- Google announces event on Oct. 6 for the debut of new phones and its first watch. The company said all of the products will be available to order the same day. The in-person event is scheduled to start at 10 a.m. ET and will be held in New York City. Google said it will also announce updates to its Nest products. The Nest segment includes home speakers, networking products, thermostats, doorbells, security cameras, and more.
- House prices were up 15.8% year-over-year in July. Annual home price growth slowed for the third consecutive month in July but remained elevated at 15.8%. As 30-year, fixed-rate mortgages neared 6% this summer, some prospective homebuyers pulled back, helping ease overheated and unsustainable price growth. Notably, home prices declined by 0.3% from June to July.
- U.S. dollar strength lifts Americans’ relative spending power. An index that considers inflation when measuring the dollar’s strength relative to currencies of major U.S. trading partners in July topped its previous peak in 2002, showing how the dollar’s surge has helped mitigate rising domestic prices. The dollar’s strength makes imports cheaper while lifting the cost of U.S. goods for international consumers. Read more here.
- ISM® services index increased to 56.9% in August. Economic activity in the services sector grew in August for the 27th month in a row — with the Services PMI® registering 56.9 percent — say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. This was above expectations. The employment index increased to 50.2%, from 49.1%. Note: Above 50 indicates expansion, below 50 in contraction.
- SoftBank nears $2 billion sale of Fortress to Mubadala. The purchase could value the US asset manager at more than $2 billion. The Abu Dhabi sovereign fund could announce an agreement in the coming weeks. Rajeev Misra, a key lieutenant to SoftBank founder Masayoshi Son with close ties to the Gulf emirate, is playing a key role in brokering the deal. Read more here.
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WHAT TO WATCH
- Oil royalty and mineral companies Sitio and Brigham to Merge in a $4 billion tie-up. Sitio and Brigham, like the rest of the industry, both have had increasing profits in the past few months on the back of rising oil prices. Combining the two companies would allow the new entity to achieve economies of scale and become a leader in the minerals-rights industry, the companies said.
- Illumina to appeal European Commission decision to block Grail acquisition. Illumina received the decision from the European Commission on Tuesday. The deal between Illumina and Grail “would have stifled innovation and reduced choice in the emerging market for blood-based early cancer detection tests,” the European Commission said in a news release Tuesday.
- Volkswagen plans IPO for Porsche brand. The offering could value Porsche at between 60 billion euros and €85 billion, equivalent to between $59.8 and $84.6 billion. The German auto giant said it would now begin meeting individual investors to weigh demand and determine the price for the shares, which could begin trading by the end of the month. Read more here.
- Ernst & Young leaders expected to approve the plan to split the accounting company. The accounting giant’s global executive committee, which oversees the firm’s 312,000-person worldwide network, met on Labor Day to put the finishing touches to the plan for a worldwide breakup. The committee is expected to approve the plan later this week, which will trigger votes on the deal by EY’s roughly 13,000 partners.
- This is a big week for Disney investors. Disney+ Day is coming on Thursday, giving subscribers of the fast-growing premium streaming video service new content to check out. Then we get three days of presentations at the D23 Expo, an event that is returning after a three-year absence with big news across the entertainment bellwether's various properties. Read more here.