Good morning. Here’s what you need to know.
- Asian markets were mixed, with Japan’s Nikkei closing up 0.01%; Korea’s KOSPI up 0.49%; and Hong Kong’s Hang Seng down 0.17%. European markets were also mixed, as were U.S. futures.
- Last night, President Obama addressed the nation on the need to take action in Syria. Though, when the president said that he had asked Congress to delay the vote in order to work on a diplomatic solution, markets around the world spiked (oil futures, on the other hand, instantly dropped before gaining back).
- Japan’s business sentiment is on the rise. The business survey index (BSI) came in at 15.2 in July-September, compared with 5.0 in April-June. Japan’s stocks have been on a tear this week, aided by positive GDP revisions and the announcement of the 2020 Tokyo Olympics.
- UK unemployment dropped to 7.7% vs. expectations of 7.8% and jobless claims fell 36,000 vs. a predicted drop of 21,000. Bank of England head Mark Carney said last month the central bank won’t consider raising interest rates until 7% unemployment.
- More than 200 big name economics professors — like Alan Blinder, Christina Romer, Joseph Stiglitz, and Robert Shiller — have signed an open letter asking President Obama to appoint Fed Vice Chair Janet Yellen as Ben Bernanke’s successor. “[Yellen's] knowledge of how the Fed sets policy, her understanding of the relationship between monetary policy and economic growth, and her ability to see and propose solutions to emerging economic problems is second to none,” they wrote.
- Bond king Jeff Gundlach of DoubleLine Funds reiterated his calls for for interest rates and inflation to remain low in his latest webcast. But Gundlach also addressed the bleak situation in emerging markets. “I would not own the Indian stock market,” he said. “It looks very scary.” Gundlach’s position? “Long China, short India. Long Russia, short India.”
- Public Advocate Bill de Blasio came out victorious in last night’s Democratic primary for New York City mayor. It looks like De Blasio topped 40% in the polls, the figure he needed to beat to avoid a run-off. In the Republican race, former deputy mayor Joe Lhota beat businessman John Catsimatidis 52% – 40%.
- The Greater Las Vegas Association of Realtors has reported 19 months of rising prices and increased inventory. Non-contingent inventory has spiked 41.1% year-over-year, meaning that inventory has perhaps bottomed and prices will begin to slow in one of America’s most distressed housing markets.
- There are 315 dollar billionaires in China, up 64% from a year ago, Agence France Presse reports. A Chinese luxury magazine named Wang Jianlin as China’s richest man, with $22 billion.
- Today marks the 12th anniversary of the 9/11 terrorist attacks. New York City will have a tribute at the September 11 Memorial at the World Trade Center site, the Wall Street Journal’s Heather Haddon reports. “The names of the 2,983 victims lost in 2001 and the bombing of the site in 1993 will be read. Six pauses will mark when the planes hit the towers, when they fell and when the Pentagon and Flight 93 were attacked,” the Journal reports.
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