US weekly jobless claims total 263,000 vs 265,000 estimate (Reuters)
The number of Americans filing for unemployment benefits rose less than expected last week, pointing to sustained labor market strength that could push the Federal Reserve closer to raising interest rates. Initial claims for state unemployment benefits increased 2,000 to a seasonally adjusted 263,000 for the week ended Aug. 27, the Labor Department said on Thursday. Claims for the prior week were unrevised. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 265,000 in the latest week.
September is packed with plenty of surprises that could shake up markets (CNBC)
"I think it's potentially a turning point for volatility. Volatility was very low over the course of the summer," said Jeff Kleintop, chief global investment strategist at Charles Schwab. It is also a time when markets could start to focus on the presidential election, and if Republican Donald Trump gains momentum, analysts expect volatility. The first debate between Trump and Democrat Hillary Clinton is on Sept. 26. Oil could also be a big story for September, with OPEC and non-OPEC members meeting in Algeria at the end of the month.
Wall Street’s Next Frontier Is Hacking Into Emotions of Traders (Bloomberg)
Banks have already set up big-data teams to harvest insights from the terabytes of customer information they possess. Now they’re looking inward to see whether they can improve operations and limit losses in their biggest cost center: employees. Companies including JPMorgan Chase and Bank of America have had discussions with tech companies about systems that monitor worker emotions to boost performance and compliance, according to executives at the banks who didn’t want to be identified speaking about the matter.
EU says Apple tax ruling not political and based on Apple data (Reuters)
The European Commission rejected on Thursday Apple's (AAPL.O) criticism that an EU order to the company to pay back taxes to Ireland was political, noting the calculations were based on facts and Apple's own data. In an interview with the Irish Independent, Apple Chief Executive Tim Cook on Thursday described the EU's imposition of a 13 billion euro ($14.5 billion) back tax bill as "total political crap" motivated in part by anti-U.S. bias. The European Commission's Competition chief Margrethe Vestager, asked if she accepted that statement, told a news conference in Brussels: "No, I will not. This is a decision based on the facts of the case," she said.
Cricket prankster hit with multiple charges (NYP)
The self-proclaimed performance artist who sparked chaos aboard a packed subway car by unleashing hundreds of crickets and worms was hit with a slew of charges Wednesday night, including reckless endangerment and disorderly conduct. Zaida Pugh’s lawyer blamed the press after the prankster was ordered held in lieu of $5,000 bail at Brooklyn Criminal Court. “I think that if the media wasn’t involved, she would have been released on her own recognizance,” said Matthew Caldwell. “It’s just bizarre. I can’t help but think it is to do with how [the judge] is going to be portrayed in the media.” Pugh, 21, was busted Tuesday after crying in a Facebook video that “people probably want me dead” because of the stunt, which she pulled aboard an evening rush-hour D train on Aug. 24.
Goldman Sachs looks at trading future done only by computers (NYP)
The Wall Street firm is planning for a future when more bond trading is done automatically by computers, a departure for a line of business that heretofore has been both human- and capital-intensive. The program, called Goldman Sachs Algorithm, has been around for about a year, but the bank has started using it to execute smaller corporate bond trades, according to a report on Wednesday. The GSA push is occurring in the wake of the greatest number of layoffs since the aftermath of the financial crisis. In New York alone, Goldman has cut roughly 420 jobs this year.
JPMorgan gets wholly-owned asset management license in China (Reuters)
JPMorgan Chase (JPM.N) has been granted a business license to operate a fully-owned fund management business in China, a Chinese regulatory notice showed, as the world's second-largest economy moves to further open its financial markets to foreigners. The license issued to the U.S. bank, which already has a fund management joint venture in China, will enable it to set up an office in Shanghai free-trade zone, as per the notice on the website of the Shanghai Industry and Commerce Administration.
IMF's Lagarde says likely to cut growth outlook as trade wanes (Reuters)
International Monetary Fund Managing Director Christine Lagarde said the institution will likely downgrade its 2016 global growth forecast again as economic prospects are dimmed by weak demand, flagging trade and investment and growing inequality. Lagarde told Reuters in an interview that G20 leaders need to do far more to spur demand, bolster the case for trade and globalization, and fight inequality.
Professor denied tenure embarks on hunger strike (NYDN)
Juan Rojo announced his plan during a faculty meeting at Lafayette College on Tuesday and says he expects to continue teaching through the rest of the semester. He plans to consume only water and sports drinks until the issue is resolved. "Still feeling good," Rojo wrote Thursday morning on Facebook on Day Three. "Three students I had not met stopped by yesterday with gifts of water. Another stopped by with encouraging words and to tell me about her father who fled Albania. I tried to stress to her that I was in no way giving the impression that I was comparing myself to that type of sacrifice." Rojo, who has taught Spanish and literature since he began at the Easton school in 2008, said in a lengthy Facebook post earlier this week that he has "thought long and hard about this course of action."