World Markets Live - September 19
We’ll be updating you throughout the day with essential breaking news, data alerts, earnings reports and all the major market movements.
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Marriott Vacations expects its revenues to be negatively impacted by about $16 to $20 million as a result of Hurricane Irma.According to its assessments, it sees Irma's impact on full year net income of about $6 to $8 million.All of Marriott Vacations affected resorts and sales centres have reopened, either fully or partially, except for two resorts and sales center on St. Thomas and one resort and sales center in three locations in Florida. -
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Fitch says QE and world growth buoy its global ratings outlook.The rating agency's outlooks remain on an improving trend and, on balance, are less negative than at the start of the year across most rating sectors.Risks to this outlook include political instability and corruption in Latin America, especially Brazil, as well as U.S. policy uncertainty and the potential for trade protectionism to develop. -
Housing starts hit an annual rate of 1.18 million in August, down from 1.19 in July, according to the latest data released earlier today.Housing starts were close to expectations, according to Jim O'Sullivan, chief U.S. economist at High Frequency Economics.Starts were fairly close to expectation, while permits were much stronger, led by the especially volatile multifamily sector. Through the volatility, starts and permits have continued to move up this year, albeit modestly and with some signs of cooling in the latest homebuilder survey.Total starts have averaged a 1198K rate so far this year, up from an 1177K average last year. Permits have averaged a 1248K rate so far this year, up from 1207K last year. -
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Speaking at the United Nations, Brazil's President Michel Temer says climate change cooperation cannot be delayed and says data shows deforestation in the Amazon has dropped 20 percent in the last year.Temer says the world must imrpove marcket access for agricultural goods and eliminate subsidies which distort trade. He also criticizes nationalism and says protectionism is no way to resolve economic difficulties.Temer adds that Brazil is overcoming an economic crisis and is restoring fiscal balance and economic credibility. -
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Trump is now praising the U.S. constitution. He says he was elected to give power to the American people. He says the U.S. government's first duty is to its people.He says he will always put American first, just as other leaders should put their own countries first. -
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Trump is now criticising Iran and says it is using its wealth to arm terrorists, support Assad's regime in Syria and destabilise peace across the Middle East.He says the U.S. cannot support an agreement that provides cover for the eventual development of nuclear weapons.He says the Iran deal was one of the most one-sided the U.S. has ever entered. -
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President Trump says major portions of the world are in conflict and are "going to hell", but says the UN can resolve these problems and hopes it will become a more transparent and effective organisation.He says the U.S. bears an unfair cost burden of funding the UN. -
President Trump says the situation in Venezula is "completely unacceptable" and the UN cannot stand by and watch.He says the Maduro government has brought a once-thriving nation to the brink of total collapse.He says the U.S. is prepared to take "further action" if Venezuelan government continues to impose authoritarian rule on its people and calls for the restoration of democracy.He says the problem in Venezuela is that "socialism has been faithfully implemented." and says from the Soviet Union to Cuba, where socialism has been faithfully implemented it has led to disaster. -
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KPMG has issued an apology for what went wrong at its South Africa unit.The company cleared out the leadership at the unit and announced a set of governance reforms after it emerged that work done for firms belonging to the Gupta family "fell considerably short" of its standards.KPMG said an investigation found several failing in the report prepared for the South African Revenue Service. KPMG has appointed a new CEO for the South Africa unit and plans to further "strengthen monitoring of which clients we choose to work with and how we handle sensitive client engagements. -
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