Here is what you need to know.
The European Central Bank meets. Expectations are for the central bank to hold its key interest rate at -0.40% and possibly signal an extension of its quantitative easing program beyond the currently scheduled end in March 2017. The decision will cross the wires at 7:45 a.m. ET and Mario Draghi’s press conference will occur at 8:30 a.m. ET. The euro is up 0.5% at 1.1300 against the dollar.
China’s trade surplus narrowed slightly. Exports fell 2.8% year-over-year and imports rose 1.5%, making for a trade surplus of $52.05 billion in August, a bit narrower than the $52.31 billion figure seen in July.
China’s steel production is about to fall further behind schedule. China’s top steel making city, Tangshan, has ordered a two-week suspension of production as it grapples with overproduction and pollution, Reuters reports. China’s production has amounted to just 47% of its annual target through the first seven months of the year.
The UK will take its time with Brexit. “We will not take decisions until we are ready, we will not reveal our hand prematurely and we will not provide a running commentary on every twist and turn of the negotiation,” prime minister Theresa May told parliament. The British pound is stronger by 0.2% at 1.3365 versus the dollar.
Hewlett-Packard Enterprise sold its software business. The $8.8 billion deal will give Micro Focus a $50.1% stake in the combined company and pay HPE shareholders $2.5 billion in cash.
Intel is spinning off its McAfee Security unit. Intel and private equity firm TPG will work together to complete the spinoff, which is worth $4.2 billion, or 45% below the $7.6 billion that Intel paid for the company six years ago.
Liberty Media is buying Formula One for $4.4 billion. F1’s biggest shareholder, CVC Capital Partners, and other shareholders, will still own 65% of Formula One stock, but have agreed to give up control to Liberty Media, Associated Press reports.
Stock markets around the world are mixed. Overnight, Australia’s ASX (-0.7%) lagged and Hong Kong’s Hang Seng (+0.8%) led. In Europe, Spain’s IBEX (+0.9%) is out in front. S&P 500 futures are higher by 1.75 points at 2,186.25.
Earnings reports trickle out. Barnes & Noble will report ahead of the opening bell and Restoration Hardware will release its quarterly results after markets close.
US economic data is light. Initial jobless claims will be released at 8:30 a.m. ET. The US 10-year yield is down 1 basis point at 1.53%.
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