Texas

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In a matter of days, Hurricane Harvey evolved from a tropical depression in the Gulf of Mexico into a Category 4 storm, making landfall on Friday night near Rockford, Texas with sustained winds of 130 mph. After making landfall, Harvey immediately stalled, pummeling the same area for hours, before inching slowly north and dropping in intensity.Several local communities could be left underwater for days.

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Global markets are stuck in a holding pattern with S&P futures up modestly after fluctuating overnight, as European and Asian shares rise with oil while the dollar has dipped lower ahead of the biggest central bank event of the year: the Fed's Jackson Hole symposium where Janet Yellen and Mario Draghi will speak at 10am and 3pm ET, respectively. Meanwhile, world stocks drifted toward their best week in six on Friday, as a near three-year high in emerging markets shares and a roaring rally in industrial metals bolstered the year’s global bull run.

Hurricane Harvey, which until this morning a Tropical Storm, is now set to be the first hurricane to strike the Texas coast since 2008. According to the NHS, which issued a hurricane warning from Port Mansfield to Matagorda, TX including Corpus Christi, Harvey is "rapidly intensifying", and is forecast to be a "major hurricane."