Sep 30 2020 0
Here are the most important updates for today.
Back from the death
China Evergrande Group has taken an important step to avoid the cash crisis that threatens to disrupt the nation's $50 trillion financial system and resonate in global markets.
After a tumultuous few days as banks, bondholders and senior government officials increasingly worried about Evergrande's financial health, the world's most indebted developer says they have made it. Negotiating with a group of strategic investors to avoid capital debt payments would put a significant strain on the company's balance sheet. Evergrande owes $88 billion to banks, shadow lenders and individual investors across China and has borrowed $35 billion from bondholders around the world. The relief ahead of Evergrande's announcement late Tuesday in Hong Kong helped push one of the company's dollar-denominated bonds to its biggest gain since March.
JPMorgan has admitted wrongdoing and has agreed to pay more than $920 million to settle U.S. authorities' allegations of market manipulation involving two of the bank's trading desks, penalties The biggest ever associated with illegal behavior is called "spoofing" (a type of phishing via spoofing emails, messages, IDs ...). In eight years, 15 traders at the largest US bank, according to court filings Tuesday, caused more than $300 million in damages to other participants in the precious metals and Bonds markets. Treasury. JPMorgan acknowledges responsibility for the actions of the traders. The settlement includes new details of the tampering on the bank's Treasury Bond trading desk, which coincides with the alleged previous market manipulation on the Bank's precious metal dealing desks.
Asian stocks had a mixed start as traders waited for data from China to shed light on the strength of the economy's recovery. US stocks have slipped previously with low trading volume and a drop in the dollar. Futures markets went down in Tokyo and Australia, while in Hong Kong they went up. S&P 500 index futures fell at the open. The S&P 500 is down 0.5% with more than two stocks falling for each gainer, after negotiations on aid expansion ended the day with plans to resume discussions on Wednesday. Oil is down $39 / barrel in New York. Treasury bonds have changed little. The Chinese market will be closed from Thursday for a national holiday week. Volume on US Stock exchanges fell on Tuesday ahead of the first presidential election debate. Wednesday marks the last trading day of September and the end of the quarter, so portfolio rebalancing could also exacerbate market movements.
Ready for the debate
US President Donald Trump and Democratic rival Joe Biden are about to begin their first debate, with President Trump's tax amounts added to the list of controversial topics including: Supreme Court , pandemic, healthcare and civil rights. Biden is also preparing to face tough questions about China. The Democratic candidate released his most recent tax return just hours before Tuesday night's debate in Cleveland, signaling that he wants to bring new presidential tax revelations to the spotlight. want to emphasize. Mr. Trump's tax returns highlight the president's exposure to foreign influence, as evidenced by the income received from countries led by officials with poor human rights records or dictatorships, including Turkey. Trump painted his opponent like an old man, so a discerning Biden display could shatter that thought. A stumbling block from either candidate could change some assumptions, but polls show only a small part of what is expected to be swayed.
Disney let go big
The Walt Disney Company is laying off 28,000 people in the US resort business, the latest indication that travel and other community experiences will be slow to recover from a pandemic. On Tuesday, Disney said the cuts include theme parks, cruise ships and the company's small businesses. They fired executives as well, although 67% of those who were terminated were part-time.
The Covid-19 crisis has closed Disney parks around the world and while resorts in some areas have reopened, Disney has yet to receive a license to restart operations at Its two amusement parks in Anaheim, California. Disney's domestic parks alone were hiring more than 100,000 people before the pandemic.