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Markets are called to open higher this morning. Asian stocks rose, extending the longest rally in the benchmark index this year, as China’s industrial production and retail sales beat estimates, adding to signs the second-largest economy is rebounding.
In the US, the Federal Reserve has said any reduction in stimulus will be tied to a sustained recovery in U.S. employment. The central bank will decide to cut its $85 billion in monthly bond purchases this month, according to 65 percent of economists surveyed by Bloomberg from Aug. 9-13. The Federal Open Market Committee holds a two-day meeting on Sept. 17-18.
Stock to watch: Apple
Apple Inc.’s introduction of new iPhones is a chance for the company to turn the page on a dour year that included no big new gadgets, a falling stock and stepped-up competition.
Apple will update its flagship product, adding more colors and a less-expensive model, at an event at its Cupertino, California, headquarters today, a person with knowledge of the plans said last month. Apple, which will hold a viewing of the presentation in Beijing for the first time, is also close to securing deals with China Mobile Ltd. and Japan’s NTT DoCoMo Inc. to sell iPhones in Asia’s biggest markets.
Chief Executive Officer Tim Cook, two years after succeeding Steve Jobs, is counting on the new devices to restore some of Apple’s glow by luring new customers and reigniting growth. He’s facing pressure to reverse declining profit as smartphones from Samsung Electronics Co. and other consumer-electronics makers chip away at iPhone sales in an increasingly saturated market.
WHAT TO WATCH:
• PetroChina Said to Mull $10b Investment in Siberian Gas Fields
• Asian Stocks Rise Before China Factory Data
• British House-Price Index Rises to Highest Since 2006: RICS
• Arrow Global Plans IPO on LSE, Seeks to Raise GBP50m
• Sabadell to Raise as Much as EU1.4b With Share Sale
• Orange Sees German Wireless Merger Approval Triggering Shakeup
• Brightside Won’t Get Formal Bid From Marketstudy on Valuation
• Sika Appoints Thomas Hasler Chief Technology Officer
• Netflix Added to Virgin Media U.K. Pay TV in Industry First
• Hungary FX Loan Solution Must Include Govt: Bank Group
• Barclays to Pay $36m for Securitization Role in Subprime
• EU’s Rehn Questions French Plan for Pension Reform: Le Figaro
• Deutsche Telekom Said to Select Four Buyout Firms for Scout Bids
• German Construction Mkt May Shrink This Year: Berliner Zeitung
• Merkel Says Europe Can’t Just Rest on Its Renaissance Laurels
• Obama Calls Russia’s Syria Weapons Proposal ‘Potentially Positive’
EARNINGS All times CET, estimates where available:
• Partners Group Holding (PGHN SW) 7am, 1H
• Ashmore Group (ASHM LN) 8am, FY adj. EPS est. GBP0.26
• Whitbread (WTB LN) 8am, 2Q trading update
• Deutsche Lufthansa (LHA GR) TBD, Aug.
Good day and happy trading!
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