By Geoffrey Smith
GossipMantri.com – US presidential candidates fight from a distance in town halls, EU pressured Boris Johnson to back down on Brexit, stocks held steady ahead of retail sales and production data industrial. There are profits from Honeywell (NYSE 🙂 and Schlumberger (NYSE :), while oil is dropping as OPEC shows no hint to abandon plans to increase production next year. Here’s what you need to know about the financial markets on Friday, October 16.
1. Candidates for the presidency train remotely
The two US presidential candidates clashed from a distance in two separate town halls.
President Donald Trump was generally free from any new political engagement and was most notable for his refusal to disown the QAnon conspiracy theory movement.
Democratic Party candidate and former Vice President Joe Biden has said he will aim to raise $ 2.4 trillion in taxes over the next decade from America’s wealthiest businesses and households. Regarding oil exploration policy, he said he was not in favor of a ban on “hydraulic fracturing”, but that it had to be managed “very, very carefully”.
Biden also chose not to rule out adding Supreme Court justices if the Republican-controlled Senate continues Amy Coney Barrett’s confirmation to court in the coming days,
2. Retail sales, industrial production data due
The main economic data for the day comes from the real economy, with the US due September at 8:30 am ET (12:30 pm GMT). Analysts expect growth to slow to 0.5% on the month from 0.7% in August, which would be further evidence of the flattening of the post-lockdown recovery.
Pressure on consumer spending is mounting as layoffs continue at a rapid pace, while Congress has failed to produce a new stimulus package to support incomes since September. reached its highest level since August last week, at nearly 900,000.
At 9:15 a.m., there will also be data for September, where a marginal acceleration of 0.5% is expected.
At 10 a.m., the University of Michigan will release its monthly consumer sentiment survey. The main index is expected to rise to 80.5 from 80.4 last month.
3. Flat stocks; Honeywell, Schlumberger brings back the eyes
US equity markets are expected to end the week on a flat note, with none of the major index futures moving much during the overnight session.
As of 6:30 a.m. ET, were up 43 points or 0.2%, while they were up just under 0.2%. were up 0.3%.
The week’s list of results ends with updates from the oil services giant and Ally Financial (NYSE :), State street (NYSE 🙂 and Bank of New York Mellon (NYSE :). The stock could also spark interest after posting much stronger-than-expected results after the closing bell on Thursday.
4 EU presses Johnson over Brexit
EU leaders have refused to make further concessions on post-Brexit trade deals with the UK, firmly placing the ball in Prime Minister Boris Johnson’s camp. An EU summit said it was up to the UK to honor the terms of the withdrawal agreement signed between the two parties last year. The 0.3% drop to test a one-week low.
Leaders signaled lingering concerns over the UK government’s new bill that would violate the terms of that deal and impose customs controls at the Irish border. The EU is also looking for new concessions on fisheries and competition issues.
Johnson is due to make a statement later.
5 Oil is down after OPEC
Crude oil prices fell overnight, but remained above $ 40 a barrel following a sharp drop in US inventories confirmed Thursday by the US Energy Information Administration.
Large oil trader Gunvor estimates global inventories are currently declining by 3 million barrels a day, CEO Torbjorn Tonqvist told Bloomberg earlier. However, this may not last long. An OPEC technical expert meeting on Thursday gave no indication that a production increase of nearly 2 million barrels per day, slated for early next year, would be postponed.
futures were down 0.9% to $ 40.61 per barrel, while futures were down 0.9% to $ 42.76 per barrel.