Updated throughout the day
September 3
It appears calm was restored to Asia today as China focused on marching bands and rolling tanks, allowing investors to focus on upbeat US data. Tokyo ended 0.48% higher and Seoul ended up 0.02%. There were also comfortable gains for Singapore and Taipei.
European stocks are also rallying as future data points to Wall Street holding on to its gains from the previous day. The market will no doubt be encouraged by a report by Automatic Data Processing and Moody’s Analytics that shows private payrolls in the US increased by 190,000 jobs last month. That said US shares still sit 8.5% their record high touched in May. So we have a ways to go.
Here’s what else you need to know:
Didi Kuaidi driver faces staggering 100,000 yuan fine. Beijing’s recent crackdown on car-hailing apps hit a new low this week as a Guandong-based Didi Kuaidi driver got slapped with a tremendous 100,000 yuan fine for allegedly “engaging in illegal transport activities and reaping illicit profits.” South China Morning Post
U.K. services PMI falls to 27-month low. While that definitely sounds bad, it’s not. The U.K.’s highly-important services sector growth came in at 55.6 in August – its lowest reading since April 2013 – but well above the threshold separating growth from contraction. However, if you couple it with last month’s manufacturing data, things start looking a bit disconcerting, as Markit’s Chris Williamson said: “the three PMI surveys collectively are pointing to the weakest monthly expansion since May 2013.” Markit
Eurozone PMI climbs to 54.3. Despite all the fragility and nastiness surrounding it, the Eurozone economy proved to be more than resilient to the storms of summer. Business activity in the region surged at its fastest pace in over four years, taking the final Markit Eurozone PMI from 53.9 in July, to 54.3 in August. Surprisingly, Spain was the largest contributor of economic growth, posting its second-highest expansion reading for the past eight and a half years. Markit
S&P cuts Glencore outlook to negative. As if things weren’t bad enough for the once-mighty Glencore, the ratings agency Standard & Poor’s decided to slash its credit outlook rating from stable to negative. The current and continuing slump in commodity prices, seemed to be the main driver behind the move. Financial Times
Japan services PMI surges to 22-month high. “Delicate” may been a favorite word to describe Japan’s economy but you’d never think that just by looking at their services sector. The Nikkei Japan Services PMI came in at 53.7 in August, more than two points higher than its July reading and at its highest level in nearly two years. New service provider growth apparently climbed at a robust pace, while business sentiment strengthened once again to reach a two-year high. Markit
Australian retail sales surprise to the downside. After climbing 0.6% in June, retail sales down under fell 0.1% in July, notching up its first fall since June 2014 and surprising analysts who forecasted a 0.4% rise. Interestingly, interbank rate futures barely reacted to the news, despite the prompt selloff in AUD. It wasn’t all bad though; exports helped Oz’s trade deficit in July narrow to A$2.46 billion from a revised A$3.05 billion. Reuters
Thai police match fingerprint to bomb suspect. Cops investigating the deadly shrine bombing in Bangkok say fingerprints on bomb-making equipment found at the weekend match those of a man detained on Tuesday. BBC
Chinese ships spotted off the US coast. Five Chinese naval ships have been spotted in the Bering Sea off the coast of Alaska, US officials confirm. It is the first time Chinese military vessels have been seen operating in the area. BBC
Obama winning Iran deal. Maryland Democratic Senator Barbara Mikulski is backing President Obama’s nuclear deal with Iran. Mikulski is the 34th vote, making it impossible for the GOP to kill the deal in Congress. Politico
Dreamworks to split from Disney. Steven Spielberg’s DreamWorks will not renew its distribution deal with the Walt Disney Co. The current deal dates back to 2009, but Disney has since acquired both Marvel and Lucasfilm, shifting its focus to branded, tentpole films. Variety
Lego is world’s biggest toy maker. The Danish Lego had a 23% sales increase for the first half of 2015, while Mattel was hit with a 5% drop. “The Lego Movie” as well as special sets for Star Wars, Jurassic Park, and others have boosted the toy maker to world domination. Financial Times (paywall)
Died: Disney star Dean Jones. The go-to actor for Disney films of the 1960s has died aged 84. His credits include “The Love Bug,” “The Million Dollar Duck,” “That Darn Cat!” and “The Shaggy D.A.” CNN
You won’t believe this…
Record-breaking sheep has a close shave with death. An Australian champion sheep shearer has set a new record after clipping a sheep that had become so overgrown its life was endangered. The sheep’s name was Chris. CNN
WeWork improves jobs for support staff — but only for those who didn’t complain. Custodial staff at a contractor agitated for better wages and benefits. After the contractor terminated its relationship with WeWork, the real estate company hired a handful of the contractors on a permanent basis, but only those who didn’t make trouble. We think there’s a word for that. BuzzFeed
Photo: Yoshikazu TAKADA