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Japan stimulus measures should focus on economic growth, says head of ruling party tax panel

Japan stimulus measures should focus on economic growth, says head of ruling party tax panel

By Yoshifumi Takemoto

TOKYO, Oct 14 (Reuters)Japan must compile another extra budget to have enough funding to boost economic growth and paying for disaster preparations, a ruling party lawmaker said on Wednesday.

Akira Amari, the head of the Liberal Democratic Party’s tax panel, said any new stimulus measures should shift focus to boosting economic growth from providing support for current conditions.

Amari, speaking during a group interview with media, also said large businesses heavily reliant on foreign tourism could expect to start facing capital shortages next year.

His remarks came after local media reported on Tuesday that Prime Minister Yoshihide Suga plans to order his government to compile extra stimulus measures as early as November, a move that would highlight the government’s resolve to return growth to levels last seen before the COVID-19 crisis.

Japan has already rolled out a combined $2.2 trillion in two stimulus packages in response to the health crisis, including cash payments to households and small business loans to help them withstand the blow to demand.

(Reporting by Yoshifumi Takemoto; Writing by Daniel Leussink; Editing by Clarence Fernandez and Gerry Doyle)

((daniel.leussink@thomsonreuters.com; Twitter: @danielleussink; +81-3-4563-2747;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Author Ryan Girdusky says Trump should focus on economic stimulus to make comeback before election

Author Ryan Girdusky says Trump should focus on economic stimulus to make comeback before election

Author Ryan Girdusky said Monday that President TrumpDonald John TrumpDes Moines mayor says he’s worried about coronavirus spread at Trump rally Judiciary Committee Democrats pen second letter to DOJ over Barrett disclosures: ‘raises more questions that it answers’ Trump asks campaign to schedule daily events for him until election: report MORE should focus on economic stimulus in the final 22 days before Election Day.

Girdusky told Hill.TV’s “Rising” that he thinks the “most important thing” the president could do is give direct payments to Americans during the coronavirus pandemic. The author acknowledged that talks between the White House and Speaker Nancy PelosiNancy PelosiTrump slight against Gold Star families adds to military woes Pelosi calls Trump administration policies on testing and tracing inadequate Trump claims he is ‘immune’ from coronavirus, defends federal response MORE (D-Calif.) have hit obstacles but said Trump should use executive powers to distribute stimulus checks. 

“I think that it’s really important to try to get that direct aid out,” he said. “I think that direct $1,200 or $1,800 check would be really, really important.” 

Girdusky said Trump should zero in on assisting those who make less than $25,000, saying “that’s a huge chunk of the population” that “could flip the entire election.”

“Remember as much as it appeals to sit there and talk about the stock market, there’s far more people in this country who make up the workers … than shareholders, and that’s who he should be appealing to in this last 20 day push,” he said.

Last week, the White House proposed a $1.8 trillion coronavirus stimulus package, which includes direct payments. But Republicans expressed displeasure with the plan in a phone call over the weekend, and House Democrats, who have passed two coronavirus relief packages of their own, have called it insufficient.

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The Week Ahead: A Brexit Showdown, U.S Politics, and Economic Data in Focus

The Week Ahead: A Brexit Showdown, U.S Politics, and Economic Data in Focus

On the Macro

It’s a busy week ahead on the economic calendar, with 68 stats in focus in the week ending 16th October. In the week prior, 53 stats had been in focus.

For the Dollar:

It’s a relatively busy week ahead on the economic data front.

On Monday and Tuesday, September inflation and wholesale inflation figures are due out.

The focus then shifts to manufacturing sector activity and labor market numbers on Thursday.

Expect the Philly FED Manufacturing PMI for October and the weekly initial jobless claims to impact.

At the end of the week, retail sales and industrial production figures are due out, along with October consumer sentiment numbers.

Expect the retail sales and prelim Michigan consumer Sentiment figures to have the greatest impact.

Away from the calendar, the next Presidential debate on 15th October will also provide direction. That is assuming that Trump decides to attend…

The Dollar Spot Index ended the week down by 0.84% to 93.057.

For the EUR:

It’s also a relatively busy week ahead on the economic data front.

On Tuesday, ZEW Economic Sentiment figures for Germany and for the Eurozone are in focus.

Expect some EUR sensitivity to the numbers on the day.

The focus will then shift to Eurozone industrial production figures for August, due out on Wednesday.

At the end of the week, the Eurozone’s trade figures for August will also garner some interest.

Finalized inflation figures for member states and the Eurozone are also due out. Barring deviation from prelims, however, the numbers should have a muted impact on the EUR.

On the monetary policy front, ECB President Lagarde is scheduled to speak on a number of occasions in the week. Expect any forward guidance or views on the economy to influence.

Away from the economic

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Stocks extend gains with stimulus prospects in focus

Stocks extend gains with stimulus prospects in focus

Stocks traded higher Friday morning as investors continued to mull chances of a virus-relief package amid mixed signals from officials as to what size of a proposal they might support.

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The S&P 500, Dow and Nasdaq each closed at their highest levels in more than five weeks by the end of the trading day on Thursday. All three major indices were on track to rise for a third straight day, and post weekly gains of at least 2.7%, as of Thursday’s closing levels.

Traders have closely monitored developments out of Washington to weigh whether a comprehensive or partial stimulus package might emerge before Election Day on Nov. 3, with additional relief measures viewed as a key tenet in encouraging the recovery in the virus-stricken economy. The Department of Labor’s weekly report on new jobless claims Thursday morning showed a worse than expected 840,000 individuals filed for first-time unemployment insurance benefits last week, though continuing claims dipped back below 11 million for the first time since late March.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin discussed further stimulus in an about 40-minute conversation Thursday afternoon, Pelosi’s spokesperson Drew Hammill said in a Twitter post.

Hammill reported that Mnuchin “made clear the President’s interest in reaching” an agreement on a comprehensive package, after Pelosi said earlier in the day that she would not support a standalone proposal aimed at providing aid only to airlines. However, the White House has offered mixed signals as to whether it would in fact support a broader legislative package, with Trump and White House spokespeople offering conflicting takes on their willingness to back a more comprehensive proposal over the past couple days.

“A compromise on a big stimulus package in Washington could potentially deliver another October surprise, but the odds are against it

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ESAF SFB’s fintech conclave to focus on digital banking

ESAF SFB’s fintech conclave to focus on digital banking

Through this conclave, ESAF aims to provide fintech firms a platform to showcase new digital banking solutions that facilitate last-mile financial inclusion.Through this conclave, ESAF aims to provide fintech firms a platform to showcase new digital banking solutions that facilitate last-mile financial inclusion.

ESAF Small Finance Bank will organise a fintech conclave and the event will focus on digital banking with innovative technologies.

The conclave is open for start-ups, established and growth-phase technology firms, social innovators and entrepreneurs having innovative solutions that align with ESAF’s core mission to provide responsive banking services to under-served and unserved population of India.

K Paul Thomas, managing director and CEO, ESAF, said: “Digital channel is a key component of the bank’s strategy, and over the years, it has leveraged digital platforms for all its services. The bank is now aiming to look beyond this and wants technologically advanced solutions and their extensive applications to help customers to build sustainable livelihoods. The Fintech Conclave 2020 will be a platform for such digital entrepreneurs.”

Through this conclave, ESAF aims to provide fintech firms a platform to showcase new digital banking solutions that facilitate last-mile financial inclusion. The competent finalist can eventually become a long-term strategic partner of the bank.

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