China is feeling the pain of the trade war. China’s shipments to the U.S., its largest market, fell 16 percent year-over-year in August to $44.4 billion as the trade war continues to take a toll on the Chinese economy. Trade talks between the U.S. and China are scheduled for October. Meanwhile, stock futures are pointing to small gains ahead of the opening bell.
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Saudi Aramco is close to picking a bank to lead its IPO. JPMorgan Chase is the front runner to lead Saudi Aramco’s initial public offering, Reuters reported, citing a source close to the matter. Morgan Stanley is also being considered, but reportedly hurt its chances after misjudging demand for Uber’s IPO. Aramco could be worth as much as $2 trillion.
British Airways pilots strike. British Airways pilots are conducting a 48-hour strike over pay, causing the cancellation of almost all of its 850 daily flights. Another strike is scheduled for Sept. 28.
Nadal wins the U.S. Open. The No. 2 seed Rafael Nadal beat the No. 5 seed Daniil Medvedev 7-5, 6-3, 5-7, 4-6, 6-4 to win his 19th Grand Slam title. Nadal and women’s champion Bianca Andreescu both won $3.85 million.
New England Patriots blow out the Pittsburgh Steelers. The New England Patriots kicked off their title defense with a 33 to 3 win over the Pittsburgh Steelers as Tom Brady threw for 341 yards and three touchdowns. The Patriots will have a new weapon added to their lineup next week when wide receiver Antonio Brown joins the team after being released by the Oakland Raiders.