Saturday, September 12, 2020

 Quick Overview is up to date

  • Odds of a second bailout for the U.S. economy fell due to a split over a lean deal proposed by Republicans, estimated at $500 billion. This is just a fraction of the $2.2 trillion deal supported by Democrats.


  • The U.S. budget deficit climbed by $200 billion and tops $3 trillion for the first time ever..


  • The public debt ratio of  industrialized countries is about to set a new record.


  • Biden proposed a plan that calls for a 10% tax penalty on U.S. companies that move operations overseas and a 10% tax credit for companies that create jobs in America. 

  • In August, the Consumer Price Index for All Urban Consumers rose 0.4 percent on a seasonally adjusted basis; rising 1.3 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy rose 0.4 percent in August (SA); up 1.7 percent over the year (NSA).
  • Notable # in the CPI: The index for used cars and trucks increased 5.4 percent in August, its largest monthly increase since March 1969.




  • Americans claiming ongoing unemployment assistance rose 93,000, to 13.4 million in the week ended Aug. 29.    


  • People are accusing Woodward of valuing book sales over public health. Nearly 200,000 Americans have died because neither Donald Trump nor Bob Woodward wanted to risk anything to keep the country informed,” wrote Esquire’s Charles P. Pierce.   


  • Microsoft found that groups from Russia, China and Iran have stepped up cyber-attacks to disrupt the U.S. presidential election.   


  • US GDP to rise 35% in Q3 so says Goldman Sachs

  • JPMorgan published a note warning that based on recent surveys, iPhone sales are "moderating substantially" ahead of the iPhone 12 launch,


  • The number of homeowners in forbearance is falling, but the July 31 expiration of extra unemployment benefits this month will provide a serious  test.


  • UK PM Johnson accuses EU of using threatening food blockade.. 

  • Johnson said on Saturday that a planned bill, which would breach a divorce treaty with the bloc, was needed to protect Britain’s integrity.                                                                                     However a no-deal Brexit would hurt the British economy a lot more than the European Union, German Finance Minister Olaf Scholz responded. “Europe would be able to deal with it and there would be no particularly serious consequences after the preparations we have already made,” he added.


  • South Korea Money Supply Growth came in at 8.5%, above expectations (8.4%) in July  


  • World corn stocks fall to 306.79 mmt, down from 317.46 mmt last month and below trade at 311.11 MMT
  • World soybean stocks fall to 93.59 mmt, down from 95.36 mmt last month, but just above trade at 93.11 MM





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