The Paris Stock Exchange and Wall Street are advancing, with hopes of a sustained recovery in China offsetting doubts about a quick deal in the US Congress on a comprehensive fiscal stimulus package. An aid plan limited to airlines, small businesses and households is not however ruled out. This morning, the CSI 300 of the main capitalizations of the Shanghai and Shenzhen stock exchanges was awarded 3% in anticipation of the announcement by Xi Jinping of the opening of new parts of the economy to foreign investors. The Chinese president is expected in Shenzhen this week to celebrate the fortieth anniversary of the creation of the special economic zone.
The worsening of the health crisis in Europe is nonetheless on everyone’s mind. Prime Minister Jean Castex has not ruled out localized reconfinements in France, while Boris Johnson and the Italian Minister of Health are preparing to announce new restrictions at the national level in their respective countries. Activity is limited on this Columbus Day, a public holiday in the United States. If Wall Street is open on Monday, some managers should be absent, the US bond market is closed. In addition, the third quarter results season in the United States begins in earnest this week with the accounts of the big banks. Results for S&P 500 companies are expected to be down about 20% from the same period last year, after contracting 32% in the second quarter, according to FactSet data.
At 4.10 p.m. , the Cac 40 gained 0.55% to 4.973.851 points in a limited business volume of barely 1.2 billion euros. In New York, the Dow Jones takes 0.63% and the Nasdaq Composite 1.31%. Apple advances 3% on the eve of its High Speed key note, during which the group is expected to unveil the iPhone 12, the first in the range compatible with 5G, the iPad Air 4 and two ranges of Apple Watch .
Biden still ahead of Trump in the polls
In the United States, discussions on a plan to expand Congressional support to the economy seem to be deadlocked after the failure of negotiations between the Democrats and the Trump administration, especially as the American president has called on parliamentarians to support its proposal for a limited plan using unspent funds from the previous plan. Mitch McConnell, the Republican Majority Leader in the Senate, said on Friday that a bipartisan agreement on a new comprehensive budget support plan ahead of the Nov. 3 election was unlikely.
There remains the prospect of an ambitious stimulus plan in the event of Joe Biden’s victory in the presidential election on November 3, accompanied by a majority in both houses of Congress. According to a Washington Post-ABC News poll released Sunday, Joe Biden is still ahead of Donald Trump by 12 points in voting intentions, with 54%, against 42% for the outgoing president.
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
