5 things to start your day

[Bloomberg]( Fed sticks to the path, it's PMI day, and world's biggest IPO is on hold. Staying the path The minutes of the most recent Federal Open Market Committee published yesterday showed that policy makers at the bank are willing to [raise rates again](, so long as the U.S. economy remains healthy. The dollar is [higher this morning]( against most of its peers as the central bank seems determined to stay the course on its tightening path. Fed Chair Jerome Powell speaks on monetary and economic policy tomorrow at the [Jackson Hole conference]( in Wyoming. The European Central Bank publishes an account of its July policy meeting at 7:30 a.m. Eastern Time. PMI day European growth [remains robust](, with IHS Markit’s composite index of manufacturing and services increasing to 54.4 from 54.3 in July. Composite PMI for Germany had its [highest reading in six months]( of 55.7, with the growth driven by a strong increase in services which more than offset a slowdown in manufacturing. France’s economy also showed signs of [regaining steam]( with composite PMI rising to a four month high of 55.1. Data for the U.S. economy is due at 9:45 a.m. Sponsored Content by Siemens Imagine test-flying a zero-emission airplane before actually building it. Or constructing a power grid stronger than the worst storms. Siemens digital technology unlocks the potential for software and artificial intelligence to solve America’s great challenges. So business owners can increase production, hospital patients get better care faster, and city residents breathe cleaner air. These technologies make real what matters for one town, one business, or one family. Visit [usa.siemens.com]( to learn about digital ingenuity from Siemens.  On hold Saudi Arabia has formally put the initial public offering of its giant oil company [on hold](, with Saudi energy minister Khalid al-Falih saying the government was still committed to making the company public “at a time of its own choosing when conditions are optimum.” In the market this morning, a barrel of West Texas Intermediate for October delivery was [trading at $67.76]( by 5:45 a.m. after gaining $2 yesterday on data that showed U.S inventories declined more than forecast. Markets mixed Overnight, the MSCI Asia Pacific Index declined 0.3 percent while Japan’s Topix index closed broadly unchanged as automakers remained under pressure due to continuing trade concerns. In Europe, the Stoxx 600 Index was 0.2 percent higher at 5:45 a.m. as markets in the region fluctuated on low volumes. S&P 500 futures pointed to [little change at the open](, the 10-year Treasury yield was at 2.824 percent and gold dropped. Tariffs, trade The U.S. and China imposed previously announced [tariffs on $16 billion]( of each other’s goods as delegations from both sides meet in Washington. China said it would lodge a complaint with the World Trade Organization over the American actions. U.S. Treasury Undersecretary for International Affairs David Malpass and Chinese Vice Commerce Minister Wang Shouwen continue their talks today. No senior policy makers are expected to attend and only a [joint statement on productive discussions]( is expected at the end. What we've been reading This is what's caught our eye over the last 24 hours. - Overhauling the tax overhaul: Here’s what [Democrats are planning](. - Priced out of health insurance, Americans rig [their own safety nets](. - Most Brits think UK will leave the EU [without a deal](. - Is 5G more [vulnerable to hackers]( than 4G? Australia thinks so. - Merkel might not [push for Weidmann]( to head the ECB. - Americans get lots of [government money](, and they still hate Washington. - U.S. Air Force zooms ahead on 2 new [hypersonic weapons]( plans. And finally, here’s what Joe's interested in this morning We live in a time of rolling manias. Last year it was crypto. This year it was Chinese internet stocks and then tech IPOs. Right now the swarm has moved to marijuana stocks. [Chief among them is Canopy Growth](, up over 450 percent in the last year, and now technically the largest "healthcare" company in Canada. Investors are sprouting up everywhere. Check out [r/Weedstocks](, the sub-reddit where people talk about investing in marijuana growers. The major threads get thousands of comments with people trying to identify the next big winner. Just like crypto, the pot stock mania has it all: a great story (the rise of a new industry), a seemingly wide open space, an association with a distinct subculture, and a relative lack of fundamentals, which makes valuations anybody's guess. Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. [Learn more.]( [FOLLOW US [Facebook Share]]( [Twitter Share]( [SEND TO A FRIEND [Share with a friend]]( You received this message because you are subscribed to Bloomberg's Five Things newsletter. [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022 If you believe this has been sent to you in error, please safely [unsubscribe](.