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Livesquawk - European Briefing - Friday 30.04
European Briefing - Friday 30.04
  • Pres Biden Musters Early Momentum For Tax-Spend Goal
  • Surge In Oregon Cases Shows Fight Against Covid Not Over
  • China Factory Outlook Eases As Economic Recovery Slows
  • China Urge US To Restrain Frontline Forces In Nearby Seas
  • China Alert For India Variant, Labour Day Stress Test Loom
  • French Health Ministry Identify First Cases Of India Variant
  • Italy Gives Green Final Light To Revival Plan With EU Funds
  • Oil Dips After Rallying, Signs Of Rising Global Fuel Demand
  • Copper Extends Rally To Top $10,000, All-Time High Viewed
  • Amazon Sales, Profit Rise, Retailer Ride Wave Of Shopping
  • AstraZeneca Struggles In Data Needed For Vaccine Approval
  • BioNTech CEO Confident Vaccine Works Against India Strain
President Biden Musters Early Momentum For Tax-Spend Vision

President Joe Biden is likely to see some version of his $4 trillion economic plan passed in Congress by September or October if he can keep various Democratic factions from splintering the party and continue fending off Republican attempts to paint it as radical.


Biden holds some advantages in pushing for what would be a massive expansion of the government, not the least of which is that the trillions of dollars spent to counter the economic dislocation of the Covid-19 pandemic reset expectations in Congress and among voters about fiscal policy.


Once Biden’s plan is put into legislative text, Democrats can use Senate rules to bypass Republican opposition to most of it. The GOP, meanwhile, has struggled to make a focused attack on the Biden plan amid an internal power struggle. (BBG - Continue Reading)

China Factory Activity Slows On Supply Blockages, Soft Demand

China's factory activity expanded at a slower pace and missed forecasts in April as supply bottlenecks and rising costs weighed on production and overseas demand lost momentum. The official manufacturing PMI fell to 51.1 in April from 51.9 in March, data from the NBS showed on Friday.


It remained above the 50-point mark that separates growth from contraction on a monthly basis but was below the 51.7 expected in a Reuters poll of analysts.


"Some surveyed companies report that problems such as chip shortages, problems in international logistics, a shortage of containers, and rising freight rates are still severe," NBS statistician Zhao Qinghe said in a statement accompanying the official PMI. (RTRS - Continue Reading)

Apple, Alphabet Herald Return Of Buyback Boom As Cash Swells

Buybacks are coming back with a vengeance. A pair of pledges to repurchase shares this week by two megacap technology companies is fuelling hopes that more corporations will embrace the practice again, a development which could lend further support to US stocks trading at record highs.


Google parent Alphabet on Tuesday said it was earmarking as much as $50Bln to repurchase shares. Not to be outdone, Apple pledged a day later to spend as much as $90Bln. Both represent significant increases from prior authorizations and could signal that corporations are ready to return some of their swelling cash piles to shareholders after cutting back sharply during the Covid-19 crisis.


Share-repurchases have been slowly picking up since bottoming in the three months that ended in June 2020. Buybacks rose 28% to $120Bln QoQ in the last three months of 2020, still a far cry from the $197.7Bln in repurchases in the first three months of the year. (BBG - Continue Reading)

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