- Global equities brushed off escalating trade tensions between the U.S. and China for a 1.6% weekly gain
- President Trump moved forward with the much-discussed round of tariffs on $200 billion worth of exports from China. Duties will start at 10% and could rise to 25% by the start of 2019 if no deal with China is reached. As promised, China retaliated with a new round of tariffs on $60 billion of U.S. goods. Each country’s measures will take effect on September 24. President Trump has threatened a further round of tariffs on $267 billion in China goods if U.S. trade relations with China do not improve.
- Europe sees a drop in flash manufacturing Purchasing Managers’ Index data
- European Union leaders rejected UK’s Brexit plan and called for a solution to be reached within four weeks
- Japan Prime Minister Shinzo Abe is set to remain in power through 2021, meaning Japan’s current economic initiatives will likely continue
- The Fed is expected to raise interest rates on Wednesday which would place the Fed funds rate in the 2% to 2.25% range. Markets anticipate about a 73% probability of another rate hike in December.
- Friday’s release of Personal Consumption Expenditures Core expected to remain near the Fed’s 2% target
- The current telecommunication services sector will be paired with a number of internet and media companies to form a newly created communication services sector
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