ITALIAN PM MELONI REPEATS ITALY WILL NOT DEPLOY TROOPS TO UKRAINE
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MIRAN: TRUMP'S VARIETY OF POLICIES IS 'QUITE DISINFLATIONARY
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DISTRICT OF COLUMBIA SUES TO STOP TRUMP'S DEPLOYMENT OF NATIONAL GUARD IN U.S. CAPITOL - COURT FILING
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GOLDMAN LOWERS Q3 GDP FORECAST TO 1.6%
Goldman Sachs cut its Q3 GDP tracking estimate by 0.1 percentage point to +1.6% (q/q annualized). Q2 nonfarm productivity rose to +3.3%, while unit labor costs fell to +1.0%. Wage growth stood at +3.9% annualized. Private sector employment increased by 54k in August, slightly below expectations, and the trade deficit widened due to higher gold and China imports. Domestic final sales remain steady at +0.7%, and initial jobless claims rose modestly, mostly in Connecticut and Tennessee.
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MIRAN: FED'S ACTIONS ON CLIMATE CHANGE WERE HIGHLY POLITICAL
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BLINK CHARGING TO ACCEPT CRYPTO PAYMENT AT EV CHARGERS
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DOLLAR OVERVALUED BUT COULD DROP: BANK OF AMERICA
The dollar remains slightly overvalued after easing this year but could become undervalued next year, Bank of America analysts say. Overvaluation has persisted for about a decade, though this year it moved closer to fair value due to factors like German fiscal stimulus, trade tensions, and risks to U.S. institutions. Further erosion of U.S. institutional strength could push the dollar below fair value. BofA expects the euro to rise to $1.20–$1.25 next year from $1.1651.
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FRANCE'S MACRON: 26 COUNTRIES COMMITTED TO TAKING PART IN REASSURANCE FORCE IN UKRAINE BE IT LAND, SEA OR AIR ROLE
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WHITE HOUSE OFFICIAL: TRUMP ALSO EMPHASIZED THAT EUROPEAN LEADERS MUST PLACE ECONOMIC PRESSURE ON CHINA "FOR FUNDING RUSSIA'S WAR EFFORTS"
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ELON MUSK’S X MONEY PLANS STALLED BY REGULATORS, STAFF TURNOVER- THE INFORMATION
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TRUMP, ZELENSKIY, EUROPEAN LEADERS CALL IS OVER: ELYSSE
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🚨 JUSTICE DEPARTMENT ISSUES SUBPOENAS AS PART OF PROBE INTO FED GOVERNOR LISA COOK -- WSJ
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CHINA'S XI TO NORTH KOREA'S KIM: CHINA SUPPORTS NORTH KOREA IN DEVELOPING IN ITS OWN PATH-XINHUA
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📉 FED SEPTEMBER DECISION: MARKET VS. STREET VIEWS
According to Kalshi odds (chart below), markets see:
🔸 87% chance of a 25bp cut
🔸 7% for >25bp cut
🔸 7% for no change
💬 Investment banks are split:
🔸 Goldman Sachs & JPMorgan: Expect a cut, warn Fed credibility at risk.
🔸 UBS: Dovish, sees ~100 bps easing across 4 meetings.
🔸 Morgan Stanley: More cautious—puts Sept cut odds at 50/50.
🔸 Markets overall: Pricing ~2.5 cuts by year-end.
https://t.co/MTBwgpMK1m
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NASDAQ STEPS UP SCRUTINY OF COMPANIES LOADING UP ON CRYPTO- THE INFORMATION
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$MSTR - STRATEGY SHARES FALL AS NASDAQ TIGHTENS CRYPTO RULES
Strategy stocks dropped 3.5% after Nasdaq began requiring shareholder approval for new shares used to buy cryptocurrency, slowing the trend of firms turning into crypto-focused companies. Crypto-adjacent stocks also fell—Bitmine Immersion down 8.7%, SharpLink Gaming down 9%—and bitcoin slipped 2.5%. Nasdaq may delist or suspend firms that don’t comply. With federal regulators stepping back, Nasdaq is now the main enforcer of crypto-related stock rules, making regulatory delays costly for companies racing to acquire tokens.
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MIRAN: NOBODY ASKED ME TO PLEDGE TO VOTE FOR RATE CUTS
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MIRAN: FED DOESN'T CONTROL LONG END OF THE YIELD CURVE
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TRUMP SUED OVER NATIONAL GUARD TROOP DEPLOYMENT IN WASHINGTON
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U.S. HEALTH SECRETARY KENNEDY ON CDC VACCINE PANEL: DO NOT ANTICIPATE A CHANGE IN THE MMR VACCINE
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FED NOMINEE STEPHEN MIRAN: INDEPENDENCE OF CENTRAL BANK IS PARAMOUNT, WILL ACT INDEPENDENTLY IF CONFIRMED
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U.S. HEALTH SECRETARY KENNEDY ON CDC: NEED TO MAKE MORE FIRINGS
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AI’S IMPACT ON JOBS REMAINS LIMITED, SAYS NEW YORK FED
AI adoption is rising among New York Fed–surveyed firms but has had little effect on employment so far. Over the past year, 40% of service firms and 26% of manufacturers used AI, up from 25% and 16%, respectively. Most firms report retraining employees rather than layoffs. Looking ahead, nearly half of service firms and one-third of manufacturers plan to adopt AI soon. The Fed cautioned, however, that future integration could lead to more layoffs and reduced hiring, especially in higher-paid roles.
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TRUMP TOLD EUROPEAN LEADERS IN CALL ON THURSDAY THAT EUROPE MUST STOP PURCHASING RUSSIAN OIL, WHITE HOUSE OFFICIAL SAYS
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*US AUG. ISM SERVICES PMI AT 52 VS 50.1; EST. 50.1
*US AUG. ISM SERVICES NEW ORDERS AT 56 VS 50.3
*US AUG. ISM SERVICES EMPLOYMENT AT 46.5 VS 46.4
*US AUG. ISM SERVICES PRICES PAID AT 69.2 VS 69.9
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JUSTICE DEPARTMENT ISSUES SUBPOENAS AS PART OF PROBE INTO FED GOVERNOR LISA COOK -- WSJ
The Justice Department has opened a criminal investigation into Federal Reserve governor Lisa Cook, issuing subpoenas as part of an inquiry into whether she submitted fraudulent information on mortgage applications, according to U.S. officials familiar with the matter.
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U.S. S&P GLOBAL AUGUST FINAL COMPOSITE PMI AT 54.6
U.S. S&P GLOBAL AUGUST FINAL SERVICES PMI AT 54.5
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CHINA'S XI TO NORTH KOREA'S KIM:CHINA'S POSITION ON RELATIONS WITH NORTH KOREA WILL NOT CHANGE-XINHUA
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*ITALIAN DESIGNER GIORGIO ARMANI HAS DIED, CORRIERE SAYS
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PULTE: POWELL CREATING CAUSE' BY THE DAY
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