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Daily Scan: Global rally continues as U.S. stocks gain 1%; Juncker proposes solution to refugee problem
Is the worst behind us? Asia surged overnight again, bringing the Shanghai Composite 10% above its August low. The U.S. markets gained about 1% at the open, with the S&P 500 now standing at 1988 Wednesday, continiuing a global rally. And, after days and days of speculation, we will learn Wednesday afternoon what Apple is planning for its TV and next generation of phones at its "Hey, Siri" event. Overall, look for incremental changes. Maybe a bigger iPad, a zippier phone, a new payment system. Tune in for online coverage at zillions of media outlets at 1 p.m. ET.
Here is what else you need to know:
Mortgage applications drop 6.2% as refinancings dry up. For the week ending September 4 the Mortgage Bankers Association said higher rates prompted a 10% drop in refis. New home purchase applications rose 1% week-over-week and are 41% year-over-year. CNBC
Hillary Clinton apologizes for using private server as Secretary of State. The Democratic candidate for president said in a televised interview: "That was a mistake. I'm sorry." Clinton has dodged apologizing and her standing in the polls has suffered. She now lags behind rival Bernie Sanders in New Hampshire. ABC
European Commission President announces plan for 120,000 migrants. Jean-Claude Juncker is proposing a mandatory quota system that would force member countries to take in asylum seekers. BBC
Stimulus promise drives Japan's Nikkei 7.7% higher. The index is back from a seven-month low after Prime Minister Shinzo Abe told a Bank of America-Merill Lynch conference in Tokyo Wednesday that he pledged to cut corporate tax rates by a least 3.3% next year. AP
World Bank chief economist warns Fed to delay rate rise. Chief economist Kaushik Basu has warned the US Federal Reserve that it risks triggering “panic and turmoil” in emerging markets if it opts to raise rates at its September meeting and should hold fire until the global economy is on a surer footing. Financial Times (paywall)
Bittersweet victory for Serena. On her way to making history on the professional tennis circuit, Serena Williams needed to defeat her sister and "best friend" Venus -- which she did at the U.S. Open in three sets. ESPN
UK suffers worst drop in exports in five years. Weak demand and a drop in car manufactuing were behind a surge in the trade deficit to £3.4 billion pounds in July from £2.6 billion in June. The Guardian
Southeast Asian reserves shrinking rapidly. The lowering of the yuan's reference rate and expectations of a U.S. interest rate hike has spurred sell-offs of South Asian currencies. From July to August, Malaysia and Indonesia saw the steepest drops in their currency reserves. Nikkei
China leader firms up plans for US state visit.