Workers pose as they run round a track, unveiled as the highest running track in London, at the White Collar Factory in the ‘tech belt’ hub near Old Street in London.pictures.reuters.com
Here is what you need to know.
Traders are getting worried the government may soon run out of ways to pay its bills. Tuesday’s 4-week bill auction drew a high yield of 1.30%, the highest since the 2008 financial crisis, as traders expected a premium in return the government to repay them just as it may be running out of funding at the end of September.
Australia’s economy bounces back. Australia’s economy grew at a seasonally adjusted 0.8% clip in the second quarter, improving from the first quarter reading of 0.3%.
Russia’s inflation hits its lowest level since the collapse of the Soviet Union. Consumer prices rose 3.3% year-over-year in August, making for the weakest reading since the collapse of the Soviet Union in 1991.
Gold hits a one-year high. The precious metal topped $1,342 an ounce on Wednesday, making for its best reading since September of last year.
Robert Shiller says bitcoin is the ‘best example right now’ of a bubble. Bitcoin is up more than 400% since the Nobel-winning author first called bitcoin a bubble in January 2014.
Banks could make a fat pay day from the United Technologies acquisition. Morgan Stanley is set to make $35 million to $45 million for advising United Technologies, according to according to Jeffrey Nassof, director of consulting firm Freeman & Co., while JPMorgan and Citigroup will split an estimated $45 million to $60 million for advising Rockwell Collins.
Facebook was outbid for the rights to stream Indian cricket matches. The social media giant’s $610 million bid for the rights to stream five years of games from the Indian Premier League, the most popular cricket league in the world, was runner up to Star India’s $2.5 billion bid.
Stock markets around the world are mostly lower. Hong Kong’s Hang Seng (-0.46%) lagged in Asia and Britain’s FTSE (-0.57%) trails in Europe. The S&P 500 is set to open little changed near 2,460.
Earnings reports trickle out. RH reports after markets close.
US economic data is heavy. The trade balance will be released at 8:30 a.m. ET before Markit US Services PMI and ISM non-manufacturing cross the wires at 9:45 a.m. ET and 10 a.m. ET. Finally, the Fed’s Beige Book is due out at 2 p.m. ET. The US 10-year yield is up 1 basis point at 2.07%.
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