- Reuters / KCNA
Here is what you need to know.
Geopolitical tensions are rising after North Korea launched a missile that flew over Japan. Japanese Prime Minister Shinzo Abe called the launch “an unprecedented, grave, and serious threat” that damaged the security of the region.
Markets are sliding in response to the launch. Stocks fell across Europe and Asia, and safety assets like gold jumped.
Flooding from Hurricane Harvey is still wreaking havoc. It’s expected to continue for days, with as much as 50 inches of rain forecast in places in and near Houston.
Best Buy posted a strong earnings report. Reuters reports that the big-box retailer turned in better-than-expected quarterly profits and sales, helped by strong demand for smartphones, connected-home devices, and wearable devices. The company’s stock rose 2.8% to $64.20.
UK house-price growth is slowing. The measure turned negative again in August following a jump in the previous two months.
Australian new-home sales hit a 4-year low. According to the Housing Industry Association, sales fell by 3.7%, adding to the 6.9% fall recorded in June, and now sit at their lowest level since August 2013.
There’s another cryptocurrency you may want to get familiar with. It’s called litecoin, and it operates on similar blockchain technology as that of bitcoin, though with faster processing speeds.
US economic data will be released. The S&P CoreLogic Case-Shiller national home-price index will come out at 9 a.m. ET before the Conference Board consumer confidence index is released 10 a.m. ET.
Wall Street is divided over the future of banks. Mutual funds and hedge funds have vastly different positions in bank stocks, according to analysis conducted by Goldman Sachs.
A former manager at Target became a millionaire using one of Wall Street’s favorite trades. Seth M. Golden, a 40-year-old who lives in a suburb of Ocala, Florida, says he’s grown his net worth to $12 million from $500,000 in five years by shorting the CBOE Volatility Index, or VIX.