Tuesday, September 11, 2018
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What to watch today
In the morning, the August check on small business optimism and the July report on job openings will be released. The NFIB’s reading on small business optimism hit its highest level since the Reagan administration in July coming at 107.9, and Wall Street is forecasting a slight increase in this gauge to 108.1. The job openings and labor turnover survey — or JOLTS report — is coming off a near-record reading June, with 6.66 million jobs open during the month. Small business optimism has been one of the strongest economic readings since the election while the JOLTS report has given economists another look at how slack is disappearing from the labor market.
The floor of the New York Stock Exchange will also observe a moment of silence on Tuesday morning to mark the anniversary of the terrorist attacks of September 11, 2001.
China to ask WTO for sanctions in US trade dispute: China will ask the World Trade Organization for permission to impose sanctions on the United States, for Washington’s non-compliance with a ruling in a dispute over U.S. dumping duties that China initiated in 2013, a meeting agenda showed on Tuesday. [Reuters]
Trump’s tweet about the economy was false, top White House adviser says: Kevin Hassett, the top official on the White House economic advisory council, said on Monday that President Donald Trump’s claim that the quarterly change in the country’s gross domestic product has eclipsed the U.S. unemployment rate for “the first time in over 100 years” is false. [Yahoo News]
Musk ditches two car paint options for Tesla: Elon Musk’s efforts to streamline production at Tesla Inc. (TSLA) have gotten down to the paintwork. The electric-car maker will ditch two of seven colors offered to buyers on Wednesday to simplify manufacturing, Musk, Tesla’s chief executive officer, said in a tweet. [Bloomberg]
Buffett’s Berkshire Hathaway sells more of its stake in oil refiner: Berkshire Hathaway (BRK-A, BRK-B) continues to unload its stake in Phillips 66 (PSX) , disclosing Monday the sale of another 36% of its holdings in the stock since the end of the second quarter. [CNBC]
Florence could hit with punch not seen in more than 60 years: Hurricane Florence could inflict the hardest hurricane punch the Carolinas have seen in more than 60 years, with rain and wind of more than 130 mph. North Carolina has been hit by only one other Category 4 storm since reliable record keeping began in the 1850s — Hurricane Hazel in 1954. [AP]
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