U.K. Reports Highest Daily Covid Death Toll Since May

Brazil September federal debt rises 2.59% to $800 bln -Treasury

BRASILIA, Oct 27 (Reuters) – Brazil’s federal public debt rose 2.59% in September to 4.53 trillion reais ($800 billion) from the month before, the Treasury said on Tuesday, adding the total domestic debt stock rose 2.56% to 4.28 trillion reais.

Treasury also said the average interest rate on domestic debt issues in the 12 months to September fell to a new all-time low of 4.64%, although the average cost of servicing the overall debt stock ticked up to 8.72%.

Two-Year Note Auction Attracts Modestly Above Average Demand

The Treasury Department kicked off this week’s announcement of the results of its long-term securities auctions on Tuesday, revealing that its sale of $54 billion worth of two-year notes attracted modestly above average demand.

The two-year note auction drew a high yield of 0.151 percent and a bid-to-cover ratio of 2.41.

Last month, the Treasury sold $52 billion worth of two-year notes, drawing a high yield of 0.136 percent and a bid-to-cover ratio of 2.42.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous two-year note auctions had an average bid-to-cover ratio of 2.35.

Looking ahead, the Treasury is due to announce the results of its auction of $55 billion worth of five-year notes on Wednesday and the results of its auction of $53 billion worth of seven-year notes on Thursday.

EU tells UK to say how long it will align with EU financial rules

LONDON, Oct 27 (Reuters) – Britain must spell out how far it wants to diverge from European Union rules if it wants access to the bloc’s financial market from January, a top European Commission official said on Tuesday.

“There will be divergence, but we have to get some mutual understanding of how much divergence is likely to happen,” John Berrigan, head of the EU executive’s financial services unit, told the European Parliament.

Algeria's president enters specialised treatment unit, his condition is stable: statement

CAIRO (Reuters) – Algeria’s president on Tuesday entered a specialised treatment unit at an army hospital, but his health condition is stable and does not cause any concern, a statement from the presidency said.

Abdelmadjid Tebboune, 75, had decided to put himself in isolation a few days ago after his top aides contracted COVID-19. It was not immediately clear if his admission to the hospital was linked to the coronavirus.

What Does It Mean to Pack the Court?

After the Senate confirmed Amy Coney Barrett to the United States Supreme Court last night—elevating the known anti-abortion rights judge to the highest court in the land—Representative Alexandria Ocasio-Cortez had three words to say: “Expand the court.”

Tata Motors loss widens to ₹314 cr. on CV decline

Drop in JLR sales adds to woes

Tata Motors Ltd. reported a wider consolidated net loss of ₹314 crore for the second quarter ended September 30 compared with a net loss of ₹217 crore a year earlier.

The auto major had reported a net loss of ₹8,438 crore in the quarter ended June.

Consolidated revenue in the latest quarter declined 18% to ₹53,530 crore due to a decline in commercial vehicle and Jaguar Land Rover (JLR) sales volumes.

“Despite concerns around risk of a second wave of infection in many countries and other geopolitical risks, we expect a gradual recovery of demand and supply in the coming months,” the company said in a regulatory filing.

During the quarter, JLR returned to profit, which, however, remained below the year earlier, pre-COVID-19 levels.

Retail sales at the luxury unit declined 11.9% year-on-year. China sales rose 3.7% year-on-year.

David Einhorn Says Tech Stocks Are in an ‘Enormous’ Bubble

Technology stocks are in an “enormous” bubble, Greenlight Capital’s David Einhorn said in a letter to investors.

“Our working hypothesis, which might be disproven, is that September 2, 2020 was the top and the bubble has already popped,” he wrote in the Oct. 27 note, seen by Bloomberg.

Tech stocks have driven the market’s gain this year. The Nasdaq 100 Index is up 33% since Jan. 1, led by gains in Zoom Video Communications Inc. andTesla Inc. By contrast, the S&P 500 has risen 5.3%.

Einhorn points to “an IPO mania,” huge market concentration in a small group of stocks or a single sector, extraordinary valuations and “incredible” trading volumes in speculative instruments as signs of a bubble.

As a result, Greenlight has adjusted its short book including adding a fresh bubble basket of mostly “second-tier companies and recent IPOs trading at remarkable valuations,” he wrote.

A spokesman for the firm declined to comment.

U.K. Reports Highest Daily Covid Death Toll Since May

The U.K. reported 367 new deaths from coronavirus on Tuesday, the highest daily total since May.

“We continue to see the trend in deaths rising, and it is likely this will continue for some time,” Dr Yvonne Doyle, medical director of Public Health England, said in an emailed statement. She urged people to help slow the spread of the virus by washing their hands regularly, wearing a face covering, and socially distancing.

The U.K’s death toll now stands at 45,365. The government’s official daily data also showed a further 22,885 new cases of coronavirus, compared with 20,890 the day before. Tuesday’s daily fatalities figure is the highest since May 27, when 422 deaths were reported.

Prime Minister Boris Johnson’s government is attempting to control the virus with targeted measures aimed at cracking down on local outbreaks. He has said he wants to avoid a second full national lockdown.

Warrington, a town in northwest England, became the latest area to move into the highest level of restrictions on Tuesday, with all pubs and bars not serving food forced to close. Nottingham and some surrounding areas in the Midlands region will be put into the top tier from Thursday as infection rates soar.