Four Million Britons Stuck on Furlough to Keep BOE on Edge
Bloomberg Economics estimates 4 million U.K. jobs were still supported by the government’s furlough program at the start of August, and with the scheme due to end in October a wave of job losses in the fall remains a huge risk. A sharper rise in unemployment is a big reason why BE expects the recovery to slow more markedly in the fourth quarter than the Bank of England believes it will. It’s also why BE expects the central bank to ease again and says it is likely to increase its asset purchase target by 100 billion pounds ($130 billion) in November.
Thai Cabinet approves more measures to spur domestic tourism
BANGKOK (REUTERS) – Thailand’s Cabinet on Tuesday (Aug 25) approved more stimulus measures to support domestic tourism to recoup some of the losses from the absence of global travel after the coronavirus pandemic shut borders, a government official said.
The government will increase benefits contained in an earlier package, including subsidies for hotels, flights and bus tickets, deputy government spokesman Rachada Dhnadirek told a briefing.
Pompeo takes off on first official direct Tel Aviv-Khartoum flight
TEL AVIV (AFP) – US Secretary of State Mike Pompeo on Tuesday (Aug 25) left Israel for Sudan, the next stop on his regional tour, on the first official direct flight from Tel Aviv to Khartoum.
Video released by the US embassy in Jerusalem showed an official greeting Mr Pompeo as he walked up the steps into his plane, saying, “You are now on a historic flight,” and the top US diplomat nodding in agreement.
Israel and Sudan do not have diplomatic relations and, barring a last-minute route change, it would be the first such flight, US officials said.
TSX Set To Rise On Upbeat US Retail Earnings
Canadian stocks are seen opening higher on Tuesday, tracking gains in U.S. stock futures after Home Depot Inc beat quarterly same-store sales estimates and the Financial Times reported that Oracle Corp has expressed an interest in acquiring TikTok’s operations in the United States.
Meanwhile, retail behemoth Walmart posted stronger-than-expected second quarter earnings as online sales nearly doubled from last year amid the peak of the coronavirus pandemic.
Investors will get further hints on the state of the U.S. housing market when July housing starts data is published later in the session.
Asian markets ended mixed today as the new U.S. sanctions on Huawei Technologies as well as the deadlock in the negotiations for a Covid-19 stimulus package in the United States dented investors’ risk appetite.
European stocks eked out modest gains in cautious trade as a new round of Brexit talks began and investors looked ahead to the release of minutes of the U.S. Federal Reserve’s monetary policy meeting on Wednesday for any clues to policy changes at its September meeting.
Gold prices rose about 1 percent on safe-haven demand and the dollar teetered near milestone lows while oil traded flat after rising sharply in the previous session.
Mike Pence Unveils Baffling New Trump Reelection Rally Cry With 1 Huge Flaw
Vice President Mike Pence tried to update President Donald Trump’s longtime campaign slogan.
It didn’t go well.
Trump and Pence were elected in 2016 with “Make America Great Again” as their slogan. This year, Trump has wavered between using the same slogan – despite the implication he failed to make America great during his first term ― or changing it to “Keep America Great.”
But on Monday, Pence tried a different take.
“We’re gonna make America great again, again,” he declared at the Republican National Convention.
Twitter users were quick to point out that the slogan is also a confession ― one that means Trump and Pence allowed America to become not-great under their watch:
Gold Drifts Lower As Focus Turns To Powell’s Speech
Gold prices fell on Tuesday and the dollar slipped as investors awaited a Thursday speech from Federal Reserve chairman Jerome Powell for further cues on U.S. monetary policy.
Spot gold edged down 0.1 percent to $1,926.35 per ounce, while U.S. gold futures were down 0.3 percent at $1,933.20.
Impressive German data, positive news on the coronavirus front and signs of progress in U.S.-China trade negotiations also weighed on the metal’s safe-haven appeal.
A favorable revision to second-quarter German GDP data and another increase in the Ifo Business Climate index helped ease investor concerns surrounding economic recovery.
U.S. biotechnology company Moderna, Inc. said it has concluded advanced exploratory talks to provide 80 million doses of its experimental coronavirus shot to the European Union.
The Office of the U.S. Trade Representative said in a statement that the U.S. and China are seeing progress and are committed to taking steps to ensure the success of their Phase 1 trade deal.
J. M. Smucker Raises FY21 Outlook – Quick Facts
The J. M. Smucker Company (SJM) said, for fiscal 2021, the company now expects adjusted earnings per share in a range of $8.20 – $8.60, revised from prior guidance range of $7.90 – $8.30. Analysts polled by Thomson Reuters expect the company to report profit per share of $8.16. Analysts’ estimates typically exclude special items. Net sales are now anticipated to range from flat to up 1 percent compared to the prior year. Previously, the company projected net sales to decline in a range of 2% – 1%.
First quarter adjusted earnings per share was $2.37, an increase of 50 percent. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.67, for the quarter. Analysts’ estimates typically exclude special items.
First quarter net sales rose 11% to $1.97 billion. Analysts expected revenue of $1.81 billion for the quarter.