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U.K. inflation rises, the UN agrees new North Korea sanctions, and Apple has a new product. Here are some of the things people in markets are talking about today.
U.K. inflation, Brexit vote
Inflation accelerated to 2.9 percent in August, more than economists had expected, with clothing prices posting their biggest surge in almost three decades. Core inflation also rose, adding to the policy headache facing the Bank of England ahead of Thursday’s monetary policy meeting. The U.K. parliament voted 326 to 290 to let the prime minister’s Brexit law advance, meaning the government’s strategy for leaving the European Union remains on track.
The United Nations Security Council approved new sanctions on North Korea after the U.S. dropped demands to impose an oil embargo on the country in order to win support from China and Russia. The measures include reducing gasoline and diesel imports to the country by 56 percent and capping oil supply at current levels, while banning textile exports. The Pyongyang regime, which South Korea says remains ready to test anther nuclear device, has yet to respond to the measure.
Apple Inc. is holding a product event this evening at which it’s expected to launch three new iPhones, including the premium, $1,000-plus iPhone X. While the iconic product changed the phone market when it was first released some 10 years ago, it has lost its lead on technology to competitors.
Yesterday’s record-high close in U.S. stocks helped lift equities across the globe. Overnight, the MSCI Asia Pacific Index gained 0.3 percent, while Japan’s Topix index added 0.9 percent as the yen weakened further against the dollar. In Europe, the Stoxx 600 Index was 0.5 percent higher at 5:45 a.m Eastern Time, while S&P 500 futures climbed 0.1 percent. 10-year Treasury yields were at 2.151 percent and gold was lower.
OPEC’s estimate of its oil production is expected to show a decline in August from the previous month after Saudi Arabia pared output, according to a person familiar with the matter. West Texas Intermediate for October delivery was at $47.84 a barrel as of 5:45 a.m. as refiners in the U.S. continue to come back online after the damage suffered from Hurricane Harvey.
What we've been reading
This is what's caught our eye over the last 24 hours.
- Three reasons the global rally can keep going.
- The dollar’s weakness is a good-news story about world growth.
- Voice brokers beware: New MiFID rules may cost you your job.
- How changes to Norway's $995 billion fund could hit debt markets.
- Bitcoin diehards are undeterred by China.
- An Argentine billionaire wants to list his cows in New York.
- Cassini hits the self-destruct button.