Jake Novak's Morning Business Briefing, 9/3
STOCKS/ECONOMY
-Stock futures are sharply lower on new trade and Brexit fears. We get U.S. manufacturing data for August and construction data for July later this morning.
-The yield on the 10-year Treasury bond is down to 1.48 percent while the 2-year yield is at 1.50 percent, meaning the two yields remain inverted.
-Gold is up this morning and at the $1,541 per ounce level. Bitcoin surged higher over the long weekend and is back up to the $10,300 level.
-The British pound is at 1.1989 to the dollar, its lowest level in 35 months as the chances for a no-deal Brexit rise. The euro is at a 28-month low of 1.093 to the dollar.
TRADE WARS
-The U.S. and China began imposing new tariffs on each other as the weekend ended, and China now says it is going to the WTO to formally protest the U.S. tariffs.
-President Trump says a trade deal is in the works with Brazil that will help U.S. farmers hurt by the loss of Chinese business.
-Huawei is accusing the U.S. of launching cyber attacks on its businesses.
OIL/ENERGY
-U.S. crude prices are down more than 1 percent and at the $54 a barrel level.
-Gasoline prices are at $2.57 a gallon, national average.
-Saudi Aramco is replacing Chairman Khalid al Falih as the kingdom's government wants a new leader to speed up the process of the company's future IPO.
HURRICANE DORIAN
-Dorian has been downgraded to a category 3 storm as it continues to churn over parts of the Bahamas. The storm seems to be taking a more northern turn and could avoid making a direct hit on Florida.
TERROR/DEFENSE
-Iran is stifling a United Nations probe of its alleged storage of nuclear equipment and radioactive material, diplomats say, leading to fresh concerns about Tehran’s nuclear activities.
-A U.S. diplomat in Afghanistan says the U.S. has reached an agreement in principle to withdraw 5,400 of its 8,600 troops in the country within months of any peace deal with the Taliban.