Good morning. US stock futures were mixed in Thursday morning trading as traders digested the latest new on the health of the US economy.

"Just about every time you go against panic, you will be right if you can stick it out"

Jim Rogers

Top News

US pares economic growth but maintains momentum

WHAT: It looks like the US economy had a little “inventory clearance” sale by businesses in the second quarter that might have slowed overall economic growth a bit. According to the most recent release from the Commerce Department, US gross domestic product (GDP) increased at an annualized 2.1% rate last quarter, a slight revision of the 2.4% pace previously reported. Tight labor markets and strong consumer spending however have helped the economy maintain its momentum.

WHY: The economy’s resilience raises the risk of borrowing costs being higher for a while, but slowing inflation is fueling optimism that the US central bank is probably done hiking rates and could engineer a “soft landing”.

US expands chip restrictions to Middle East territories

WHAT: The US is rolling out the “No AI Chips” party to other regions beyond China. In a recent regulatory filing, chipmaking powerhouse Nvidia said US officials expanded the restriction of exports of its chips to some countries in the Middle East. Nvidia however, did not specify which countries in the Middle East would be affected.

WHY: One year ago Nvidia said US officials told it to stop exporting the same two computing chips for AI work to China. The move was seen as potentially slowing Chinese firms’ ability to carry out advanced work like image recognition.

China’s Central Bank pledges support to private firms

WHAT: It’s no secret the Chinese economy has been under pressure lately. In an attempt to bolster business confidence, the People’s Bank of China recently met with lenders and private businesses pledging to improve their access to funding in an effort to boost economic growth.

WHY: Beijing is trying to revive confidence in the world’s second largest economy as latest signs show further weakening in the property market, deflation pressure, a slump in exports and subdued consumer spending.

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In Other News

Apple turns to 3D option

WHAT: Apple is getting a little crafty with its smartwatches! According to people familiar with the matter, Apple is testing the use of 3D printers to whip up those sleek steel chassis. If the move proves successful it could usher in a major change in how the company manufactures products.

WHY: To date, Apple has used a more conventional manufacturing approach for its stainless-steel watches, which account for about 10% of the product line’s total units.

Aussie airline in hot water over ticket sales

WHAT: Qantas Airways just got slapped with a legal love note from Australia’s competition watch dog. The Australian Competition and Consumer Commission has filed a lawsuit accusing the airline of knowingly selling tickets for more than 8000 scrapped services between May and July 2022.

WHY: For much of 2022, Qantas struggled to cope with a sudden rebound in demand as Covid-19 travel restrictions eased. With the airline short of staff and planes, cancellation rates soared.

More fees…

WHAT: Visa and Mastercard are about to turn up the fee heat for merchants accepting those oh-so convenient credit cards according to a report from the Wall Street Journal. The fee increases are scheduled to be rolled out in October and April the report added citing people familiar with the matter.

WHY: An interchange fee is the charge a merchant pays to the card-issuing bank every time a consumer swipes their card. Increases in fees merchants pay to card issuers are usually passed on to consumers, regulators have previously said.

Key Economic Events

• Thursday - Initial Jobless Claims (wk end Aug-26)

• Friday - Unemployment Rate (Aug)

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