Stock Futures Mixed Amid Cloudy Stimulus Outlook: Markets Wrap
“Stock futures were mixed amid an uncertain outlook for a new stimulus package. The dollar rose. S&P 500 contracts fell, with the benchmark gauge on track for its fourth straight weekly decline — the longest losing streak since August 2019. Big technology companies pushed Nasdaq 100 futures higher. Costco Wholesale Corp. slumped in premarket trading after the warehouse retailer reported higher expenses to prevent the spread of the coronavirus. A last-ditch attempt by Democrats and the White House to restart negotiations on new stimulus drew skepticism in Congress that a deal could be reached and written into law by the November election.”
2 Million Britons Seen Consigned to Unemployment by Sunak Plan
“A surge in U.K. unemployment is virtually inevitable after Chancellor Rishi Sunak reduced the government’s defense against the economic chaos of the coronavirus. Gone is the furlough program that may have saved millions of jobs in the early days of the pandemic yet which proved too expensive to last. In its place is a plan to subsidize wages for the next six months, a move that Goldman Sachs economists say could tip an additional 2.2 million out of work.”
South Korean Vying to Lead WTO Wants to Mediate China-U.S. Fight
“The World Trade Organization must be “revitalized” so the U.S. and China can turn to the body to settle their bruising trade disputes, according to South Korea’s trade minister, who is seeking to be the first woman to lead the global group. Yoo Myung-hee told Bloomberg Television in an interview on Friday that she wants to be a force for multilateralism at a time when a wave of protectionism is overwhelming global trade. The WTO is aiming to announce its new leader by Nov. 7, and one of the biggest tasks for that person will be reducing trade tensions between the world’s two biggest economies.”
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