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U.S. Q3 Economic Growth Forecasts Lowered in the Aftermath of Hurricanes Harvey and Irma

Published September 12, 2017
  • Canada’s main stock index, which had fallen for five straight days, rose yesterday after Hurricane Irma weakened and North Korea refrained from conducting a missile test, with financial shares and Tahoe Resources leading the rally. The TSX is set to follow higher global markets today on signs that Irma was causing less damage than feared and tensions were easing over North Korea
  • Apple is expected to unveil the 10th anniversary edition of the iPhone at an event that starts at 1:00pm EST. AAPL shares were up 1.05% ahead of the launch. The introduction of a completely redesigned top-of-the-line iPhone will be accompanied by two other new phones, an upgrade to the Apple Watch and a higher-definition Apple TV
  • Hurricane Irma, one of the most powerful Atlantic hurricanes, weakened to a post-tropical cyclone today, alleviating concerns about its impact to the economy. Damage estimates were downgraded from $200 billion USD to $49 billion USD. 15 million people in Florida and another 1 million in Georgia are without power
  • U.S. crude oil futures saw a bounce back this morning after the official downgrading of Hurricane Irma to Category 1, and the above-mentioned lessening of concerns over the devastation Irma would cause, which could have impacted U.S. demand for energy
  • North Korea rejected a United Nations Security Council resolution imposing tougher sanctions today and said that the U.S. would soon face the “greatest pain” it had ever experienced. The U.N. unanimously stepped up sanctions against Pyongyang on Monday over the country’s most powerful nuclear test earlier in the month, imposing a ban on North Korea’s textile exports and capping imports of crude oil