China's outbound shipments rose 25.6% in August from a year earlier, higher than the 19.3% increase in July, the General Administration of Customs said Tuesday. The result also comfortably topped the 17% increase expected by economists polled by The Wall Street Journal.
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RBA Tapers Bond Buying, But Pushes out Program Review Until 2022
SYDNEY-The Reserve Bank of Australia on Tuesday reduced its weekly government bond purchases but also acknowledged a sharp economic deterioration by pushing out a planned review of its bond-buying program from November to February next year.
RBA Gov. Philip Lowe said the central bank's weekly bond purchases would fall to 4 billion Australian dollars (US$2.98 billion) per week from A$5 billion.
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Deals! Deals! Deals! Banks Feast on Merger Bonanza
Takeovers are taking over.
Corporations world-wide embarked on an unprecedented deal spree this year, emerging from the depths of the pandemic looking to bulk up and address the vulnerabilities it exposed. Simultaneously, buyout firms and blank-check companies have been deploying hundreds of billions of dollars at a feverish pace.
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Retail Set to Overtake Banking in AI Spending
Retail is poised to overtake banking as the top spender on artificial intelligence as companies including Home Depot Inc. and Wayfair Inc. turn to the technology for a wider range of operations, from inventory management to more personalized online search and shopping, according to market researcher International Data Corp.
"Everything you can think of in almost every part of retail is being powered by AI," said Jeremy King, Pinterest Inc.'s senior vice president of engineering and a former executive vice president and chief technology officer at Walmart Inc. Pinterest works with thousands of retailers that promote their products on the image-search site.
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Eurozone Economy Grew More Than Initially Estimated in 2Q
The eurozone economy grew more than initially estimated in the second quarter, according to the final estimate of the European Union's statistics agency.
Across the 19 countries that use the euro as their currency, gross domestic product expanded by 2.2% from the previous quarter, Eurostat said Tuesday as it reported its third estimate for the period. According to the second estimate, the economy had grown by 2.0%.
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El Salvador Becomes First Country to Adopt Bitcoin as National Currency
SAN SALVADOR, El Salvador-Tuesday is B-day, or Bitcoin-day, in El Salvador.
The tiny and impoverished Central American nation became the first country in the world to adopt bitcoin as legal tender on Tuesday, allowing Salvadorans to use the cryptocurrency to buy a cup of coffee, get a haircut or even pay taxes and home loans.
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Labor Day Return to Normal in New York Is Tripped Up by Delta Variant
New York City officials hoped the week after Labor Day would represent a return to normalcy in the city's major business districts.
Instead, 23% of Manhattan office workers had returned to the workplace, a survey of major employers released Aug. 25 by the Partnership for New York City found, and 41% of office workers planned to return by Sept. 30. In May, a previous survey projected that 62% of workers would be back in September.
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Biden Seeks to Shift Focus to Domestic Issues After Afghanistan Exit
WASHINGTON-President Biden is seeking to press his legislative agenda and redouble efforts to combat the Covid-19 pandemic after Labor Day but the tumultuous withdrawal from Afghanistan may cast a long shadow over the fall.
Mr. Biden has sought to place the spotlight on domestic issues, including Friday's underwhelming jobs report and recovery from Hurricane Ida, visiting New Orleans Friday and making plans to travel to the New York metropolitan area on Tuesday to assess storm damage. He is expected to focus heavily on his infrastructure and antipoverty legislation in the coming weeks, as Congress returns to Washington, as well as travel to California to campaign for Gov. Gavin Newsom, a Democrat facing a recall election.
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Why a Covid-19 Vaccine for Children Is Taking So Long
SOUTH EUCLID, Ohio-The countdown started as soon as researchers removed the Covid-19 vaccine vials from the freezer at Senders Pediatrics. They had just two hours once the vials thawed to prepare the shots and give them to young children in the clinical trial.
A lot had to go right first. The containers holding the shot from Pfizer Inc. and BioNTech SE had to travel across town to a pharmacy without letting the vaccine become too warm. Pharmacists working in a sterile room, free of contamination, needed to assemble the shots in small doses safe enough for children. Finally, the vaccines had to be driven back to Senders for injection in the children as young as six months.
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Write to paul.larkins@wsj.com
TODAY IN CANADA
Earnings:
None scheduled
Economic Indicators:
None scheduled
Expected Major Events for Tuesday
05:00/JPN: Jul Indexes of Business Conditions - Preliminary Release
06:00/GER: Jul Industrial Production Index
06:00/UK: Aug Halifax House Price Index
08:59/JPN: Jul Provisional Labour Survey - Earnings, Employment & Hours Worked
09:00/GER: Sep ZEW Indicator of Economic Sentiment
14:00/US: 2Q Quarterly Financial Report - Industry
14:00/US: 2Q Quarterly Financial Report - Retail Trade
14:00/US: Aug Employment Trends Index
23:50/JPN: Aug Bank Lending
23:50/JPN: 2Q 2nd Preliminary Quarterly GDP Estimates
23:50/JPN: Jul Balance of Payments
23:50/JPN: 2Q Quarterly External Debt & International Investment Position
23:50/JPN: Aug International Transactions in Securities
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Tuesday
Anixa Biosciences Inc (ANIX) is expected to report $-0.14 for 3Q.
Astrotech (ASTC) is expected to report for 4Q.
Boku Inc (BOKU.LN) is expected to report for Interim.
Casey's General Stores (CASY) is expected to report $2.90 for 1Q.
Concentrix Corp (CNXC) is expected to report for 3Q.
Coupa Software Inc (COUP) is expected to report $-1.51 for 2Q.
Duckhorn Portfolio Inc (NAPA) is expected to report for 4Q.
FTI Consulting (FCN) is expected to report $1.49 for 4Q.
Fastenal Co (FAST) is expected to report.
Forte Biosciences Inc (FBRX) is expected to report for 2Q.
Kewaunee Scientific (KEQU) is expected to report for 1Q.
MeridianLink Inc (MLNK) is expected to report for 2Q.
NAPCO Security Technologies Inc (NSSC) is expected to report $0.25 for 4Q.
SeaChange International Inc (SEAC) is expected to report $-0.07 for 2Q.
Smartsheet Inc (SMAR) is expected to report $-0.34 for 2Q.
UiPath Inc (PATH) is expected to report for 2Q.
Urstadt Biddle Properties Inc - Class A (UBA,UBP) is expected to report for 3Q.
View Inc (VIEW) is expected to report for 2Q.
bebe stores (BEBE) is expected to report for 4Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Baxter International Raised to Overweight From Equal-Weight by Barclays
Black Stone Minerals Raised to Overweight From Equal-Weight by Wells Fargo
Brigham Minerals Cut to Equal-Weight From Overweight by Wells Fargo
Broadcom Cut to Hold From Buy by Summit Insights Group
Charter Communications Cut to Hold From Buy by TD Securities
Charter Communications Inc., Cut to Hold From Buy by TD Securities
Clorox Cut to Hold From Buy by Argus Research
Forte Biosciences Cut to Hold From Buy by Brookline Capital
Forte Biosciences Cut to Hold From Buy by Truist Securities
Forte Biosciences Cut to Neutral From Buy by B. Riley Securities
Forte Biosciences Cut to Neutral From Buy by Ladenburg Thalmann
Forte Biosciences Cut to Sell From Buy by Chardan Capital
Hill-Rom Cut to Neutral From Outperform by Baird
JOANN Cut to Market Perform From Outperform by Telsey Advisory Group
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
09-07-21 0555ET
