Good morning. US stock futures moved higher in Friday morning trading as investors looked toward Federal Reserve Chairman Jerome Powell’s Jackson Hole speech.

" “It depends” is always the best answer to everything in finance. Closely followed by “I don’t know” "

James Aitken

Top News

Major retailers flag credit delinquencies

WHAT: Major US retailers might be in the midst of adjusting to an uncomfortable reality — delays in store credit card repayments. Both Macy’s and Nordstrom recently announced that their stores experienced higher credit delinquencies amid strained spending from consumers.

WHY: US department stores have long offered store credit cards, which often provide savings or points on purchases, as a way to capture sales or grow revenue.

China pledges economic support for Africa

WHAT: China’s leader Xi Xinping is not holding back in pledging his country’s support for the African content and its push towards industrialization and agricultural modernization. “China will better harness its resources for cooperation with Africa and initiatives of businesses to support Africa in growing its manufacturing sector as it moves toward economic diversification” Xi said.

WHY: Xi’s pledge was made at the culmination of the BRICS Summit during a meeting with leaders and ministers from the African Union and 11 African countries.

Canadian regulator probes retailer, fashion house over forced labor allegations

WHAT: Canada’s ethics watchdog has trained its eye on the Canadian operations of Walmart and Hugo Boss after allegations of the use of Uyghur forced labor within both company’s supply chain surfaced. The Canadian Ombudsperson For Responsible Enterprise (CORE) said it had launched an investigation after complaints filed by 28 civil society groups.

WHY: In the past, CORE launched investigations into brands such as Ralph Lauren, Nike Canada and Dynasty Gold.

In Other News

Apple changes tune on “Right To Repair” bill

 WHAT: After years of tangoing with California legislators, Apple has changed its tune on the states’ “Right-To-Repair” bill, offering support for the legislation that allows customers to fix or repair their broken devices themselves.

WHY: Historically Apple has opposed right-to-repair laws. Apple is not usually a major direct lobbying force, but has repeatedly used its considerable heft to curb right-to-repair legislation in other states.

Put just 1% down!

WHAT: Property powerhouse Zillow is tossing out a real estate lifeline to house hunters stuck in the “sticker shock” maze. They’re rolling out mortgages with a 1% down payment, as they try to attract buyers facing the most unaffordable property market in nearly four decades.

WHY: The 1% offer comes after mortgage rates in the US recently hit a 22-year high of 7.23% for a 30-year, fixed loan, further squeezing would-be homebuyers.

Binance, Mastercard call time on crypto card partnership

WHAT: Mastercard and crypto exchange Binance are bidding farewell to their crypto card programmes in Argentina, Brazil, Colombia and Bahrain. In an official company email, Mastercard said it would no longer provide cards in these territories as of September 22.

WHY: Binance is facing legal and regulatory challenges. US regulators sued the crypto exchange and its CEO Changpeng Zhao in June for allegedly operating a “web of deception”, claims which Binance vigorously reject.

Key Economic Events

• Friday - U. Of. Mich. Sentiment

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