Markets were rising on Monday, reflecting some confidence that European leaders will reach an agreement on a large economic rescue package after several days of talks.
European stock indices opened lower, but slowly gained some ground, with most reaching positive territory mid-morning. Asian markets had a mixed day, and futures on Wall Street pointed to a slightly lower open.
In other markets, 10-year US Treasuries were up, while oil futures were lower.
European leaders held talks over the weekend over a proposed rescue package of € 750 million, or $ 860 million, to support member countries dealing with the economic collapse caused by the coronavirus pandemic.
Some leaders of the 27-member bloc believe the total amount of aid is too large and should be distributed to governments in the form of loans, rather than grants. But after a third trading session ended on Monday morning, and a fourth session scheduled for later in the day, there were signs that a compromise was in the works.
In the United States, with Congress back in session this week, talks are ongoing between the House, the Senate and the White House about the upcoming coronavirus rescue package.
The House has noted that it wants $ 3 trillion in aid, the Senate appears to want something in the $ 1 trillion range, and the White House is now involved in the negotiations. Lobbyists are also very involved and make sure that their clients are served.
In Asian markets, trade was moderate. Hong Kong’s Hang Seng ended the day 0.1 percent less, as did the Kospi in South Korea. The Shanghai Composite closed 3.1 percent higher, and Japan’s Nikkei gained 0.1 percent.
CEOs of major American companies are preparing for prolonged pain as the pandemic continues to squeeze the economy.
Arne Sorenson of Marriott International said he was “less optimistic than I was 30 days ago.” Ed Bastian of Delta Air Lines said he was now taking a “more cautious view.” Eventbrite’s Julia Hartz said she expected “one step forward, two steps back.”
As coronavirus cases in the south and west increase, many senior executives believe that reopening plans will be disrupted and that returning to normal will be difficult, especially amid high unemployment and a lack of a vaccine.
CVS and Chipotle executives have discussed how best to proceed, pushing for masks to be worn and government aid in the form of expanded unemployment benefits and support for small businesses to be pushed forward. “Doing this wrong, overreacting, or acting irresponsibly could be far more devastating to the global economy and the health of Americans,” said Jamie Dimon, executive director of JPMorgan Chase.
Delta Air Lines said it would require passengers who are unable to wear face masks due to health conditions to undergo a medical clearance at the airport before boarding, or passengers should “completely reconsider the trip”.
The policy is an addition to Delta’s rules requiring passengers to wear face masks at check-in, boarding gates, and during the flight. It follows reports of some US airline passengers who do not wear masks on board and are not enforced by air personnel.
“Customers with health conditions or disabilities that explicitly prevent the use of a mask or face covering are strongly encouraged to reconsider travel or be prepared to complete a ‘Clearance to Fly’ process,” the statement said.
The evaluation process will take place before departure at the airport and can exceed an hour, the airline said. If passengers falsify health claims, according to the statement, they risk being excluded from the airline until masks are no longer needed.
Delta in July executes only 30 percent of its normal flight schedule. The airline has told pilots that it will not give them permission for a year if they accept a 15 percent cut to the guaranteed payment, according to a memorandum sent to staff on Friday.
Outdoor equipment cooperative REI faces a backlash over the handling of coronavirus cases among its employees, with some nervous workers pressing for more transparency as stores open.
A store clerk in Grand Rapids, Michigan, told colleagues that they tested positive for Covid-19 on July 2, a result that managers did not recognize workers until July 9, several days after the store reopened. The employee described being asked to remain silent about the positive test.
REI changed its notification policy on Tuesday to allow managers to inform employees of known Covid-19 cases among their colleagues, after employees created an online petition accusing the cooperative of prioritizing sales over Workers. Eric Artz, the chief executive, said at a company-wide meeting last week that there were 18 active cases of Covid-19 in about 13,000 employees.
REI, which has gradually reopened its stores after closing them all in March, is one of many retailers struggling to establish pandemic protocols that balance privacy and security. “This situation and its challenges are incredibly fluid,” said Rob Discher, a REI spokesperson.
Dan Feder, a graphic designer in Los Angeles, and her husband, Don Bacigalupi, director of the museum, wanted to get closer to their teenage son’s school when pandemic blockades showed that they could avoid traveling to the other side of the city working from home. But they were concerned about making a mistake in an uncertain economy.
“With so many unknown variables in the world, we wanted as much information as we could get before moving forward with such a large financial decision,” Feder said.
Buying a home under any circumstances can be stressful. But with some shoppers looking to improve their lives during the pandemic and others trying to flee congested cities for more space in the suburbs, the rush to move could cause unexpected problems.
The pandemic has created interrelated dynamics that make the process more complex. Some buyers want to get out of their apartments in the city, as they have been locked in for months this winter. If they have children, they may be acting quickly to settle down before the school year begins.
There are also city deals for those with cash and a strong stomach. Some of those purchases, which cost millions of dollars, have been made using online scrolling and Zoom tours. But when shopping is video-driven, what’s eye-catching sells and defects can be missed.
