By Geoffrey Smith
GossipMantri.com – Donald Trump’s Tax Returns Leaked By NYT; TikTok ban overturned by Washington district court. The stocks are ready to jump into what looks more like a fix than anything else; Uber (NYSE 🙂 reclaims its London license and the pound soars as the final round of Brexit negotiations begins. What moves the markets on Monday, September 28.
1. Trump’s tax returns lack oomph
The New York Times published an in-depth account of President Donald Trump’s tax returns, which showed he paid only $ 750 in income tax in the year he was elected.
The disclosures did not reveal much in general terms about Trump’s businesses that were not yet known, but did confirm the general image that he had used all of his TV income and more to subsidize projects of vanity such as its various golf courses.
It seems unlikely that it will do much to erode support among the president’s main voters, even if it does provide Democratic Party candidate Joe Biden with a useful line of attack in Tuesday’s first presidential campaign debate.
2. The ban on TikTok is revoked; Coney Barrett appointed to succeed RBG
Trump has had a busy weekend in other respects as well, appointing Amy Coney Barrett to fill the vacant Supreme Court post left by Liberal champion Ruth Bader Ginsburg.
Coney Barrett, a federal judge and loyal Roman Catholic who once served as clerk to the late Antonin Scalia, would expand the Conservative majority on the Supreme Court to 6-3, if confirmed by the Republican-controlled Senate – as seems likely.
Elsewhere, a Washington DC district court overturned Trump’s attempt to ban downloads of China’s lip-syncing app TikTok. The Commerce Department still plans to make the app unusable in the United States from November 12, unless the United States, China and the owners of the company can find a compromise that satisfies all parties. The United States also unveiled new measures to restrict sales of sensitive equipment to Chinese chipmaker SMIC.
3. Equities rebound strongly in correction
U.S. stock markets are expected to open sharply higher, helped in part by the lack of a punch in the NY Times tax disclosures, but largely driven by what appeared to be a bargain hunt after four weeks of losses in the markets. main clues.
At 6:30 a.m. ET (10:30 a.m. GMT), the contract was up 358 points, or 1.3%, while it was up 1.7%.
There was little fundamental information to change the picture that led to last month’s losses. The Covid-19 virus continues to spread rapidly in the northern hemisphere with the onset of autumn, with France, the UK and other European countries tightening all local restrictions on gatherings.
Among the actions likely to be targeted later include Uber, which regained its operating license in London, one of its largest markets outside the United States, after a successful court appeal. Cesars (NASDAQ 🙂 Entertainment will also be in the spotlight, whose bid of $ 3.7 billion for British bookmaker William Hill (OTC 🙂 was lower than Friday’s forecast.
4. The first European exchange reaches a record level after the pandemic
William Hill was one of the few losers in European markets early in the session, with most rebounding strongly from losses last week.
The modest Copenhagen market became the first European index to post a record high since the start of the pandemic, rising 1.1% to 1349.46 points. The Copenhagen index stands out for the concentration of renewable energy stocks, including wind farm operator Orsted (OTC 🙂 and wind turbine manufacturer Vestas Wind Systems AS (OTC :), which has caused a wave of buying from ESG investors this year.
OMXC 20 also includes health and biotechnology names such as Novo Nordisk (NYSE :), Novozymes (OTC 🙂 and Coloplast A (OTC :), all of which have held up well in the context of the pandemic.
At 9.45am ET (1.35pm GMT), ECB President Christine Lagarde will address the European Parliament, while Board member Isabel Schnabel will speak at a separate event.
5. The pound jumps on rate comments, Brexit talks
The pound hit a three-week high against the and a 10-day high against renewed hopes for a deal to regulate UK trade deals with the EU after its Brexit transition period expires at the end of the year.
The pound had slipped more than 3% since the start of the month amid fears the UK government would be ready to accept a messy scenario of customs backlogs and a new hard border on the island of Ireland as a result of the preference sovereignty to local standards rather than trade with its larger trading partner.
The pound was supported by comments from Dave Ramsden, a member of the Bank of England’s Monetary Policy Board, downplaying the prospect of negative rates in the near future.