Here is what you need to know.
Australia has gone what seems like forever without a recession. The Australian economy grew 0.5% quarter-over-quarter in the April through June period. And while the reading was a bit below the 0.6% growth that was expected, it marked Australia’s 25th consecutive year without a recession. The Australian dollar is down 0.1% at .7678 per dollar.
British manufacturing fell sharply in the wake of Brexit. Data from the Office for National Statistics showed manufacturing production fell 0.9% in July, missing expectations of a 0.4% decline. While the reading was disappointing, it should be noted that production fell 0.2% in June and 0.6% in May. The British pound is weaker by 0.5% at 1.3370 versus the dollar.
Turks don’t want to join the EU. Turkish Foreign Minister Mevlut Cavusoglu says the government is under pressure to end negotiations to join the EU as Turks see a “double standard” being applied following the coup attempt earlier this year.
Apple is holding a new product event. The tech giant is expected to launch the iPhone 7 and an upgrade to the Apple Watch at its 1 p.m. ET event in San Francisco, California.
Bill Ackman has taken a massive stake in Chipotle. Ackman’s hedge fund, Pershing Square, disclosed a 9.9% stake in the fast casual burrito chain, saying in a 13D filing that the stock is “undervalued and is an attractive investment.”
Lego has a plan to revive US sales growth. The world’s largest toy maker says it is building a new plant in China and increasing production elsewhere in an effort to add production capacity to meet growing demand in North America.
Credit Suisse has a new head of global markets. Brian Chin has been named CEO of global markets and will join the executive board of the investment bank, Reuters reports.
Stock markets around the world are mixed. Japan’s Nikkei (-0.4%) lagged in Asia and Spain’s IBEX (+0.8%) leads the pack in Europe. S&P 500 futures are down 1.25 points at 2,183.25.
Earnings reporting is light. Hewlett Packard Enterprise will report after markets close.
US economic data is light. JOLTs Job Openings will be released at 10 a.m. ET and the Fed’s Beige Book will cross the wires at 2 p.m. ET. The US 10-year yield is unchanged at 1.54%.
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