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MARKET RECAP at 4 pm ET

Treasury yields advanced on bets that Coming Up higher interest rates on the way. Losses in tech shares weighed on the The Conference Board is expected to and the S&P 500. The dollar show consumer confidence rose to inched up against its major peers. Oil 114.9 in September, compared with a rose on tighter supply concerns. Gold reading of 113.8 in August. A separate was little changed in choppy trading. report will likely show the S&P/Case Shiller composite index, gauging house prices of 20 metropolitan areas, is expected to have risen 20% in July from a year ago after increasing 19.1% /Kevin Lamarque STOCKS Close Chng %Chng Yr-high Yr-low in June. DJIA 34870.95 72.95 0.21 35631.19 26143.77 Federal Reserve Chairman Jerome the Future of Supervision." Meanwhile, Nasdaq 14969.97 -77.73 -0.52 15403.44 12397.05 Powell (pictured) is scheduled to testify Federal Reserve Bank of Chicago S&P 500 4443.13 -12.35 -0.28 4545.85 3662.71 on Coronavirus and CARES Act before President Charles Evans is scheduled 20463.42 60.76 0.30 20897.57 15418.46 the U.S. Senate Banking, Housing and to give welcome remarks before the FTSE 7063.40 11.92 0.17 7224.46 6397.24 Eurofirst 1784.98 -2.08 -0.12 1836.57 1521.71 Urban Affairs Committee. Separately, virtual Federal Reserve Bank of Nikkei 30240.06 -8.75 -0.03 30795.78 26954.81 St. Louis Fed President James Bullard Chicago Payments symposium. Hang Seng 24208.78 16.62 0.07 31183.36 23771.46 is scheduled to speak by Webex at Federal Reserve Bank of Atlanta Community Banking Research President Raphael Bostic is TREASURIES Yield Price Conference. At the same event, scheduled to speak on the economic 10-year 1.4889 -8 /32 Federal Reserve Board Governor outlook before virtual Mid-Sized Bank 2-year 0.2799 0 /32 Michelle Bowman is scheduled to Coalition of America CEO Talks. 5-year 0.9863 -4 /32 speak on "Creating a New Model for 30-year 2.0007 -10 /32

FOREX Last % Chng KEY ECONOMIC EVENTS /Dollar 1.1697 -0.15 Events ET Poll Prior Dollar/Yen 111.00 0.25 Advance goods trade balance for Aug 0830 -- -$86.82 bln Sterling/Dollar 1.3703 0.15 Dollar/CAD 1.2627 -0.20 Wholesale inventories advance for Aug 0830 -- 0.6% TR/HKEX RMB 99.36 0.03 Retail inventories ex-auto advance for Aug 0830 -- 0.5% Monthly home price mm for July 0900 -- 1.6% ($) Price Chng % chng Monthly home price yy for July 0900 -- 18.8% Front Month Crude /barrel 75.44 1.46 1.97 Monthly Home Price Index for July 0900 -- 343.3 Spot gold (NY/oz) 1749.55 -0.31 -0.02 Caseshiller 20 mm SA for July 0900 1.7% 1.8% Copper U.S. (front month/lb) 0.0429 0.0000 0.02 CRB Index Total Return 242.60 3.12 1.30 Caseshiller 20 mm NSA for July 0900 -- 2.0% Caseshiller 20 yy for July 0900 20.0% 19.1% S&P 500 Price $ Chng % Chng Consumer Confidence for Sept 1000 114.5 113.8 GAINERS Rich Fed Composite Index for Sept 1000 -- 9 Cabot Oil & Gas Corp 22.07 1.73 8.51 Diamondback Energy Inc 95.48 6.76 7.62 Rich Fed, Services Index for Sept 1000 -- 15 Corp 30.18 2.08 7.40 Rich Fed Manufacturing Shipments for Sept 1000 -- 6 LOSERS Texas Service Sector Outlook for Sept 1030 -- 5.4 Garmin Ltd 162.61 -10.01 -5.80 Dallas Fed Services Revenues for Sept 1030 -- 16.5 Charles River Laboratories Interna- 432.12 -26.18 -5.71 tional Inc IQVIA Holdings Inc 248.28 -13.33 -5.10

Micron Technology Inc is expected to report a rise in fourth-quarter revenue driven by demand for its chips used in laptops and data centers. Investors will also look out for comments regarding the global chip shortage.

Amazon.com Inc will host a virtual event to showcase its latest gadgets and consumer technology.

U.S. Treasury Secretary Janet Yellen is scheduled to speak before the hybrid National Association for Business Economics "Shocks, Shifts, and the Emerging Economic Landscape" 2021

A file photo of Micron Technology's solid-state drive for data center customers being presented at a Annual Meeting. product launch event in San Francisco, U.S., October 24, 2019. REUTERS/Stephen Nellis

KEY RESULTS

Company Name* Quarter ET Smart Estimates EPS Estimates** Year Ago Rev Estimates (mln)

IHS Markit Ltd Q3 BMO $0.82 $0.83 $0.77 $1,166.75 Micron Technology Q4 AMC $2.35 $2.33 $1.08 $8,224.00

*Includes companies on S&P 500 index. **Estimates may be updated or revised; release times based on company guidance or past practice.

I/B/E/S EPS and revenue estimates, and StarMine Smart Estimates, provided by .

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Market Monitor

Wall Street ended mixed as investors began the last week of September and the quarter with a pivot to value as tech shares, hurt by rising Treasury yields, weighed on the Nasdaq Composite index. "The economic reopening trade is alive and well," said Chuck Carlson, chief executive of Horizon Investment Services in Hammond, Indiana. "Economically sensitive stocks are up, and tech’s being worked over pretty good." "Rising rates typically reflect investors having a little bit more confidence in the economy not being stalled out," Carlson added. "And the Fed is also indicating it's going to start tapering sooner rather later, and that's probably helping upward trajectory in rates." fell 1.58%, .com was down 0.60%, and Apple slipped 0.95%. The Dow Jones Traders work on the floor at the in Manhattan, , U.S., Industrial Average rose 0.21% to September 24. REUTERS/Andrew Kelly 34,870.95, the S&P 500 lost 0.28% to 4,443.11 and the Nasdaq Composite deficit is larger than we expected, with dropped 0.52% to 14,969.97. The dollar firmed, bolstered by the rise the recovery in global demand from the in Treasury yields ahead of a slew of Delta impact even faster than our Treasury yields resumed their march Federal Reserve speakers this week above-consensus forecast and with higher, with 10-year yields hitting their who could affirm expectations of the global supply remaining of our highest in three months on solid start of asset purchase reduction below consensus forecasts," Goldman economic data and signals the Federal before the end of the year. The dollar said. Reserve is shifting toward a more index rose 0.08% to 93.40. The euro hawkish policy. The 10-year Treasury fell 0.15% against the dollar to Gold prices steadied in choppy trading, yield rose as high as 1.516% in $1.1697. Moves in the currency pair with gains curbed by a firmed dollar morning trading, its first time above largely ignored developments in and an uptick in Treasury yields, while 1.5% since June 29, before falling back German elections at the weekend, with investors awaited speeches from as the higher rate drew in buyers. 10- the Social Democrats projected to Federal Reserve policymakers for more year notes were down 8/32, yielding narrowly defeat the CDU/CSU clues on the tapering strategy. Spot 1.4889%. The benchmark note's yield conservative bloc. gold was 0.02% down at $1,749.55 per rose almost 9 basis points last week, ounce. U.S. gold futures inched down the fifth week of gains and the biggest Oil prices gained as investors fretted 0.08% at $1,750.30 an ounce. "We're weekly jump since March, as investors about tighter supplies because of rising still having some concerns out there reacted to hawkish shifts by major demand in parts of the world. Brent that is keeping the safe haven bid alive central banks including the U.S. crude rose 1.68%, to $79.40 a barrel. on dips. But we continue to see the Federal Reserve and the Bank of U.S. crude futures were 1.97% up at dollar making gains and keeping a little England. The Treasury Department $75.44 a barrel. raised bit of pressure on the commodities sold $61 billion in 5-year notes at a by $10 its year-end forecast for Brent complex, most notably gold," said high yield of 0.990%. The bid-to-cover crude to $90 per barrel. Global supplies David Meger, director of metals trading ratio was 2.37. The Department also have tightened due to the fast recovery at High Ridge Futures. sold $60 billion in 2-year notes at a of fuel demand from the outbreak of the high yield of 0.310%. The bid-to-cover Delta variant of the coronavirus and ratio was 2.28. Hurricane Ida's hit to U.S. production. "While we have long held a bullish oil view, the current global supply-demand

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Top

Facebook puts Kids on hold amid criticism of planned app Instagram has hit pause on a new app it is creating for kids, the photo-sharing service owned by said, in a move that comes amid growing opposition for the project. Instagram Kids had been touted as requiring parental permission to join, and was supposed to provide ad-free, age- appropriate content, but U.S. lawmakers and advocacy groups have urged the social media giant to drop its launch plans, citing safety concerns. "We won't stop pressuring Facebook until they permanently pull the plug," said Josh Golin, executive director of Fairplay, an advocacy group focused on kids. Instagram said in a blog post that building Instagram Kids was the right thing to do, but that it was pausing Silhouettes of mobile users are seen next to a screen projection of Instagram logo in this picture the work and would continue building illustration taken March 28, 2018. REUTERS/Dado Ruvic on its parental supervision tools.

Meanwhile, Facebook will invest $50 Facebook will have to change their sales group as a "bucket shop." The million to partner with organizations to business models in the coming years to San Francisco-based bank has been responsibly build the so-called ensure a level playing field for rivals subject since 2018 to a Federal metaverse - a digital world where following tough new rules proposed by Reserve cap on assets, which must people can use different devices to antitrust chief remain below $1.95 trillion until it move and communicate in a virtual . improves its governance and risk environment, it said. To read more, controls. has already paid click here Wells Fargo to pay $37.3 million to more than $5 billion in fines since the settle US claims it fraudulently scandals began in 2016. , in fight against record EU overcharged customers fine, slams regulators for ignoring Wells Fargo will pay $37.3 million to begins study of oral drug for Apple resolve U.S. government claims it prevention of COVID-19 Alphabet unit Google blasted EU fraudulently overcharged commercial Pfizer said it has started a large study antitrust regulators for ignoring rival clients on foreign exchange services, testing its investigational oral antiviral Apple as it launched a bid to get the latest in a string of scandals over drug for the prevention of COVID-19 's second-highest court to annul the bank's treatment of customers. infection among those who have been a record 4.34-billion euro fine related to Monday's settlement resolves U.S. exposed to the virus. The drugmaker its Android operating system. Far from Department of Justice civil fraud and its rivals, including U.S.-based holding back rivals and harming users, charges against the fourth-largest U.S. Merck & Co and Roche Holding, have Android has been a massive success bank. It includes a $35.3 million fine been racing to develop an easy-to- story of competition at work, plus a $2 million forfeiture. Wells Fargo administer antiviral pill for COVID-19. representatives of Google told a panel previously returned $35.3 million to The mid-to-late-stage study will test of five judges at the General Court at customers as restitution, making its Pfizer's drug, PF-07321332, in up to the start of a five-day hearing. The total payout nearly $73 million, court 2,660 healthy adult participants aged European Commission fined Google in papers show. The Justice Department 18 and older who live in the same 2018, saying that it had used Android said sales specialists jokingly used household as an individual with a since 2011 to thwart rivals and cement expressions such as "back the truck confirmed symptomatic COVID-19 its dominance in general internet up" and "when in doubt, spread them infection. In the trial, PF-07321332, search. Regardless of how the court out" when they were overcharging designed to block the activity of a key rules, Google, Apple, Amazon and customers, with one referring to the enzyme needed for the coronavirus to

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multiply, will be administered along with packages to non-executive board March last year and brought in about a low dose of ritonavir, an older members. Tesla shareholders will cast $93 million in sales during the second medication widely used in combination ballots on Oct. 7 on cutting director quarter. "Given the results and treatments for HIV infection. terms to two years, eliminating a commentary in the press release, it supermajority vote requirement to appears (that the) management will be Apple's new iPhone to take longer to approve certain changes, and who will terminating all development of reach customers – analysts sit on the electric car maker's board. verdiperstat in this indication, which, Apple's customers will have to wait for Tesla is currently valued at $766 billion. we believe, makes sense," Mizuho a few more weeks to lay their hands on "Votes AGAINST directors James analyst Vamil Divan said in a client the new iPhone 13 as supply chain Murdoch and Kimbal Musk are note. delays and strong demand lead to one warranted due to concerns regarding of the longest waiting times for the excessive compensation to named Amazon to start offering insurance phone in recent years, analysts said. executive officers and to non-executive to UK businesses -broker The delivery time for Apple's directors,” ISS wrote in a report sent to Amazon.com is to start offering after a new launch is watched by clients last week. insurance to small and medium-sized analysts as one of the measures to UK business customers, the gauge demand for the flagship phone's FedEx investors OK CEO pay, technology giant's first foray into newest model. But this year, it is also proposals on lobbying and "golden business insurance in the country, shining a light on supply chain issues parachutes" broker Superscript said. Members of plaguing technology companies ahead FedEx investors approved billionaire Amazon's Business Prime programme of the holiday shopping season. Chief Executive Fred Smith's $54 will be able to buy cover from Analysts at J.P.Morgan and Credit million pay plan at the delivery Superscript such as contents Suisse said customers across the company's annual meeting, but insurance, cyber insurance and world who had pre-ordered the new rebuffed the corporate board's professional indemnity insurance, models online would have to wait more recommendations on shareholder which a Superscript spokesperson said than four weeks for the iPhone 13 Pro proposals on lobbying and outsized would be underwritten by "major UK and Pro Max and about 2 weeks for the executive severance packages. insurers". They will be offered a base iPhone 13. Investors approved by more than 50% discount of 20% to current rates as a non-binding proposals for more way of enticing businesses over to Blackstone to sell The Cosmopolitan disclosures on the company's lobbying them. More than 50% of customers are resort and casino for $5.65 billion and for shareholder voting on senior prepared to buy insurance from non- Blackstone said it would sell its The management severance packages that traditional players such as big tech or Cosmopolitan of Las Vegas resort and pay out more than roughly three times insurance technology (insurtech) firms, casino for $5.65 billion. As part of the salary and bonus, known as "golden according to a recent survey of 12,000 deal, MGM Resorts International would parachutes." The investor support is people globally by consultants buy the operations of The part of a sea change this year as top Capgemini. Cosmopolitan for $1.63 billion. MGM funds throw more of their weight behind would also enter into a long-term lease shareholder challenges to companies Lockheed to deliver fewer F-35 jets agreement with a partnership among on environmental, social and than expected to U.S. in 2022 Stonepeak Partners, Cherng Family governance (ESG) issues. said it had agreed Trust and Blackstone Real Estate with the Pentagon to deliver 151 to 153 Income Trust Inc, which will acquire Biohaven's neurological disorder F-35 fighter aircraft in 2022, fewer than The Cosmopolitan's real estate assets. drug candidate fails study the 169 jets it had hoped to deliver. Blackstone had acquired the property Biohaven Pharmaceutical Holding said The weapons maker also said it was for about $1.7 billion in 2014 and spent its drug candidate, verdiperstat, failed expecting to deliver 156 aircraft to the $500 million on upgrades, including to show effectiveness in treating a rare beginning 2023 and for renovating nearly 3,000 guest rooms neurological disorder called multiple the "foreseeable future". The U.S. and adding new restaurants and bars. system atrophy (MSA). The drugmaker government is Lockheed's biggest had acquired the rights to develop and customer, accounting for three quarters ISS urges Tesla investors not to re- market verdiperstat from AstraZeneca of its sales last year. The F-35 is elect James Murdoch, Kimbal Musk in 2018 following mid-stage clinical United States' most advanced fighter Proxy advisory firm Institutional trials. Wall Street analysts said the jet and Lockheed said over 700 F-35s Shareholder Services (ISS) is expectations from verdiperstat's trial have been delivered so far to the recommending that Tesla investors not were low and the focus remained on country and its partners. re-elect directors James Murdoch and the marketing of Biohaven's oral drug Kimbal Musk because the board Nurtec ODT, which entered the approved excessive compensation crowded market for migraine drugs in

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Social Democratic Party (SPD) top candidate for chancellor reacts after first exit polls for the general elections in , Germany, September 26. REUTERS/Hannibal Hanschke

Insight and Analysis

COLUMN-Hedge funds score taper Electric supercars need to lose COLUMN-Oil prices climb with little trade hat trick: McGeever weight, power up and cool down help from hedge funds: Kemp Ahead of the Fed's policy meeting last Speed has always been paramount for Prolonged disruption to oil production week, hedge funds sold Treasuries, supercar makers, and they're in in the Gulf of Mexico and multiplying positioned for a steeper 2s/10s yield the race of their lives to go electric signs of a worldwide energy shortage curve, and increased their bullish bets before climate policy cuts their have not been enough to encourage on the dollar. Going by markets' initial combustion engines. That's why the significant new petroleum buying from reaction to the Fed's hawkish turn, the likes of Ferrari and Mercedes-Benz are portfolio investors. Hedge funds and combination play was perfectly timed. turning to startups such as Oxford- other money managers purchased the The question now is whether this really based electric motor company YASA equivalent of just 12 million barrels in is the beginning of a sustained move for expertise and technology to solve the six most important petroleum up in yields and steepening of the the unique challenges of electrifying futures and options contracts in the curve, or yet another false dawn. the highest-performance vehicles. week to Sept. 21, according to exchange and regulatory data.

6

CANADA

Market Monitor COMING UP No major events are scheduled for the 's energy-heavy main stock Michael White, portfolio manager at day. index gained, as oil prices jumped Picton Mahoney Asset Management.

more than 1% on the prospect of "That, coupled with the move in oil is TSE's S&P/TSX composite Price C$ chng % chng improving demand, although gains probably the easiest way to explain GAINERS were limited by a slide in technology today's move." Crescent Point Energy Corp 5.88 0.54 10.02 stocks. Enerplus Corp 10.00 0.91 9.96 Energy stocks led gains, gaining MEG Energy Corp 9.60 0.69 7.74 The 's S&P/ 3.14% to 142.74, as oil prices rose for Denison Mines Corp 1.82 0.13 7.40 TSX composite index closed up a fifth straight day. Whitecap Resources Inc 6.92 0.48 7.38 Westport Fuel Systems Inc 4.56 0.29 6.79 0.30% at 20,463.42. LOSERS The U.S. dollar was 0.20% lower Docebo Inc 98.41 -7.46 -7.05 "In the Canadian ... we're against its Canadian counterpart at goeasy Ltd 203.97 -13.70 -6.29 playing a little bit of catch up to U.S. C$1.2627. Descartes Systems Group Inc 104.54 -4.58 -4.20 stocks as they outperformed Canadian Boralex Inc 36.95 -1.51 -3.93 stocks in the last five sessions," said Enghouse Systems Ltd 56.83 -2.31 -3.91 Kinaxis Inc 187.00 -6.05 -3.13

Top News

Canada to lure U.S. frequent flyers by matching travel perks on Air Canada Canada is trying to use the lure of travel perks to convince America's frequent flying elite to fly north on Air Canada, as the country steps up efforts to revive crucial traffic from the United States, a Canadian official told Reuters. COVID-19 has battered travel from Canada's largest tourism market. During the first half of 2021, Canada had about 178,000 overnight arrivals from the United States, compared with 6.8 million during the same period in 2019, according to government data. To help reverse that decline, government tourism body, Destination Canada will, roll out on Monday its first campaign targeting U.S. frequent fliers. A file photo of Air Canada planes parked at Toronto Pearson Airport in Mississauga, , It is part of broader, C$14 million efforts Canada, April 28, 2021. REUTERS/Carlos Osorio by the tourism commission to boost

traffic after Canada recently opened its Loree, Destination Canada's chief status when flying Air Canada north of to vaccinated travellers. It is marketing officer ahead of the launch. the border. Frequent-flyer status gives not clear how much the specific Under the plan, up to 20,000 U.S. travelers perks like priority boarding frequent flyer campaign will cost. "This frequent flyers with carriers like that would normally cost a premium is super-focused in terms of our ability American Airlines, Southwest Airlines, fare or a fee. While global airline to reach frequent fliers," said Gloria and could get matching alliances offer status-matching to

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passengers from their member carriers, groups have been lobbying the ministry said, after state media called it having a destination sponsor such a government privately for months to an opportunity for a reboot of bilateral plan is highly unusual, said Mark-Ross toughen up the regulation. They said relations. Meng landed in 's Smith, chief executive of Status Match, so far the government has shown little home city of Shenzhen aboard a which handles logistics for the inclination to do so, and risks missing government-chartered plane on Canadian project. "This is the push to an opportunity to boost Canada's clean Saturday to much fanfare, ending her get them coming to Canada." Eligible fuel industry. Criticism of the CFS from near three-year U.S. extradition fight, U.S. frequent flyers who book and some key stakeholders underlines how the same day two Canadians detained travel north on AC before Jan. 15, 2022 Trudeau's Liberal government is being by shortly after Meng's 2018 will keep their status with the carrier for pushed to take tougher action to deliver detention returned home. The two all of 2022, she said. on climate promises ahead of the COP Canadians, Michael Kovrig and 26 international climate summit in the Michael Spavor, who had been Canada's clean energy lobby groups United Kingdom in November. Major imprisoned on espionage accusations, call for changes to draft Clean Fuel Liberal environmental policies include left within hours of Meng's Standard the CFS, a carbon tax and a pledge to release from house arrest. Canada had One of Canada's flagship pieces of cut greenhouse gas emissions to 40- called the arrest of the two an act of climate regulation has run into criticism 45% below 2005 levels by 2030. But "," a characterisation from clean fuel lobby groups as Prime Canadian emissions have grown in the China repeatedly denied. Minister Justin Trudeau prepares to six years Trudeau has been in power, start his third term in office, with and research coalition Climate Action BlueBay a buyer of Evergrande industry advocates arguing it is out of Tracker this month rated Canada's debt; Ashmore, UBS exposed – step with Canada's goals to achieve polices and actions as "highly Morningstar net-zero emissions. The Clean Fuel insufficient" in tackling the climate 's BlueBay Asset Standard is set to come into force in crisis. Management has joined BlackRock in December 2022, and was envisaged accumulating credit exposure to ailing as a pillar of Canada's carbon REUTERS/Carlos Garcia Rawlins developer China Evergrande in recent emissions reduction plan. But a months, according to Morningstar, coalition of 26 clean fuel trade while HSBC and TCW funds have associations, producers and climate closed positions. Morningstar's think tanks are now warning that the analysis, published on Sept. 24, also regulation in its current form will delay showed that UBS and funds at - rather than incentivize the adoption of based Ashmore Group retained low-carbon fuels. "The CFS as the draft significant holdings in Evergrande debt, is now proposed shouldn't go ahead," based on data current at the end of said Ian Thomson, president of August. Funds run by Fidelity and Advanced Biofuels Canada, one of the SinoPac held sizeable investments too, organisations calling for a change. "It Morningstar's research showed. has the potential to be a great China says Canada should 'draw Evergrande owes $305 billion and has regulation ... but the messaging right lessons' from Huawei exec case run short of cash. Some investors now is essentially going to defer by a The release of Huawei Chief Financial worry a collapse could pose systemic decade the adoption of fuels that are Officer (pictured) risks to China's financial system and critical to net-zero future." Advanced shows China's strength and Canada reverberate around the world. Biofuels Canada and other industry should "draw lessons," China's foreign

8

WEALTH NEWS

INFRASTRUCTURE BILL U.S. Senate Democrats brace for loss in showdown vote on debt ceiling The Democrats who control the U.S. Senate were bracing for a likely loss in a vote on a bill to fund the federal government and lift the nation's debt ceiling, as President 's party fought over the details of his sweeping social agenda.

ECONOMIC DATA Strong U.S. business spending on equipment seen underpinning GDP growth in Q3 New orders and shipments of key U.S.- made goods increased solidly in August amid strong demand for computers and electronic products, keeping business spending on equipment on track for another quarter of robust growth. Orders for non- defense capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 0.5% last month, the Commerce Department said. Shipments of core capital goods advanced 0.7% last month after increasing 0.9% in July. Orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, accelerated 1.8% after climbing 0.5% in July.

FED'S TAPER BETS Fed officials: Bond taper still hinges on continued job growth U.S. Federal Reserve officials including one influential board member tied reduction in the Fed's monthly bond purchases to continued job growth, with a September employment report now a potential trigger for the central bank's bond "taper."

APPEC Global oil demand seen reaching pre-pandemic levels by early 2022 Global oil demand is expected to reach pre-pandemic levels by early next year as the economy recovers, although spare refining capacity could weigh on the outlook, producers and traders said at an industry conference.

SPAC DEAL EV maker Polestar strikes $20-billion deal with Gores Guggenheim SPAC Swedish electric-car maker Polestar said it will go public by merging with a U.S.-listed blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion.

SETTLEMENT CFTC orders to pay $1 million over swap reporting violations The Futures Trading Commission (CFTC) said Citigroup had agreed to pay $1 million to settle charges it violated swap data reporting rules and supervision rules, and breached a previous CFTC settlement agreed in 2017.

CHINA CRYPTO BAN Cryptocurrency exchanges scramble to drop Chinese users after Beijing's ban Beijing's new blanket ban on all cryptocurrency trading and mining - the broadest yet by a major economy - has sent crypto exchanges and service providers scrambling to sever business ties with mainland Chinese clients.

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ON THE RADAR Events ET Poll Prior Wed: Pending Homes Index for Aug 1000 -- 110.7 Pending sales change mm for Aug 1000 1.4% -1.8%

Thu: Corporate profits revised for Q2 0830 -- 9.7% GDP final for Q2 0830 6.6% 6.6% GDP sales final for Q2 0830 -- 7.9% GDP cons spending final for Q2 0830 -- 11.9% GDP deflator final for Q2 0830 6.1% 6.2% Core PCE prices final for Q2 0830 6.1% 6.1% PCE prices final for Q2 0830 -- 6.5% Initial jobless claims 0830 3,35,000 3,51,000 Jobless claims 4-week average 0830 -- 3,35,750 Continued jobless claims 0830 2.800 mln 2.845 mln Chicago PMI for Sep 0945 65.0 66.8

Fri: Personal income mm for Aug 0830 0.3% 1.1% Personal consumption real mm for Aug 0830 -- -0.1% Consumption, adjusted mm for Aug 0830 0.6% 0.3% Core PCE price index mm for Aug 0830 0.2% 0.3% Core PCE price index yy for Aug 0830 3.6% 3.6% PCE price index mm for Aug 0830 -- 0.4% PCE price index yy for Aug 0830 -- 4.2% Markit Manufacturing PMI Final for Sept 0945 -- 60.5 Construction spending mm for Aug 1000 0.3% 0.3% ISM Manufacturing PMI for Sept 1000 59.6 59.9 ISM Manufacturing Prices Paid for Sept 1000 78.5 79.4 ISM Manufacturing Employment Index for Sept 1000 -- 49.0 ISM Manufacturing New Orders Index for Sept 1000 -- 66.7 U Mich Sentiment Final for Sept 1000 71.0 71.0 U Mich Conditions Final for Sept 1000 -- 77.1 U Mich Expectations Final for Sept 1000 -- 67.1 U Mich 1-year inflation final for Sept 1000 -- 4.7% U Mich 5-year inflation final for Sept 1000 -- 2.9% Dallas fed PCE for Aug 1200 -- 3.2%

The Windy Fire burns in Sequoia National Forest near California Springs, California, U.S., September 24. REUTERS/David Swanson

The Day Ahead - North America is compiled by Sourav Bose and Samrhitha Arunasalam in Bengaluru.

For questions or comments about this report, email us at: [email protected].

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