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• India just ditched the dollar and used its own currency to buy a million barrels of oil from the UAE
  Most commodity deals worldwide are typically settled in dollars. But India,...
  Most commodity deals worldwide are typically settled in dollars. But India, the world's third-biggest oil importer, and consumer, signed a contract last month with the UAE opening the door to use rupees instead of dollars, which would minimize costs by taking out dollar conversions from transactions.
  
  Indian Oil Corp ditched the greenback and used rupees to purchase 1 million barrels of oil from Abu Dhabi National Oil Company, the Indian embassy in the UAE said, according to a Reuters report. The moves are the latest in a series of recent maneuvers by mostly non-Western nations to move off the dollar.
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• Atlantic storms could push the price at the pump sharply higher
  Retail gasoline prices in the U.S. economy may be at a pivotal...
  Retail gasoline prices in the U.S. economy may be at a pivotal moment as demand softens with the start of the school year, though storms brewing in the Atlantic could drive the market sharply higher, analysis finds.
  
  Hurricane Hilary poses a threat already to California as it makes its way north in the Pacific. For the Atlantic, the National Hurricane Center shows four storms brewing that could evolve in severity. A patch of rain and thunderstorms off the coast of West Africa has a 60% chance of developing into a cyclone over the next 48 hours.
  
  Should those storms reach U.S. territorial waters, it could drive the price at the pump sharply higher.  Florida has no refineries of its own, leaving the state highly vulnerable to even the slightest disruption. At $3.84, retail gasoline prices in Florida are already 45 cents higher than this time last month.
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• BLM proposes Nov. 30 oil, gas lease sale of N.M., Okla. land
  The Bureau of Land Management is planning a Nov. 30 lease sale...
  The Bureau of Land Management is planning a Nov. 30 lease sale of oil and natural gas drilling rights to 12 parcels of public lands covering around 596 acres in New Mexico and Oklahoma and will accept public protests until Sept. 13. The agency's environmental analysis for the proposed sale found that failure to lease the lands for oil and gas development would harm the local economy.
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• ☕️What Else is Brewing Friday Morning
  The Fulton County Sheriff’s Office is investigating threats made on social media against the ...
  The Fulton County Sheriff’s Office is investigating threats made on social media against the grand jurors who voted to indict former President Trump and 18 others on Monday.
  
  Hurricane Hilary is intensifying into a major storm and is expected to drench California, Nevada, and Arizona with dangerous flooding this weekend into next week.
  
  Childcare costs are growing at nearly double the rate of inflation, the WSJ reports.
  
  Residents of Yellowknife, one of the largest cities in Canada’s northern region, are being evacuated as a wildfire advances.
  
  The International Chess Federation made the controversial move to temporarily ban trans women from participating in women’s events in order to study the issue for the next two years.
  
  Ford’s CEO threw some shade on Tesla in an interview with Tech Brew.
  
  
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• Stock Market Outlook for Friday
  S&P futures vs fair value: -30.00. Nasdaq futures vs fair...
  S&P futures vs fair value: -30.00. Nasdaq futures vs fair value: -134.00. Separately, oil prices slipped back below $80.00/bbl, down 1.0% to $79.11/bbl.
  
  The S&P 500 futures are down 30 points and are trading 0.5% below fair value. The Nasdaq 100 futures are down 134 points and are trading 0.9% below fair value. The Dow Jones Industrial Average futures are down 194 points and are trading 0.4% below fair value.
  
  The spiciest action on Wall Street yesterday was in the bond market, where surging Treasury yields sent a clear signal about the US economy: Not only is it not in a recession, it’s downright vibrant. With yields on long-term government debt hitting their highest levels since 2011, investors are placing bets that the Fed will keep interest rates elevated for longer so inflation doesn’t reverse its decline
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