Updated throughout the day
September 15
Good evening.
U.S. stocks rallied just before the Federal Reserve begins discussions about whether to raise interest rates. The Dow had a 1.4% boost Tueday, the S&P 500 gained 1.3%, and the Nasdaq added 1.1% after steady gains all day. Oil gained more than 2.5%, ending the day above $45/barrel. In Asia, the Shanghai Composite closed down 3.5%, and Hong Kong’s Hang Seng fell 0.6. Meanwhile, the Stoxx Europe 600 closed with a 0.92% gain.
Here is what else you need to know:
Cuban President Raul Castro headed to New York. Castro will address the U.N. General Assembly later in September. The visit will be the first to the U.S. for Castro as the Cuban head of state. Castro’s brother Fidel holds the record for longest U.N speech, at four and a half hours. Reuters
Survey says: Insiders are beating the market before event disclosures. Researchers at Columbia and Harvard universities found that executive and board members regularly beat the market with returns from buying and selling stock before they disclose significant events. Wall Street Journal
Judge all you want. Facebook is adding a “dislike” button. Founder Mark Zuckerberg revealed that the social media network is “very close” to having a dislike button ready for user testing. Since the “like” button was introduced in 2009, users have steadily requested a dislike button. BBC
Died: Subway co-founder Fred DeLuca. The cause of death has not been revealed, but the 67-year-old DeLuca was diagnosed with leukemia in 2013. DeLuca helped found the sandwich chain in 1965, and had just recently turned the day-to-day operations of the company over to his sister. New York Times (paywall)
House considering a lift on the oil exports ban. Republicans are planning to vote in the coming weeks on a bill to lift the 40-year ban on oil exports. Oil companies have been lobbying Congress to allow them to benefit from the domestic oil boom. Wall Street Journal
Credit Suisse nears deal to settle claims over dark pool Credit Suisse is expected to pay at least $80m to settle allegations that it misled clients about its dark pool, trading venues meant to allow asset managers to trade large blocks of shares without moving the price against them. Financial Times.
Suspected Mississippi gunman dead after shooting himself. A professor who allegedly killed his live-in girlfriend before shooting and killing a fellow professor on the campus of Delta State University killed himself during a police pursuit. Washington Post
North Korea Nuclear site “in operation”. North Korea says its main nuclear facility, the Yongbyon complex, has resumed normal operations. The country was improving its nuclear weapons “in quality and quantity”, a state-run news agency said. Yongbyon’s reactor was shut down in 2007. BBC
Utah flash floods kill eight people, five others missing. Officials in Utah say eight people have died and five others are missing early after floodwaters slammed into two vehicles carrying women and children in a small town near the Arizona border Monday afternoon. NBC
California wildfires displace 23,000 people. The governor of California has declared a state of emergency after wildfires forced people to flee their homes in the north of the state. Governor Jerry Brown said fires destroyed and threatened buildings in the Napa and Lake counties. BBC
You won’t believe this:
Wear food on your head. All the cool kids are doing it. The latest fashion craze in China is food hair clips. Ladies and young girls are sporting everything from dumplings to chicken wings on their heads. BuzzFeed
Jeb ain’t the one with the smarts afterall. Jeb Bush’s presidential campaign has brought with it the idea that he’s the smarter of the two political Bush brothers. But experts on the Bush family say it’s an old idea, and it might not be right. The New York Times
Photo:Aleem Khan