Bloomberg:
- Draghi Says Euro a Concern as ECB Targets October Decision on QE. (video) Mario Draghi said the European Central Bank is watching the euro’s gains as policy makers edge toward settling the future of their bond-buying program. “The recent volatility in the exchange rate represents a source of uncertainty which requires monitoring” for its impact on price stability, the ECB president told reporters in Frankfurt on Thursday. He said the decisions on QE are “many, complex, and always naturally one thinks about risks that may materialize in the coming weeks or months, so that is the caution behind not specifying a date -- probably the bulk of these decisions will be taken in October.”
- China Cities Face Surging Funding Costs on Default Concerns. China’s cities, towns and counties are facing surging borrowing costs as investors anticipate landmark defaults. A local government financing vehicle in the country’s east was recently forced to pay a coupon on a bond that matched a record. Average financing costs in credit markets for the units that finance roads, bridges and sewers have jumped, with yields for some borrowers surging the most in six years.
- Microsoft(MSFT), Facebook(FB) Gear Up for New Battle on DACA Program. Technology companies’ vociferous support for the children of undocumented immigrants could set the industry up for its biggest showdown yet with President Donald Trump and Republicans in Congress. Executives from Microsoft Corp., Facebook Inc. and Alphabet Inc. were among the strongest in condemning Trump’s decision on Tuesday to end the Deferred Action for Childhood Arrivals program. Known as DACA, it lets children brought to the U.S. as undocumented immigrants work, drive and enroll in college. The president gave Congress six months to pass laws to replace the program. If that doesn’t happen, it could open a new front in the intermittent flame war between the world’s most powerful tech companies and the U.S. government.
- FDA Vows Modernization to Keep Up With Biotech Advances.
Wall Street Journal:
- Israel Strikes Military Sites in Syria. Former Israeli officials say attack is aimed thwarting threats from Iran and its Lebanese ally Hezbollah.
- Senate Advances Bill on Storm Aid, Debt Limit and Spending. Final vote to come right after cloture vote.
- How Trump Could Completely Reshape the Fed.
MarketWatch.com:
- European stocks rise as ECB holds policy steady, but hints toward October update. The Stoxx Europe 600 index SXXP, +0.27% rose 0.3% to close at 374.95, little changed after the conclusion of ECB President Mario Draghi’s news conference in Frankfurt. Only the financial sector finished in the red.
Fox News:
CNBC:
- Comcast(CMCSA) plunges the most in 6 years when exec says expect Q3 subscriber loss.
- Powerful GOP conservatives push back against Trump's deal with Democrats.
- Disney(DIS) shares drop 3 percent after CEO Iger warns profits will be the same as last year.
- Fed's Mester: Don't wait for inflation to rise before hiking rates.
- Photos of Hurricane Irma's devastating tear through the Caribbean. (pics)
- Investors are bailing on insurers even though industry says it can handle Irma. (video)
- People in half of Virginia's counties on track to have ZERO Obamacare insurers next year.
- Analyst sees Amazon(AMZN) shares soaring about 34% over 12 months — here's why. (video)
- Apple(AAPL) shares dip amid report of iPhone production problems.
Zero Hedge:
- FEMA Chief, Miami Beach Mayor Warn: "Get Out Now, This Is A Devastating, Nuclear Hurricane". (map)
- Trump Wants To End The Debt Ceiling, Schumer Agrees. (graph)
- American Society Of Civil Engineers Warns Florida Could See Catastrophic Flooding.
- Powerful Republican Group, With 155 Members, Opposes Trump Debt Ceiling Deal.
- Restoration Hardware(RH) Shorts Annihilated After Company Announces 50% Of Stock Repurchased.
- WTI/RBOB Drop After Harvey Prompts US Crude Production Collapse, Biggest Inventory Build In 6 Months. (graph)
- Gold Tops $1350, Bond Yields Plunge, USDJPY Snaps. (graph)
- EUR Surges, Bund Yields Tumble As Draghi Sends Conflicting Messages. (graph)
- What Wage Growth? Unit Labor Costs Decline Despite So-Called "Tight Labor Market". (graph)
- Jobless Claims Spike Most Since 2005 Amid Harvey Hangover. (graph)