Stocks extended Tuesday declines as a prospects of a stimulus package before the election dimmed even further.

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Treasury Secretary Steven Mnuchin said Wednesday afternoon that achieving a deal and advancing any measures through Congress before the November election would be “difficult.” The remarks came shortly after Pelosi and Treasury Secretary Steven Mnuchin spoke on the phone Wednesday morning to discuss further stimulus, in a conversation Pelosi’s spokesperson earlier called “productive.” The two are set to speak again Thursday.

An impasse among U.S. lawmakers in Washington has kept hopes running low that more virus relief aid will come to fruition before the November election. Senate Majority Leader Mitch McConnell said Tuesday he will have the Senate take up relief legislation after the chamber’s return on Monday, with his narrower proposal set to include funds chiefly targeted to

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  • With polls increasingly signaling a victory for Joe Biden in the presidential race, investors should shift their focus to Senate races, Morgan Stanley said Wednesday.
  • Senate election outcomes “will mean the difference between substantial fiscal expansion and fiscal gridlock,” strategists led by Michael Zezas wrote in a note to clients.
  • Treasuries and West Texas Intermediate crude oil are least priced for a so-called blue wave, the bank said.
  • A Democratic sweep could temporarily drag stocks lower and create a “potential dip-buying opportunity,” the team added.
  • Visit Business Insider’s homepage for more stories.

November’s Senate elections will determine whether investors can look forward to a wave of new fiscal relief or face a prolonged legislative stalemate, Morgan Stanley strategists said Wednesday.

Polls and prediction markets have increasingly pointed to a victory for Joe Biden in the presidential race. Republicans would need a “game-changing event” to keep

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(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


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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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By Suzanne Barlyn and Swati Pandey

NEW YORK/SYDNEY, Oct 14 (Reuters)Asian equities slipped on Wednesday as halted COVID-19 vaccine trials and an impasse in U.S. fiscal aid package talks soured risk appetite, while the greenback held on to gains as demand firmed for safe-harbour assets.

Johnson & Johnson JNJ.N on Tuesday said it was pausing a COVID-19 vaccine trial due to a study participant’s unexplained illness.

Eli Lilly and Co LLY.N later said it too had paused the clinical trial of its COVID-19 antibody treatment due to a safety concern, leading the U.S. equity market to deepen losses.

J&J shares lost 2.3%, while Eli Lilly closed down nearly 3%.

“That just spoke to the fact that a vaccine could take longer to be delivered than what the market’s expectations are calibrated towards,” said CommSec market analyst Tom Piotrowski in Sydney.

MSCI’s broadest index of Asia-Pacific shares outside

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Pelosi has already rejected Mnuchin’s offer as completely inadequate, criticism she repeated Tuesday in a letter to House Democrats where she wrote, “Tragically, the Trump proposal falls significantly short of what this pandemic and deep recession demand.”

“A fly on the wall or wherever else it might land in the Oval Office tells me that the President only wants his name on a check to go out before Election Day and for the market to go up,” Pelosi wrote. “The American people want us to have an agreement to protect lives, livelihoods and the life of our American Democracy. Democrats are determined to do so!”

Pelosi later got into a fiery argument on CNN with host Wolf Blitzer who pressed her on why she wouldn’t take the $1.8 trillion Mnuchin deal. Blitzer argued that Americans need it and pointed out that some Democrats in her own caucus want it done.

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By David Lawder and Jan Strupczewski

WASHINGTON/BRUSSELS (Reuters) – Global finance leaders on Tuesday said the world economy had escaped a coronavirus-triggered collapse so far, but warned that failure to conquer the pandemic, maintain stimulus and tackle mounting debt among poor nations could crush a fragile recovery.

At the start of the annual meetings of the International Monetary Fund and World Bank, the IMF issued slightly improved growth forecasts spurred by unexpectedly stronger rebounds from coronavirus lockdowns in the wealthiest countries and China.

The IMF said it now expected global gross domestic product to shrink 4.4% in 2020, compared to the 5.2% contraction it predicted in June, when business closures were at their peak. Some $12 trillion in stimulus supplied largely by advanced economies limited the damage, but poor countries and other emerging market economies faced a worsening picture, the global lender said.

“The story is less dire than we

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  • Senate Majority Leader Mitch McConnell said Senate Republicans would vote on “targeted relief” with a focus on small business aid later this month.
  • “Our first order of business will be voting again on targeted relief for American workers, including new funding for the PPP,” McConnell said in a statement.
  • The statement carried few specifics and it was unclear whether the proposal would contain federal unemployment benefits or $1,200 direct payments for taxpayers.
  • Trump is increasing his calls for another large stimulus package ahead of the election, and it may put the president and Senate Republicans on a collision course.
  • Visit Business Insider’s homepage for more stories.

Majority Leader Mitch McConnell announced on Tuesday the Senate will vote on a “targeted relief” plan for people with an emphasis on small business aid shortly after they reconvene later this month. But that may put Senate Republicans on a collision course with President

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Senate Majority Leader Mitch McConnell on Tuesday said lawmakers would vote on a small businesses loan program to help firms damaged by the coronavirus pandemic, but the prospects for approval are dim.

Democrats and Republicans in Congress remain locked in a prolonged disagreement over how much additional stimulus is needed to support the economy, with Democrats holding out for a larger, broader package than the narrowly-focused measure McConnell proposed.

The Republican leader said senators would vote on adding more money to the Paycheck Protection Program (PPP), which provided hundreds of billions of dollars in loans and grants to small businesses but ran out of money in August.

“Republicans do not agree that nothing is better than something for working families,” McConnell said, without saying how much the proposal would cost.

“The American people need Democrats to stop blocking bipartisan funding and let us replenish the PPP before more Americans lose

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TOKYO (Reuters) – Japanese Prime Minister Yoshihide Suga will order his government to compile extra economic stimulus measures as early as November, the Nikkei newspaper reported on Tuesday.

FILE PHOTO: Yoshihide Suga speaks during a news conference following his confirmation as Prime Minister of Japan in Tokyo, Japan September 16, 2020. Carl Court/Pool via REUTERS/File Photo

The move would signal the government’s readiness to deploy more support to cushion Japan’s economy from the significant disruption to consumers and businesses by the COVID-19 pandemic.

The measures could focus on supporting tourism and the restaurant industry from declining consumption, the Nikkei said.

There was no change to the government’s willingness to roll out economic measures if conditions required it, the top government spokesman said when asked about potential stimulus.

“As for financial matters, there is 7.8 trillion yen in coronavirus reserve funds remaining. We’ll utilise that balance first,” Chief Cabinet Secretary Katsunobu

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For many Americans across the country, the prospect of getting a second stimulus check from the government is a matter of life or death. With millions of people out of work due to layoffs and cuts caused by the coronavirus pandemic, many households have been forced to depend on government aid to help pay for basic needs, including food, housing and essential bills. 

But instead of elected officials helping those in need, many critics say, politicians are playing games with their lives.

Last week in a series of tweets, President Trump called on Congress to pass additional coronavirus relief measures. It was a stunning reversal after he’d announced just hours earlier that he was calling off negotiations until after the November election.

“The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business,” Trump tweeted on

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