confidence in the eurzone hits a 10-year high. Economic sentiment rose to 111.9 in August, making for the best reading since July 2007, the Financial Times reports, citing European Commission data.
The euro slips off its best level in 32 months. The single currency trades down 0.20% at 1.1944 against the dollar on Wednesday, a day after crossing 1.20 for the first time since January 2015.
Gas prices keep going up. Front-month RBOB gasoline futures are up another 2.62% on Wednesday,and have gained 9.25% since Hurricane Harvey made landfall in Texas.
Warren Buffett is Bank of America’s biggest shareholder. Buffett’s Berkshire Hathaway exercised its right to acquire 700 million shares at $7.14 a piece, giving it a 6.6% stake in the bank, Reuters reports.
Dara Khosrowshahi is officially Uber’s CEO. Khosrowshahi was officially named CEO after accepting the board’s offer on Sunday.
Stock markets around the world are higher. Hong Kong’s Hang Seng (+1.19%) led the advance in Asia and France’s CAC (+0.44%) paces the gains in Europe. The S&P 500 is set to open little changed near 2,448.
Earnings reports trickle out. Analog Devices reports ahead of the opening bell.
US economic data flows. ADP Employment Change will be released at 8:15 a.m. ET and the second estimate of second-quarter GDP will cross the wires at 8:30 a.m. ET. The US 10-year yield is little changed at 2.13%.
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