The Monday Market Minute

  • Global stocks rally as China markets roar, investors extend stimulus bets heading into the U.S. earnings season.
  • Around 31 companies will report this week, including the country’s biggest banks, with analysts expecting third quarter profits to fall 21% from last year.
  • Apple unveils is new line-up of 5G phones on Tuesday, the same day that Amazon will launch its annual ‘Prime Day’ shopping event.
  • President Trump renews call for stimulus deal, but confusion grips talks as both sides play politics 22 days ahead of the November elections.
  • Europe records 100,000 daily coronavirus cases, the highest tally since the pandemic began, in what is likely to be an omen for a second U.S. wave as domestic weather cools.
  • U.S. equity futures suggest a firmer open on Wall Street, following its best five-day stretch since August, ahead of big bank earnings and key consumer sentiment events in the
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Plus, driverless taxis are coming, Amtrak and local mass transit are facing layoffs, COVID-19 cases are spiking in Ontario, and more.

Covering COVID-19 is a daily Poynter briefing of story ideas about the coronavirus and other timely topics for journalists, written by senior faculty Al Tompkins. Sign up here to have it delivered to your inbox every weekday morning.

The Paycheck Protection Program was a godsend to some businesses that needed it when the pandemic hit. When they applied for the “loan,” they understood that if they used most of the money to keep their workers on the job, they could use the rest to pay for rent and utilities and such.

But the Small Business Administration now says businesses that got less than $50,000 — and that is about 70% of all “borrowers” — can still get loan forgiveness even if they did cut employees. They just have to

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By Soumyajit Saha



graphical user interface: A board displaying stock prices is seen at the Australian Securities Exchange in Sydney


© Reuters/DAVID GRAY
A board displaying stock prices is seen at the Australian Securities Exchange in Sydney

(Reuters) – Australian shares struggled for direction on Monday as investors stayed away from making big bets ahead of corporate earnings and production results while awaiting further developments on U.S. stimulus talks.

The S&P/ASX 200 index <.axjo> slipped 0.03% to 6,100.2 by 23:45 GMT, after posting its best week in six months last week.

A slew of Australian companies, including global miners BHP Group and Rio Tinto , are scheduled to report their quarterly production figures later this week, while the ‘big four’ banks will provide the first peek into how lenders fared in the July-September quarter later this month.

The Australian parliament on Friday approved A$17.8 billion ($12.87 billion) in personal tax cuts, quickly pushing through measures announced earlier in the week as part of the federal budget to support

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TOKYO (Reuters) – The dollar held tight ranges against its peers on Monday as investors awaited clarity on the health of U.S. President Donald Trump after he tested positive for the coronavirus, sending markets into safe-haven assets.

“With not a lot of major economic indicators released this week, the focus all comes down to Trump’s illness,” said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank.

“There is a welter of information about the severity of his condition, and that is making it difficult for market participants to make a move,” Uno said.

Just weeks before the Nov. 3 election, Trump was flown to hospital for treatment for the coronavirus on Friday, adding another layer of uncertainty and market volatility as Trump’s re-election campaign seeks to fend off Democratic challenger Joe Biden.

Doctors treating Trump for COVID-19 told reporters on Sunday they are monitoring the condition of his lungs after he

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Tens of thousands of British businesses are awaiting news from their insurers on how they will respond to a landmark legal ruling on business interruption cover triggered by the coronavirus crisis.

The High Court on Tuesday ruled that some insurers had been wrong to deny claims for losses caused by Covid-19. The decision could lead to the payment of hundreds of millions of pounds to businesses such as bars, restaurants and theatres.

The Financial Conduct Authority, the financial services regulator, which brought the case against eight insurers on behalf of their customers, said the ruling was “a significant step in resolving the uncertainty being faced by policyholders”.

But the insurers, which include Hiscox, RSA and Zurich, may decide to appeal to the Supreme Court. That appeal, even if fast-tracked, might take months, and could work to the companies’ advantage.

“The policyholders are likely to have suffered cash flow issues and

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U.S. stocks were higher Tuesday, led by mega-cap technology stocks, putting major benchmarks on track for another session of gains as the Federal Reserve began a two-day policy meeting and investors awaited a product debut for Apple Inc.

How are equity benchmarks performing?

The Dow Jones Industrial Average
DJIA,
+0.29%

 rose 105.59 points, or 0.4%, to 28,098.92, while the S&P 500
SPX,
+0.69%

 gained 30.17 points, or 0.9%, to trade at 3,413.71. The Nasdaq Composite
COMP,
+1.29%

 was up 163.53 points, or 1.5%, at 11,220.18..

On Monday, the Dow rose 327.69 points, or 1.2%, to finish at 27,993.33, after briefly trading above the 28,000 threshold. The S&P 500 added 42.57 points, or 1.3%, closing at 3,383.54. The Nasdaq Composite climbed 203.11 points, or 1.7%, to end at 11,056.65, rebounding from a rout that last week saw the tech-heavy index enter correction territory by falling more than 10% from a record

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U.S. stocks were indicated firmly higher early Tuesday, putting equity indexes on track to mark another session of gains, as the Federal Reserve is set to kick off its two-day policy meeting and as investors await an important product debut for Apple Inc., as well as a fresh round of economic reports.

How are equity benchmarks performing?

Futures for the Dow Jones Industrial Average
US:YM00

US:YMU20
 rose 194 points to reach 28,065, a gain of 0.7%, those for the S&P 500 index
US:ES00

US:ESU20
 climbed 24.80 points, or 0.7%, at 3,397, while Nasdaq-100 futures
US:NQ00

US:NQU20
 advanced 111.50 points, or 1%, to 11,378.25.

On Monday, the Dow
US:DJIA
rose 327.69 points, or 1.2%, to finish at 27,993.33, after briefly trading above the 28,000 threshold. The S&P 500
US:SPX
added 42.57 points, or 1.3%, closing at 3,383.54. The Nasdaq Composite
US:COMP
climbed 203.11 points, or 1.7%, to end at 11,056.65, snapping

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By John McCrank

NEW YORK, Sept 14 (Reuters)Asian shares looked set to open lower on Tuesday as investors shifted focus to upcoming data and central bank meetings although positive developments around potential COVID-19 vaccines and increased deal activity are likely to stem losses.

Australia’s S&P/ASX 200 futures YAPcm1 were down 0.22% and Hong Kong’s Hang Seng index futures .HSIHSIc1 lost 0.08%. Japan’s Nikkei 225 futures NKc1 were flat after Chief Cabinet Secretary Yoshihide Suga won a ruling party leadership election, paving the way for him to succeed Prime Minister Shinzo Abe.

E-mini futures for the S&P 500 EScv1 gained 0.11%.

On the economic data front, China’s industrial production and retail sales for August are expected to show an improving economy later on Tuesday. Chinese house price data for August is also due.

“The global economic recovery is currently being driven by China’s fast rebound,” said Joseph

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* Gold’s bullish longer-term fundamentals not changed-
analyst

* COVID-19 vaccine hopes lift equities

* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

(Adds comments, details, updates prices)

By Brijesh Patel

Sept 14 (Reuters) – Gold prices rose on Monday, supported by
a weaker dollar and expectations that the U.S. Federal Reserve
will adopt a dovish stance at its two-day monetary policy
meeting later this week.

Spot gold was up 0.4% at $1,949.92 per ounce by 0309
GMT, adding to the previous week’s 0.2% gain. U.S. gold futures
climbed 0.6% to $1,958.60.

“The gold market is leaning towards the Fed’s (policy),”
said Stephen Innes, chief market strategist at AxiCorp, adding
that the U.S. central bank might not change the current
narrative, but there was a strong belief in the market that it
would be able to trigger inflation.

The lower interest rate environment and long-term

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A child wearing a face mask sits on the Charging Bull statue, also known as the Wall Street Bull, following the outbreak of the coronavirus disease (COVID-19) in New York, August 19, 2020.

Carlo Allegri | Reuters

September is historically challenging for the market, but stocks could start the month on an upswing after what looks to be the best August for the S&P 500 in 36 years.

The week ahead will be busy with Fed speakers and economic reports, including the important August employment count Friday. Fed Vice Chairman Richard Clarida speaks at 9 a.m. ET Monday on monetary policy. He is is one of several officials, who are expected to reiterate Chairman Jerome Powell’s Jackson Hole message that the Fed would be willing to let inflation run hot temporarily to help the economy and job market.

The low volume days of late summer should be a hallmark of

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