WORLDWIDE : HEADLINES
Biden and Democrats raised record $383 million in September for White House bid
Democrat Joe Biden and his party raised a record-shattering $383 million in September for his presidential bid, likely bolstering his financial advantage over President Donald Trump ahead of the Nov. 3 election.
The campaign had $432 million in cash at month’s end, campaign manager Jen O’Malley Dillon said on Twitter.
The haul outstripped the $365 million that Democrats raised in August, which was itself a monthly record for any U.S. presidential campaign.
“To every person who chipped in a few dollars last month – thank you,” Biden wrote on Twitter in announcing the sum. “I’m incredibly humbled.”
The Trump campaign has not yet announced its September total, but it pulled in $210 million in August along with the Republican National Committee.
Biden has held a significant lead over Trump in national polls for months, although Reuters/Ipsos polling shows a somewhat closer race in the battleground states likely to decide the winner.
Full coverage: REUTERS
G20 pledges to do ‘whatever it takes’ to support global economy
BRUSSELS/BERLIN/WASHINGTON – Financial leaders from the Group of 20 major economies on Wednesday underscored the urgent need to bring the spread of the coronavirus pandemic under control, and vowed to “do whatever it takes” to support the global economy and financial stability.
In a lengthy communique, G20 finance ministers and central bank governors also agreed in principle for the first time on a “Common Framework” to deal on a case-by-case basis with the rising number of low-income countries facing debt distress. The Paris Club of official creditors also backs the framework.
The move marks a significant step forward for China, which has become a major creditor to poor countries in recent years but had balked at the prospect of writing off any debts, according to sources familiar with the G20 deliberations.
G20 officials also agreed – as expected – to extend by six months the Debt Service Suspension Initiative (DSSI) that freezes official bilateral debt payments until year-end, and said they would consider another six-month extension in April.
Full coverage: REUTERS
WORLDWIDE : FINANCE / MARKETS
Asian stocks mixed on fading U.S. stimulus hopes, virus concerns
NEW YORK – Asian markets were off to a mixed start on Thursday as hopes of U.S. fiscal stimulus before the presidential election faded and a record number of new coronavirus infections in parts of Europe propelled investors toward safe-havens such as gold.
Downbeat comments from U.S. Treasury Secretary Steven Mnuchin that a stimulus deal was unlikely be made before the Nov. 3 vote weighed on fragile investor sentiment.
In a mixed Asian open, Australian equities bucked Wall Street declines, opening slightly higher because of “good support” for material and mining stocks, said Michael McCarthy, CMC Markets chief market strategist.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped 0.1%.
Australia’s S&P/ASX 200 .AXJO rose 0.6%, while Japan’s Nikkei 225 .N225 fell 0.3%. Hong Kong’s Hang Seng index futures .HSI.HSIc1 were down 0.49%.
E-mini futures for the S&P 500 EScv1 were flat.
Full coverage: REUTERS
Yen firm as global lockdown worries return, Aussie slips on easing hints
SINGAPORE – The dollar and yen drew support on Thursday as rising coronavirus cases and scant progress towards a U.S. stimulus deal unsettled investors, while the Australian dollar hit a one-week low after the central bank chief hinted at easing to come.
France has imposed curfews as autumn brings a steep rise in daily infections, prompting worries about a new wave of lockdowns around the world just as hopes for a shot in the arm from U.S. stimulus spending are fading.
The safe-haven yen stood at 105.25 per dollar in early trade, a fraction shy of a two-week high of 105.04 made overnight. The greenback held ground elsewhere, save for against sterling which had jumped on signs of progress in Brexit talks.
The Australian dollar fell half a percent to $0.7129, before paring some losses, after Reserve Bank of Australia Governor Philip Lowe mentioned bond buying and a small rate cut as among options for policy support during recovery.
Lowe said Australia’s ten-year yield was among the highest in the developed world and the bank was studying what benefits could come from buying longer-dated debt. He said it was possible to move rates from a record low 0.25% to 0.1%.
“These are pretty explicit policy options that are plausibly going to be considered,” said Westpac FX analyst Sean Callow.
Full coverage: REUTERS
Oil holds gains on shrinking U.S. stockpiles
MELBOURNE – Oil prices rose slightly in early trade on Thursday after data showed U.S. crude stockpiles fell last week, adding to 2% gains overnight, as OPEC and its allies were seen fully complying in September with their pact to curb output.
U.S. West Texas Intermediate (WTI) crude CLc1 futures picked up 4 cents, or 0.1%, to $41.08 a barrel at 0032 GMT, while Brent crude LCOc1 futures rose 5 cents, or 0.1% to $43.37 a barrel.
Oil markets climbed for a third day despite a resurgence in COVID-19 infections across Europe potentially denting fuel demand.
“The energy markets are certainly marching to their own drummer at the moment,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking, adding that recent oil price volatility may have attracted more trader positions.
Crude stockpiles fell by 5.4 million, while distillate stockpiles, which include diesel and heating oil, fell by 3.9 million barrels. Those drawdowns were nearly double analysts’ expectations in a Reuters poll.
Full coverage: REUTERS
