- Reuters/Ann Saphir
Here is what you need to know.
Jerome Powell speaks at Jackson Hole. But three of the world’s most important central bankers – the European Central Bank’s president, Mario Draghi; the Bank of England’s governor, Mark Carney; and the Bank of Japan’s governor, Haruhiko Kuroda – won’t be in attendance.
China takes another step toward opening its financial markets. The China Banking and Insurance Regulatory Commission on Friday scrapped foreign ownership limits for banks and bad-debt managers, Bloomberg says.
Turkey’s economic crisis has gone off the radar – but there’s a huge chance it could get a whole lot worse. The recent 25% plunge in the value of the Turkish lira has caused credit growth to slow sharply, posing a significant risk to the country’s economy, the HSBC economist Melis Metiner says.
A ‘boogeyman in the housing market’ is said to be making it tougher for Americans to own homes. Americans are spending the most money in almost a decade on mortgage payments as a share of their income, according to Morgan Stanley.
A major Tesla investor is urging Elon Musk not to take the company private. ARK Investment Management – which owns 580,000 shares of Tesla, worth roughly $163.84 million – says that Tesla’s stock price could be worth $4,000 a share but that it’ll never get there on private markets.
Gap stumbles as same-store sales see a bigger-than-expected drop. Shares fell nearly 7% in after-hours trading on Thursday after the retailer said same-store sales in the second quarter fell 5%, worse then the 2.55% drop that was expected, Reuters reports.
Eventbrite is going public. The ticketing website didn’t say how much money it hoped to raise but did say it would use the proceeds from an initial public offering to increase its capitalization and financial flexibility and to pay off its debt, which stands at $66.36 million, according to an S-1 filing out Thursday.
Stock markets around the world are higher. Japan’s Nikkei (+0.85%) posted solid gains in Asia, and Britain’s FTSE (+0.22%) leads in Europe. The S&P 500 is set to open up 0.23% near 2,863.
Earnings reporting is light. Foot Locker reports ahead of the opening bell.
US economic data trickles out. Durable-goods orders are scheduled for release at 8:30 a.m. ET. The US 10-year yield is up 1 basis point at 2.84%.