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Daily Scan: Summer comes to an end and it's time to face the reality of the markets
In the U.S. we bid adieu to summer and prepare to return to reality. It doesn't seem all that pretty. China lowered its growth outlook to 7.3% from 7.4%, marginal but psychologically weighty. We also learned that Beijing spent nearly $100 billion to support the yuan last month. China still has plenty of currency reserves. But what a burn rate! European markets were mostly quiet on Monday with the U.S. closed but China closed down for the fourth consecutive day. And the outlook isn't pretty.
Here's what else you need to know:
Markets closed on Labor Day. If you weren't on the beach in the U.S., you may have been watching this video of President Obama singing "I Can't Feel My Face."
British unleash drone attack on Syria. The attack followed word that ISIS terrorists, two of them Britons, were planning an attack on theRoyal Family with a bombing on VJ Day. Three terrorists were killed in an attackon Aug 21. New York Post
N.Y. state lawyer to Governor Cuomo shot in head. The attack took place during an annual celebration in Brooklyn of West Indian American Day. The annual event has been marred by violence in the past. Carey Gabay, 43, was "not doing well," Cuomo told reporters. The New York Times (paywall)
Amazon reportedly set to sell tablet for $50. What will they do on Black Friday, when prices go so low shoppers have been known to stampede stores. Quartz
Apple TV getting a serious facelift. At least that's the buzz. Coming to one of the few sleepy products in the Apple lineup: games. New product announcements are coming Wednesday. Stay tuned. The New York Times (payall)
Mining giant cuts debt by $10b, issues $2.5b stock. Glencore has announced plans to slash its $30 billion debt by shelving dividends, selling assets and raising fresh equity, as the mining and metals behemoth wrestles with a slump in commodities that has battered its share price. The debt plan underscores the huge pain being inflicted on the mining sector by China’s economic slowdown. Financial Times (paywall)
Migrant boat tragedy in Indonesia. Echoing the recent troubles in Europe, 61 bodies have been recovered after an overloaded wooden boat sank off coast of Malaysia carrying dozens of Indonesian immigrants. This follows another crisis in May when boats carrying thousands from Myanmar and Bangladesh were left at sea following a Thai crackdown. ABC
Turkey vows to wipe out PKK rebels. Turkish Prime Minister Ahmet Davutoglu has pledged to "wipe out" Kurdish PKK rebels in their strongholds after a deadly bomb attack