EU Backs Canada's Associate Membership Bid as US Retail Sales Rebound

European Commission President Ursula von der Leyen has expressed support for Canada's bid to become the European Union's first associate member. This decision follows a push by Mark Carney, Canada's finance minister, to accelerate his country's pivot towards the bloc.

The US economy showed signs of recovery as retail sales rebounded in August, rising 1.2% compared to July's decline of 0.5%. Economists had predicted an increase of only 0.8%, indicating a stronger-than-expected performance.

Meanwhile, the Federal Reserve is expected to make a policy announcement at 2 p.m. ET, which could have a significant impact on markets and potentially weigh on cryptocurrencies like Bitcoin. The price of Bitcoin has already fallen around 4% in recent days, trading near a four-week low at $75,877 in European afternoon trade.