1. Trump’s Tweets Shake Global Markets Again

Global markets were shaky in the early hours of Wednesday after President Donald Trump unleashed 40+ conflicting Twitter posts. Most Asian currencies crept lower amid uncertainty over the next round of U.S. stimulus. Trump’s tweets and retweets are boosting market volatility, which has already picked up this month after Trump tested positive for coronavirus as investors worry about the existing uncertainty surrounding the U.S. elections. 

2. U.S. Faces a New Wave of Economic Pain as Trump Halts Aid Talks

President Donald Trump stunned campaign advisers and allies in Congress by single-handedly halting any chance of a fresh coronavirus stimulus, making himself responsible of the blame for any more layoffs and market losses in the final weeks before the election. Trump’s decision ensures that Americans won’t receive stimulus checks before Election Day or an extension of at least $400 (INR 30,000) a week in unemployment benefits, funding for coronavirus testing and contact tracing and vaccine distribution. Earlier, it was intended to provide aid for specific industries including restaurants, live entertainment venues and airlines, as well as rental, mortgage, and food assistance for ordinary Americans impacted by the virus. The S&P 500 Index declined 1.4%, the largest drop in almost two weeks. The Dow Jones Industrial Average declined 1.3%. The Nasdaq Composite Index dipped 1.6%. The Nasdaq 100 Index sank 1.9%.

3. SoftBank Shares Climb to 20-Year High

SoftBank Group Corp. (a Japanese conglomerate with huge investments in major startups such as Oyo, Paytm, Grab, etc.) shares climbed to their highest in two decades, a sign of recovery from a rocky year marked by setbacks from the coronavirus and losses at startups such as WeWork. After a record fall in its share price in March 2020, SoftBank sold of $42.6 billion (INR 3 lakh crore) in assets to buy back its own stock. Softbank has unloaded its major shares in Alibaba, T-Mobile US Inc. among others, and sold chip designer ARM Ltd. to Nvidia Corp. earlier this year.

4. Apple to Hold Online Event to Unveil 5G iPhones on Oct. 13

Apple plans to reveal four redesigned iPhones with 5G wireless capability, upgraded cameras, faster processors and a wider range of screen sizes. The introduction of the new iPhones is occurring about a month later than usual after the company faced final testing and production delays due to the Covid-19 pandemic. The smartphone generates about half of Apple’s revenue and is the central driver of sales for AirPods, Apple Watches, and online subscription services.

5. Oil Falls After Stimulus Talks End And Stockpiles Seen Swelling

West Texas Intermediate for November dropped 1.8% and Brent for December settlement slid 1.4% after news broke out that U.S. President Trump intends to postpone talks about economic aid until after the elections, and an industry report signalling U.S. crude stockpiles rose for the first time in four weeks.

6. Italy’s New Trick to increase Consumer Spending by PM’s Tax Capture Trick

Italian Prime Minister Giuseppe Conte is about to embark on the country’s most experimental stimulus of the coronavirus crisis yet by pushing citizens to use digital methods of payment — and reduce tax avoidance as a result. Since Italians use credit cards much less than their euro-area peers, his government is working on a measure to refund 10% of payment card transactions, refunding a maximum of 300 euros (INR 26,000) per person, in a stimulus that runs until 2022. As a bonus, participating consumers will also qualify for a lottery with a prize pot totalling INR 1700 cr.

7. Eurozone braces for Economic Downturn in Upcoming Winter

German manufacturers unexpectedly cut production, underlining the risks resurgent infections pose for the economic recovery. Industrial output declined 0.2% in August following three consecutive gains. Economists had predicted an increase of 1.5%.

The French economy is set to slow in the last three months of the year as uncertainty and the risk of lockdowns stifle investment and consumer spending in the euro area’s second-largest economy.

Record new cases of Covid-19 are reigniting concerns about Poland’s economic outlook and strengthening the argument for the Central bank to leave the interest rate at 0.1%, economists say Polish interest rate won’t be raised until 2022.

The rapidly rising Covid-19 infection rate in Europe has pushed for fresh measures to combat the virus. This has led to lower forecasts for the euro area through winter.

8. Malaysia Outbreak Shows How Mishandled Elections Can Turn Deadly

For months, Malaysia appeared to have contained the coronavirus outbreak. On Tuesday, Malaysia logged a record 691 daily cases, with a third of them coming from Sabah — a state on the island of Borneo that held elections last month. Politicians from the federal capital campaigned in the state without adhering to social-distancing guidelines.​ The swift resurgence shows how election campaigns can trigger virus flareups if handled improperly.

9. Thai Citizens Oppose International Tourism on Virus Fears

A majority of Thais don’t agree with the government plan to reopen its borders to foreign tourists, citing lack of confidence in the government to avoid the second wave of the virus once the country reopens to international tourists. The tourism-reliant nation proposed to open its borders to provide some relief to the industry struggling to survive a six-month period without international visitors.

10. Netflix Wins India Legal Battle on Rogue Billionaires Series

Netflix Inc. won the right to stream a series featuring Indian tycoons who ran into trouble with the law, a victory that may boost its efforts to offer more local content in a crucial emerging market with a high chance of media censorship. “Bad Boy Billionaires: India” is a series that documents the stories of Vijay Mallya, Nirav Modi and Subrata Roy, founder-owner of the realty-to-shadow financier group, Sahara India, and B. Ramalinga Raju, of Satyam Computer Services Ltd. Netflix is aiming for a larger slice of the biggest open market in Asia, India, with more than 500 million smartphones users.

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