text: WHITE HOUSE: President Biden is scheduled to give a speech on the “battle for the soul of the nation” in Philadelphia at 8pm EST.CONGRESS: NSTRDOMESTIC INTSUMFOOD & AG: The United States Department of Agriculture projects agricultural exports to fall $2.5 billion to $193.5 billion next year. Cotton and beef exports are falling due to “drought-slashed exportable volumes” and “tight U.S.” cattle supplies. Of the continued exports expected next year, the largest trade partners with the U.S. will see no decrease in the volume of American imports. Smaller countries will feel most of the supply vacancies, and with continued drought, these smaller countries may experience food shortages. – T.W.HAZARDS: The National Hurricane Center continues to track three low pressure systems, one of which developed into a tropical depression overnight. It’s too early to report weather effects of these storms.FEDS REPORTEDLY TO WAIT UNTIL AFTER MIDTERMS ON TRUMP: According to Bloomberg news, the Department of Justice is likely to wait until after the November midterms to announce charges against former president Donald Trump, although charges could be filed under seal before then.RETAILERS LINE UP TO OFFER DISCOUNTS: Urban Outfitters this week joined Kohl’s, Nordstrom, The Gap, and Target in announcing increased promotional pricing to clear an oversupply of inventory. Urban Outfitters CEO Richard Hayne said the company is facing a “sonic boom of inventory” heading into a sales slowdown. “I hesitate to call it a blood bath, but it’s going to be very ugly in terms of the amount of discounting and markdowns,” he said during an earnings conference call. (AC: As we’ve reported since last September, retailers are overstocked, and we should continue to see efforts to aggressively lower inventories through the holiday season. – M.S.)GEOSTRATEGIC INTSUMCHINA AND U.S. REACH AGREEMENT ON AUDITS OF U.S.-LISTED CHINESE FIRMS:The U.S. Public Company Accounting Oversight Board (PCAOB) and the China Securities Regulatory Commission (CRSC) have reportedly reached an agreement on auditing Chinese-based firms listed on U.S. stock exchanges. Analysts said there were inconsistencies between statements of the U.S. PCAOB and CSRC that could create further obstacles for implementation of the agreement. (AC: This past March, the U.S. Securities and Exchange Commission threatened to delist five Chinese companies for financial reporting irregularities. Last month, China chose to delist its top five state-backed industrial giants to avoid U.S. audits. While some large U.S. investment firms have weathered China’s fraud-laced investment market, U.S. retail investors have been left holding the bag for billions in unaccounted-for losses. While this agreement is good news for China investors, it is merely a small step in restoring confidence in China-based firms listed on American stock exchanges. – M.M.)