Closing Wrap - Thursday 13.08
Headlines
  • OPEC+ JMMC Meeting Delayed To 19 August
  • White House Won’t Accept ‘Voting Rights’ Provisions In Virus Aid Bill
  • US Pres. Trump Vows To Block Funding For US Postal Voting
  • Trump Wants Permanent Payroll Tax Deferral Forgiveness
  • Mnuchin Told Pelosi He Could Support Some Covid Aid, But Not Election Funds
  • Fed’s Brainard: Fed Assessing Opportunities And Challenges In Digital FX
  • US Designates China’s Confucius Institute A ‘Foreign Mission’
  • EU To Enter Contract Talks With J&J Over 200 Mln Doses Of Potential Vaccine
  • British, Irish PMs Upbeat On Trade Deal After Northern Ireland Talks
  • Apple Joins Tech Borrowing Boom With Second Deal This Year
  • AstraZeneca Says Could Begin COVID-19 Vaccine Production Early In 2021
  • Apple Kicks Fortnite Out Of App Store For Challenging Payment Rules
  • Daimler To Pay $1.5 Bln To Settle US Diesel Cases
Commentary
Initial Jobless Claims Fell Below A Million Last Week

963k

This was the first-time initial claims have come in below 1mln in 21 weeks, also beating the consensus estimate of 1.1mln. They fell from the prior 1.191mln, which was revised higher by 5k from 1.186mln. The four-week moving average decreased to 1.252mln, a fall of 86k from the previous week. A total of 56.29mln workers have filed first-time unemployment claims since the start of the pandemic, substantially more than the 22.1mln during the 2008 GFC.

 

10.6pct

The Labour Department’s insured unemployment rate, an alternative measure of joblessness, fell from the previous week’s print of 11.0pct. This counts the number of people actively collecting benefits compared with the total size of the labour force. (LiveSquawk - Continue Reading)

Trump Rejects Postal Aid in Any Relief Plan, Alleging Vote Fraud

President Donald Trump Thursday directly tied his opposition to a proposed $25 billion financial lifeline for the Postal Service to his criticism of efforts to encourage mail-in voting during the coronavirus pandemic.

 

In an interview with Fox Business’s Maria Bartiromo, the president said Democrats “need that money in order to have the post office work so it can take all of these millions and millions of ballots.” And that without it “that means you can’t have universal mail-in voting because they’re not equipped to have it.”

 

It was the second time in two days the president has linked the issue. In a press briefing Wednesday, he said if he rejects the funding, “they don’t have the money to do universal mail-in voting, so therefore, they can’t do it, I guess. Right?”

 

The remarks throw yet another obstacle in negotiations over a coronavirus stimulus bill. Democrats have been seeking $3.6 billion in election funding and $25 billion for the Postal Service, but a Republican counteroffer included neither and negotiations have stalled. (Bloomberg - Continue Reading)

Coronavirus Relief Stalemate Could Drag On For Weeks

An impasse over the next round of coronavirus aid will likely drag into the weekend after Democrats and Republicans described themselves as hopelessly far apart on a deal to combat raging economic and health-care crises.

 

Leaders in Washington followed a familiar script Thursday. They indicated the sides have made no progress toward an agreement.

 

They do not know when meaningful negotiations will restart. They called the opposing party unreasonable as millions of Americans wonder whether they can afford food or housing in the coming days and weeks. (CNBC - Continue Reading)

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