- Reuters/Remo Casilli
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Goldman Sachs says the hurricanes Harvey and Irma will have a big impact on US growth. The storms will erase 0.8 percentage points from third-quarter gross domestic product, which Goldman thinks will now come in at 2%, a note sent out by economist Spencer Hill said.
UK unemployment hits a 42-year low. Unemployment dipped to 4.3% in the three months that ended in July, data released Wednesday by the Office for National Statistics showed.
Bitcoin dives below $4,000 after Jamie Dimon called it a “fraud.” The cryptocurrency has fallen 7.5% to $3,928 a coin after JPMorgan CEO Jamie Dimon said it was a “fraud” that was “worse than tulip bulbs.”
Jeff Gundlach says the dollar is overdue for a rally. In his quarterly webcast, DoubleLine Capital founder Jeff Gundlach said the dollar was overdue for a rally and the US dollar index (currently 91.85) could climb as high as 97 before seeing another leg lower.
Shares of Apple suppliers were hit hard after Tuesday’s event. Zhejiang Quartz Crystal Optoelectronic Technology – a company that supplies optical filters for the iPhone cameras – fell as much as 9% in China, and Pegatron Corporation, which assembles the iPhone, slid more than 3% in Taiwan after Tuesday’s Apple event.
Nordstrom wants to go private. The Nordstrom family and the private-equity firm Leonard Green & Partners are in talks to raise $8 billion to buy the 68.8% of the company not controlled by the family, CNBC says.
Toshiba is in chip talks with Bain. Toshiba and Bain have signed a memorandum to set up talks for Toshiba’s struggling chip business, Reuters says.
Seadrill files for bankruptcy. The oil-rig firm filed for Chapter 11 bankruptcy in a Texas court, nearly wiping out existing shareholders, in an effort to get its massive debt load under control, Reuters reports.
Stock markets around the world trade mixed. Japan’s Nikkei (+0.45%) was out front in Asia, and Britain’s FTSE (-0.42%) trails in Europe. The S&P 500 is set to open down 0.11% near 2,494.
US economic data trickles out. PPI will be released at 8:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.16%.