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US jobless claims tick up at the close of a pandemic
WASHINGTON: The number of Americans applying for unemployment aid rose to 351,000 for the second consecutive week last week, a sign that the delta version of the coronavirus could hamper job market recovery, at least temporarily. Thursday’s report from the Labor Department showed jobless claims increased by 16,000 compared to the previous week. As the job market has tightened, unemployment aid applications, which typically track layoffs, have topped 900,000 earlier this year, reflecting the reopening of the economy after the pandemic slowdown. Still, jobless claims are somewhat high: before the pandemic swept through the economy in March 2020, they were typically around 220,000 per week.
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Top Dems: We have the infrastructure to pay the $3.5T bill; no details
Washington: Top congressional Democrats say they and the White House have agreed a roadmap to pay for their emerging $3.5 trillion social and environmental bill. Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi disclosed the development to reporters on Thursday. But he did not provide any details, and the significance was unclear. Biden administration officials and Democratic congressional leaders are negotiating behind the scenes a massive package of spending and tax initiatives. The party is divided over its final shape and its many details, and there is no public word on whether any of those key questions have been agreed upon.
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Fear of global shock due to debt of Chinese builders
BEIJING: Fears that a Chinese real estate developers potential default on a multi-billion dollar loan could send shock waves through global financial markets as creditors wait to see how much they can recover. Shares of Evergrande Group, one of China’s largest private sector conglomerates, rose 18% in Hong Kong after the company said it would pay interest to bondholders in China. The company gave no indication whether it would make payments due Thursday on a separate bond overseas. As the details of Evergrande’s $310 billion debt became clear, economists said it appears a default will not move through financial markets overseas, despite potential losses for Chinese banks and other creditors.
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Another rally on Wall Street wipes out losses for the week
Stocks rose broadly on Wall Street for the second day in a row on Thursday, reversing market losses for the week, three days after the S&P 500’s biggest skid since May. The S&P 500 rose 1.2% and the Dow Jones Industrial Average rose 1.5%. Investors were pleased to receive some clarity from the Federal Reserve a day earlier that it was not on the verge of raising interest rates, and there was also reassuring news from China, where Evergrande, one of the country’s largest private real estate developers , which appeared to avoid what could have been a messy default.
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Fed: on track to slow down support for economy later this year
WASHINGTON: Federal Reserve Chairman Jerome Powell indicated on Wednesday that the Fed plans to announce in early November that it will begin to withdraw extraordinary support without leasing after the coronavirus crippled the economy 18 months ago. will do it. Powell said that if the job market continues to improve, the Fed will begin to slow the pace of its monthly bond purchases. At the same time, the Fed’s policymaking committee indicated on Wednesday that it expects to raise its benchmark interest rate sometime next year than members had envisioned three months ago, a sign that they are concerned that higher inflationary pressures will increase. may continue.
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Philanthropists pledge billions during UN meeting
The Bill & Melinda Gates Private Foundation announced Thursday that it will spend more than $900 million over the next five years to curb global malnutrition. One of several pledges private donors have announced this week as world leaders gather in New York for the annual United Nations General Assembly. On Wednesday, a coalition of nine foundations said they would collectively spend $5 billion to protect at least 30% of the planet’s land and seas by 2030. The Foundation has played a major role in supporting the United Nations 2030 Agenda for Sustainable Development. And experts say they are choosing to announce the initiative this week to influence the public agenda.
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Bank of England bans rates, warns about inflation
LONDON: The Bank of England kept its main interest rate at a record low of 0.1% but warned that a sharp jump in energy prices would result in inflation hitting double its target rate by the end of the year. Central banks’ decision on Thursday from the nine-member Monetary Policy Committee was unanimous, though two members voted to reintroduce into a stimulus program aimed at keeping lending rates low in financial markets. The panel said in the minutes of its meeting that the developments in the last month have strengthened the case for some tightening of monetary policy to enable banks to permanently meet the 2% inflation target in the medium term.
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Dubai-based real-estate firm DAMAC approves taking the firm private
Dubai, United Arab Emirates: A Dubai-based real-estate company known for its deals with former President Donald Trump says it has received regulatory approval for an attempt to take the firm private. In a filing on the Dubai Financial Market stock exchange, the firm said that DAMAC Properties still plans to make an offer of $595 million for the company’s outstanding shares. It said it would offer an update on the plan in the coming weeks. It first announced plans in June to offer to take the company private, then withdrew them as regulators scrutinized the plan. DAMAC’s billionaire founder Hussain Sajwani already owns about four-fifths of the company through various investment firms.
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US long-term mortgage rates rise slightly; 30 years at 2.88%
WASHINGTON: Average long-term mortgage rates rose slightly this week, continuing the trend of a month-long short movement. They stay at less than 3%. Mortgage buyer Freddie Mac reports that the average rate for a 30-year mortgage rose to 2.88% from 2.86% last week. The 15-year loan rate rose to 2.15% from 2.12% last week. Amid concerns that the highly contagious delta version of the pandemic could stifle economic recovery, the Federal Reserve on Wednesday signaled its confidence that the economy has recovered enough from the recession to return emergency aid provided soon thereafter. to start dialing. The virus broke out.
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Under pressure, Powell says Fed will reform its trading rules
WASHINGTON: Federal Reserve Chairman Jerome Powell said the central bank will change its financial ethics policies in response to growing questions by high-ranking Fed officials about investment and business decisions that raise potential conflicts of interest. Powell refrained from explicitly saying that the business moves were unfair. And he did not provide any details about what the Fed might do or how it would conduct its ethics review. The issue came to the fore when it was revealed that Federal Reserve Bank of Dallas President Robert Kaplan had traded millions of dollars in individual shares at the same time the Fed was discussing and taking extraordinary measures to boost the economy. Was.
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The S&P 500 rose 53.34 points, or 1.2%, to 4,448.98. The Dow Jones Industrial Average rose 506.50 points, or 1.5%, to 34,764.82. The Nasdaq closed 155.40 points, or 1%, higher at 15,052.24. The Russell 2000 Index of Small Companies rose 40.48 points, or 1.8%, to 2,259.04.
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