US bans sales: The U.S. will ban exports of certain lithium-ion battery scrap and tungsten waste for one year starting later this month, requiring those materials to be sold domestically to strengthen national defense supply chains. The policy is intended to reduce reliance on China, which dominates production and has restricted exports of key critical minerals such as tungsten and rare earths. The Wall Street Journal has the full story. Wage growth remains strong: U.S. private employers added just 44,000 jobs in July, the smallest monthly gain this year and well below economists’ expectations, signaling slower hiring. Despite the moderation, wage growth remained strong, with workers who changed jobs seeing a 7% pay increase, reflecting continued labor market tightness. The report suggests the job market is cooling gradually but remains resilient enough for the Federal Reserve to keep its focus on inflation. Bloomberg has the full story. Applications drop: U.S. mortgage applications fell 2.9% last week as the average 30-year fixed mortgage rate climbed to 6.81%, its highest level in more than a year, reducing both home purchase and refinancing demand. Overall application volume dropped below year-ago levels for the first time since April, reflecting the impact of persistently high borrowing costs despite improving housing inventory. Mortgage rates have since lowered this week, helped by declining oil prices and easing geopolitical tensions, offering some relief to prospective borrowers. CNBC has the full story. ...read more read less