Daily Archive: October 15, 2020

Dollar up, stocks down as curfews, COVID and underwhelming corporate results spook investors

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Good morning. Weak bank earnings and a dimming outlook for stimulus spending sent shares tumbling on Wednesday. That risk-off mood is hanging over the markets again today. Europe is falling even harder as COVID numbers spike again, and tough curfew measures come into place. On cue, the dollar, that classic safe haven, is up.

Let’s check in on the action.

Markets update

Asia

  • The major Asia indexes are in the red with Hong Kong’s Hang Seng off 1.2% in afternoon trading.
  • IPO-bound Ant Group is the latest Chinese tech company in the sights of the Trump Administration. Reuters reports the U.S. State Department has submitted a proposal to add the payments company to a trade blacklist.
  • In Korean boy band news, Big Hit
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U.S. import prices increase in September as dollar weakens By Reuters

© Reuters. FILE PHOTO: Line workers spot weld parts of the frame on the flex line at Nissan Motor Co’s automobile manufacturing plant in Smyrna Tennessee

WASHINGTON (Reuters) – U.S. import prices rose in September, with prices outside petroleum products posting strong gains, suggesting a weakening dollar was lifting imported inflation.

The Labor Department said on Thursday import prices increased 0.3% last month. Data for August was revised up to show import prices increasing 1.0% instead of 0.9% as previously reported.

Economists polled by Reuters had forecast import prices, which exclude tariffs, rising 0.3% in September. In the 12 months through September, import prices fell 1.1% after decreasing 1.4% in August.

Petroleum prices fell 4.2% last month. Excluding petroleum, import prices increased 0.7%. That followed a 0.8% jump in August. The dollar declined 5.6% against the currencies of the United States’ main trade partners between April and September.

The strong

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