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Tech entrepreneur David Sacks defended his support for Florida Republican Gov. Ron DeSantis during an interview with Bloomberg TV. 

On Tuesday, Sacks appeared on “Bloomberg Technology” where host Emily Chang asked the former PayPal chief operating officer about his support for a “divisive candidate” like DeSantis.

“Why do you support such a divisive candidate, especially given the global health crisis we are facing?” Chang asked.

Why is he inherently more divisive than [Democratic California Gov.] Gavin Newsom on the other side of the spectrum?” Sacks answered back. “What I would argue is that words like ‘polarizing’ and ‘divisive’ assume a normative baseline in which everybody agrees. Everyone in the tech industry agrees because they all come from a certain information bubble and anyone who deviates from that orthodoxy is perceived as divisive.”

It was revealed on Tuesday that Sacks was hosting a fundraiser for DeSantis in San Francisco later this month. Tickets for the fundraiser range from $2,500 to $25,000. 

Thirty-Year Bond Auction Attracts Average Demand

The Treasury Department finished off this week’s series of announcement of the results of its long-term securities auctions on Wednesday, revealing this month’s auction of $24 billion worth of thirty-year bonds attracted average demand.

The thirty-year bond auction drew a high yield of 2.049 percent and a bid-to-cover ratio of 2.36.

Last month, the Treasury also sold $24 billion worth of thirty-year bonds, drawing a high yield of 1.910 percent and a bid-to-cover ratio of 2.49.

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 thirty-year bond auctions had an average bid-to-cover ratio of 2.33.

On Tuesday, the Treasury revealed this month’s auction of $58 billion worth of three-year notes attracted below average demand, while this month’s auction of $38 billion worth of ten-year notes attracted above average demand.

China September factory inflation hits highest since records started

• The National Bureau of Statistics data also showed China's consumer price index (CPI) rose 0.7% year-on-year in September versus an expected 0.9% gain in the Reuters poll and a 0.8% increase in August.

China's annual factory gate prices rose more quickly than expected in September, driven by soaring raw material prices, piling pressure on businesses already grappling with energy curbs and supply
bottlenecks.

The producer price index (PPI) rose 10.7% from a year earlier in September, its fastest pace since the data began to be compiled in October 1996, the National Bureau of Statistics (NBS) said on Thursday.

That compared with an increase of 10.5% forecast in a Reuters poll and a 9.5% rise in August.

The NBS data also showed China's consumer price index (CPI) rose 0.7% year-on-year in September versus an expected 0.9% gain in the Reuters poll and a 0.8% increase in August.

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National Express Group Expects 2021 Underlying Profit Before Tax In Line With Guidance

National Express Group PLC (NEX.L) said it recorded continued sequential improvement in performance in third quarter with revenue up to 83% on the same period in 2019 on a constant currency basis. The Group continues to project underlying profit before tax for 2021 to be in line with management’s previous expectations. Also, the Group continues to expect robust positive free cash flow in 2021.

On 21st September, National Express Group announced the potential all-share combination with Stagecoach. The Group noted that discussions and reciprocal due diligence continue and there can be no certainty that an offer will be made.

WPI inflation eases to 10.66% in September on lower food prices

WPI inflation remained in double-digit for the sixth consecutive month. In August, it was 11.39%. In September 2020, inflation was 1.32%

The wholesale price-based inflation eased to 10.66% in September, helped by moderating food prices even as crude petroleum witnessed a spike.

WPI inflation remained in double-digit for the sixth consecutive month. In August, it was 11.39%. In September 2020, inflation was 1.32%.

“The high rate of inflation in September 2021 is primarily due to rise in prices of mineral oils, basic metals, non-food articles, food products, crude petroleum & natural gas, chemicals and chemical products etc. as compared the corresponding month of the previous year,” the Commerce and Industry Ministry said in a statement.

Inflation in food articles eased for the fifth straight month, recording (-)4.69% in September from (-)1.29% in August, mainly due to easing vegetable prices. Pulses prices continued to spike at 9.42%.

Inflation in the fuel and power basket was 24.91% in September, against 26.09% in the previous month.

The rise in crude petroleum and natural gas prices was 43.92% in September over 40.03% in the previous month.

In manufactured products, inflation stood at 11.41% during the month.

The RBI, which mainly takes into account retail inflation in its monetary policy, earlier this month kept interest rates unchanged at record lows.

Retail inflation in September too slowed to a five-month low of 4.4% on moderating food prices.