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Archive for the ‘Morning Briefing’ Category

Weekly new claims for unemployment dips–a bit

New claims for unemployment in regular state programs fell to 787,000 last week. Economists surveyed by Bloomberg had been expecting 875,000 for the week ended October 17. The total showed a drop of 55,000 from the revised figure of 842,000 for the prior week. The weekly figure was the lowest total since October 3 and the […]

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Odds of coronavirus stimulus bill before November 3 elections fall as Senate fails to advance Republican $500 billion package

Today, Wednesday, October 21, House Speaker Nancy Pelosi continued to express optimism that she and Treasury Secretary Steve Mnuchin would be able to reach a deal on another big coronavirus relief and stimulus package--although a bill is unlikely before election day on November 3. And, also today, the Senate, predictably, failed to pass a scale […]

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Stimulus optimism rally fades as stocks go into last hour of trading

The Standard & Poor's 500 was up by as much as 1.42% at 1:48 p.m. New York time today on hope that House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin would agree on a stimulus deal by Pelosi's deadline of the end of today for passing a bill by the November 3 elections. Pelosi […]

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China’s economy continues to its post-coronavirus recovery

China’s gross domestic product climbed 4.9% in the third quarter from a year ago, according to data released by the Chinese government on Monday. That's lower than economists surveyed by Bloomberg had projected but a faster rate than the 3.2% growth seen in the second quarter. For the first nine months of 2020, China's GDP […]

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At 898,000 this week’s initial claims for unemployment worse than expected

The number of new unemployment claims in regular state-run programs rose last week to a seasonally adjusted 898,000. That's up 50,000 for the prior week and the biggest increase in first-time unemployment claims since August. The economy has clearly stalled with new claims for unemployment remaining stubbornly above 800,000. Claims for Pandemic Unemployment Assistance, the […]

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Mnuchin says no stimulus until after election and market shrugs

Treasury Secretary Steve Mnuchin, the lead negotiator for the White House on an additional coronavirus stimulus package, emerged today, October 14, from telephone calls with House Speaker Nancy Pelosi, to say that the chances of a stimulus package before the November 3 election are virtually nil. “At this point getting something done before the election and […]

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JPMorgan Chase surprises on earnings–but not in the way that markets had hoped

This morning JPMorgan Chase (JPM) reported a "surprise" jump in earnings in the third quarter. The problems in that "surprise" were in the nature of the surprise. A good part of the "surprise" wasn't a surprise. The bank reported a 30% increase in revenue from its trading unit. That was exactly the same "surprise" as […]

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Earnings season starts tomorrow morning with JPMorgan Chase and Citibank

The big banks kick off third quarter earnings reports tomorrow, Tuesday, October 13 with JPMorgan Chase (JPM) due to report before the open. The analyst consensus is that the bank will earn $1.93 a share, down from the $2.68 a share earnings in the September quarter of 2019. Citigroup (C) is also scheduled to report […]

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Trump says “Stimulus” and stocks jump one more time–but I don’t think the President means it

President Donald Trump has figured out something very important about the stock market from his perspective: If he simply says "stimulus," stocks jump. Even if he doesn't really mean it. Even if he's not putting in the work to get a coronavirus stimulus package through the Republican-controlled Senate. Even if his latest "big offer" is […]

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Initial claims for unemployment increase or fall or something–but whatever it is, the economy is stalling

The number of initial claims for unemployment for the week ended October 3 was 840,000, the Department of Labor reported this morning. That was above the 820,000 projected by economists surveyed by Bloomberg. And up, er, I mean down, from the 849,000 new claims reported in the prior week. But the report from last week […]

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