Macro Briefing: 7 September 2023

* Tropical Storm Lee in Atlantic strengthens into a hurricane
* White House cancels remaining oil and gas leases in Alaska’s Arctic Refuge
* US inflation, wage growth expected to slow later this year: Fed Beige Book
* China exports fall again in August amid slump in trade activity
* US Service PMI in August shows weakest growth in 7 months, but…
* ISM Services Index reports faster growth–strongest reading in 6 months:

Crude oil on Wednesday (Sep. 6) rose to the highest level since Nov. 2022, based on the US benchmark (West Texas Intermediate). Analysts attributed to the increase to production cuts by Russia and Saudi Arabia.