Sep 28 2020 0
The followings are the most important news to the financial market today.
Trump’s small tax
President Donald Trump paid only $750 in income taxes in both 2016 and 2017, according to a report in the New York Times that lost millions of dollars from his golf courses and hundreds of millions in debt. will be due in the next few years. The US president did not pay income tax for 10 out of 15 years before being elected, as he made large losses enough to make up for any money he made, according to analysis by the New York Times.
These reports show that many of Trump's businesses are in trouble, with more money pouring into the companies than he makes. The report also said Mr Trump made $73 million overseas, despite pledging that he wouldn't pursue new overseas deals as president. However, Mr. Trump countered in a news conference on Sunday that the reports were "totally fake news".
The TikTok deal
TikTok's Chinese owner has asked a federal judge to prevent Mr. Trump from enforcing a ban on removing viral video sharing networks from US app stores today. ByteDance filed Wednesday to temporarily block the ban even as it continued to pursue the Trump administration's approval to sell its US operations to Oracle and Walmart. Both TikTok and WeChat are labeled by the Trump administration as "national security threats", which are seeking to stop using them in the US - or, in TikTok's case, forcibly sold to US companies. - because the apps could give the Chinese government access to the personal data of millions of Americans.
Market on Monday
Money markets start the new week with quiet moves and Asian equities will of course increase modestly as investors weigh the signs of further recovery in China against more viral outbreaks in China. some parts of the world. The dollar was stable against most G-10 currencies at the beginning of Monday. S&P 500 Index futures started the new week with a boost. The S&P 500 rallied Friday, as stock index futures in Japan and Australia both went up. Global equities are experiencing their first month of losses since March, amid signs that the pace of economic recovery will slow with the rise of the coronavirus infections globally and the stagnation in government aid. Last week's data showed that August profits for Chinese industrial firms rose for the fourth consecutive month.
Volatility
Emerging markets are moving toward the end of the third quarter with more reasons to be cautious than optimistic. Developing country stocks, currencies and bonds had their worst five-day week from Monday to Friday since the corona pandemic rocked global markets in March. The implied volatility between emerging-market currencies and their G-7 peers hit their biggest since June amid concerns about the new measures and delays to more US fiscal stimulus measures. Manufacturing reports from China, India, Brazil and South Africa being released this week are likely to be less decisive for investors than global sentiment on high-risk assets, and investors are preparing for higher price volatility around the November US election.
Trading in Asia
After the Covid-19 epidemic lowered the curtain on the transaction segment in the first half of the year, an unexpected bright spot appeared in the third quarter: Asia. At $390 billion, trading activity in Asia Pacific in the third quarter reached a record high, according to data compiled by Bloomberg. Trading volume involving Asian companies this year has increased by almost 11% from a year earlier, while transactions in Europe and the Americas have declined. The coronavirus remains a lofty obstacle and geopolitical tensions between the US and China have made some transactions harder, if not impossible. However, traders are barely able to sit still.
