10 things you need to know in markets September 7

Business
Insider

Good morning! Here’s what you need to know in markets on Friday.

1. JPMorgan CEO Jamie Dimon told Business Insider in an interview
that bad policies held the US economy to 20% growth over the last
nine years, whereas past recoveries suggest it should have been
double that. Dimon cited an uncompetitive tax
system, inability to build infrastructure, and the crippling
bureaucracy and paperwork needed for things such as starting a
business. 

2. U.S. job growth likely accelerated in August, with the
unemployment rate expected to have fallen back to an 18-year low
of 3.8%, which would bolster views that the economy was so far
weathering the Trump administration’s escalating trade war with
China. Nonfarm payrolls probably rose by
191,000 jobs last month after gaining 157,000 in July, according
to a Reuters survey of economists. 

3. Asian shares slipped to a 14-month trough on Friday as
investors feared a new round of Sino-U.S. tariffs could come at
any moment, while a slump in U.S. chip stocks rippled through the
tech sector. The Nikkei fell 0.8%, undermined by a
rising yen and reports U.S. President Donald Trump could be
contemplating taking on Japan over trade.

4. The European Union approved Apple’s planned
acquisition of British music discovery app Shazam on Thursday,
saying an EU antitrust investigation showed it would not harm
competition in the bloc. The
deal, announced
in December last year, would help the iPhone maker better
compete with Spotify,
the industry leader in music streaming services. Shazam
identifies songs when a smartphone is pointed at an audio source.

5. International Airlines Group said on Thursday that its
subsidiary British Airways was investigating a customer data
breach on the British Airways website and mobile
application. The breach, now resolved,
compromised personal and financial details of customers making
bookings on the website and the app between August 21 and
September 5 this year, IAG said.

6. A British Royal Navy warship that sailed close to islands in
the South China Sea claimed by China risked hampering any talks
about a free trade agreement after Britain leaves the European
Union, a major Chinese state-run newspaper said on
Friday. China and Britain agreed last month to
look at the possibility of reaching a “top notch” post-Brexit
free trade deal which, if struck, would be an important political
win for Britain’s Conservative government.

7. Britain’s top markets regulator, backed by the United States,
urged the European Union to soften its stance and grant broad
access to UK banks after Brexit to avoid hitting investors and
harming markets. Britain and the EU are
negotiating the outline of future trading terms and Brussels has
said the best option for banks, insurers and asset managers is
probably the bloc’s current system of market access known as
equivalence.

8. Shortseller Andrew Left of Citron Research filed a securities
fraud lawsuit against Tesla and its Chief Executive Officer Elon
Musk, alleging he had manipulated the stock price by issuing
false and misleading information. Musk stunned
the markets on August 7 with tweets about taking the Palo Alto,
California-based company private and that funding had been
“secured.”

9. Chip maker Broadcom reported a 13.4% rise in quarterly
revenue on Thursday, driven by strong demand for chips and
switching components used in telecommunications equipment and
data centers. Net income attributable to common
stock rose to $1.2 billion, or $2.71 per share, in the third
quarter ended August 5 from $481 million, or $1.14 per share, a
year earlier.

10. Marijuana stocks have have been on fire following
the legalization of cannabis in Canada — and the US’s
top stock-market regulator has a stern warning for potential
investors. “If you are thinking about investing
in a marijuana-related company, you should beware of the risks of
investment fraud and market
manipulation,” the Securities and Exchange Commission
said in a press release Thursday.