Daily Archive: October 5, 2020

Global stocks, U.S. futures recover on hopes Trump will too

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Good morning. The global markets and U.S. futures are bouncing back on rising optimism that President Trump will be discharged from the hospital as soon as today. Investors are downplaying for now the confusing messages coming from Trump’s medical team on his condition.

Meanwhile, the global pandemic picture continues to worsen as cases top 35 million, and further restrictions are mulled, from Paris to New York.

Let’s see where investors are putting their money.

Markets update

Asia

  • The major Asia indexes are mostly higher in afternoon trading, with Hong Kong’s Hang Seng up 1.3%.
  • Shares of HSBC were up as much as 5% in Hong Kong this morning. Traders are warning of volatile spikes as put/call contracts soar to an 11-year high for
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Crackdown on illegal housing leaves some Egyptians struggling to pay fees By Reuters

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© Reuters. A man passes destructed buildings in Banha city, Al Qalyubia Governorate, north of Cairo

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By Mahmoud Mourad

CAIRO (Reuters) – In her village in Egypt’s Nile Delta, 35-year-old Shaimaa Saleh has spent sleepless nights worrying how to raise almost $1,000 to save her unfinished three-storey home.

Like hundreds of thousands of others, and many dependents, she faces a deadline at the end of October by which residents of buildings without permits – mostly in poor areas – must apply to regularise their property for a fee, or face demolition.

Officials say that the law introduced last year is part of a crackdown on illegal buildings that violate safety standards, hinder traffic and development, and encroach on arable land.

It’s part of a drive by President Abdel Fattah al-Sisi to upgrade infrastructure and housing and deal with decades of haphazard construction that accelerated after a 2011 uprising.

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