Robust U.S. retail data boosts S&P 500 to new high

In anticipation of the Fed’s milestone meeting, the S&P 500 hits a new record with retail data indicating the U.S. consumer and economy are more resilient than expected. DoubleLine Capital chief Jeffrey Gundlach tells CNBC’s Scott Wapner at the Future Proof wealth management festival he is calling for a 50bps cut. Hezbollah points the finger at Israel after thousands of its pagers explode across Lebanon simultaneously, killing at least 9 and maiming more than 2,700. In pharma news, U.S. authorities expand approval of a Novartis breast cancer drug which would open access to patients at the earlier stages of the disease. Commerzbank is reportedly considering replacing CEO Manfred Knof with a new chief with a mandate to rebuff a Unicredit takeover. And in the UK, investors are increasing bets the Bank of England will cut rates this week, strengthening sterling.
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