MARKET RECAP at 4 pm ET

Indexes slipped as uncertainty over

higher corporate taxes and an

upcoming Federal Reserve meeting

weighed on sentiment. The 10-year

note yield rose to touch a two-month

high. Stronger than expected retail

sales data on Thursday continued to

support the dollar, taking away some

of gold's shine. Oil fell as supply came

back in the U.S. Gulf of Mexico

following two hurricanes.

Coming Up - On Monday On the U.S. economic calendar, the

NAHB/Wells Fargo Housing Market

index is due. It is expected to come in

at a reading of 74 in September from

75 in the previous month.

Homebuilder Lennar Corp is expected

to report a rise in third-quarter profit

and revenue, helped by strong demand

and higher home prices amid a severe

housing shortage in the United States.

Investors will look for updates on the

company's financial forecast.

The lithium industry is likely to hold

its largest annual gathering, as

concerns grow over whether supply

can keep up with rising demand for the

white metal as EV standards are set

across the globe and the internal

combustion engine is phased out.

Speakers and presentations from

NeoLithium, Piedmont Lithium, industry

consultants and scientists, and more.

LIVECHAT-REUTERS GLOBAL

MARKETS FORUM

Mike Dolan, Reuters Editor at Large,

Finance & Markets, takes a look at the

major themes and key events to watch

in the week ahead. (0600ET/1000

GMT) To join the conversation, click

here

KEY ECONOMIC EVENTS

NAHB Housing Market Index for Sep 1000 74 75

Events ET Poll Prior

STOCKS Close %Chng Yr-high Yr-low Chng

DJIA 34583.17 -168.15 -0.48 35631.19 26143.77

Nasdaq 15043.97 -137.96 -0.91 15403.44 12397.05

S&P 500 4432.70 -41.05 -0.92 4545.85 3662.71

Toronto 20490.36 -111.74 -0.54 20897.57 15418.46

FTSE 6963.64 -63.84 -0.91 7224.46 6397.24

Eurofirst 1779.51 -16.39 -0.91 1836.57 1521.71

Nikkei 30500.05 176.71 0.58 30795.78 26954.81

Hang Seng 24920.76 252.91 1.03 31183.36 24505.21

TREASURIES Yield Price

10-year 1.3702 -12 /32

2-year 0.2277 -1 /32

5-year 0.8681 -5 /32

30-year 1.9078 -20 /32

FOREX Last % Chng

Euro/Dollar 1.1729 -0.30

Dollar/Yen 109.92 0.20

Sterling/Dollar 1.3735 -0.38

Dollar/CAD 1.2749 0.54

TR/HKEX RMB 99.01 -0.14

COMMODITIES ($) Price Chng % chng

Front Month Crude /barrel 71.95 -0.66 -0.91

Spot gold (NY/oz) 1751.81 -1.58 -0.09

Copper U.S. (front month/lb) 0.0424 -0.0004 -0.90

CRB Index Total Return 236.08 -1.94 -0.81

S&P 500 Price $ Chng % Chng

GAINERS

Thermo Fisher Scientific Inc 596.60 36.16 6.45

Invesco Ltd 26.24 1.35 5.42

Centene Corp 64.67 3.08 5.00

LOSERS

International Flavors & Fragrances Inc

135.21 -7.91 -5.53

Unum Group 24.42 -1.41 -5.46

Copart Inc 143.96 -8.31 -5.46

A file photo of real estate signs advertising new homes for sale in multiple new developments in

York County, South Carolina, U.S., February 29, 2020. REUTERS/Lucas Jackson

2

U.S. Federal Reserve's Federal Open

Market Committee starts its two-day

meeting on interest rates on Tuesday.

Investors will look for an update on the

central bank's tapering strategy.

On the U.S. economic front, the

Commerce Department is scheduled to

release second quarter data for

current account deficit, on Tuesday.

It is likely to show a $191.2 billion gap

following a $195.7 billion gap in the last

quarter. On the same day, permits for

future homebuilding is expected to

rise to 1.6 million units in August after

rising 1.635 million units in July.

Separately, August data for housing

starts is also due. It is likely to rise to

1.560 million units from 1.534 million

units in July. On Wednesday, existing

home sales are expected to have

dropped to 5.88 million units in August

from 5.99 million units in July. On

Thursday, data on initial claims for

state unemployment benefits for the

week ended Sept. 18 is due. The IHS

Markit survey's flash services sector

PMI is also due on the same day. On

Friday, the Commerce Department is

scheduled to release new home sales

data. It is likely to show a rise of 0.713

million units in August from 0.708

million units in the previous month.

On Thursday, Nike Inc is expected to

post a rise in first quarter sales and

profit, but all eyes will be on the

company's outlook for the rest of the

year, with analysts' expecting factory

closures in Vietnam due to the COVID-

19 pandemic to have a major impact on

footwear supplies in the coming

months.

Membership-only retail chain Costco

Wholesale Corp, on Thursday, is

expected to post a jump in fourth-

quarter revenue as COVID-19

vaccinations and easing curbs boosted

consumer spending. Investors will be

on the lookout for the company's

commentary on supply-chain concerns

and the impact of the Delta variant on

its business

Cheerios cereal maker General Mills

Inc is expected to post a dip in first-

quarter revenue, on Wednesday, as

the reopening of restaurants has

slowed demand for packaged foods.

Analysts and investors will be looking

out for the company's comments on

inflation.

Car companies from around the world

roll into Detroit to show their latest

offerings in the North American

International Auto Show, on Friday.

On Friday, a conference is scheduled

before U.S. District Judge Kevin

Castel in Manhattan in multidistrict

litigation involving some 20 lawsuits,

including a lawsuit led by Texas on

behalf of 14 US states, accusing

Alphabet Inc's Google of antitrust

violations for acting like a display

advertising monopoly.

On Wednesday, an initial conference is

scheduled before a federal judge in

Manhattan in former Fox News

associate producer Jennifer Eckhart's

lawsuit against the network and former

anchor Ed Henry accusing Henry of

promising career advancement to

coerce her into a sometimes violent

sexual relationship including rape, and

accusing the network of allowing a

hostile work environment.

U.N. Security Council high-level is

expected to schedule a public meeting

on security and climate change, on

Thursday. The meeting will be

convened on the sidelines of the

annual gathering of world leaders at

the United Nations in New York.

Argentina's gross domestic product

data for second quarter is scheduled

for release on Tuesday. The country's

trade balance data for August is due

for release on Wednesday. Argentina is

also expected to release second

quarter data for unemployment rate

on Thursday. On Friday, Brazil is

scheduled to post current account

data for August. It post a deficit of

$1.584 billion in July. The country's

IPCA-15 consumer price index is

also due on the same day.

Coming Up - Week Ahead

A file photo of the Federal Reserve building set against a blue sky in Washington, U.S., May 1,

2020. REUTERS/Kevin Lamarque

3

U.S. stocks closed sharply lower in a

broad sell-off, ending a week buffeted

by strong economic data, corporate tax

hike worries, the Delta COVID variant,

and possible shifts in the U.S. Federal

Reserve's timeline for tapering asset

purchases. "We're seeing a market

where investors are pulling to the

sidelines," said Peter Cardillo, chief

market economist at Spartan Capital

Securities in New York. "It's a market

that's being driven by cautiousness

rather than any shift in fundamentals."

Pfizer hit a session low of $43.31 after

an FDA advisory panel rejected a plan

to offer COVID-19 booster shots. The

company's share closed 1.39% down

at $43.85. The Dow Jones Industrial

Average fell 0.48% to 34,583.17, the

S&P 500 lost 0.92% at 4,432.71, and

the Nasdaq Composite was down

0.91% to 15,043.97. For the week, the

S&P fell 0.58%, the Dow lost 0.07%

and the Nasdaq shed 0.47%.

Government bond yields rose, with

the 10-year yield touching a two-month

high, as traders look ahead to a busy

week of central bank meetings

including a key one at the Federal

Reserve. The 10-year yield briefly

touched 1.3855%, its highest level

since July 14. The yield on 10-year

notes was last up 1.3702% to a lower

price of 12/32. Separately, the

government will auction $24 billion in

20-year bonds on Sept. 21 and $14

billion 10-year TIPS on Sept. 23 in

reopenings that will both settle on Sept.

30.

The dollar rose, supported by better-

than-forecast U.S. retail sales data

released on Thursday that backed

expectations for a reduction of asset

purchases by the Federal Reserve

before the end of the year. The dollar

index was last up 0.28% at 93.19.

Currency markets were generally quiet

on Friday with traders reluctant to take

on new positions ahead of a clutch of

important central bank meetings next

week including the Fed, the Bank of

Japan and the Bank of England.

Oil prices fell as energy companies in

the U.S. Gulf of Mexico restarted

production after back-to-back

hurricanes in the region shut output.

Brent crude futures fell 0.45% to

$75.33 a barrel. U.S. West Texas

Intermediate (WTI) crude futures

slipped 0.91% to $71.95 a barrel.

Friday's slump came after five straight

sessions of rises for Brent. On

Wednesday, Brent hit its highest since

late July, and U.S. crude hit its highest

since early August.

Gold's slight rebound from a sharp

selloff in the previous session lost

steam as the dollar gained, with

investors focused on the U.S. Federal

Reserve's tapering strategy. U.S. gold

futures were 0.28% lower at $1,751.8

per ounce. Spot gold edged down

0.1% at $1,751.56 per ounce. "Gold

has been a frustrating, mean-reverting

product most of the time," a NY-based

trader said, adding that it was likely to

be hemmed in the $1,750-80 range

going into the Fed meeting. A strong

hawkish shift could prompt another

knee-jerk, downward reaction in gold

even if it has been priced in already,

said StoneX analyst Rhona O'Connell.

Market Monitor

A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White

4

Top News

U.S. FDA vaccine advisers vote

against COVID-19 booster shot

approval

A panel of expert outside advisers to

the U.S. Food and Drug Administration

voted against approving COVID-19

booster shots for Americans, but may

vote on a narrower approval for older

adults later. The panel voted

overwhelmingly against approving

boosters for Americans age 16 and

older, potentially undermining the

Biden administration's plan to roll out

third shots of the Pfizer/BioNTech

vaccine as soon as next week. The

FDA will take the panel's

recommendation into consideration in

making its decision on the boosters.

But it can reject the advice as it did

recently in approving Biogen's

controversial Alzheimer's drug. Many

committee members were critical of the

booster plan, arguing that the data

presented by Pfizer and the FDA is

incomplete and that the request for

approval for people as young 16 years

old is too broad. Most of them said they

would support boosters for older

Americans, but did not think they were

needed yet for younger adults.

Amazon faces Teamsters union

drive at nine Canadian sites

The Teamsters Union has launched

campaigns to organize employees in at

least nine Canadian facilities of U.S. e-

commerce company Amazon.com,

according to Reuters interviews with

union officials. The influential union

took the first step earlier this week to

organize employees at one of

Amazon's Canadian facilities, and the

interviews reveal it is widening such

efforts across the country, where the e-

commerce company employs about

25,000 workers and plans to add

15,000 more. The campaigns could be

seen as a bet by the Teamsters that

early success unionizing employees in

a more labor-friendly market such as

Canada will inspire similar results south

of the border, where Amazon has so

far fended off unionization attempts. In

the latest challenge to Amazon's anti-

unionization stance, Edmonton,

Alberta's Teamsters Local Union 362

filed for a vote on union representation

at a company fulfillment center in

nearby Nisku late on Monday.

U.S. shale oil firm Pioneer Natural

launches land sale – sources

Top U.S. shale oil producer Pioneer

Natural Resources has put its assets in

the Delaware basin of Texas on the

block, aiming to secure more than $2

billion for the properties, two sources

familiar with the matter told Reuters.

Pioneer wants to streamline its

business and reduce debt after two big

acquisitions this year. In March, it sold

an oilfield services business for an

undisclosed amount. There was no

guarantee Pioneer would end up

striking a deal. A sale would leave

Pioneer focused on the Midland portion

of the Permian, its traditional base. The

assets now for sale were acquired with

its $4.5 billion purchase of Parsley

Energy, the sources said. Parsley has

about 350 wells across four counties in

the Delaware Basin.

Putin's foes accuse Google and

Apple of caving to Kremlin pressure

Russian opposition activists accused

Google and Apple of caving to Kremlin

pressure after the U.S. tech giants

removed an anti-government tactical

voting app from their stores on the first

day of a parliamentary election. The

app, devised by allies of jailed Kremlin

critic Alexei Navalny, gives people

detailed recommendations on who to

vote for in an effort to thwart the ruling

United Russia party which supports

President Vladimir Putin. Members of

the upper house of parliament met

Google and Apple representatives in

the run-up to the election to tell them to

remove the app, or face consequences

including fines and criminal

prosecution. John Sullivan, the U.S.

ambassador to Russia, was also called

to the foreign ministry before the vote

to hear complaints that the companies'

behaviour amounted to U.S. meddling

in Russia's affairs. Google decided to

remove the app after being told its local

staff could otherwise face jail time, one

person familiar with the situation said

on condition of anonymity.

A file photo of Dr. Mayank Amin drawing a dose of the Pfizer-BioNTech coronavirus disease

(COVID-19) vaccine before giving a booster dose at Skippack Pharmacy in Schwenksville,

Pennsylvania, August 14. REUTERS/Hannah Beier

5

Tesla to work with global regulators

on data security -Musk

Tesla will work with global regulators to

ensure data security, Chief Executive

Elon Musk told an industry event in

China. Tesla, which assembles

vehicles for the Chinese market in

Shanghai, has been under scrutiny in

China this year over its storage and

handling of customer data. Cars are

being fitted with an ever-increasing

array of sensors and cameras to assist

drivers but the data such equipment

generates has also raised questions

about privacy and security. "With the

rapid growth of autonomous driving

technologies, data security of vehicles

is drawing more public concerns than

ever before," Musk told the World New

Energy Vehicle Congress on the

southern Chinese island of Hainan via

videolink.

Apple's Cook says he will talk with

U.S. official on immigration

Apple Chief Executive Tim Cook told

an all-hands meeting of employees he

planned to discuss U.S. immigration

policy with U.S. Department of

Homeland Security Secretary Alejandro

Mayorkas later in the day, according to

a source familiar with the meeting.

During the meeting, Cook also told

employees that a recent U.S. court

decision in an antitrust case brought by

"Fortnite" creator Epic Games hand

resulted in a victory for Apple in nine

out of 10 counts, the source said. The

ruling amounted to "one or two

sentences scratched out of an

agreement" between Apple and

developers on the App Store, the

source cited Cook as saying. He also

told employees that Apple plans to

have a physical retail presence in India.

The country has a massive smartphone

market, but Apple's iPhones have only

a small market share there compared

with Android devices, the source said.

Walgreens Boots heaps bonuses,

rewards for pharmacists amid labor

shortage

Walgreens Boots Alliance will give a

one-time bonus of $1,250 to its full-time

pharmacists and a $1,000 payment to

part-time pharmacists, the drugstore

chain said, as major retailers try to

retain people amid intense labor

shortage. The company said certified

or to-be certified pharmacy technicians

who are responsible for administering

flu and COVID-19 vaccines will be

given $1,000 reward throughout a six-

month retention period. The company

said it was also providing an incentive

of $200 myWalgreens cash to any

employee who gets fully vaccinated

against COVID-19 by Nov. 30.

Walgreens said a majority of the staff

have received their COVID-19

vaccinations and it was mandatory for

support office team staff to be

vaccinated or be enrolled in a regular

testing program to comply with

government regulation.

Ireland raises privacy question over

Facebook smart glasses

Ireland's data privacy regulator said it

had asked Facebook to demonstrate

that an LED indicator light on the social

media giant's newly launched smart

glasses is "an effective means" to let

people know they are being filmed or

photographed. Ireland's Data Privacy

Commissioner (DPC) is the lead

regulator of Facebook under the

European Union's strict data privacy

laws as the firm's European

headquarters are based in Dublin.

Facebook smart glasses, which were

created in partnership with Ray-Ban

maker EssilorLuxottica, allow wearers

to listen to music, take calls or capture

photos and short videos and share

them across Facebook's services using

a companion app.

HBO Max slashes prices in limited

offer as streaming wars heat up

AT&T's HBO Max streaming service

has halved its subscription fees in a

limited-period offer to lure back millions

of subscribers it lost after dropping out

of Amazon.com's Prime video

channels. The limited-time promotion

offer of $7.49 per month - for up to six

months - is available through Sept. 26

for users who accessed HBO via Prime

video channels as well as all new and

returning HBO Max subscribers, the

company said. This is lower than the

Prime video membership of $8.99 per

month, plus taxes. HBO Max service is

normally priced at $14.99 per month.

The announcement comes days after

WarnerMedia, which is owned by

AT&T, stopped HBO subscriptions on

Amazon's streaming service to

establish direct relationship with

subscribers.

Next to run Gap brand in Britain's

retail shake-up

British clothing retailer Next has struck

a deal with Gap, to run the U.S. brand's

business in the UK and Ireland,

bolstering its market reach after

showing its resilience during the

COVID-19 pandemic. The deal gives

Gap the opportunity to retain a

significant presence in Britain and

Ireland, having closed its shops in

those markets earlier this year. The two

groups will form a joint venture to

operate Gap's e-commerce business

across the NEXT Total Platform, set-up

Gap-branded Shop-in-Shops and offer

click-and-collect options for online

customers beginning in 2022. Next will

own 51% of the JV, while Gap will own

49%. Gap will be able to utilise Next's

UK and Ireland store network of around

500 stores.

6

FOCUS-Banks beware, outsiders are

cracking the code for finance

Anyone can be a banker these days,

you just need the right code. Global

brands from Mercedes and Amazon to

IKEA and Walmart are cutting out the

traditional financial middleman and

plugging in software from tech startups

to offer customers everything from

banking and credit to insurance. For

established financial institutions, the

warning signs are flashing. So-called

embedded finance - a fancy term for

companies integrating software to offer

financial services - means Amazon can

let customers "buy now pay later" when

they check out and Mercedes drivers

can get their cars to pay for their fuel.

To be sure, banks are still behind most

of the transactions but investors and

analysts say the risk for traditional

lenders is that they will get pushed

further away from the front end of the

finance chain. And that means they'll

be further away from the mountains of

data others are hoovering up about the

preferences and behaviours of their

customers - data that could be crucial

in giving them an edge over banks in

financial services.

FOCUS-Ford wakes up badly burnt

from its India dream

When Ford built its first factory in India

in the mid-1990s, U.S. carmakers

believed they were buying into a boom

- the next China. The economy had

been liberalised in 1991, the

government was welcoming investors,

and the middle class was expected to

fuel a consumption frenzy. Rising

disposable income would help foreign

carmakers to a market share of as

much as 10%, forecasters said. It

never happened. Last week, Ford took

a $2 billion hit to stop making cars in

India, following compatriots General

Motors and Harley-Davidson in closing

factories in the country. Ford's retreat

marks the end of an Indian dream for

U.S. carmakers. Some of Ford's

missteps can be traced to when it

drove into India in the mid-1990s

alongside Hyundai.

Migrants seeking asylum in the U.S. walk in the Rio Grande river near the International Bridge between Mexico and the U.S., as they wait to be

processed, in Ciudad Acuna, Mexico, September 16. REUTERS/Go Nakamura

Insight and Analysis

7

CANADA COMING UP - ON MONDAY Market Monitor

Top News

Canadian National to resume

buyback after abandoning Kansas

City deal

Canadian National Railway said it

would resume a previously approved

share buyback, days after walking

away from its $29.6-billion deal for U.S.

railroad operator Kansas City

Southern. The largest Canadian

railroad expects to complete the

remaining $869.02 million of share

repurchases by the end of January

next year, it said in a statement. The

company, under fire from some

investors for its failed bid to buy

Kansas City Southern, said it was

targeting C$700 million of operating

income improvements in 2022 by

increasing labor productivity and

reviewing its non-rail businesses. It

reaffirmed its 2021 targets of a double-

digit increase in adjusted earnings per

share and free cash flow.

RBC resolves U.S. SEC charges

over bond abuses, is fined

A Royal Bank of Canada unit was

censured and will pay more than

$863,000 to resolve U.S. regulatory

charges it broke rules meant to give

retail and institutional investors priority

in buying new municipal bonds. In a

civil settlement announced, the U.S.

Securities and Exchange Commission

said RBC Capital Markets LLC

improperly allocated bonds to investors

known as "flippers" who quickly resold

their bonds to other broker-dealers at a

profit. The SEC said RBC knew or

should have known that giving priority

to flippers violated its rules on bond

offerings it underwrote. It said RBC

also improperly bought new bonds it

had not underwritten from flippers,

rather than wait in line to buy those

bonds from the underwriters. The

alleged violations occurred from 2014

to 2017.

Royal Bank of Canada names

Nadine Ahn CFO, Maria Douvas

chief legal officer

Royal Bank of Canada appointed two

women, already in senior roles at the

country's largest lender, to its executive

team, joining other banks at home and

globally that are increasing diversity in

their top ranks. Investor relations head

Nadine Ahn will become Royal Bank's

new finance chief starting Nov. 1,

taking over from Rod Bolger, who will

leave after a decade-long stint at the

lender, RBC said in a statement.

General Counsel Maria Douvas will

take on the newly created role of chief

legal officer, effective immediately.

Major banks globally face increasing

pressure to bring about change in an

industry that has historically had few

women or people of color in its top

ranks, with that shift accelerating in

recent years.

TSE's S&P/TSX composite Price C$ chng % chng

GAINERS

New Gold Inc 1.55 0.09 6.16

Ballard Power Systems Inc 20.12 0.92 4.79

Methanex Corp 54.64 1.86 3.52

Lithium Americas Corp 30.13 0.96 3.29

Interfor Corp 28.41 0.89 3.23

LOSERS

Nexgen Energy Ltd 6.58 -0.72 -9.86

Denison Mines Corp 2.03 -0.13 -6.02

Cameco Corp 28.64 -1.83 -6.01

Labrador Iron Ore Royalty Corp 39.64 -2.39 -5.69

Capstone Mining Corp 5.00 -0.29 -5.48

Canada's main stock index slipped,

weighed by energy and mining stocks,

as investors were cautious ahead of

next week's federal election.

The Toronto Stock Exchange's S&P/

TSX composite index slipped 0.54%

to 20,490.36. The energy sector fell

1.96% to 130.21 and mining stocks

lost 0.73% at 305.61.

The U.S. dollar rose 0.58% against the

Canadian dollar at C$1.2755.

No major events are scheduled.

REUTERS/Mark Blinch

8

WEALTH NEWS TAPERING TIED TO JOBS

November? December? Fed's 'taper' timeline tied

to volatile jobs data

The Federal Reserve, facing a labor market that may

be stalling or on the cusp of a surge, is expected

next week to open the door to reducing its monthly

bond purchases while tying any actual change to

U.S. job growth in September and beyond. Fed

officials, including Chair Jerome Powell, have said

the central bank's $120 billion in monthly bond

purchases could be scaled back later this year as a

first step towards ending the crisis-era policies

implemented in the spring of 2020 as the

coronavirus pandemic was taking hold. But after an

unexpectedly weak gain of 235,000 jobs in August,

officials will want to keep their options open, ready to

reduce bond purchases as soon as the Nov. 2-3

policy meeting if employment growth rebounds and

COVID-19 risks recede.

CONSUMER SENTIMENT STEADIES

U.S. consumer sentiment steadies in September after August plunge -UMich

U.S. consumer sentiment steadied in early September after plunging the month before to its lowest level in nearly a decade,

but consumers continue to have a bleak view of the outlook amid a stiff bout of inflation, a survey showed.

RAISE THE DEBT LIMIT

Debt ceiling impasse? Fed's 'loathsome' game plan for the 'unthinkable'

Treasury Secretary Janet Yellen says failure to raise the U.S. debt limit could lead to the unthinkable: a default on government

payment obligations. That's an outcome the White House warned could plunge the economy into recession.

GITLAB FILES FOR IPO

Coding platform reveals surge in growth in U.S. IPO filing

GitLab Inc, a coding platform backed by the likes of ICONIQ Capital and Khosla Ventures, revealed rapid growth and wider

losses when it filed for a U.S. initial public offering.

MUFJ PLANS U.S. UNIT SALE

Japan's Mitsubishi UFJ considers sale of U.S. banking arm -report

Mitsubishi UFJ is considering selling its U.S. banking arm MUFG Union Bank, Bloomberg reported, in what would mark a

significant strategy shift for Japan's biggest lender.

ISS AGAINST ZOOM-FIVE9 DEAL

Proxy advisor ISS seeks vote against Zoom-Five9 deal on growth doubts

Proxy advisory firm Institutional Shareholder Services recommended a vote by shareholders against Zoom Video

Communications's $14.7 billion deal for cloud-based call center operator Five9, citing growth concerns.

WALL STREET WEEK AHEAD

Growth? Value? Some investors opt for a bit of both

Some investors are playing this year’s tug of war between so-called growth and value stocks by owning companies that

straddle the line between the two categories, as uncertainties mount over the U.S. economy’s trajectory in the months ahead.

9

ON THE RADAR

Events ET Poll Prior

Tue: Current account for Q2 0830 -191.2 bln -195.7 bln

Building permits: number for Aug 0830 1.600 mln 1.630 mln

Building permits: change mm for Aug 0830 -- 2.3%

Housing starts number for Aug 0830 1.560 mln 1.534 mln

Housing starts mm: change for Aug 0830 -- -7.0%

Wed: Existing home sales for Aug 1000 5.88 mln 5.99 mln

Existing home sales percentage change for Aug 1000 -- 2.0%

Fed funds target rate 1400 0-0.25% 0-0.25%

Fed int on excess reserves 1400 -- 0.15%

FFR projection-current for Q3 1400 -- 0.1%

FFR projection-1st year for Q3 1400 -- 0.1%

FFR projection-2nd year for Q3 1400 -- 0.6%

FFR projection-longer for Q3 1400 -- 2.5%

FFR projection-3rd year for Q3 1400 -- 0.1%

Thu: Initial jobless claims 0830 -- 3,32,000

Jobless claims 4-week average 0830 -- 3,35,750

Continued jobless claims 0830 -- 2.665 mln

National Activity Index for Aug 0830 -- 0.53

Markit Manufacturing PMI Flash for Sep 0945 61.5 61.1

Markit Services PMI Flash for Sep 0945 55.0 55.1

Markit Composite Flash PMI for Sep 0945 -- 55.4

Leading index change mm for Aug 1000 0.7% 0.9%

KC Fed Manufacturing for Sep 1100 -- 22

KC Fed Composite Index for Sep 1100 -- 29

Fri: Building permits number for Aug 0800 -- --

Build permits R change mm for Aug 0800 -- --

New home sales-units for Aug 1000 0.713 mln 0.708 mln

New home sales change mm for Aug 1000 -- 1.0%

Company Name* Quarter ET EPS Estimates** Year Ago Rev Estimates (mln) Smart Estimates

KEY RESULTS

Lennar Q3 AMC $3.30 $3.28 $2.12 $6,855.02

*Includes companies on S&P 500 index. **Estimates may be updated or revised; release times based on company guidance or past practice.

I/B/E/S EPS and revenue estimates, and StarMine Smart Estimates, provided by Refinitiv.

The Day Ahead - North America is compiled by Sourav Bose and Haneyl Jacob in Bengaluru.

For questions or comments about this report, email us at: TheDay.Ahead@thomsonreuters.com.

To subscribe for The Day Ahead newsletter click here

The sun rises behind the U.S. Capitol, surrounded by a security fence ahead of an expected rally Saturday in support of the Jan. 6 defendants in

Washington, September 16. REUTERS/Jonathan Ernst