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Stocks Rise on Hopes of a U.S. Economic Relief Deal: Live Updates

Stocks Rise on Hopes of a U.S. Economic Relief Deal: Live Updates

Here’s what you need to know:

  • European stocks rose on Monday and Wall Street futures pointed to a rise in the S&P 500 when trading starts later in the day, following Asian stocks higher.

  • The Stoxx Europe 600 rose 0.5 percent, and the benchmark stock indexes in France and Germany each climbed less than half a percent. Shares in China and Hong Kong rose following the holiday week in China and expectations that President Xi Jinping would announce later this week more investment for technology in Shenzhen and increase the city’s links to Hong Kong.

  • U.S. stocks gained last week on hopes that Congress and the Treasury Department would agree to a broad economic relief package. But on Saturday, Senate Republicans balked at the cost of another deal, while Democrats, led by Speaker Nancy Pelosi, said the package did not go far enough. On Sunday, the White House suggested an agreement could still be reached before the election. In the meantime, traders will also get more updates on how individual companies are weathering the fallout from the coronavirus pandemic as third-quarter earnings seasons begins.

  • After a rally last week, oil prices declined on Monday as stalled production restarted in Norway and Libya. U.S. bond markets are closed for Columbus Day, a federal holiday that is recognized in some parts of the country as Indigenous Peoples’ Day.

  • Shares in the airline group IAG fell 1.6 percent after a sudden management shake up, in which the chief executive of British Airways will be replaced by the head of Aer Lingus.

Credit…Jeremy M. Lange for The New York Times

Millions

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Nobel Prize in Economics awarded to Milgrom and Wilson for auction theory work – business live | Business

Nobel Prize in Economics awarded to Milgrom and Wilson for auction theory work – business live | Business

A Jobcentre Plus in London.

A Jobcentre Plus in London. Photograph: Yui Mok/PA

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Britain faces a surge in unemployment before Christmas, economists fear, as business struggle under lockdown restrictions and the government prepares new rules for areas where Covid-19 is the biggest threat.

The CEBR thinktank is warning this morning that at least 1.25 million more people are at risk of losing their jobs by Christmas, as it hikes its Christmas unemployment forecast.

With Covid-19 still battering the economy, more companies will be forced to lay staff off – particularly those who were furloughed since the lockdown.

As CEBR warns…


The job market outlook is negative for the coming months…

…the coming winter looks set to be a tough one.

That would push the jobless total towards three million – up from 1.4m this summer. It would drive the unemployment rate over 8% – for the first time in almost a decade.

UK unemployment rate

UK unemployment rate Photograph: ONS

The CEBR has calculated that 1.2m furloughed workers are at risk being laid off when the scheme expires at the end of the month, and that a further 300,000 are likely to be made redundant.

Worryingly, the CEBR doesn’t believe the government’s latest initiative — a new local furlough scheme for the hospitality industry announced on Friday afternoon — will make a major difference. It might save 250,000 jobs – or one-in-six of those at risk.

They explained:


The newly announced furlough scheme is well targeted to soften the blow for businesses in the hospitality sector which now seem most at risk from another shut down. However, from March/ April we know that there are a range of economic knock-on effects from lockdowns and not all businesses in need

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125 Live gets creative for ‘Active Aging Week’

125 Live gets creative for ‘Active Aging Week’

ROCHESTER, Minn. (KTTC) — Aging is a reality for everyone, and it’s impossible to stop the hands of time. That’s why taking care of health is important through all phases of life.

“Active Aging Week” at 125 Live began on Monday. There were activities every day to celebrate. Members enjoyed special outdoor and indoor group exercise classes, extended pool hours and ceramic painting.

125 Live has gotten creative during the pandemic. The organization adapted to help their older adult members, which included curbside work outs and working with insurance companies to help offset membership costs.

Operations Director Ken Baerg said their strategy seems to be working.

“On the normal weekday in January, before the pandemic, we would see roughly about 600 people coming in and out of the building everyday,” Baerg said. “Then after we reopened, after the closure, we had low numbers. Maybe 150, 200 people in day. Now, we are starting to get back to 300 to 400 people in a day. We are starting to regain a lot of confidence from our members.”

Baerg said their safety protocols are stricter than the “Stay Safe, MN” orders. He said masks are mandatory and capacities are more restricted, even beyond state guidelines.

He said they have plans for the colder months, which include an outdoor “Polar Bear” class.

“We got a brave trainer to do it,” Baerg said. “If the temperature is no lower than 32 degrees, we will have the class outside. We are starting to see people come out of their shell and realizing they can still have social interactions with their friends while still staying as safe as possible.”

Baerg said they do have to remind people to not hug their friends because of social distancing.

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Yahoo Finance – Stock Market Live, Quotes, Business & Finance News

Yahoo Finance – Stock Market Live, Quotes, Business & Finance News

Politics

Bloomberg

(Bloomberg) — A fiscal stimulus deal isn’t essential to the U.S. recovery from the coronavirus pandemic, though the Trump administration and Congressional Democrats will keep talking, White House economic adviser Larry Kudlow said.“Well no, I don’t think it’s dead at all,” Kudlow said on CNN’s “State of the Union” on Sunday. “All I’m saying is some targeted assistance would go a long way right now.”Capping a week of shifting signals from President Donald Trump on the amount of stimulus and how to get there, Kudlow said Treasury Secretary Steven Mnuchin may increase the administration’s offer in talks with House Speaker Nancy Pelosi.Kudlow was asked about Federal Reserve Chair Jerome Powell’s call last week for more government spending to protect the recovery.“It’s just getting Americans through a difficult period of time,” Kudlow said. “I don’t want to parse, but I don’t think the recovery is dependent on it.”The U.S. will post strong economic growth in the third and fourth quarters, he said, bouncing back from the historic dive in the second quarter.He didn’t elaborate or suggest a clear path to addressing opposition among Senate Republicans. Mnuchin and Pelosi are expected to continue talks this week, he said. Mnuchin headed into the latest talks on Friday with a White House offer of $1.8 trillion in economic stimulus. House Democrats have passed a $2.2 trillion proposal.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Coronavirus live news: England’s northern leaders say they do not support financial package; Portugal reports 1,646 new cases | World news

Coronavirus live news: England’s northern leaders say they do not support financial package; Portugal reports 1,646 new cases | World news

Spain’s Socialist prime minister Pedro Sanchez appealed for unity on Saturday after the far-right Vox party said it would take legal action against a partial lockdown imposed on Madrid to contain one of Europe’s worst coronavirus outbreaks.

Vox, which is echoing the conservative-led Madrid regional authority’s opposition to the new restrictions implemented via a state of emergency, has also called for protests.

The measures affecting 3.8 million people in the Spanish capital and eight satellite towns include a ban on non-essential travel except for work, school or medical reasons.

Around 7,000 police are deployed to ensure compliance.

Vox leader Santiago Abascal said his party, Spain’s third largest, would appeal in the constitutional court against the “illegal” state of emergency.

Opponents say the measures in Madrid are excessive and will crush the economy, Reuters reports.

Spanish prime minister Pedro Sanchez holds a press conference with his Portuguese counterpart during the 31st Portuguese-Spanish summit this year dedicated to cross-border cooperation and articulation of a joint strategy for economic recovery in Guarda on 10 October, 2020.

Spanish prime minister Pedro Sanchez holds a press conference with his Portuguese counterpart during the 31st Portuguese-Spanish summit this year dedicated to cross-border cooperation and articulation of a joint strategy for economic recovery in Guarda on 10 October, 2020. Photograph: Patrícia de Melo Moreira/AFP/Getty Images

But Sanchez told a news conference that health should come before politics. “We have to be united. This is an epidemiological battle, not ideological,” he said.

Spaniards are bemused and angry over the political bickering, as their nation suffers the highest Covid-19 caseload in Western Europe and its worst recession since the civil war.

“I feel frustrated, deceived, I feel afraid because I see that we are in the middle of political disputes that lead nowhere,” said Miguel Angel, 63, a Madrid resident.

The Madrid region had 723 coronavirus cases per 100,000 people in the two weeks to 8 October, according to the World Health Organization, making it Europe’s second densest cluster after Andorra.

Spain said on Friday it had

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