Daily Archive: October 2, 2020

Traders warn of a markets correction, sinking dollar in the wake of Trump COVID diagnosis

Intense volatility, a stock slump and more delays on a stimulus package are some of outcomes investors are considering after President Donald Trump tested positive for Covid-19.

Trump’s diagnosis adds another element of uncertainty to a market that’s already been sizing up the potential for a legal battle or political chaos after the Nov. 3 vote. Now, investors are contending with the possibility of Trump’s ill health and how it could affect the U.S. government.

“The market move is less about the election and more about the possibility that the U.S. president might become incapacitated,” said David Stubbs, head of markets strategy at J.P. MorganInternational Private Bank. “This would inject significant uncertainty into the policy and geo-political outlook. That is clearly a risk-off event and markets are acting as such.”

While markets were broadly lower on Friday, the retreat was calm and orderly. U.S. equity futures slumped 1.6%, with smaller declines … Read More

U.S. job openings push higher; more workers quitting By Reuters

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© Reuters. FILE PHOTO: FILE PHOTO: Job seekers apply for the 300 available positions at a new Target retail store in San Francisco

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By Lucia Mutikani

WASHINGTON (Reuters) – U.S. job openings increased further in July, though more workers quit their jobs in the retail as well as professional and business services industries likely because of fears of exposure to COVID-19 and problems with childcare.

Despite the surge in vacancies reported by the Labor Department on Wednesday in its monthly Job Openings and Labor Turnover Survey, or JOLTS, the number of unemployed people competing for a new job remained relatively high in July.

“The labor market recovery will be measured in years, not months,” said Chris Rupkey, chief economist at MUFG in New York.

Job openings, a measure of labor demand, jumped 617,000 to 6.6 million on the last day of July. Still, vacancies remain below their level

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