Here is what you need to know.
Traders are getting worried the government may soon run out of ways to pay its bills. Tuesday’s four-week bill auction drew a high yield of 1.30%, the highest since the 2008 financial crisis, as traders expected a premium in returns from a government that may be running out of funding at the end of September.
Australia’s economy bounces back. Australia’s economy grew at a seasonally adjusted 0.8% clip in the second quarter, improving from the first-quarter reading of 0.3%.
Russia’s inflation hits its lowest level since the collapse of the Soviet Union. Consumer prices rose 3.3% year-over-year in August, making for the weakest reading since the collapse of the Soviet Union in 1991.
Gold hits a one-year high. The precious metal topped $1,342 an ounce on Wednesday, making for its best reading since September of last year.
Robert Shiller says bitcoin is the ‘best example right now’ of a bubble. Bitcoin is up more than 400% since the Nobel-winning author first called bitcoin a bubble in January 2014.
Banks could make a fat payday from the United Technologies acquisition. Morgan Stanley is set to make $35 million to $45 million for advising United Technologies, according to Jeffrey Nassof, the director of the consulting firm Freeman & Co., while JPMorgan and Citigroup will split an estimated $45 million to $60 million for advising Rockwell Collins.
Facebook was outbid for the rights to stream Indian cricket matches. The social-media giant’s $610 million bid for the rights to stream five years of games from the Indian Premier League, the most popular cricket league in the world, was runner-up to Star India’s $2.5 billion bid.
Stock markets around the world are mostly lower. Hong Kong’s Hang Seng (-0.46%) lagged in Asia, and Britain’s FTSE (-0.57%) trails in Europe. The S&P 500 is set to open little changed near 2,460.
Earnings reports trickle out. RH reports after markets close.
US economic data is heavy. The trade balance will be released at 8:30 a.m. ET before Markit US Services PMI and ISM nonmanufacturing cross the wires at 9:45 a.m. ET and 10 a.m. ET. Finally, the Fed’s Beige Book is due out at 2 p.m. ET. The US 10-year yield is up 1 basis point at 2.07%.