Stocks cut gains in the final hour of trading after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal. The pair will continue talks as they try to craft a fifth package that could pass both chambers of Congress. The market soared earlier in the session after Mnuchin said lawmakers were giving the bill “a serious try.”
The coronavirus pandemic has generally affected wealthier segments of the Chinese population less, while altering some consumer habits that are driving demand for luxury car brands such as Porsche.
Electric vehicles in the high-end segment are particularly in demand, several executives say.
However, Thomas Ingenlath, CEO of premium electric vehicle brand Polestar, says that even with growth in China, he expects the market will remain less than half of global sales.
The House of Representatives delayed the vote on a $2.2 trillion rescue package on Wednesday evening after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal; however, the pair said the conversation would continue.
Next month, Vanguard will transition its $125.3 billion Prime Money Market Fund into a government money market fund and rename it the Vanguard Cash Reserves Federal Money Market Fund.
Prime fund investors will be eligible for lower fees, as Vanguard will reduce the investment minimum for its Prime Admiral Shares from $5 million to $3,000, effective Aug. 27.
Vanguard isn’t alone. Northern Trust also closed a money market fund earlier this year.
Indonesia’s currency, the rupiah, is the worst-performing Asian currency so far this year partly due to investor concerns over its central bank helping to finance a larger government deficit.
The “debt burden sharing” arrangement involves the central bank buying 397.6 trillion Indonesian rupiah ($26.97 billion) worth of government-issued bonds to fund increased spending to fight the coronavirus.
The program has been likened to an unconventional tool called quantitative easing, which has until recently been used only by major central banks in developed economies such as the U.S. and Europe.
Indonesia, Southeast Asia’s largest economy, recorded its first economic contraction in more than two decades as it struggles to contain the coronavirus outbreak.
SoftBank plans to sell up to two-thirds of its stake in T-Mobile early next week, sources told CNBC’s David Faber Tuesday.
The transaction would represent as much as $20 billion.
The move is the latest indication of SoftBank’s need for cash.
The senators’ backing adds weight to a proposal for additional aid for the ailing airline sector.
Congress set aside $25 billion in aid for passenger airlines the $2.2 trillion CARES Act in March.
The blasts in Beirut, which killed dozens and wounded thousands, “probably (added) to the shine of Gold above $2020,” said a note from Mizuho Bank.
This year, gold prices have shot to record highs since September 2011, as investors fled to safe havens with the pandemic showing no signs of abating and a crashing economy. Silver prices have followed suit.
David Kostin said in a research note dated Friday that analysts at Goldman had been reflecting on a “remarkable” rally during the last three months.
“Most institutional investors have been stunned by the juxtaposition of the sharpest GDP contraction on record with a 36% market rally, as have we,” Kostin said.
“But, the combination of incremental data improvement and extraordinary policy support has been sufficient to assure the forward-looking market that the earnings damage resulting from the virus will ultimately be short-lived,” he added.
It’s common for initial public offerings to include minority-, women- and veteran-owned business enterprises as underwriters.
But a CNBC analysis found those “MWVBE” firms’ fees are about 12 cents on the dollar — when compared with other smaller firms with “passive” roles.
On average, between 2016 and the first half of 2020, MWVBE’s received 0.69 percent of the fee pool, the CNBC analysis found, using S&P Global Market Intelligence data.
