Futures News 

Orange juice futures drop, hurricane hit to Florida crop less than feared

“Investors sold off orange juice futures Thursday after a federal government forecast a decline in Florida’s orange crop won’t be as severe as some predicted” writes Jeff Daniels for cnbc.com. The USDA report represented the agency’s first initial estimate of Florida’s orange crop for the 2017-2018 season, so it could be revised later. Source: cnbc.com Share This:

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News 

Pound continues rally ahead of industrial and manufacturing production figures

“As a result, we look for zero month-to-month growth in total industrial production in August.”” writes Matthew Lynn for telegraph.co.uk. Meanwhile, loading estimates from North Sea oil producers point to around a 3% month-to- month decline in oil production.If correct on the figures, it “would be touch and go” as to whether the first estimate of third quarter would undershoot the central bank’s Monetary Policy Committee’s estimate of 0.3pc growth, it said. Source: telegraph.co.uk Share This:

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News 

US economic growth hits a 2-year high

“GDP, the value of everything produced in America, was revised up to an annualized growth rate of 3.1% from 3%” writes Akin Oyedele for businessinsider.com. Most economists think low productivity growth could keep economic growth below 3%.US economic growth in the second quarter was stronger than previously thought, according to the Commerce Department’s third estimate of gross domestic product released Thursday.The 3.1% growth rate is ahead of President Donald Trump’s stated 3% target for the economy. Source: businessinsider.com Share This:

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News Regulators 

Fed sets plans to reduce balance sheet after nine years of buildup

“In a unanimous and widely anticipated decision, the Fed said in October it will start reducing its $4.5 trillion balance sheet by $10 billion per month” writes D C for marketwatch.com. The Fed’s interest rate projections, known as the dot plot, still suggest an interest-rate hike in December and three more in 2018.The Federal Reserve on Wednesday announced that, for the first time in nine years, it will start reducing the size of its massive balance sheet.The Fed did reduce the median estimate of 2019 interest rates to 2.7% from…

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News Stocks 

Travelers’ stock slips after hurricane loss estimates, suspension of buyback program

“Before temporarily suspending the share repurchase program, the company said it had spent $328 million to buy back 2.6 million shares in the current quarter” writes Reporter Editor for marketwatch.com. Late Monday, the company said it estimated catastrophe pre-tax losses relating to Harvey, including recoveries from reinsurance, in the range of $375 million to $750 million. Travelers’ stock has lost 2.8% over the past three months, while the SPDR S&P Insurance ETF KIE, +0.69% has edged up 0.2% and the Dow Jones Industrial Average DJIA, +0.30% has tacked on 2.6%. Source:…

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News 

Harvey and Irma to slow U.S. economy, but rebound should follow

“Flooding from Irma could affect about $1.2 billion of the state’s crops, Bank of America Merrill Lynch estimates, and elevate food prices” writes Christopher Rugaber for sun-sentinel.com. Economists at Goldman estimate that Harvey and Irma will slice growth in the July-September quarter by 0.8 percentage point to an annual rate of 2 percent.With businesses disrupted, fuel and chemical refineries out of commission and consumers struggling to restore their lives, Hurricanes Harvey and Irma will likely pack a tough double-whammy for the U.S. economy. Source: sun-sentinel.com Share This:

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News 

Japan’s GDP growth revised lower

“In non-annualized terms, the economy expanded 0.6% from the previous quarter, compared with an initial estimate of 1.0%” writes Yoko Kubota for marketwatch.com. Capital expenditure rose 0.5% from the previous quarter, compared with an initial estimate of a 2.4% gain.While the growth pace was lower than the earlier estimate, the figures confirmed that the world’s third-biggest economy extended its most recent stretch of growth under Prime Minister Shinzo Abe to six quarters, the longest since 2006. Many economists expect Japan’s economy to continue growing in the current quarter, though they…

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Crypto News 

Profit Margins, Bayes’ Theorem, and the Dangers of Overconfidence

“Two types of coins can be flipped in the game: green coins and red coins” writes unknown author for philosophicaleconomics.com. Profit margins stay elevated, so I keep waiting. 2013 follows–again, profit margins stay elevated, so I keep waiting. 2014 after that–again, profit margins stay elevated, so I keep waiting.If it represented the antidote to elevated profit margins, then why had it allowed profit margins to become elevated in the first place?. Green coins are physically designed to have a 70% probability of landing heads and a 30% probability of landing…

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News 

Wells Fargo’s estimate for unauthorized accounts jumps 67%, to 3.5 million

“Wells Fargo has acknowledged that unauthorized accounts were created as far back as 2002, but it has not offered to review accounts created that long ago” writes James Rufus Koren for latimes.com. The bank identified potentially unauthorized accounts based on how accounts were used.Plus, by expanding the time frame, the new review found an additional 981,000 potentially unauthorized accounts.Wells Fargo had known for weeks that its review released Thursday would turn up many more potentially unauthorized accounts than the 2.1 million it identified last year. Source: latimes.com Share This:

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News 

UPDATE: WELLS FARGO says 1.4 million new phony accounts uncovered….

“The disclosure of even more fraudulent accounts threatens to catapult Wells Fargo back into the political crosshairs just as Congress returns Sept. 5 from its summer recess” writes Laura J Keller for bloomberg.com. Wells Fargo has worked to minimize the impact of the new tally, describing the additional accounts as those it couldn’t rule out from lacking customer authorization.The figure includes $7 million of refunds, up from $3.3 million the bank had previously disclosed.Wells Fargo expanded its review after Washington lawmakers lambasted the company following former Chief Executive Officer John…

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