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© Reuters. By Geoffrey Smith
Investing.com – The New York Times leaked Donald Trump’s tax returns. The TikTok ban is lifted by a Washington district court.
Stocks are set to open higher in what seems like a fix than anything else. Uber (NYSE 🙂 regains its London license and the pound jumps with the start of the latest round of Brexit negotiations.
See what moves the markets on Monday, September 28.
1. Trump’s tax returns are powerless
The New York Times published a detailed exposition of President Donald Trump’s tax returns, showing he paid just $ 750 in income taxes in the year he was elected.
The revelations didn’t reveal much that he was no longer generally known about Trump’s business, but they confirmed the general picture that he had used all of his television revenue and more to subsidize projects like his various golf courses.
This seems unlikely to undermine support among the president’s core electoral base, even if it provides Democratic Party candidate Joe Biden with a useful line of attack in Tuesday’s first debate in the presidential election campaign.
2. The TikTok ban has been lifted; Coney Barrett nominated to succeed RBG
Trump had a busy weekend in other ways too, appointing Amy Coney Barrett to the Supreme Court seat left by liberal Ruth Bader Ginsburg.
Coney Barrett, a federal judge and a convinced Roman Catholic who once served as secretary to the late Antonin Scalia, would increase the conservative majority on the Supreme Court to 6-3, if confirmed by the Republican-controlled Senate, which seems likely. .
Additionally, a district court in Washington DC struck down Trump’s attempt to ban downloads of the Chinese short video app TikTok. The Commerce Department still plans to disable the app in the US as of November 12, unless the US, China, and the owners of the company can reach an agreement that satisfies all parties.
The United States also unveiled new measures to restrict sales of sensitive equipment to Chinese chipmaker SMIC.
3. Stocks jump hard in correction
US equity markets are expected to open higher, helped in part by the lack of a deadly impact from the NY Times tax disclosures, but driven in large part by what appeared to be a search. of bargains after four weeks of losses in the major indices.
At 8:43 am (Brasilia time), the contract was up 368 points, or 1.4%, while it was up 1.3%.
There was little fundamental news to change the landscape that generated last month’s losses. The Covid-19 virus continues to spread rapidly throughout the Northern Hemisphere in early autumn, with France, the United Kingdom, and other European countries tightening local restrictions on meetings.
Stocks likely to focus for the future include Uber (NYSE :), which has regained its license to operate in London, one of its largest markets outside of the US, after a successful legal appeal. Also in the spotlight will be Caesars Entertainment (NASDAQ :), whose $ 3.7 billion bid for British sportsbook William Hill (OTC 🙂 was lower than speculated on Friday.
4. The first European exchange reaches its peak after the pandemic
William Hill was one of the few losers in European markets early in trading, and most rallied dramatically after last week’s losses.
The modest Copenhagen market has become the first European index to record an all-time high since the start of the pandemic, rising 1.1% to 1,349.46 points. The index is known for its concentration of renewable energy stocks, including wind farm operator Orsted (OTC 🙂 and wind turbine maker. Vestas Wind Systems AS (OTC :), which sparked a wave of ESG investor purchases this year.
OMXC 20 also includes health and biotech names such as Novo Nordisk (NYSE :), Novozymes (OTC 🙂 and Coloplast A (OTC :), everyone did well in the context of the pandemic.
At 10:45 am, ECB President Christine Lagarde will address the European Parliament, while adviser Isabel Schnabel will speak at a separate event.
5. Libra jumps in with comments on rates and discussions on Brexit
He rose to a three-week high against the euro and a 10-day high against the dollar with renewed hope for a deal to regulate the UK’s trade deals with the EU after the Brexit transition period expires at the end. of the year.
The British pound has fallen more than 3% since the beginning of the month due to fears that the UK government is willing to accept a messy scenario of customs delays and a new hard border in Ireland, as a result of sovereignty preference about the rules. to the frictionless environment with your largest business partner.
The pound was supported by comments from Dave Ramsden, a member of the Bank of England’s Monetary Policy Council, which downplayed the possibility of negative rates in the near future.
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