© Reuters. A general view of the U.S. Capitol, in Washington, U.S., October 28, 2021. REUTERS/Al Drago
By Richard Cowan
WASHINGTON (Reuters) – November is shaping up to be a momentous month for President Joe Biden as Democrats controlling the U.S. Congress face a formidable workload that, if completed, would lock in the $2.75 trillion pillar of his domestic agenda – one that some compare to the 1930s “New Deal” or the 1960s “Great Society.”
If the sheer dollar figure was not daunting enough, Biden last week framed the early November agenda this way in a closed-door meeting with House of Representatives Democrats, according to a source familiar with his remarks:
“I don’t think it’s hyperbole to say that the House and Senate majorities and my presidency will be determined by what happens in the next week.”
That is just for starters.
A further $1.5 trillion in annual domestic spending to fund routine government operations also must be cobbled together before a Dec. 3 deadline. Failure in the deeply divided Congress could trigger a partial government shutdown.
Layered on top of that is the same Dec. 3 deadline for raising Washington’s $28.4 trillion cap on borrowing, a mundane process in which Republicans say they will refuse to participate.
Failure on that front would plunge the federal government into a historic default on its debt, creating financial troubles that could ripple through the global economy.
As soon as this week, the House could vote to pass the first prong of the $2.75 trillion package – more than $1 trillion to improve roads, bring broadband to underserved rural areas and invest in other infrastructure. It is a bill that even some Republicans support.
That could follow quickly with debate on the partisan, $1.75 trillion bill Democrats have fought over among themselves for months, undercutting Biden’s popularity. It is half of the $3.5 trillion Biden initially sought.
Biden, who is in Europe for G20 and climate summits, said on Sunday that the package will be voted on sometime this week, “God willing.”
With a large portion of the public saying it is unaware of the larger bill’s tax cuts for lower-income families with children, expanded social safety-net programs and $550 billion of investments to tackle climate change, Transportation Secretary Pete Buttigieg took to the airwaves on Sunday to tout them.
“This is not half a loaf. It is a feast of good policy,” Buttigieg said on ABC’s “This Week.”
With Republicans united against much of the Democrats’ spending plans and the Democratic caucus fractured, it is unclear Congress can manage such a heavy load.
Adding to that is a looming Senate fight over election reform legislation. If the Democrats’ effort falters, as expected, it could prompt them to alter the “filibuster” rule so that minority Republicans cannot block such bills so easily.
But the Democrats’ top priority will be passage of the two massive bills that together make up most of Biden’s domestic agenda.
After months of negotiation, moderates and liberals in the party were nearing agreement on the safety-net bill.
But Senator Bernie Sanders, a leading liberal, told CNN’s “State of the Union” broadcast on Sunday that he insists a provision be included to cut prescription drug costs.
With the November 2022 congressional election campaigns nearing, the flurry of legislation will test whether Democrats, without much help from Republicans, can push through a major expansion of government programs while cutting taxes for some and raising them on the ultra-wealthy and corporations.
Democrats could be emboldened if the party scores a victory in Tuesday’s tight election for governor in Virginia.
A possible Republican upset could give Democratic moderates in Congress second thoughts, however, about signing onto Biden’s sweeping “Build Back Better” plan.
Futures rise as easing China COVID curbs lift travel, leisure stocks
© Reuters. A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 22, 2022. REUTERS/Brendan McDermid
By Shreyashi Sanyal
(Reuters) – Travel and leisure shares propped up U.S. stock index futures after China relaxed some COVID-19 quarantine requirements for international travelers, raising hopes of a revival in global growth.
Airlines, cruises, casinos and hotels were among the gainers in premarket trading after China’s slashing of the quarantine time for inbound travelers by half boosted hopes of a big jump in international travel and spending.
Shares of Walt Disney (NYSE:DIS) Inc rose 2.5% to top the list of gainers on the Dow Jones Industrial Average, after the company’s Shanghai Disney Resort said it would reopen the Disneyland theme park on June 30 after being shut for more than three months.
Wall Street’s main indexes started the week on soft footing after worries of surging inflation and an aggressive Federal Reserve dominated sentiment amid few market moving catalysts till the start of earnings season in two weeks.
Investors are now looking at data to determine whether the economy can withstand large interest rate hikes by the U.S. central bank to stamp out inflation.
A survey from the Conference Board is expected to show its consumer confidence index slipped to a reading of 100.4 in June, from 106.4 in May, at 10 a.m. ET.
The S&P 500 and the Nasdaq are set to post losses in June and are on course to log two straight quarterly declines for the first time since 2015.
Nike Inc (NYSE:NKE) shed 2.8% as it forecast first-quarter revenue below estimates on expectations of more discounts and pandemic-related disruptions in China, its most profitable market.
Occidental Petroleum Corp (NYSE:OXY) climbed 3.1% after top investor Warren Buffett raised stake in the shale producer.
Euro below $1.06 as Lagarde keeps July policy options open
© Reuters. A shopper pays with a ten Euro bank note at a local market in Nice, France, June 7, 2022. REUTERS/Eric Gaillard
By Saikat Chatterjee
LONDON (Reuters) – The Aussie and the Canadian dollar climbed on Tuesday on firmer oil prices while the euro held below $1.06 as European Central Bank (ECB) President Christine Lagarde offered no fresh insight on the central bank’s policy outlook.
The ECB is widely expected to follow its global peers by raising interest rates in July to check soaring inflation though economists are divided on the magnitude of the rate hike to protect a struggling economic recovery due to high oil prices.
Oil prices are up 10% in barely a week on supply constraint concerns with Brent crude holding above $117, pushing the Canadian dollar and the Australian dollar up 0.3% and 0.4% respectively. [O/R]
“Oil is helping the Norwegian crown and the Canadian dollar to outperform and the euro is again running into resistance at the 1.06 level,” said Kenneth Broux, an FX strategist at Societe Generale (OTC:SCGLY) in London.
The euro held below $1.06 after the ECB’s Lagarde said the central bank would move gradually but with the option to act decisively on any deterioration in medium-term inflation, especially if there were signs of a de-anchoring of inflation expectations.
Money markets are pricing in about 238 basis points (bps) of cumulative rate hikes by mid-2023 compared to around 280 bps two weeks ago.
Broader currency market moves were contained in a big week for markets in economic data terms. German inflation figures are due on Wednesday, French data on Thursday and euro zone numbers on Friday.
At the other end of the dial, higher oil prices caused the partially convertible Indian rupee to open at a record low, and fall further to 78.67 per dollar.
The U.S. dollar index struck a two-decade high of 105.79 this month and was last steady at 103.93.
Elsewhere, the offshore Chinese yuan moved higher after China reduced COVID quarantine for international travellers.
China’s economy recovering but foundation not solid, premier says
© Reuters. FILE PHOTO: Chinese Premier Li Keqiang is seen on a screen as he attends a news conference via video link after the closing session of the National People’s Congress (NPC) in Beijing, China March 11, 2022. REUTERS/Ryan Woo
BEIJING (Reuters) -China’s economy has recovered to some extent, but its foundation is not solid, state media on Tuesday quoted Premier Li Keqiang as saying.
China will strive to drive the economy back onto a normal track and bring down the jobless rate as soon as possible, Li was quoted as saying.
“Currently, the implementation of the policy package to stabilise the economy is accelerating and taking effect. The economy has recovered on the whole, but the foundation is not yet solid,” Li was quoted as saying.
“The task of stabilising employment remains arduous.”
China’s economy showed signs of recovery in May after slumping the previous month as industrial production revived, but consumption remained weak and underlined the challenge for policymakers amid the persistent drag from strict COVID-19 curbs.
China’s nationwide survey-based jobless rate fell to 5.9% in May from 6.1% in April, still above the government’s 2022 target of below 5.5%.
In particular, the surveyed jobless rate in 31 major cities picked up to 6.9%, the highest on record. Some economists expect employment to worsen before it gets better, with a record number of graduates entering the workforce in summer.
Li vowed to achieve reasonable economic growth in the second quarter, although some private-sector economists expect the economy to shrink in the April-June quarter from a year earlier, compared with the first quarter’s 4.8% growth.
Voyager Digital is restructuring and preparing for sale
Cryptocurrency broker Voyager Digital said it is preparing a plan to restructure and resume cash withdrawals from the platform According...
Mike McGlone: Ethereum and Bitcoin oversold
A senior commodities strategist at Bloomberg Intelligence believes that according to technical analysis of the market, leading cryptocurrencies are selling...
Chainlink protocol developers refused to support next Ethereum fork
Ethereum is preparing to switch to PoS, and the community expects forks of the second cryptocurrency to appear on the...
PredictIt news: CFTC shuts down PredictIt prediction market in US
Important PredictIt news: The U.S. Commodity Futures Trading Commission (CFTC) has issued an order to shut down one of the...
Is bitcoin mining profitable today? Bitcoin mining difficulty drops for third month in a row
Is bitcoin mining profitable? The difficulty of mining bitcoin began to drop precipitously as the largest-capitalization cryptocurrency’s price fell below...
WazirX news: Indian authorities froze assets of WazirX
WazirX news: India’s economic intelligence agency froze assets of Binance-bought WazirX after allegations of money laundering Indian authorities have seized...
US recession and stock market. Thomas Barkin, Fed: Recession is virtually impossible
The U.S. recession and the stock market are closely linked. The key U.S. stock market indices – Dow Jones, NASDAQ...
Euro rate chart: the euro is not going into a trap
No matter how much FOMC officials try to convince investors of the Fed’s commitment to aggressive tightening of monetary policy,...
European stock market news: Europe started to lag behind the rise in U.S. stock prices
Current European stock market news: U.S. stock futures rose slightly Friday, helped by tech stocks as investors prepare for the...
Dollar rate today live: What is happening to the dollar today?
As you know, the dollar exchange rate has been lagging lately. We all wish wars would end as quickly as...
U.S. stock market capitalization 2022: Morgan Stanley advises against buying U.S. stocks
U.S. stock market capitalization by 2022 leaves much to be desired. The key U.S. stock market indexes – DOW Jones,...
EUR/USD: European Union’s main currency problems
EUR/USD: The pair stayed in the flat, as investors refrained from making big bets before the U.S. labor market data...
Asian stock market charts: Major Asian indicators are up 0.88%
What’s happening on the Asian stock market charts right now? The major Asian indicators are mostly up 0.88%. Some indicators,...
Nonfarm Payrolls and Recession: July’s NonFarm Payrolls Surprise – What Next?
As you know, nonfarm payrolls and the recession are always closely related. The U.S. Federal Reserve sees its main goal...
Stock market today: Stock Europe closes the week with a fall
Stock market today: In trading on Friday, key stock indicators in Western Europe are showing a decline amid weak financial...
Top brokers USA
Due to the strictness of the supervisory agencies to the investment market in the United States, traders who choose a...
Nasdaq 100 index rises for third straight week
The Nasdaq chart today, which reflects the value of stocks of U.S. technology companies, rose 20% from its June low....
4 Dividend Stocks Offering Double-Digit Yields: An Easy Way To Earn Passive Income
Carbon emissions and climate change are well known, so many global companies are concerned about this factor. Today it is...
Situation in Taiwan leads to detours and delays in global transport
China’s military exercises near Taiwan have pushed the situation in the region to the limit. Therefore, some ships carrying liquefied...
Demand for gasoline in the U.S. has fallen below pandemic levels
According to the U.S. Energy Information Administration, average monthly gasoline consumption has fallen below the 2020 level. The demand surge...
Saudi Arabia raises oil prices in Asian countries to record levels
Aramco is raising Arab Light oil prices by 50 cents in September. It is a record increase in oil prices...
Current electricity prices UK: Marginal annual energy costs in the UK jump above £4,000
Current electricity prices in the UK are rising fast. According to Investec Bank Plc, the price ceiling paid by households...
Oil prices daily adjusted upward
The price of October futures for Brent at London’s ICE Futures Exchange stood at $95.74 per barrel, up $1.62 (1.72%)...
Current gold price stabilizes after rally
Current gold prices on Thursday morning grew slightly; with the second day remaining above $1,800 per troy ounce; markets are...
Futures wheat prices: wheat rose sharply on the Chicago Exchange
Futures wheat prices as well as soybeans in Chicago rose sharply on Thursday. Wheat quotations recovered from 6-month lows on...
Latest crypto news: What happened on the crypto market as of August 4 morning
Daily crypto news: Starbucks will develop loyalty program with web3 tools, Solana developers found alleged culprit of ecosystem exploit, ZBExchange...
Bank Sygnum adds support for staking Cardano (ADA)
Swiss digital bank Sygnum announced that staking Cardano ADA is now available to its users. Sygnum Bank customers can now...
Next Ethereum update will attract more investment from institutions
Next Ethereum update will be a deciding factor in increasing institutional investment in cryptocurrency A Bloomberg Intelligence report suggests that...
Breaking news about Coinbase: Court finds ex-Coinbase employee accused of insider trading not guilty
Breaking news about Coinbase: A federal court in Manhattan has found not guilty a former employee of Ishan Wahi, whom...
Inflation in European Union: Producer prices in the euro area rose by 1.1% in June and by 1.3% in the EU
Inflation in the European Union: Euro-area producer prices (PPI) rose 1.1% in June 2022 compared to the previous month, when...
- Coronavirus9 months ago
Biden administration still seeking agreement from Mexico on return of asylum seekers
- Cryptocurrency9 months ago
NFT World Records: CryptoDragons Sold Out 500 Eggs in Its Primary Pre-Sale in Тhe Тwinkling of аn Еye!
- Economy9 months ago
Analysis-Europe’s big payday remains elusive even as inflation surges
- Cryptocurrency8 months ago
In the Wilder World, Staking and Liquidity Mining Have Arrived
- Cryptocurrency9 months ago
Crypto.com is the #1 app in the Google Play Store in the US
- Cryptocurrency9 months ago
The Next Web 3.0 Social Media Will Be Built on Solana
- Stock Markets4 months ago
WeLion Cooperates with Nio to Produce Semi-Solid Battery
- Forex9 months ago
Dollar Consolidates After Strong Gains; Tapering Could Be Speeded Up