Wyllian Capucci
12/08/2020
Tight
President Joe Biden’s $4.1 trillion economic agenda faces a pathdifficult in Congress, with the final approval of the measures likely to coincide witha debate on the debt ceiling next month. To House Speaker NancyPelosi, and Senate Majority Leader Chuck Schumer, the problem will be keeping all theDemocrats on board, with just a few defections enough to derail the entireflat. In turn, Biden said that massive spending plans would not beinflationary, saying that those who are concerned about the rising cost of livingshould support the measures
Data
It is expected that the initial number of claims for weekly unemployment insurance this morningshow a small improvement to 375,000. This comes in the wake of news usually.positive for the labor market in recent days, with the July payrollbeing better than expected and job openings reaching a record above10 million. Improving prospects are driving more policy makers from theFederal Reserve says the time is coming to reduce monetary stimulus
Lockdown
The delta variant of the coronavirus continues to cause problems in Asia, with Chinapartially closing the third busiest port in the world after a casethere. Australia is facing the worst crisis in the pandemic, and a government adviser in theJapan said the spread in Tokyo is now out of control. In Europe, there werebetter news with the UK economy reporting stronger growth in thethan expected after restrictions eased in June. In the United States, theNew York Stock Exchange announced that it will require Covid-19 vaccines for all whoenter their trading sessions, while in Texas, Governor Greg Abbott has promiseddrag to court any local government or school officials who resist theprohibition of local rules on face masks
Very quiet markets
Global equities remain firmly stuck in the August stagnation. During theovernight, the MSCI Asia Pacific index fell 0.3%, while Japan’s Topix index closed.virtually unchanged. In Europe, the Stoxx 600 Index rose 0.1% at 6:50 amBrasilia. The S&P 500 futures pointed to near-universal approval of the level ofYesterday’s close, the 10-year Treasury yield was at 1.351%, oilwas above $69 a barrel and gold was higher
Coming
The US July PPI tracks initial jobless claims data at 9:30 am.The last WASDE report from the Department of Agriculture is at 1:00 pm. Turkey, Mexico andPeru have decisions on central bank rates today. OPEC publishes its reportmonthly on the oil market. Walt Disney Co., Airbnb Inc. and DoorDash Inc.among the companies that announced the results.
Source:https://wintrademarkets.com/
