Here’s what you need to know before markets open.
1. China’s retail sales rise the first time this year in August, as the world’s second largest economy recovers from the pandemic. Chinese retail sales rose for the first time this year in August, while industrial production increased for a fifth straight month, showing both consumers and producers in the world’s second largest economy are recovering from the pandemic.
2. UK unemployment nears 2-year high in July, as pandemic claims 750,000 jobs since March. The coronavirus pandemic cost 750,000 people their jobs in the UK between March and August and pushed the unemployment rate above 4% for the first time since October 2018, according to data released Tuesday by the national statistics agency.
3. Paul Lambert returned 45% to investors in 2019 and is crushing the market again this year. The solo fund manager lays out his strategy for finding winning stocks — and shares 5 of his top picks today. Lambert, the sole portfolio manager of the $88.5 million Tocqueville Opportunity Fund, has been buying shares of companies that he believes will continue to benefit from the structural changes caused by the COVID-19 crisis even after the pandemic ends.
4. A Wall Street expert breaks down why 3 smaller retailers are poised for gains amid a down economy — and says they're the best stock-market alternatives to behemoths like Costco and Target. Since the lows of the bear market in March, retail behemoths with strong e-commerce infrastructure have stolen the headlines as the companies best-positioned for a stay-at-home environment.
5. Microsoft reportedly upset TikTok's owner during negotiations by describing the app as a security risk. Microsoft may have sabotaged its own bid to acquire TikTok's US operations after accidentally insulting the CEO of TikTok's parent company ByteDance.
6. SoftBank paused share buybacks in August ahead of asset sale announcements. SoftBank Group Corp paused share repurchases over Aug. 4-31 ahead of major asset sales announcements, a stock exchange filing showed on Wednesday, in a drop-off in support for the stock after spending 1 trillion yen ($9.4 billion) since March.
7. Shell focused on turning around troubled Australian operations. Undaunted by hefty writedowns on its Australian gas assets, Royal Dutch Shell sees its liquefied natural gas business and "new energy" acquisitions Down Under as core to its long term plans, the Australian unit's chairman said on Tuesday.
8. Global stocks are up. European stocks are up between 0.3 and 1.1%. Asian stocks closed mostly higher, but Japan's Nikkei fell 0.3%. US futures on the Dow 30, the S&P 500 and the Nasdaq 100 are up between 0.7-0.9%.
9. Earnings coming in. Adobe Q3 20 and FedEx Corp's Q1 2021 earnings are due.
10. On the economic front. US API Weekly Crude Oil Stock is due and the Fed's 2-day meeting kicks off today.