Wednesday, September 12, 2018
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What to watch today
On Wednesday, Apple is expected to reveal three new iPhones with the Apple Watch also rumored to be getting a design upgrade, the first major update to the device’s look since it debuted in 2015. Apple (AAPL) stock rose the most in five weeks on higher than average trading volume ahead of the event.
Outside of Apple’s event, the main economic highlight is likely to be the Federal Reserve’s latest Beige Book, a collection of economic anecdotes from each of the central bank’s 12 districts. This report helps form the basis of the discussion at the Fed’s next policy meeting, which is slated to kick off in two weeks’ time. Elsewhere on the economic calendar investors will get the August reading on producer prices, which are expected to rise 0.2% over last month.
. (AP Photo/Susan Walsh)
As Trump embraces more tariffs, U.S. business readies public fight: After months of waging a behind-the-scenes war against President Donald Trump’s trade tariffs that have escalated far beyond what business groups once imagined, more than 60 U.S. industry groups are launching a coalition on Wednesday to take the fight public. [Reuters]
Online firms face EU fine if extremist posts stay up: The European Union’s chief executive proposed fining Google, Facebook (FB), Twitter (TWTR) and other online platforms if they fail to remove extremist content within one hour. Brussels gave internet firms three months in March to show they were acting faster to take down radical posts, but EU regulators say too little is being done without legislation forcing them to do so. [Reuters]
U.S. securities law can cover cryptocurrencies: U.S. securities law can be used to prosecute fraud cases over cryptocurrency offerings, a New York federal judge ruled in what appeared to be the first court decision to address the issue. [Reuters]
China’s Tesla rival prices $1B IPO near bottom: NIO Inc. sold stock in its U.S. initial public offering near the lower end of its target range, people with knowledge of the matter said, as investors scrutinize the Chinese electric-car maker seeking to take on the likes of Tesla Inc. (TSLA). The Tencent Holdings Ltd.-backed company raised about $1 billion. [Bloomberg]
Uber accused of cheating drivers: Uber Technologies Inc. may be saving more than $500 million a year by misclassifying its California drivers as independent contractors, according to a lawsuit that claims the ride-hailing company is flouting a ruling by the state’s highest court. [Bloomberg]
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