Impasse
Negotiations between House Speaker Nancy Pelosi and a group of lawmakersDemocrats failed to break the deadlock on how to move the agendaPresident Joe Biden’s legislative body. Discussions should be resumed today, withmoderates wanting to secure the approval of the infrastructure bill, while theProgressives want to link it to the larger stimulus package. For Pelosi, the bets arehigh, as she can’t lose much support from either faction due to the smallmajority of his party in the chamber.
Afghanistan
While President Biden’s domestic agenda is getting bogged down, his politicsexternal remains in crisis mode. The focus remains on getting people out ofAfghanistan, with around 16,000 people evacuated yesterday. There are few signs that thesituation is improving on the ground. Allies trying to convince the US toextend the withdrawal date beyond August 31 have little chance of making Bidenchange your mind. Vice President Kamala Harris is in Asia trying to reassure peoplenations in the region on continued US support.
China technology
Chinese tech stocks have had a tough few weeks as officialsthey were with the sector in mind. This sale reversed abruptly, with Hang SengTech Index advancing 7% overnight as strong corporate resultsthey attracted investors like Cathie Wood back into the market. The President and CEO of MSCIInc., Henry Fernandez, said compliance weighs heavily on China every few years,causing markets to fall and then rebound. he sees the same thinghappening this time and strongly disagrees with the idea that the country’s actions do notcan be invested
Markets go up
The rally in Chinese tech stocks is helping to lift shares in theregion on a relatively calm day for market news. Overnight, the indexMSCI Asia Pacific added 1.6%, while Japan’s Topix index closed up 1%. AtEurope, the Stoxx 600 Index fell slightly at 6:50 am, after passing much of thesitting in green. The S&P 500 futures pointed to a small rally at the opening, the10-year treasury yield was at 1.26%, oil was above $66 obarrel and the gold plummeted
Arriving
The Richmond Fed Manufacturing Index for August is at 11:00 am. The new numbers ofJuly home sales are also at this time. The US sells $60billion in 2-year bills at 2pm. Best Buy Co Inc., Toll Brothers Inc., Nordstrom Inc. andUrban Outfitters Inc. are among the companies that release the results. The gamesParalympics start in Tokyo.
Source:https://wintrademarkets.com/
