Finance News · Saturday, 19 September 2026

01 Briefing what happened

Warren Buffett steps down as Berkshire Hathaway's chairman at 96. His son Howard takes the chair, and Buffett keeps about 30% of the votes.

Warren Buffett, 96, handed the chair of Berkshire Hathaway to his son Howard and still holds about 30% of its votes with 13% of its shares. Also today: the Dow's worst week since March, Saudi Arabia cuts Europe's crude, and Paramount nears a deal with the states.

Warren Buffett's age as he leaves the chair he has held since 1965

He stays on the board as chairman emeritus. [1][4]

13% of shares, 30% of votes

what Warren Buffett still holds in Berkshire

Both will fall as his shares pass to his children's foundations. [3]

-5.7% vs +34%

Berkshire's B shares against the S&P 500 since 2 May 2025

That day was the peak, one day before he said he would stop being chief executive. [7]

19.7% a year

what Berkshire returned to its owners under Buffett

That is almost double the S&P 500 over the same decades. [1][9]

The lead story — what happened

Warren Buffett stepped down on Friday as chairman of Berkshire Hathaway, the company he has led since 1965. [1] He turned 96 on 30 August. [4]
He becomes chairman emeritus, an honorary title, with immediate effect, and stays on the board of directors. [2][5]
His son Howard Buffett becomes chairman, as Berkshire's long-standing succession plan said he would. [2][6] Howard is 71 and has sat on the board since 1993. [3][5]
Greg Abel, 64, already runs the company day to day. [1] He took over from Buffett as chief executive in January. [3]
In his letter to shareholders Buffett wrote that Greg runs the company and Howard will guard its culture and values. [2] He said Abel has exceeded his sky-high expectations. [2]
Berkshire is a group worth about $1.1 trillion. [3][8] It owns the BNSF railroad, the car insurer Geico and many energy, industrial and retail companies. [3]
Buffett built it from a failing textile mill that he took over at 34. [1] Under him Berkshire returned 19.7% a year to its owners, almost double the S&P 500, the index of 500 big US companies. [1][9]
Buffett still owns more than 13% of Berkshire's shares but about 30% of its votes. [3] Both numbers will fall as his shares pass to foundations run by his children. [3]
Howard's job is non-executive, which means he chairs the board while Greg Abel runs the companies. [3] He has been a farmer, a sheriff and a charity head, but has never led a public company. [3]
Cathy Seifert, an analyst at the research firm CFRA, called that lack of management experience a weak spot in the plan. [3]
Berkshire's shares peaked on 2 May 2025, the day before Buffett said he would stop being chief executive. [7] Since then its B shares have fallen 5.7%, while the S&P 500 rose 34%. [7]
Berkshire's shares are up just 1% this year, against more than 11% for the S&P 500. [1] It holds about $365 billion in cash, and Abel spent $4.5 billion buying back its own shares in the second quarter. [1]

Berkshire shares1%

S&P 50011%

How much each has risen this year. Berkshire's shares are up about 1%, while the index of 500 big US companies is up more than 11%.

Who is involved

Warren Buffett

the investor who built Berkshire Hathaway from 1965; now chairman emeritus and still a director
Howard Buffett

his oldest son, 71, a Berkshire director since 1993 who runs a charity on food and hunger; the new chairman
Greg Abel

Berkshire's chief executive since January, 64; he runs the businesses and decides how to spend its cash
Susan Decker

Berkshire's lead independent director, the board's senior member from outside the family; she stays in that role
Cathy Seifert

an analyst at the research firm CFRA; she called Howard's lack of management experience a weak spot

How it unfolded

1965 Warren Buffett takes over Berkshire Hathaway, a failing textile mill [1]
1993 Howard Buffett joins Berkshire's board [5]
May 2025 Buffett says he will stop being chief executive; the shares peaked the day before [7]
January 2026 Greg Abel becomes chief executive [3]
18 September 2026 Buffett steps down as chairman and Howard takes the chair [2]

Where this points

The next thing to watch is how fast Buffett's shares move to his children's foundations, because that is when his 30% of the votes begins to spread out. [3]

What is pushing on the whole day

The bar and the word are our reading of how hard each one is pushing today. The arrow is where it is heading. The evidence is in the stories below.

Borrowing getting dearer High↑

The US government's two-year borrowing rate ended Friday at 4.741%, its highest since July 2024. [17] The average 30-year US home loan rate rose to 7.09%. [44] Foreign investors pulled $457 million out of Asian government bonds in August. [42]

Oil above $100 High→

Brent, the global oil price, was near $103 a barrel on Friday, after settling at $108.75 earlier in the week. [20] Saudi Arabia told European buyers they will get no crude next month. [21] EDF, France's power company, delayed selling part of an Italian energy firm because Qatar stopped its gas deliveries. [33]

Share sales getting smaller Building↑

Orion180, a Florida home insurer, sold its shares at $12, below the $15 to $17 it had asked. [29] Airtel Money, an African mobile-money firm, cut its planned London share sale to about $800 million. [30] EDF is moving away from a share sale for Edison. [33]

Worry about AI safety Building↑

The heads of three of the biggest AI companies called on Monday for AI to be slowed down, and shares fell. [38] Zscaler, a company that protects computer networks, rose almost 20% in the week. [35] Anthropic and Accenture agreed to spend $2 billion on checking AI for safety. [37]

The rest of the day

24 more stories on this beat.

Each with its own sources. None of these is a link to the story above.

02
Paramount nears a deal with the states

Paramount Skydance, the film and TV group run by David Ellison, is buying Warner Bros. Discovery, the owner of CNN and HBO. [11] California and 11 other states sued in July to block it, saying one company could raise prices across film and television. [11] People close to the talks said on Friday that a settlement could come this weekend. [11] The terms being discussed include an outside monitor for CNN's news and a promise on how many films reach cinemas. [11]

Why it matters — Paramount's shares rose nearly 7% after the market closed, and Warner's rose 8.4%. [11] From 30 September Paramount must pay Warner's shareholders $7 million for every day the deal stays open. [11]
03
The Dow has its worst week since March

The Dow Jones Industrial Average, an index of 30 big US companies, fell 1.7% this week. [15] It was its third weekly fall in a row and its worst week since March. [14] The S&P 500 slipped 0.1% for the week, while the Nasdaq, which is full of tech companies, rose 0.7%. [15] On Friday the S&P 500 closed at 7,650.50, up 0.2%, even though most US shares fell. [13]

Why it matters — The week held a US rate rise, a 5% ten-year borrowing rate and calls from AI bosses to slow down. [16] The Dow fell the most after the rate rise, while investors bought AI companies again. [15]
04
US two-year rate at its highest since 2024

The US government's two-year borrowing rate rose on Friday to 4.741%, its highest since July 2024. [17] That rate moves with what traders expect from the US central bank, which raised its rate on Wednesday and signalled another rise. [17][50] Germany's ten-year rate reached 3.572% this week, its highest since 2009. [18] Britain's hit 5.493%, its highest since 2007, before both eased back on Friday. [18]

Why it matters — The New York Times traced the climb to the Iran war: bond traders began pushing long-term rates up two days after it began on 28 February. [19] An analyst at the broker Capital.com said heavy government borrowing keeps long-term rates high whatever central banks do. [49]
05
Saudi Arabia tells Europe: no crude next month

Brent crude, the global oil price, was near $103 a barrel on Friday, after settling at a four-month high of $108.75 earlier in the week. [20] Prices eased on hopes that Saudi Arabia can restart part of its East-West pipeline, which Yemen's Houthi forces attacked. [23][22][10] But Saudi Arabia told European customers they will get no crude next month. [21] Oil through the Strait of Hormuz averaged 10 million barrels a day, against 17.1 million before the war, the data firm Kpler said. [22]

Before the war17.1 m barrels a day
Now10 m barrels a day
Oil through the Strait of Hormuz each day, before the war and now, as counted by the data firm Kpler.

Why it matters — Saudi Arabia has given no date for restarting the pipeline. [22] Asian countries that import most of their energy lose a route around Hormuz, and analysts say their refineries feel it first, then their prices and currencies. [24]
06
Gold climbs through the rate rises

Gold rose 2.3% on Thursday to $4,360 an ounce and added another 0.5% on Friday. [25] It had fallen more than 1%, to about $4,240, straight after the US central bank raised its rate on Wednesday. [25] Gold pays no interest, so higher rates usually make it less attractive than a bond that does. [25] Japan's central bank also raised its rate on Friday, and gold kept its gain. [25]

Why it matters — A weaker dollar and cheaper oil helped, but the article's author says they do not explain a rebound this large. [25] Worry about war, government debt and central banks buying gold are the other reasons it lists. [25]
07
Volkswagen cuts its forecast for the year

Volkswagen, the German carmaker, cut its forecast for the whole of 2026 on Friday. [26] It blamed a hard market, especially in China, and more costs for restructuring the company. [26] It also wrote down the value of Porsche, the sports-car maker it controls. [26] A write-down means Volkswagen now says Porsche is worth less than it had recorded, and that loss comes off its profit. [26]

Why it matters — Volkswagen's shares fell 5.58% on the news. [26] The report did not say how large the Porsche write-down is. [26]
08
India squeezed by a US bill on Russian oil

A bill in the US Congress would let the US government put tariffs of up to 100% on countries that buy a lot of Russian oil, including India and China. [27] India is the world's third-largest oil importer and one of the biggest buyers of Russian crude. [27] India's government warned on Thursday that the bill could damage relations and disrupt energy markets. [27] A planned US-India trade deal has already been delayed several times. [27]

Why it matters — If India buys less Russian oil, fuel could cost Indians more before state elections early next year. [27] If it keeps buying, Indian exporters could face tariffs in the US, their largest market. [27]
09
FedEx group wins control of InPost

InPost, a Polish company that runs parcel lockers in nine countries, said 89.81% of its shares were handed over in a takeover offer. [28] The buyers are FedEx, the US delivery company, the investment firm Advent International and some existing InPost investors. [28] They agreed in February to pay 15.60 euros a share, about 7.8 billion euros in cash. [28] The 80% minimum has been passed. [28]

Why it matters — InPost will leave the Euronext Amsterdam stock market once the deal closes, but it keeps its name, its managers and its head office in Poland. [28] Its shares had struggled since 2021 against tougher rivals at home and heavy spending. [28]
10
Florida home insurer falls on its first day

Orion180, a Florida company that insures homes in 14 US states, began trading on the Nasdaq exchange on Friday. [29] It sold its shares at $12, below the $15 to $17 it had asked for, and raised $240 million. [29] The shares opened lower, at $11.50, which values the company at $1.14 billion. [29] Its main markets are Texas, California and Florida, where floods and wildfires have pushed insurance prices up. [29]
$10 a share$14 a share$18 a share
1. 1Opened at$11.50 a share
2. 2Sold at$12 a share
3. 3Asked for, low end$15 a share
4. 4Asked for, high end$17 a share
Orion180 hoped to sell its shares for $15 to $17. It sold them for $12, and they opened lower still.
Why it matters — The rate rise and higher borrowing costs are putting investors off new share sales, Reuters reported. [29] Bamboo Insurance, backed by the investment firm CVC, plans to list next week at a value of $3.24 billion. [29]
11
Airtel Money shrinks its London share sale

Airtel Money, the mobile-money arm of the African phone company Airtel Africa, is considering raising at least $800 million in its London share sale, Bloomberg reported. [30] It had aimed for $1.5 billion to $2 billion. [30] It may also value itself at $8 billion to $9 billion, down from $10 billion, after hearing from investors. [30] Airtel Africa's shares fell 8.5% in London on Friday. [30]

$1.5bn to $2bnFirst aim
Now consideringat least $800m
How much Airtel Money first hoped to raise in London, against what it is now thinking of raising.

Why it matters — Airtel Money could file as early as next week and start trading in October. [30] A smaller sale at a lower value means Airtel Africa gets less money for the part of the business it sells. [30]
12
Softcat sells new shares to buy in the US

Softcat, a British company that sells computer equipment and services to businesses, raised 354 million pounds by selling new shares. [30] The money helps pay for its $1.05 billion purchase of GDT, a US company. [30] Softcat issued about 18.7 million shares at 1,890 pence each, about 9.5% more shares than it had before. [30] The rest comes from 100 million pounds of cash and new loans. [30]

Why it matters — Softcat's shares fell 2.8%, and each existing owner now holds a slightly smaller slice of the company. [30] In return it gets a US business that works on networks, data centres, AI equipment and cybersecurity. [30]
13
RoboTechnik plans an $800m Hong Kong listing

RoboTechnik, a Chinese maker of machines that build solar cells and parts for AI data centres, plans to start its Hong Kong share sale on 21 September. [31] It wants to raise about $800 million, two people close to the deal said. [31] It is already listed in Shenzhen, where its shares are up 166% this year. [31] Its revenue rose 144.8% in the first half, and it made a profit after a loss a year earlier. [31]

Why it matters — It would set its price on 24 September and start trading on 29 September. [31] It plans to spend the money on research, factories, selling abroad and possible purchases. [31]
14
Dillard's moves its listing to Texas

Dillard's, a US department store chain, said on Friday it will move its main stock market listing from the New York Stock Exchange to the new Texas Stock Exchange. [32] Two regional banks, Origin Bancorp and Texas Capital, announced the same move this month. [32] All three should start trading there in October. [32] The new exchange is backed by BlackRock, Citadel Securities and Charles Schwab, and promises lighter rules than New York. [32]

Why it matters — Companies on the Texas exchange must be registered in Texas, where a 2025 law makes it harder for shareholders to sue a company. [32] Exxon Mobil and Tesla moved their head offices to Texas but have not moved their listings. [32]
15
EDF looks for a new way to sell part of Edison

EDF, France's state-owned nuclear power company, wants to sell a minority stake in Edison, an Italian energy company, to help pay for new reactors. [33] It had studied selling Edison shares on the stock market. [33] But Edison buys gas from QatarEnergy, which has cancelled deliveries since April because the Strait of Hormuz is effectively closed. [33] EDF is now considering a deal in which buyers get paid first from Edison's cash, up to a set target return. [33]

Why it matters — EDF would keep the majority of Edison and control of it, while the new investors, probably big funds, get paid ahead of other owners. [33] EDF is expected to decide at the end of September. [33]
16
Bolivia approves a $1.9bn IMF loan

Bolivia's lawmakers approved on Friday a $1.9 billion loan from the International Monetary Fund, which lends to countries in money trouble. [34] Bolivia is short of dollars. [34] Its government says it inherited $3.17 billion in reserves, of which only $52 million was cash it could use. [34] The deal should open the way to more than $5 billion from the World Bank and other lenders. [34]

Why it matters — In return Bolivia must cut its budget gap and end its fuel subsidies, so Bolivians will pay more for fuel. [34] Bolivia's government says the cuts must come with protection for the poorest people. [34]
17
Cybersecurity shares have their best week

Zscaler, which protects company computer networks, rose 19.76% this week, the best of the US shares Morningstar covers. [35] Tenable and Qualys, two more cybersecurity companies, rose 17.72% and 16.4%. [35] They climbed as worry grew about the safety of powerful AI, and some of the gain was sold on Friday. [36] Anthropic and Accenture also agreed to spend $2 billion over five years on checking AI systems for safety. [37]

Why it matters — The rise came as the heads of Anthropic and OpenAI called for more safety checks on AI, and Microsoft published new safety rules. [37] Accenture will use Faculty, an AI testing company it bought in March, for the Anthropic work. [37]
18
Netflix gets its first sell call in months

Wells Fargo, a big US bank, told investors on Friday to hold fewer Netflix shares than the market as a whole does. [40] It was the first negative call on the streaming company in months. [40] Its analysts estimated that people watched 8% less Netflix in the first half of 2026 than in the same months of 2023. [39] They said Netflix has lacked big original series. [39]

Why it matters — Netflix is pushing games, documentaries, reality shows and video podcasts. [39] The analysts said that without a breakout hit the shares will not recover. [39]
19
British shoppers spend more than expected

Sales in British shops rose 0.5% in August from July, when economists had expected a 0.2% fall. [41] They were 2.4% higher than a year earlier. [41] The pound rose slightly, to $1.337. [41] The Bank of England kept its rate at 3.75% on Thursday but said inflation will probably peak above 4% early next year. [41]

Why it matters — Traders now see about a 65% chance that the Bank of England raises its rate in November. [41] One economist said strong shop sales are one more thing pushing it that way. [41]
20
Foreign money leaves Asian bonds

Foreign investors sold a net $457 million of government bonds in South Korea, Malaysia, India, Indonesia and Thailand in August. [42] It was the first month of net selling since March. [42] Rising interest rates around the world and worry about inflation made those bonds less attractive. [42]

Why it matters — Borrowing rates in Germany and Britain reached their highest in more than 15 years this month, so investors can earn more closer to home. [18][42]
21
Investors pour money into US shares

Investors put money into US shares at the fastest pace in three months last week, a Bank of America report said on Friday. [43] They took money out of company bonds at the same time. [43] The bank warned that investors are too optimistic and that company profits look set to peak next year. [43]

Why it matters — The bank said a sudden jump in what risky companies pay to borrow would be the clearest sign that the US economy is weaker than its central bank thinks. [43]
22
US mortgage rates stay above 7%

The average rate on a 30-year fixed US home loan was 7.09% on Friday, according to Bankrate, a site that compares loans. [44] A 15-year loan averaged 6.46%. [44] Mortgage rates went above 7% this month for the first time in more than a year. [44] The US central bank does not set them directly, but its rate rise on Wednesday adds pressure. [44]

Why it matters — Mortgage rates follow the US ten-year borrowing rate, which touched 5% early this week for the first time since 2023. [13]
23
Carney says markets favour Canada

Mark Carney, Canada's prime minister and a former head of the central banks of both Canada and England, said on Friday that Canada is strong. [45] He pointed out that the US government now pays much more to borrow than Canada's does. [45] He said markets are starting to separate the strong from the weak. [45] He spoke after a week in Europe, where he backed a much closer alliance with the EU. [45]

Why it matters — Canada suspended trade talks with the US government last month over tariffs. [45] A Canada-EU summit follows on 29 and 30 October in Montreal. [45]
24
Greenland deal gives the US a say on investment

President Trump said on Friday that the US and Denmark had reached a security agreement over Greenland, a self-governing territory of Denmark. [46] It allows more US troops on the island. [46] Trump said no US adversary can make sensitive investments in Greenland without written US approval. [47] Reuters reported that the deal stops well short of Trump's wish to take over the island. [47]

Why it matters — Greenland stays Danish, but Trump said the US will start building a large military presence there at once. [46] Companies from countries the US government calls adversaries now need its written approval to invest in sensitive projects. [47]
25
Taboola buys Dianomi

Dianomi, a small British company that places adverts for publishers, accepted a takeover by Taboola, a US advertising company. [48] Taboola will pay 64 pence a share in cash, which values Dianomi at 19 million pounds. [48] Up to 24 pence more a share depends on Dianomi's publishers accepting new terms, which could lift the price to 27 million pounds. [48] Dianomi's shares jumped 74%. [48]

Why it matters — Owners of 75.3% of Dianomi's shares have already agreed to sell. [48] Its chief executive said it needs Taboola's size to compete as online advertising changes. [48]

02 Lesson why it matters

Why a man with 13% of the shares has 30% of the votes

Some shares carry far more votes than others, so a founder can keep steering a company long after most of its money belongs to other people.

The twist

Owning part of a company and having a say in it can be split apart. Warren Buffett holds about an eighth of Berkshire's shares but nearly a third of its votes.

The picture

His share of Berkshire's shares13%

His share of the votes30%

Warren Buffett's slice of Berkshire's shares, beside his slice of the votes. Both numbers are rounded: he holds a little over 13% and about 30%.

How it works

Berkshire has two kinds of share, and the older A shares carry far more votes than the cheaper B shares
Buffett kept mostly A shares, while many ordinary investors own B shares
So he owns about an eighth of the company's money but nearly a third of its votes
While the company does well, nobody tests who holds the votes
When he gives the shares away, the votes move to the foundations his children run

The same force, elsewhere today

Where this chain is also running, in today's other stories.

Dillard's moves its listing to Texas

Dillard's owners keep the same shares, but on the Texas exchange a 2025 law makes it harder for them to sue the company, so their say shrinks while their money stays put.
EDF looks for a new way to sell part of Edison

The new investors would get paid first from Edison's cash, while EDF keeps the majority and the control, so money and say are split the other way round.
Paramount nears a deal with the states

The states own no Paramount shares, yet a settlement could give an outside monitor a say over CNN's news.
Greenland deal gives the US a say on investment

Companies from US adversaries could still bring money, but only with written approval from the US government, which puts in none of it.

Where you've seen this

German football clubs

a rule keeps most of the votes with the club's members, even when investors put in most of the money

Family newspapers

the founding family keeps special shares that pick most of the board, while the public owns most of the rest

Tech founders

Mark Zuckerberg controls most of the votes at Meta while owning a small part of its shares

Blocks of flats

each owner often gets one vote on repairs, whether their flat is small or large

The catch

Extra votes only keep a plan in place while the people holding them agree. Buffett's votes will be split among foundations run by his children, and nobody has said how they will use them.

And the whole of it

Anyone whose pension fund owns Berkshire's B shares holds a slice of its money and a much smaller slice of its votes. Many companies in a pension fund are built the same way, and it is the fund's managers, not the saver, who cast those votes.

03 Truth what's really going on

What is really going on

Warren Buffett left the chair of Berkshire Hathaway on Friday, but he still holds about 30% of its votes with about 13% of its shares, and his son Howard now chairs the board. [3] On the same day Dillard's moved its listing to Texas, where shareholders find it harder to sue, and EDF offered investors first call on Edison's cash so that it could keep control. [32][33]

Why it works on us — A 96-year-old's warm goodbye letter makes the day read as an ending, while the votes that steer the company stay with his family. [2][3]

Who gains

The Buffett family's foundations — They will receive Buffett's shares and, with them, votes worth far more than the shares' slice of Berkshire's money. [3]
Warner Bros. Discovery shareholders — Their shares rose 8.4% after hours on the settlement report, and Paramount owes them $7 million a day from 30 September until the deal closes. [11]
The Texas Stock Exchange and its backers, including BlackRock, Citadel Securities and Charles Schwab — Dillard's and two regional banks are moving their main listings there from New York. [32]
FedEx and Advent International — They now hold 89.81% of InPost and can take it off the Amsterdam market. [28]
Owners of Zscaler, Tenable and Qualys — Their shares rose between 16% and 20% in a week as worry about AI safety grew. [35]

Who pays

Owners of Berkshire's B shares — Their shares are down 5.7% since May 2025, while the S&P 500 rose 34%. [7]
People taking out a US home loan — The average 30-year fixed rate reached 7.09% on Friday. [44]
Volkswagen's shareholders — Their shares fell 5.58% after the company cut its forecast and wrote down Porsche. [26]
People in Bolivia — The IMF deal requires Bolivia's government to end fuel subsidies. [34]
Orion180 and its founders — The company raised $240 million by selling shares at $12, below the $15 to $17 it had asked. [29]

What nobody knows yet

Open questions from across today’s stories — ours included.

01

What Howard Buffett will actually do as chairman.

His job is non-executive and he has never led a public company. One analyst called that a weak spot, and Berkshire has not said what decisions he will take. [3]
02

How Buffett's 30% of the votes will be used once his shares reach his children's foundations.

Reuters says the percentages will fall as the shares are handed over, but no timetable has been published. [3]
03

How much cash Berkshire actually holds.

CNBC gives $365.5 billion. Reuters gives $364.7 billion as of 30 June. The gap is small, and neither report says how it counted. [1][3]
04

Whether Paramount and the states settle, and what the deal is worth.

The talks are confidential, and California's justice department would not confirm them. The report we read puts the deal at $110 billion and the Wall Street Journal at $81 billion; neither explains the gap, which is probably whether Warner's debt is counted. [11][12]
05

When Saudi oil flows through the East-West pipeline again.

Saudi Arabia has given no restart date and says engineers are still checking the pipeline, while traders have already priced in a partial restart. [22][23]
06

Whether the US Russian-oil bill becomes law, and how hard it would be used.

An Atlantic Council fellow said late or light tariffs would be manageable for India, but the bill has strong support from both US parties. [27]
07

How big Volkswagen's Porsche write-down is.

Volkswagen named it as one reason for cutting its forecast, but the report we read gives no figure. [26]
08

Whether the US central bank raises its rate again this year.

Its officials' middle forecast points to one more rise by December, while Bank of America warns that company profits may peak next year. [50][43]

04 Hope carry this

Warren Buffett took over a failing textile mill at 34 and built it into a company worth about $1.1 trillion that employs nearly 400,000 people. On Friday, at 96, he handed its chair to a son who has sat on its board for 33 years.

Also true today

Bolivia's lawmakers approved a $1.9 billion loan from the International Monetary Fund, for a country whose government says it had just $52 million in cash reserves it could use.
British shops sold 0.5% more in August than in July, when economists had expected a fall.