The US and China extend their trade truce by two months, to 10 January, as Xi arrives in Washington

The rest of the day

26 more stories on this beat.

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

1. 02

   US businesses busiest since 2021

   A survey of US companies by S&P Global showed business activity at its highest since July 2021. [14] The prices firms pay for their own supplies rose to their highest in nearly four years. [14] Michael Barr, a governor of the US central bank, said more rate rises are likely needed to bring inflation down. [14] Traders now put a 57% chance on rises at both of the bank's remaining meetings this year, up from 38% a week earlier. [15]

   Why it matters — Strong growth sounds good, but it gives the US central bank reason to keep raising rates. That is why shares fell on the news. [15]

2. 03

   Five-year US debt crosses 5%

   Buyers showed weak demand at a US sale of five-year government bonds on Wednesday. [19] That pushed the five-year borrowing rate above 5% for the first time since 2007. [19] The ten-year rate settled at 5.11%, its highest since July 2007. [17] The US Treasury said it would buy back up to $6bn of its own 20-year and 30-year bonds on Thursday, to try to cool long-term rates. [18]

   Ten-year rate, Wednesday5.11%

   Ten-year rate, 2007 peak5.3%

   Why it matters — The ten-year rate affects borrowing costs across the US economy. [17] Mortgages and other long loans are tied to it. [30]

3. 04

   The dollar at a two-month high

   The dollar held at its highest level in two months on Thursday. [19] The euro fell to $1.1378 and the British pound sat near a three-month low of $1.3231. [19] Traders are betting on more US rate rises, and that pushes the dollar up. [19][20] Gold slipped to about $4,282 an ounce, as higher rates make a metal that pays no interest less attractive. [48]

   Why it matters — A firmer dollar makes gold, which is priced in dollars, dearer for buyers using other money. [48] South Africa's rand fell 1.3% against it on Wednesday. [25]

4. 05

   Shares fall; Boeing rises

   The S&P 500, an index of 500 big US companies, fell nearly 1% on Wednesday, and the Nasdaq more than 1%. [15] Only energy and industrial firms rose. [15] Boeing gained more than 1.5% after the union for its engineers recommended its members accept a new contract before a 9 October deadline. [15] Stock markets in Europe were set to open lower on Thursday. [18]

   Why it matters — A strike would have halted engineering work at the planemaker. [15] The 200 planes China promised in May are still not a firm order from any Chinese airline. [15]

5. 06

   Libya outage lifts oil again

   An armed group shut a valve on the pipeline from Libya's El Sharara field, which pumps about a third of the country's oil. [23] Brent crude, the world benchmark, climbed about 4% on Wednesday [22] and passed $101 a barrel during the day. [23] It eased to $102.13 on Thursday after Iran said it was still open to talks to end its war with the US. [22] The Trump administration denied a report that it plans to ban diesel exports for 90 days. [22]

   Why it matters — Diesel powers the lorries and machines that make and move goods, so dear oil spreads into many prices. [14] It is one reason South Africa's central bank raised rates this week. [25]

6. 07

   South Africa raises its rate to 7.25%

   The South African Reserve Bank, the country's central bank, raised its main interest rate by a quarter point to 7.25% on Wednesday. [25] Its governor, Lesetja Kganyago, said inflation must go back to the bank's 3% target once fuel prices ease. [25] Figures the same day showed prices were 4.4% higher than a year earlier in August. [25] The rand fell about 1.3% against the dollar, and the country's top shares fell 1.7%. [25]

   Why it matters — South Africa imports its fuel, so dearer oil and a weaker rand push up prices there quickly. [25] Higher rates make home loans and car loans cost more for South African households.

7. 08

   Swiss vote goes against UBS

   Switzerland's upper house of parliament voted 29 to 16 for the stricter of two plans: UBS must back its foreign businesses with capital that is 90% shareholders' money, the safest kind. [24] The Swiss government had wanted 100%. [24] UBS's balance sheet is larger than the Swiss economy. [24] The bank says the whole overhaul means about $18bn of extra capital. [24] The lower house votes next, and a final decision is not expected before the end of the year. [24]

   Why it matters — The rules follow the 2023 collapse of Credit Suisse. [24] The finance minister, Karin Keller-Sutter, said Switzerland could not cope if UBS collapsed, and UBS's chairman has said the bank could rethink its Swiss base. [24]

8. 09

   Indonesia holds rates, woos buyers

   Bank Indonesia kept its main interest rate at 5.75% on Wednesday, as 29 of 32 economists polled by Reuters expected. [26] It was the first meeting under Destry Damayanti, the first woman to lead Bank Indonesia. [26] She said rate rises of one percentage point in May and June had been enough. [26] She also cut the cost for foreign investors to protect themselves against a fall in the rupiah, Indonesia's currency. [26]

   Why it matters — The rupiah hit record lows against the dollar this year. [26] Investors have also worried about political pressure on the bank, after President Prabowo Subianto's nephew was given a senior job there. [26]

9. 10

   Trump repeats his call for 1% rates

   Donald Trump criticised the US central bank's rate rise last week and again called for a 1% interest rate. [29] The bank's range is now 3.75% to 4%. [14] One investment researcher, J. Benson Durham, told Reuters that a cut that deep would push long-term borrowing costs up and make the dollar plunge. [29] Grover Norquist, an outside adviser to Trump, said the rise was not the US central bank's fault. [29]

   Why it matters — Mortgage rates are near 7% before November's elections for Congress. [29] Trump is also trying to remove a central bank governor, Lisa Cook. [29]

10. 11

    A rate rise lands on card borrowers

    Americans owe about $1.26 trillion on credit cards, according to the New York branch of the US central bank. [30] About 60% of card users carry a balance from month to month, at more than 23% a year on average. [30] The personal finance site WalletHub estimates last week's quarter-point rise will add $2bn in card interest over the next 12 months. [30]

    Why it matters — Rate rises hit younger and lower-income households hardest, because they borrow more. [30] Older savers with more income earn more on their savings from the same rise. [30]

11. 12

    China adds cash before a holiday

    China's central bank said it will put up to 1 trillion yuan, about $149bn, a day into its banks from 28 September to 8 October. [27] Banks need more cash than usual before holidays, and the Golden Week holiday closes China's bond markets from 1 to 7 October. [27] The stock markets reopen on 8 October. [27]

    Why it matters — Cash running short before a holiday pushes up what banks charge each other to borrow overnight. China's central bank did not say what it will charge for this money. [27]

12. 13

    Singapore prices rise; growth forecast up

    Singapore's core inflation, which leaves out car and housing costs, rose to 2.2% in August, above forecasts. [28] It was the highest in nearly two years. [28] Overall prices were 2.3% higher than a year earlier. [28] The official forecast for growth this year was raised to between 4.5% and 5.5%. [28]

    Why it matters — Singapore's central bank expects prices to stay high into next year. [28]

13. 14

    Caesars owners approve Fertitta deal

    Shareholders of Caesars Entertainment, which runs casinos such as Caesars Palace in Las Vegas, voted to be bought by Fertitta Gaming. [31] About 133 million votes were for the deal and 4 million against. [31] Tilman Fertitta is paying $5.7bn and taking on close to $12bn of Caesars' debt. [31] The deal still needs approval from US competition regulators. [31]

    • Votes for133 m · 97%
    • Votes against4 m · 3%

    Why it matters — If it closes, Caesars stops trading on the stock market and its shareholders get $31 a share in cash. [31]

14. 15

    WSP drops its Arcadis bid

    WSP Global, a Canadian engineering company, withdrew its proposal to buy Arcadis, a Dutch engineering firm, for 4.435 billion euros, about $5.08bn. [32] Arcadis shares fell about 6% to 40.78 euros, the biggest fall in Europe's Stoxx 600 index that day. [32] They are still up about 15% this year. [32]

    Why it matters — Arcadis stays an independent company for now, and its shareholders will not be bought out by WSP. [32]

15. 16

    A fourth approach for Ashtead Technology

    Ashtead Technology, a British company that supplies equipment for undersea work, received a new proposal from Ember Infrastructure Management. [33] Ember offered 615 pence a share, which values the firm at about 498 million pounds. [33] The board rejected Ember's first two approaches. [33] Under UK takeover rules, Ember has until 21 October to make a firm offer or walk away. [33]

    Why it matters — The offer is 12.8% above what the shares last sold for. [33] The board, which turned down two earlier approaches, is weighing it with its advisers. [33]

16. 17

    No rival bid for Accelerant

    Accelerant, which runs a marketplace for specialist insurance, had 40 days to look for a better offer than the one it accepted from the investment firm Thoma Bravo. [35] That window, called a go-shop, ended on 22 September without a single rival proposal. [35] Thoma Bravo agreed in August to buy the company in a deal valuing it at more than $4bn. [35]

    Why it matters — With no rival, the sale is expected to close in the first half of 2027, after a shareholder vote and regulators' approval. [35]

17. 18

    Bio-Techne shareholders back Merck KGaA

    Shareholders of Bio-Techne, a US maker of tools and chemicals for life-science labs, voted to approve its sale to Merck KGaA, a German drug and chemicals group. [34] The US waiting period for a competition review ended on 18 September. [34] Bio-Techne expects the deal to close in late 2026 or early 2027. [34]

    Why it matters — Approvals from other regulators are the last thing the deal needs before it closes. [34]

18. 19

    Two Brazilian university groups merge

    Afya, one of Brazil's biggest medical school groups, agreed to merge into Yduqs, a large Brazilian university group. [36] The combined company would trade only on B3, Brazil's stock exchange, and Afya would leave the Nasdaq in New York. [36] The deal needs approval from both sets of shareholders and from Brazil's competition regulator. [36]

    Why it matters — Afya's investors, who now own shares traded in New York, would end up with shares traded only in Brazil. [36]

19. 20

    MoonPay buys a US broker

    MoonPay, which lets people change ordinary money into cryptocurrency, bought North Capital, a Utah firm that runs back-office services for share trading. [37] A person familiar with the deal told Fortune the price was over $60m, paid in shares. [37] North Capital holds US licences to run a trading system and act as a broker. [37]

    Why it matters — The licences let MoonPay offer shares recorded on a blockchain, a shared digital record, which Robinhood and Kraken already sell. [37]

20. 21

    Apollo pushes private loans to the public

    Marc Rowan, head of the investment firm Apollo, said it manages $1.15 trillion and is moving from traditional funds towards products that are easier to buy and sell. [38] Apollo now prices its credit products every day and has given them codes so they can be traded. [38] Rowan said the firm wants to sell them to individual savers and retirement plans. [38]

    Why it matters — If the plan works, more of ordinary savers' retirement money would sit in loans that are not traded on public stock or bond markets. [38]

21. 22

    Cintas raises its forecasts

    Cintas, which rents uniforms and supplies workplace safety gear, raised its revenue and profit forecasts for the year. [39] Quarterly sales rose 10.9% to $3.01bn, its first quarter above $3bn. [40] The company said hiring in healthcare, education and government kept demand steady. [39] It now expects its $5.5bn purchase of its rival UniFirst to close before the end of 2026. [39]

    Why it matters — Uniform rentals follow how many people are at work, so steady orders say something about jobs. [39] The shares still slipped before the market opened. [40]

22. 23

    Paychex beats, shares drop

    Paychex, which runs payroll for small and mid-sized companies, earned $1.34 a share last quarter, slightly above forecasts. [41] Revenue of $1.63bn matched expectations. [41] Its shares still fell 6.8% before the market opened. [41] Growth in its main payroll software business came in a little below expectations. [41]

    Why it matters — Investing.com said the fall may reflect worry that the shares were already expensive for how fast the company is growing. [41]

23. 24

    Cracker Barrel beats, shares jump

    Cracker Barrel, a US chain of country-style restaurants with gift shops, earned 99 cents a share last quarter against forecasts of 10 cents. [42] Revenue was $849.3m. [42] Its shares rose 6.6% before the market opened. [42] Customer visits fell 6.1%, but higher prices lifted what each customer spent by 4.2%. [42]

    Why it matters — The chain expects its restaurant sales to grow 3% to 5% next year, after a year of falling visits. [42]

24. 25

    Renishaw posts a record year

    Renishaw, a British maker of precision measuring machines, reported record yearly profit. [43] Adjusted operating profit rose 36% to 152.9 million pounds. [43] Revenue in its last quarter was 28% higher than a year earlier. [43] The company said orders for equipment used to make computer chips drove the growth, and it paid a special dividend of 70 pence a share. [43]

    Why it matters — Renishaw's orders rise and fall with spending on the machines that make computer chips. [43]

25. 26

    Elixirr's AI work nearly triples

    Elixirr, a London-listed consulting firm, said revenue for the first half rose 25% to 89 million pounds, a record. [44] Its revenue from artificial intelligence work rose 185% to 8 million pounds. [44] Selling more work to clients it already had brought in 19 million pounds, up 27%. [44] Its shares rose about 3.9%. [44]

    Why it matters — AI work is 8 million of Elixirr's 89 million pounds, under a tenth, but it is the part growing fastest. [44]

26. 27

    A short-seller bets against Micron

    Micron, which makes the memory chips that AI computers use, slipped 0.3% before trading on Wednesday after a four-day rise of about 14%. [45] Michael Burry, an investor known for betting against US housing before 2008, disclosed bigger bets on a fall in Micron's shares. [45] Wells Fargo cut its price target to $1,400, while UBS kept its $1,625 target. [47][46] Micron reports results on 30 September. [45]

    Why it matters — A price target is one firm's guess, not a fact. [47] Micron's shares are up about 560% in a year, and Wall Street expects about $50bn of revenue for the quarter. [46][45]