Moving the Market
- Wal-Mart posts better than expected Aug. same-store sales growth of 3.1%; other notable beats suggesting the consumer is holding up include TGT, M, JWN, SKS, JCP, ANF, AEO
- Stronger than expected revision to Q2 productivity drives down unit labor costs to adjusted annual rate of just 1.4% (from 2.1%)
- Libor climbing for 11th straight session to fresh 7-yr highs further underscores contagion effect of subprime woes
- Fed adds $31.25 bln of temporary reserves to banking system in three installments; U.S. commercial paper market shrank for 4th week, extending biggest slump in 7 yrs; M.B.A. says subprime mortgage woes push new foreclosures to third consecutive record high
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