Quick Overview

• Retail sales fell 2.1% in August from the previous month, the Commerce Department reported Wednesday--the biggest drop in four years.
  

• Production at U.S. factories, mines and utilities rose a less-than-expected 0.1% in August, the Federal Reserve said Wednesday.
  

• The Mortgage Bankers Association said its index of total mortgage applications for home purchase and refinancing loans fell 1.4 percent to 760.6 in the week ended September 9. The index rose 6.8 percent in the previous week
  
  

• The U.S. DoE said that:
  Crude Oil supplies were down 6.6 million barrels last week to 308.4 million barrels.
  Unleaded gasoline supplies were up 1.9 million barrels
  Heating oil supplies were up 400,000 barrels.
  The DOE also said that the nation's refineries were operating at 87.3% of capacity, up from 86.8% the week before.
  
  

• Repairing roads and bridges damaged by Hurricane Katrina in the Gulf Coast states could cost as much as $5 billion, Department of Transportation Secretary Norman Mineta said Tuesday after touring the region, Bloomberg reported.
  

• Reuters news reported that the Port of New Orleans is gradually returning to business after being closed for two weeks. They said that two of the port's 27 terminals were in service and operations are expected to slowly resume.
  

• Argentine stocks closed at a record high on Wednesday, led by a rise in banking shares on speculation of a possible share buyback for BBVA Banco Frances by its Spanish parent, traders said
  

• The Bank of Japan is "very close" to ending its ultra-loose monetary policy, its deputy governor said yesterday, although he stressed that current policy would be maintained until deflationary expectations were eradicated.
  

• Unemployment in the U.K remained at 4.7%.
  

• Canada's manufacturing shipments were down 1.4% in July to C$50.1 billion.
  

• YoY China's industrial production was up 16%.