REUTERS/Eduardo Munoz
Roger Federer of Switzerland walks off the court after losing in three sets to Tommy Robredo of Spain at the U.S. Open tennis championships in New York September 2, 2013.
- Asian markets were higher after a huge day on the Nikkei. The Japanese exchange closed up 2.99% on a weaker yen. Australia's S&P/ASX 200 climbed 0.16%. Korea's Kospi was up 0.46%. The Yen fell to a one-month low of 99.5 against the dollar. European markets are heading lower, with Germany's DAX trailing most at -0.66%.
- This morning we'll get both the latest Markit purchasing manager's index survey - 53.9 expected against 53.7 prior, printing at 8:58 am - and, at 10 am, the ISM manufacturing index for August, with a reading of 53.8 expected versus 55.4 prior. Also at 10 am we get the latest construction spending data, which is expected to have climbed 0.3% against -0.6% prior.
- Early commodities trading saw uneven gains. Gold was down -0.22%, while London-traded Brent crude futures were up 0.66%, while NYMEX-traded crude was off -0.27%.
- The latest UK construction PMI survey surged to 59.0 from 57.0, with total output rising at the fastest pace since 2007. Spanish unemployment fell for the sixth-straight month, and Switzerland's economy grew at 0.5% in Q2, beating analysts' estimates.
- The OECD revised its 2013 GDP estimates for most European countries higher, with Britain's rate up most to 1.5% from 0.8%. "The bottom line is that advanced economies are growing more and emerging economies are growing less," OECD chief economist Pier Carlo Padoan told Reuters.
- Shares of Nokia opened up 47% higher in Helsinki trading after Microsoft announced it had purchased the Finnish firm's smartphone and tablet business for more than $7 billion. Our Steve Kovach says the deal is a sign that Microsoft is taking its push into wireless mobile much more seriously.
- Meanwhile, Verizon closed on a $130 billion deal to purchase Vodafone's stake in its own company. The Wall Street Journal says its the largest transaction Wall Street has ever put together and will prove a "bonanza" in fees.
- India's Rupee remains in freefall after the latest HSBC PMI data showed Indian purchasing manager sentiment contracting for the first time since 2009, to 48.5 from 50.1. The sovereign hit 66.43 against the dollar, crossing the -20% decline threshold for the currency since May. Bombay's SENSEX exchange is down more than -3%.
- CBS finally ended its dispute with Time Warner Cable, although the details of the agreement reached remain murky. In a note to employees, CBS chief Les Moonves said merely that the network was receiving "fair compensation for CBS content." WSJ's Shalini Ramachandran reports Time Warner CEO Glenn Britt said that, "...While we certainly didn't get everything we wanted, ultimately we ended up in a much better place than when we started."
- Roger Federer exited the U.S. Open after losing in straight sets to Spain's Tommy Robredo, a shocking upset for the champ.