Updated throughout the day
September 10
U.S. stocks had an up and down morning, dipping slightly at the open and rising a bit more midday. The Dow closed with a 0.5% gain, as did the S&P 500. The Nasdaq added 0.8%. Prices for imported goods posted the biggest decline since January last month. Prices were down 1.8%, compared to expectations of a 1.7% drop. Oil gained 4% Thursday, edging close to the $46/barrel mark. The yield on the 10-year Treasury note rose to 2.227%. Don’t forget to set your fantasy lineup! The NFL season kicks off tonight.
Here is what else you need to know:
Senate blocks GOP measure to kill Iran nuclear deal. Senate Democrats voted 58-42 to kill the Republicans’disapproval resolution of President Obama’s nuclear deal with Iran. Politico
U.S. to “scale up” acceptance of Syrian refugees. President Obama wants to admit at least 10,000 Syrians in the next fiscal year. These refugees would boost the total number of refugees allowed in the U.S. to 75,000 for 2016. CNN
New species of human found in South Africa. Scientists have identified a previously unknown species of early human lineage dubbed Homo naledi. Naledi, which means “star” in Sesotho, is a nod to the area where the bones were found. New York Times
Three Colombians charged in global money laundering ring. The U.S. is charging the men in laundering billions of dollars of drug trafficking money through bank accounts in China and Hong Kong. Other defendants remain at large. Reuters
Died: Former Giants safety Tyler Sash. The 27-year-old professional football player died after being found unresponsive in his home Tuesday. Sash played two seasons for the Giants, including their Super Bowl win, but was cut in August 2013. Foul play isn’t suspected, but Sash’s death is under investigation. ESPN
The Justice Department is asking companies to rat out their employees. Stung by accusations that the top cop in the nation let executives get away with criminal activity in the years leading up to the financial crisis, Justice says it won’t consider cutting deals with corporations unless they get names of individuals who promoted allegedly illegal activities. A nationwide memo to prosecutors essentially says it’s not enough to prosecute corporations and get fat fines. It’s time to get the people who made the corporate decisions. New York Times (paywall)
Weak data in China and Japan slap markets. So much for yesterday’s soaring optimism. Concerns over China, fueled by producer prices falling for the 42nd month straight, and a surprise drop in Japanese machinery orders, a gauge for capital spending in the country, helped put Asia’s markets in reverse today. The Shanghai fell 1.39% and the Shenzhen Composite 1.58%. The Hang Seng tumbled 2.57%. The Nikkei meanwhile – after gaining nearly 8% yesterday on hope Japan would expand its stimulus program – fell 2.7%.
China premier rejects QE. In a speech to the World Economic Forum in Dalian, Li Keqiang said he was okay with slower growth. He also said that he expected China to have a soft landing — which suggests that he would be deploying other forms of stimulus. South China Morning Post (paywall)
Yen falls on stimulus speculation. The Japanese yen fell as much as 0.7% against the dollar today following Kozo Yamamoto’s – one of Shinzo Abe’s closest political allies – calls for more stimulus. The world has been jonesing for more stimulus from the land of the rising sun lately, seeing it as practically needed at this point. Financial Times (paywall)
Brazil loses investment grade status. With political risk rising and economic growth tanking, U.S.-based ratings agency Standard & Poor’s stripped Brazil of its prized investment grade status earlier today as it downgraded the nation’s credit rating from BBB- to BB+ – junk – and maintained a negative outlook for the region’s growth. Financial Times (paywall)
And you won’t believe this…
The NFL is dumping Roman numerals. Who knows what XXXL stands for anyway, outside of a lineman’s jersey size? The NFL is switching to Arabic numerals for Super Bowl 50, to be hosted in February 2016. Early Super Bowls didn’t use Roman numerals either, those came along in 1971 for Super Bowl V. CNN
Check out your local prison ratings on Yelp. The online user-review hub allows former prison visitors, from one night stays to long term inhabitants, to rate their experiences. Visiting family and friends also review their experiences. Rikers, for instance, gets a one-star review for its “food [that] tasted like wet noodles and grill gristle.” The Marshall Project
Photo: Freedom House