* Federal Reserve expected raise its US economic forecast this month
* Saudi Arabia extends oil output cut through end of the year
* China economic slowdown is a “top risk” for US, advise EY economists
* China bans iPhones and other foreign devices from use in government offices
* US consumer spending will slow but remain solid, predicts Goldman Sachs
* US factory orders fell sharply in July, first monthly decline since February:

The recent pullback in the US stock market translates into a bigger discount for equity prices to ‘fair value,” advises Morningstar. “Since the end of 2010, the U.S. equity market has traded at a greater discount to fair value than the current discount only 40% of the time.”