The Fed got a read on the real estate market as monetary policymakers are beginning their two-day September meeting Tuesday morning. August housing starts increased a better-than-expected 3.9% to an annual rate of nearly 1.62 million units compared to a revised 6.2% decline in July. Building permits in August rose 6% to nearly 1.73 million. Economists had seen a 2.1% drop. The July increase was revised slightly lower to 2.2%. Central bankers will put that data into the mix as they consider when to start tapering their massive Covid-era bond purchases. Hotter inflation , which Fed Chairman Jerome Powell sees as temporary, will be weighed against a recovering economy. However, a big disappointment in August job growth could keep the Fed at bay a little longer. Central bankers release their policy statement Wednesday, followed by a Powell news conference. (CNBC)
Democratic congressional leaders said they will try to pass a bill that prevents a government shutdown and suspends the U.S. debt limit through the end of 2022. They’re trying to simultaneously dodge two possible crises. Congress faces a Sept. 30 deadline to fund the federal government. Treasury Secretary Janet Yellen has told lawmakers the U.S. will likely not be able to pay its bills sometime in October. (CNBC)
President Joe Biden, in his first address to the U.N. General Assembly as U.S. chief executive, plans to call on allies to cooperate on challenges including Covid and climate change. The speech is scheduled for midmorning Tuesday. Eight months into his presidency, Biden has been out of sync with allies on the a number of issues including sharing coronavirus vaccines. (AP)
Johnson & Johnson (JNJ) is among stocks on the move in Tuesday’s premarket trading. Shares of J&J rose about 1% after the company said a booster shot of its Covid vaccine is 94% effective in the U.S. when administered two months after the first dose. Six months out from the first shot, a J&J booster appears to be potentially even more protective. Some 14.8 million people in America have received the company’s single-dose vaccine. (CNBC)
* Covid is deadliest U.S. pandemic: Fatalities surpass 1918 flu estimates (CNBC)
Alphabet’s (GOOGL) Google said it’s buying a New York City office building for $2.1 billion, one of the clearest signals yet of Big Tech’s growing appetite for office space even as these firms embrace remote work. It’s the most expensive sale of a single U.S. office building since the start of Covid, and one of the priciest ever in America, according to data company Real Capital Analytics. (WSJ)
Shares of Uber (UBER) rose 5% after the ride-hailing and food delivery company revised higher its outlook for its third quarter. Uber said it now expects adjusted earnings before interest, taxes, depreciation and amortization to range from a loss of $25 million to a profit of $25 million. Uber previously said it expected adjusted EBITDA for Q3 to be better than a loss of $100 million.
Revolut, a global fintech player valued at $33 billion, will soon offer commission-free stock trading to U.S. customers for the first time, CNBC has learned. The start-up is set to announce Tuesday that it secured a U.S. broker-dealer license, enabling it to compete with the likes of Robinhood (HOOD) and Square (SQ). (CNBC)
Universal Music Group surged about 30% in its stock market debut Tuesday, in Europe’s largest listing of the year so far. The company behind platinum-selling artists including Lady Gaga and Taylor Swift, which listed on the Euronext Amsterdam stock exchange, has valuation of more than $52.8 billion. (CNBC)
Ford (F) unveiled a new off-road Timberline model as part of its updates to the 2022 Expedition SUV. The new model features a freshened exterior design, increased ground clearance and other off-road features such as upgraded tires and a heavy-duty skid plate to protect the undercarriage of the vehicle. (CNBC)