Bonds & Stocks
Stocks wavered as traders awaited fresh economic figures for clues on whether the labor market is cooling too much amid elevated Federal Reserve rates. After a shaky start to September, equities struggled to gain much traction, with Nvidia Corp. leading losses in chipmakers. Just a few days ahead of the all-important US payrolls report, data is expected to show the total number of job openings has largely stabilized, but labor demand and the breadth of hiring is narrowing.
Economy
The US trade deficit widened to a two-year high in July, fueled by a surge in imports of goods and partly reflecting stepped-up efforts by companies to ensure adequate supply ahead of a potential dockworkers’ strike. The goods and services trade gap grew 7.9% from the prior month to $78.8 billion, Commerce Department data showed Wednesday. The figure was in line with the median estimate in a Bloomberg survey of economists.
World
Reliance Industries Ltd. has won a bid to build a 10 gigawatt-hour battery unit, a move that will help billionaire Mukesh Ambani’s conglomerate deepen its footprint in the new energy space. The Mumbai-based company outcompeted six firms to become the sole developer, taking advantage of an incentive program rewarding industrial output, according to a statement by the Ministry of Heavy Industries.