Wall Street Breakfast: Must-Know News

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Obama: No U.S. strikes if Syria gives up chemical weapons. Russia’s proposal to work with Syria to put the latter’s chemical weapons under international control “could potentially be a significant breakthrough” that could avert U.S. military action, President Obama said yesterday. However, he is skeptical of the plan and wary that Syria could use it as a delaying tactic. Still, Obama’s comments buoyed global equities, which also got a lift from better-than-expected Chinese data (see below).

Chinese industrial-output growth speeds up. Chinese data provided yet more evidence that the country’s economy is stabilizing and will avoid a hard landing, with industrial-production growth accelerating to 10.4% on year in August from 9.7% in July and beating consensus of 9.9%. August retail sales and year-to-date urban investment also grew strongly and topped forecasts. Following the data, Bank of America said it expects “an impressive recovery” in Q3.

Apple set to unveil two iPhones. Apple (AAPL) is today expected to introduce a new high-end iPhone that could contain a fingerprint scanner, and a lower-cost version of the handset as it seeks to gain share in emerging markets. Apple could also release a revamp of its iOS software that will include iTunes radio. However, the company won’t announce a long-awaited deal with China Mobile (CHL), the world’s largest cellular carrier, Bloomberg reports.

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