Oil jumps most since 2008, Fed meeting, and Facebook’s billion

The daily briefing “FirstFT” from the Financial Times.

Oil jumped by the most in six and a half years on Thursday, rebounding from lows last seen during the financial crisis, as a surge in global stock markets and outages in two major Nigerian pipelines sparked a rally.

Brent crude, the international benchmark, jumped $4.42 a barrel in afternoon trading to settle at $47.56. The 10.2 per cent gain marked its biggest one day advance since December 2008. (FT)

In the news

China looms large over Fed meeting

As senior figures from the Federal Reserve gather for their annual economic symposium, market gyrations and the potential for a sharp downturn in China have put widespread expectations for a rate rise next month on ice. US economic growth figures that came in stronger than expected strengthened the view that the domestic economyremains on a firm footing. (FT)

Apple readies for iPhone debut

Circle your calendar for Wednesday, September 9. That is the date Apple has scheduled for its annual iPhone launch, which comes a year after the 2014 device launch. Invitations sent to media and analysts brought the teaser: “Hey Siri, give us a hint”. (FT)

The new nuclear superpower

Pakistan could have the world’s third largest arsenal of nuclear weapons within a decade if it continues to build up to 20 warheads annually, a new report claims. An official for the Pakistani government said the projections were “highly exaggerated.” (FT)

Google comes out fighting

The tech company threw down the gauntlet to the European Commission on Thursday, rejecting a proposal that it change the way it ranks and displays search results. Google argued the case brought by Brussels was baseless, and in a blog post wrote it was “wrong as a matter of fact, law and economics”. (FT)

Tsipras gambles on poll victory

Cool self-confidence permeated Alexis Tsipras when he kicked off his election campaign in Athens last night. The former premier and leader of the left-wing Syriza party is gambling that his high approval rating will be enough to secure him a parliamentary majority when the country again goes to the polls next month. (FT)

It’s a big day for:

Japan, which released a slew of modestly encouraging economic data. Inflation held up, while the labour market accelerated with unemployment falling to 3.3 per cent. (FT)

UK GDP

Investors await the second estimate of second-quarter growth in the UK. Economists project that economic activity expanded 0.7 per cent in the second quarter from the first. (fastFT)

Food for thought:

Nazi gold hunters warned of dangers

Indiana Jones types searching for a missing Nazi train filled with gold and gems in Poland have been warned of booby-traps. The statement came from a senior Polish official, who added he was certain the decades-missing train existed. (BBC)

Accounting for change

Consulting is back in vogue among the Big Four firms but some fear audit quality is at risk amid potential conflicts of interest. (FT)

The meaning of Merkel

It is the ultimate legacy, although probably not the kind she was hoping for. German youths have adopted the surname of German chancellor Angela Merkel as a verb – and it means “to do nothing”. (NPR)

All that glitters is not Goldman

You have likely heard of China’s fake Apple and Ikea stores. Now, the country’s innovative copycats are scaling the value chain: all the way up to Goldman Sachs, the international investment bank. (FT)

A billion users in one day

On Monday, one in every seven people on the planet used Facebook, company CEO Mark Zuckerberg announced. It was the first time more than 1bn people used the social media site in a single day. (BBC)

Video of the day:

Corbyn holds up mirror to Labour party

Left-wing candidate Jeremy Corbyn looks set to win the UK Labour leadership contest. Nick Pearce, director of the IPPR, and FT political correspondent Kiran Stacey discuss with Frederick Studemann, comment and analysis editor, the effects of such a victory. (FT)

This article is published in collaboration with FirstFT. Publication does not imply endorsement of views by the World Economic Forum.

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Author: FirstFT is the Financial Times’ editors curated free daily email of the top global stories from the FT and the best of the rest of the web.

Image: A worker walks past a pump jack on an oil field owned by Bashneft company near the village of Nikolo-Berezovka, northwest from Ufa, Bashkortostan, Russia. REUTERS/Sergei Karpukhin