(Bloomberg) — Oil steadied in Asian trading as fading hopes for more fiscal stimulus before the U.S. election offset optimism driven by an increase in Chinese crude imports last month.

Futures in New York edged lower toward $40 a barrel after closing up 2% on Tuesday. House Speaker Nancy Pelosi rejected a proposal from Senate Republican leader Mitch McConnell for a smaller-scale approach to new stimulus and demanded a revamped offer from the White House. A stronger dollar also diminished the appeal of commodities priced in the currency.

Chinese oil imports rose 2.1% month-on-month in September, official data showed Tuesday. The buying revival by the world’s largest crude importer is a rare positive as a resurgent virus threatens an already tepid demand outlook.



graphical user interface: WTI close to 50-, 100- and 200-day moving averages


© Bloomberg
WTI close to 50-, 100- and 200-day moving averages

The Organization of Petroleum Exporting Countries trimmed estimates for the amount of crude it will need

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CHARLOTTE, N.C., Sept. 30, 2020 /PRNewswire/ — As small business owners continue to navigate the COVID-19 crisis, many are grappling with significant new challenges. According to a recent LendingTree survey of almost 1,400 small business owners, day-to-day business disruptions have spurred unexpected layoffs and financial concerns. In fact, nearly three-quarters of small business owners have taken on debt to make up for financial losses. And few businesses are again fully operational. But it isn’t all doom and gloom, the survey found. The majority of small business owners still feel optimistic about their future beyond the pandemic.

LendingTree logo (PRNewsfoto/LendingTree)
LendingTree logo (PRNewsfoto/LendingTree)

Key Findings:

  • About 74% of small business owners have taken on debt to cope with the financial losses due to the coronavirus crisis. Most notably, 37% took on credit card debt and 28% borrowed from friends or family.

  • Only 10% of small business owners who received Paycheck Protection Program (PPP)

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Costco Wholesale Corp.  (COST) – Get Report shares traded lower Friday after the bulk-scale retailer’s rising coronavirus expenses, including wage increases, took some of the shine off a strong fourth quarter earnings report that included record same-store sales growth.

Costco said earnings for the three months ending in August, the group’s fiscal fourth quarter, were pegged at $3.04 per share, a 13% increase from the same period last year and well ahead of the Street consensus forecast of $2.85 per share. Group revenues, Costco said, rose 12.5% to $52.3 billion, while same-store sales rose by 11.4% — the most in two decades — as customers continue to favor large-scale retailers as they shop for stay-at-home items during the ongoing coronavirus pandemic.

Costco’s pandemic-related costs, however, were also on the rise, topping $280 million for the quarter, compared to a $100 million forecast, linked largely to a $2 per

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NEW YORK (Reuters) – Oil prices held steady on Thursday as a new wave of coronavirus cases in Europe led several countries to reimpose travel restrictions, offsetting a bullish drop in U.S. crude and fuel inventories.

Brent futures

rose 16 cents, or 0.4%, to $41.93 a barrel by 2:02 p.m. EDT (1802 GMT), while U.S. West Texas Intermediate (WTI) crude

rose 37 cents, or 0.9%, to $40.30.

That puts the premium of Brent over WTI

on track for its smallest closing level since late May when WTI settled higher than Brent on one day.

On Wednesday, prices climbed slightly after government data showed U.S. oil inventories fell last week.

Still, U.S. fuel demand is subdued as the pandemic limits travel. The four-week average gasoline demand last week was down 9% from a year earlier, government data showed.

“Oil prices (are) stable for now but downside pressure remains … due to

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Americans are becoming increasingly pessimistic about the US economic rebound, with almost 90 per cent saying Washington needs to pass a new stimulus package to mitigate the fallout from the coronavirus pandemic.

The growing concern about the economy, detailed in a new poll of likely voters for the Financial Times, comes even as Americans increasingly believe the country has turned the corner after the spike of infections this summer, which forced several states to slam the brakes on reopening plans.

The monthly survey for the FT and the Peter G Peterson Foundation found that more than 60 per cent of Americans believe the outbreak — which has killed almost 200,000 people in the US — is either staying the same or getting better in their local communities, the most optimistic outlook since the summer outbreak began.

But that optimism has been tempered by renewed fears about the country’s financial situation,

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NEW YORK (Reuters) – The dollar fell and a gauge of global equity markets wavered on Tuesday after investor optimism fueled by a phone call between U.S. and Chinese trade officials was offset by a slide in Apple shares and a poor reading of U.S. consumer confidence.

FILE PHOTO: A man walks a dog in the shade away from the midday sun past the New York Stock Exchange (NYSE) building in Manhattan, during hot weather in New York City, New York, U.S., August 11, 2020. REUTERS/Mike Segar/File Photo

The euro rose on better-than-expected German economic data and gold prices fell as positive signals on the U.S.-China trade front bolstered risk sentiment and offset support for the metal from a weaker dollar.

Top U.S. and Chinese trade officials reaffirmed their commitment to a trade deal that had appeared on shaky ground because of worsening bilateral ties.

A 1.7% slide in Apple

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