Finance

Who won last night’s presidential debate? Biden in a landslide, odds-makers say

Anne

The global markets have spoken. And so have the odds-makers.

Moments after Tuesday night’s bruising Trump-Biden presidential debate, the world weighed in on who won and who lost. Judging by the closely watched betting markets, score one for the blue team.

“Biden seems to have come ahead in last night’s… somewhat-chaotic debate against Trump,” Holger Schmieding, chief economist at Berenberg Bank, wrote in a note to investors this morning. “The probability of a Biden win has risen to 58.4% versus 55.3% just ahead of the debate, up from 51.0% four weeks ago. The probability of a Trump win has fallen to 40.0% from 42.5% before the debate and 46.2% four weeks ago.”

Berenberg’s Schmieding included in the report the following chart showing the latest odds:

Throughout the morning, the gap had widened further. As of 7 a.m. ET on Wednesday, Biden had taken a 20-point advantage (59.3% to 39%) … Read More

News

U.S. economy contracts at 31.4% annualized rate in second quarter By Reuters

Anne
2/2
© Reuters. Closed luxury retail stores on 5th Avenue in Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York

2/2

WASHINGTON (Reuters) – The U.S. economy suffered its sharpest contraction in at least 73 years in the second quarter because of the disruptions from the coronavirus, the government confirmed on Wednesday.

Gross domestic product plunged at a 31.4% annualized rate last quarter, the deepest drop in output since the government started keeping records in 1947, the Commerce Department said in its third estimate of GDP. Output was previously reported to have contracted at a 31.7% pace in the second quarter.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate
… Read More
Finance

2020 election predictions: This veteran Wall Street investor thinks pundits are overestimating the chances of Biden victory

Anne

© 2020 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Info | Ad Choices 
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html.
S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions.

… Read More
News

Target to start holiday discounts in October, take on Amazon’s Prime Day By Reuters

Anne
© Reuters. A shopper carries a Target paper bag in the Manhattan borough of New York City

(Reuters) – Target Corp (N:) will kick off its holiday season deals in October this year, at the same time as Amazon.com Inc’s (O:) Prime Day event, aiming to attract customers who are shopping primarily online due to the COVID-19 pandemic.

Target said it will hold its “Deal Days” promotional event on Oct. 13 and 14 and will also expand Black Friday pricing for the whole of November, promising shoppers nearly 1 million more deals than last year.

The retailer has already made plans to staff more employees at distribution centers and for its contactless services to make shopping easier for those ordering online and collecting items in stores.

“By kicking off our holiday deals earlier than ever … we’re letting guests know they don’t need to wait or face the crowds to

… Read More
Finance

Investors look to buck a four-week losing streak, sending global stocks higher

Anne

This is the web version of the Bull Sheet, Fortune’s no-BS daily newsletter on the markets. Sign up to receive it in your inbox here.

Good morning. There’s plenty of green on the screens as investors shake off COVID fears, election jitters and the headwinds that come from a strong dollar.

Let’s see where investors are putting their money.

Markets update

Asia

  • The major Asia indexes are gaining in afternoon trading, with Hong Kong’s Hang Seng up 1%.
  • Ban averted. A U.S. District Court granted an 11th-hour reprieve to TikTok owner ByteDance, blocking a Trump Administration ban on the video-sharing platform that was to go into effect mere hours ago.
  • Meanwhile, the U.S. imposed export restrictions on China’s biggest chipmaker, Semiconductor Manufacturing International Corp. It’s not quite as restrictive as the sanctions slapped on Huawei, but adds loads of red tape to any U.S. firm that
… Read More
News

Uber granted 18-month London licence after legal battle By Reuters

Anne
2/2
© Reuters. FILE PHOTO: A screen displays the company logo for Uber Technologies Inc. on the day of it’s IPO at the NYSE in New York

2/2

By Costas Pitas

LONDON (Reuters) – Uber (NYSE:) has won a legal bid to restore its London operating licence which was taken away over safety concerns, after a judge ruled on Monday that the company was a fit and proper operator despite “historical failings”.

Transport for London (TfL) refused to grant the Silicon Valley-based company a new licence in 2019 due to what it called a “pattern of failures”, including thousands of trips conducted where drivers other than those advertised picked up passengers.

Uber argued it has since assuaged concerns by improving insurance document verification systems and rolling out real-time identification.

The U.S. company was also denied a licence by TfL in 2017, in a major blow in one of its most

… Read More