Monday, 30 Nov 2020

U.S. Consumer Sentiment Rises Amid Improvement In Expectations

See tourists swarm China during Golden Week

Hong Kong (CNN Business)China is continuing to steadily recover from the economic turmoil caused by the coronavirus pandemic.

The world’s second largest economy expanded 4.9% in the July-to-September quarter compared to a year ago, according to government statistics released Monday.
The number was somewhat weaker than expected. Analysts polled by Refinitiv predicted that China would post 5.2% growth.

    — This is a developing story and will be updated.

    Body of man found at Marina Reservoir

    SINGAPORE – A man pulled from Marina Reservoir near the Promontory on Monday morning (Oct 19) was pronounced dead by paramedics at the scene.

    He was wearing only shorts when he was pulled out of the water near Customs House.

    Police said they received a call for assistance along 11 Marina Boulevard at 8.44am.

    The Singapore Civil Defence Force (SCDF), which was activated at around 8.50am, could not find anyone in the water when they arrived.

    “Divers from the Disaster Assistance and Rescue Team were deployed to perform an underwater search. (They) subsequently retrieved a body approximately two metres from shore,” added SCDF.

    Bolivian socialist candidate set to win election outright, rapid count shows

    LA PAZ (REUTERS) – Bolivia’s socialist candidate Luis Arce is set to win the country’s presidential election without the need for a run-off, an unofficial rapid count of the vote indicated, which would usher the left wing party of Evo Morales back into power.

    The quick-count from Ciesmori, released by Bolivian TV channel Unitel, said Arce had 52.4 per cent of the votes, while Mesa had 31.5 per cent.

    To win outright, a candidate needs at least 40 per cent of the vote and to beat the runner up by at least 10 percentage points.

    More on this topic

    Japan's Fukoku Life increasing FX-hedged foreign bonds – official

    TOKYO, Oct 19 (Reuters) – Japan’s Fukoku Mutual Life Insurance increased currency-hedged foreign bond investments in the half year to September as it is wary of a decline in the dollar, an investment planning official said on Monday.

    The insurer plans to continue raising such holdings slightly in the current half year too, as it expects the dollar to weaken against the yen after the U.S. elections next month no matter who wins, the official said.

    FTSE 100 LIVE: EU markets to slump as coronavirus and Brexit talks weigh down sentiment

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    London’s FTSE is seen opening 13 points lower at 5,912, Germany’s DAX up 10 points at 12,925. Meanwhile, France’s CAC 40 up 6 points at 4,946 and Italy’s FTSE MIB up 19 points at 19,332, according to IG. 

    A second wave of coronavirus cases in Europe remains a key focus for markets in the region.

    This is as well as Brexit after discussions between the EU and UK appeared to come to an end last week with both sides telling the other to compromise.

    Prime Minister Boris Johnson said last week that talks were “over” and the UK should “get ready” to trade with the EU from January 1 without a trade deal in place.

    In signs there could be some room to maneuver still, trade talks will continue on Monday but not in person, as previously planned.

    FOLLOW BELOW FOR LIVE UPDATES FROM EXPRESS.CO.UK

    Lagarde Says ECB Still Has Options If Pandemic Crisis Worsens

    The European Central Bank still has policy tools available should the region’s worsening health crisis place a further drag on the economy, said President Christine Lagarde.

    “The options in our toolbox have not been exhausted,” she said in an interview with France’s Le Monde newspaper published on the ECB’s website Monday. “If more has to be done, we will do more.”

    Lagarde’s remarks underscore her growing concern about the pace of recovery. Less than two weeks before the ECB’s next policy meeting, the outlook for the euro area has been growing rapidly worse after countries imposed curfews and other restrictions to stop the spread of the virus.

    “Since the rebound we saw over the summer, the recovery has been uneven, uncertain and incomplete and now risks losing momentum,” she said. “We will keep a close watch on indicators throughout the autumn.”

    Read more…
    • ECB’s Lagarde Says Virus Curbs Will Bolster Economic Uncertainty
    • Virus Resurgence Sees World Central Bankers Stick to Gloomy Tone

    — With assistance by Alexander Weber

    U.S. Consumer Sentiment Rises Amid Improvement In Expectations

    With an improvement in consumer expectations more than offsetting concerns about current conditions, the University of Michigan released a report on Friday showing a much bigger than expected increase in U.S. consumer sentiment in the month of October.

    The preliminary report said the consumer sentiment index rose to 81.2 in October from the final September reading of 80.4. Economists had expected the index to inch up to 80.5.

    The bigger than expected increase by the headline index came as the index of consumer expectations climbed to 78.8 in October from 75.6 in September, reaching its highest level since March.

    On the other hand, the report said the current economic conditions index fell to 84.9 in October after jumping to 87.8 in September.

    “Slowing employment growth, the resurgence in covid-19 infections, and the absence of additional federal relief payments prompted consumers to become more concerned about the current economic conditions,” said Surveys of Consumers chief economist Richard Curtin.

    Curtin added, “Those concerns were largely offset by continued small gains in economic prospects for the year ahead.”

    On the inflation front, the report said one-year inflation expectations inched up to 2.7 percent in October from 2.6 percent in September, while five-year inflation expectations fell to 2.4 percent from 2.7 percent.

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