— Global market volatility soared after the interest rate differential between Japanese and U.S. government bonds became likely to shrink, making the “carry trade” less lucrative.
— Traders are expecting a significant interest rate cut by the Federal Reserve in mid-Sept. (50 vs. 25 basis points) as U.S. economy shows more signs of heading into recession.
— New claims for U.S. unemployment benefits fell to 233,000 in latest week, less than expected, in a positive sign for the labor market after a big drop in new hires for July.
— The Chinese government is stepping up tax collection to close its massive budget deficit; personal income taxes in China bring in only about 9% of government tax revenue.
— Facing an array of legal challenges, the Securities & Exchange Commission defended its climate disclosure regulations in court, saying the disclosures are material to investment decisions and therefore under its purview.
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