US Briefing - Thursday 13.08
Headlines
  • No Sign Of Stimulus Deal As Mnuchin, Pelosi Call Yields No Progress
  • US Daily Covid-19 Cases Drop to Lowest Levels Since Early August
  • Germany’s New Virus Cases Up Most In More Than Three Months
  • UK’s Frost: UK-EU Agreement Can Be Reached In September
  • Next Round Of UK-EU Brexit Negotiations Set For Aug 18-21
  • UK Is In Talks With The US To Remove Tariffs On Goods Like Scotch
  • Two Chinese Patients Test Positive Months After Virus Recovery
  • New Zealand To Quarantine Virus Cases As Auckland Cluster Grows
  • Australian Employment Growth In July Surpasses Expectations
  • Italy Sees Steady Demand In First Mid-August Bond Sale In Decade
  • Russia's Novak: Sees No 'Sharp' Decisions By OPEC+ This Month
  • Oil Trades Near $43 Though IEA Casts Doubt On Demand Outlook
  • Gold Advances After Wild Swings As Investors Weigh Next Steps
  • Cisco Shares Fall As Firm Gives Weak Q1 Revenue Forecast
  • Apple Plans `Apple One' Subscription Bundles To Boost Services
  • Airbus Falls; US Ups France, Germany Heat With Tariffs In Dispute
  • Deutsche Telekom Raises 2020 Guidance; Q2 Rev Boosted By Sprint
Commentary
US Initial Jobless, Continuing Claims Preview

The number of individuals filing new unemployment insurance claims is expected to have improved to a fresh pandemic-era low last week, albeit while holding above the 1 million mark yet again. The Labour Department is set to release its report on weekly unemployment insurance claims Thursday at 8:30 a.m. ET. Here were the main metrics expected of the report, compared to consensus estimates compiled by Bloomberg:

 

Initial jobless claims, week ended Aug. 8: 1.1 million expected, vs. 1.186 million during the prior week. Continuing claims, week ended Aug. 1: 15.8 million expected, vs. 16.107 million during the prior week.

 

If results come in as expected, Thursday’s report will reflect the twenty-first straight week that new claims totalled more than 1 million, with tens of millions of Americans put out of work during the coronavirus pandemic and forced business closures that ensued. Since the week ended March 20, more than 55 million individuals have filed new unemployment insurance claims.

(Yahoo Finance – Continue Reading)

US Cranks Up Tariff Heat On France, Germany In Airbus Dispute

The US stepped up pressure on Germany and France with extra tariffs on some of their goods, a move designed to squeeze the European Union into settling a long-running dispute over illegal subsides to Airbus SE.

 

In a statement in Washington on Wednesday, the U.S. Trade Representative’s office said it’s removing from the tariff list certain products from Greece and the U.K., and adding an equivalent amount of trade from France and Germany. The change is effective Sept. 1 and will apply to French and German jams as well as butchers’ and mincing knives, which will be subject to a 25% duty.

 

“The EU and member states have not taken the actions necessary to come into compliance with WTO decisions,” USTR Robert Lighthizer said in the statement. “The United States, however, is committed to obtaining a long-term resolution to this dispute.” The amount of products subject to countermeasures remains at $7.5 billion and the tariff rates stay at 15% for aircraft and 25% for all other products, the USTR said.

(Bloomberg - Continue Reading)

IEA Lowers 2020 Oil Demand Forecast On Dismal Aviation Sector

The International Energy Agency (IEA) cut its 2020 oil demand forecast on Thursday, warning that reduced air travel due to the coronavirus pandemic would lower global oil demand this year by 8.1 million barrels per day (bpd).

 

The Paris-based IEA slashed its 2020 outlook by 140,000 bpd to 91.9 million bpd, its first downgrade in several months. "Jet fuel demand remains the major source of weakness," the IEA said in its monthly report.

 

"In April the number of aviation kilometres travelled was nearly 80% down on last year and in July the deficit was still 67% ... The aviation and road transport sectors, both essential components of oil consumption, are continuing to struggle." The agency said that while supply exceeded demand in June, uncertainty over future demand along with increased output by top producers means re-balancing oil markets will be "delicate".

(Reuters - Continue Reading)

Link To IEA Full Report Here

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