Today's Headlines

Bloomberg:

• Russian Official Says U.S. and Russia Aren't in New Cold War. (video) Russia and the United States aren't in a new Cold War despite spiraling tensions, a senior Russian diplomat said in remarks released Wednesday. Deputy Foreign Minister Sergei Ryabkov denounced U.S. sanctions against Russia, but emphasized that the current tension "isn't equivalent to confrontation that may spill into open conflict." He added, however, that Russia and the U.S. need to refresh their agreements on preventing incidents at sea and in the air. Speaking to Japanese and Chinese media in remarks released by his ministry, Ryabkov said: "I don't think that such confrontation is possible." He added that decades of experience have taught Moscow and Washington caution.

• Euro-Area Factories Feed Best Growth Spell for Economy in Years. Surging demand for ‘Made in the Euro Area’ goods is feeding an economy that is creating jobs and finally also seeing price growth accelerate. A Purchasing Managers’ Index for manufacturing rose to 57.4 in August from 56.6 in July, according to IHS Markit. That’s the highest reading in two months and compares with a median estimate for a slowdown in activity. Momentum in services unexpectedly cooled to a seven-month low.

• Your Evening Briefing.

• Trump Shutdown Threat Barely Registers in Treasury Bill Market. (video) In a survey to clients, BMO strategists Ian Lyngen and Aaron Kohli said respondents assigned roughly 27 percent odds of a government shutdown, while 77 percent said the event would be bullish for Treasuries, with an estimated drop of 13 basis points in 10-year yields.

• What to Expect From Draghi at Jackson Hole. (video)

Wall Street Journal:

• Global Economies Grow in Sync. Low interest rates help spur a rare expansion in all 45 countries tracked by the OECD.

• Wal-Mart(WMT) and Google(GOOGL) Partner to Challenge Amazon(AMZN). The retail giant will join Google Express, adding hundreds of thousands of items to the online-shopping marketplace.

• Stocks Are Crawling, Not Jumping, to New Records. The Dow Jones Industrial Average hasn't closed up 1% or more since April.

• States Watch Iowa’s Push to Reshape Health Law. Officials seek waiver to revamp rules, including subsidies; Ohio, Oklahoma, others consider changes. 

• WPP Sounds a Warning Signal on Consumer-Ad Spending; Shares Sink. World’s No. 1 advertising company is being hit by belt tightening at consumer-goods companies.

• The Great Nazi Scare of 2017. Fear the majoritarian mob, whatever its ideological predisposition.

MarketWatch.com:

• European stocks end lower amid strong factory activity.

Fox News:

• Republicans line up to challenge Elizabeth Warren for Senate. (video)

• Trump turns up heat on Senate Republican foes. (video)

CNBC:

• Watch Paul Ryan talk tax reform at Intel facility in Oregon. (video)

• The hot stock that one market bear is buying. (video) "The semiconductor ETF (SMH)] is hanging inside of this little range here that we've seen for the summer, and it's possible that we're going to break higher," Gordon said Tuesday on CNBC's "Trading Nation." "The vehicle of choice in the chips, no surprise here, is going to be Nvidia."

• Alphabet(GOOGL) trains self-driving cars in a virtual world and a 'fake city' in rural California.

• Wall Street believes these stocks can survive Amazon's(AMZN) retail apocalypse.

• This one surging metal could see an even bigger rally ahead. (video)

• The best mega-cap technology stock may not be in the US. MKM Partners raised its return expectations for Alibaba(BABA) over the next year, declaring that the Chinese e-commerce company has the "best fundamentals of the mega-caps."

Zero Hedge:

• ESPN Pulls Asian Announcer Named Robert Lee To Avoid A Mass Triggering Event.

• United Nations Issues Rare "Early Warning" - Signals Potential Civil Conflict In America.

• Hillary Says "Creep" Trump Made Her "Skin Crawl".

• El-Erian Warns Vexed Central Bankers "The Lowflation Demon Is Real".

• WTI Algos Uncertain After Gasoline Inventories Draw But Crude Production Surges. (graph)

• New Home Sales Crash In July Following Plunge In Household Formations. (graph)

• US Services Economy Soars To Highest Since April 2015 As Manufacturing Slumps. (graph)

• Draghi: Trillions In QE Have Made Economies "More Resilient".

• Egypt Snubs Kushner, Cancels Meeting After US Yanks $300 Million In Aid.

PredictIt:

• The odds of a government shutdown on 10/2 are rising to a 25% chance from a 21% chance the prior day.