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A Wall Street chief strategist says US lawmakers need a deal on fiscal aid – even a small one will help save consumer spending

A Wall Street chief strategist says US lawmakers need a deal on fiscal aid – even a small one will help save consumer spending

FILE PHOTO: Traders gather at the booth that trades Abbott Laboratories on the floor of the New York Stock Exchange, December 10, 2012.   REUTERS/Brendan McDermid
Traders gather at the booth that trades Abbott Laboratories on the floor of the New York Stock Exchange


  • Crossmark Global Investment’s chief market strategist Victoria Fernandez told CNBC’s “Trading Nation” Tuesday US lawmakers need to decide on a fiscal package, even if it is smaller in size, to save consumer spending.
  • She said consumers have almost spent their consumer checks which is worrisome going into the holiday season. 
  • “Even if it is a smaller number, or a one-time check, it is going to give support to that consumer as we go into the last quarter of the year and that is where you need to start looking at your portfolio to balance that out a little bit,” she said. 
  • She said investors should look at a combination of growth and value stocks, as well as different segments of the financial services sector to weather uncertainty. 
  • Visit Business Insider’s homepage for more stories.

US lawmakers need to decide on a fiscal stimulus package, even if it is a smaller one, to prop up consumer spending, particularly going into the holiday shopping period, Victoria Fernandez, chief market strategist at Crossmark Global Investments told CNBC’s”Trading Nation” Tuesday 

“We really need that consumer to hang in there. For that to happen, we will need to see another round of stimulus, even if it is a smaller deal, or not the $600 we saw before,” she said. “Even if it is a smaller number, or a one-time check, it is going to give support to that consumer as we go into the last quarter of the year and that is where you need to start looking at your portfolio, to balance that out a little bit.”

With around 10 million Americans still out of work, many consumers will have long since spent their

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Ireland Set to Boost Spending as Economic Threats Grow

Ireland Set to Boost Spending as Economic Threats Grow

(Bloomberg) — Ireland’s government is set to boost spending to counter the dual threats of Brexit and the pandemic, as new restrictions threaten to derail a nascent economic recovery.



a group of people walking on a city street: Shoppers walk along Donegall Place in view of the Belfast City Hall in Belfast, Northern Ireland, U.K., on Friday, Jan. 3, 2020. Nationalists who want to bring the island of Ireland together made advances in the U.K. general election while unionist parties that want to remain in the U.K.lost their majority. Brexit may have blurred the lines between political tribes in the U.K., but in Northern Ireland it's entrenched them even more.


© Bloomberg
Shoppers walk along Donegall Place in view of the Belfast City Hall in Belfast, Northern Ireland, U.K., on Friday, Jan. 3, 2020. Nationalists who want to bring the island of Ireland together made advances in the U.K. general election while unionist parties that want to remain in the U.K.lost their majority. Brexit may have blurred the lines between political tribes in the U.K., but in Northern Ireland it’s entrenched them even more.

Finance Minister Paschal Donohoe will lay out the 2021 budget from about 1 p.m. in Dublin, a week after the coalition government moved the nation to a Level 3 lockdown, meaning most bars, restaurants and hotels are closed again. Among the measures being floated are a 5 billion-euro ($5.9 billion) fund to deal with the virus and Brexit, more health spending and a cut in sales tax for the hospitality industry.

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Donohoe’s strategy contrasts with Ireland’s last experience of economic crisis a decade ago, when the government slashed spending and raised taxes to win back the confidence of international lenders. The coronavirus response is one being echoed across Europe as countries try to protect businesses and jobs amid a resurgence of cases.

“Like others, the Irish government will eventually face the difficult task reducing the size of government spending,” Dermot O’Leary, chief economist at Goodbody Stockbrokers in Dublin, said. “But with large immediate threats to the Irish economy, this is a time to keep the foot on the fiscal accelerator.”

Video: Small British shops struggling amid worst UK recession (dw.com)

Small British shops struggling amid worst UK recession

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UP NEXT

The domestic

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FM Sitharaman Announces Festival Advance to Boost Consumer Spending

FM Sitharaman Announces Festival Advance to Boost Consumer Spending

To encourage consumer spending, Sitharaman announced two schemes- a leave travel concession (LTC) cash voucher and special festive advance-mainly aimed at benefitting central government employees

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Centre’s new economic revival package announced by finance minister Nirmala Sitharaman on Monday has sent the message loud and clear—spend to boost the economic growth crippled by the Covid-19 pandemic.

With about 21 million salaried jobs lost, as per Centre for Monitoring Indian Economy (CMIE), and self-employed professionals cash-dry, consumers are still shying away from spending on non-essentials. Even as lockdown restrictions lift and we approach the festive season, data shows consumer spending continues to remain tepid due to the economic uncertainty created by the spread of Covid-19.

The government’s fresh package consists of schemes that aim to stimulate consumer spending and in turn boost the country’s GDP.

FM Sitharaman noted that the schemes are designed in a way that they stimulate demand by advancing some of the expenditures while others are directly linked to an increase in the GDP.

To encourage consumer spending, Sitharaman announced two schemes— a leave travel concession (LTC) cash voucher and special festive advance—mainly aimed at benefitting central government employees.

The LTC cash voucher enables government employees who are eligible to claim LTC to avail leave encashment in place of travel expenses, to buy items that attract 12 per cent or more GST.

“If central government employees opt for it, this will cost around INR 5,675 crore. The employees of PSBs and PSUs allowed to avail this facility, and for PSBs and PSUs the cost will be INR 1,900 crores. The demand infusion in the economy by the central government

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Serie A Faces Financial Reckoning As Coronavirus Pushes Transfer Market Spending Back To 2016 Level

Serie A Faces Financial Reckoning As Coronavirus Pushes Transfer Market Spending Back To 2016 Level

The transfer market summer window that closed on October 5 will be a remarkable one for Serie A – Italy’s top-flight soccer league.

For the first time since the SARS-COV-2 outbreak that paralyzed European soccer for over three months, Italy’s most beloved sport was finally able to assess the financial damage brought by the Coronavirus pandemic.

And despite Serie A welcomed stars of the like of former Barcelona midfielder Arthur Melo, SSC Napoli striker Victor Osimhen and former Manchester United Chris Smalling – the financial reality beneath the surface is quite scary.

And unfortunately, Italian soccer is not alone in this crisis.

The general spending on transfer fees in European soccer decreased significantly for the first time in three years, falling back to the 2016 level, a study released by FIFA has found.

The Transfer Market Snapshot June-October 2020 analyzed the latest player transfer market activity, giving an overview of the impact of the COVID-19 pandemic on soccer finance.

The study shows that in 2020, soccer clubs accounted for a total of $3,92 billion in outgoing transfer fees, representing a steep drop of more than 30% in comparison to 2019, when clubs spent a total of $5,8 billion.

To find a similar figure we need to look back to 2016 when the money spent on international summer transfers reached $3,7 billion, while for the same period in 2017, 2018 and 2019 clubs invested over $5 billion each year.

The latest transfer window saw a total of $543,9 million squandered by

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