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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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News Updates: Stock Market Futures Flat as Stimulus Talks Continue

News Updates: Stock Market Futures Flat as Stimulus Talks Continue

(Photo by Tasos Katopodis/Getty Images)


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Here’s what you need to know about the impact of Covid-19 to navigate the markets today.

U.S. stocks are set to open mixed but effectively flat on Monday morning, with

Dow Jones Industrial Average

futures dropping 24 points, or less than 0.1%, on Sunday evening.

S&P 500

futures also dipped less than 0.1%, while

Nasdaq Composite

futures gained just over 0.1% as investors ready themselves for earnings season to kick off this week and for a flurry of activity on stimulus negotiations in Washington, D.C.

The White House might increase its offer for a new round of coronavirus stimulus beyond $1.8 trillion and could even propose a package bigger than House Democrats’ $2.2 trillion, Larry Kudlow, the director of the United States National Economic Council, said Sunday.

“Secretary Mnuchin is up to $1.8 trillion,” he said on CNN’s State of the Union, referring to Treasury Secretary Steven Mnuchin, who has been the chief White House negotiator. “So the bid and the offer is narrowing somewhat between the two sides. President Trump actually has always said—I mean, I’ve heard him say it in the Oval [Office]—as far as the key elements are concerned, the checks, the unemployment assistance, the small business assistance, we’ve got to help airlines out, he would go further. He’s always said that.”

Even after Senate Majority Leader Mitch McConnell (R., Ky.) said he doubted there were enough Republican votes to pass a $1.8 trillion bill, let alone one with $2.2 trillion or more in spending, and Senate Republicans lambasted the $1.8 trillion proposal in a call with the White House, Kudlow claimed that if the Trump administration struck a deal with House Democrats, Senate Republicans would “go along with it.”

House Speaker Nancy Pelosi

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Live updates, observations and analysis from Week 7

Live updates, observations and analysis from Week 7

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The Des Moines Register’s High School Football Super 10 Rankings, Week 7.

Des Moines Register

WAUKEE, Ia. — Greetings from Waukee Stadium. We’ve made it to Week 7, the regular season finale. Can you believe it?

I can. Barely. But also fully and completely. Everybody involved has done a great job ensuring we’d get to this point, and will hopefully continue that work to make it so we can keep playing all the way through the state finals next month in Cedar Falls.

This game, between No. 5 Waukee and No. 2 Urbandale, could go a small ways in deciding both team’s respective paths to the UNI-Dome.

Waukee enters at 4-2 overall and on a two-game winning streak. The Warriors are as dangerous as any team in Class 4A, with a talented quarterback in Jakob Holcomb, talented playmakers all over the field, in Alex Lindquist, Aaron Smith, Dale Stout and Eddie Saidat Jr. They’re battle tested, too, having faced three other ranked teams so far.

Urbandale is 5-0, but it’s been something of a charmed 5-0. Currently, the J-Hawks have only beaten one team with a record above .500 — Council Bluffs Abraham Lincoln, which is 5-1 against teams with a combined record of 9-20. Still, there’s no denying the talent, with Division I prospects Jaden Harrell, Max Llewellyn and Tucker Langenberg leading the way.

A win for the J-Hawks would solidify them as a bonafide 4A contender, and perhaps position them more favorably once the playoff draws are announced on Saturday. But a win for Waukee would be more evidence of their overall strength, and perhaps throw a wrench into those postseason pairings.

This game will reveal a lot, and should be fun to watch unfold.

Other games are worth following tonight, too. No. 1 Southeast Polk plays

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White House Floats $1.8 Trillion Stimulus Offer in Last-Ditch Effort: Live Updates

White House Floats $1.8 Trillion Stimulus Offer in Last-Ditch Effort: Live Updates

Credit…Pete Marovich for The New York Times

The White House, seeking to revive stimulus talks that President Trump called off just days ago, planned on Friday to put forward its largest offer for economic relief yet, as some Republicans worried about being blamed by voters for failing to deliver needed aid ahead of the election.

The new proposal, for Treasury Secretary Steven Mnuchin to present to congressional Democrats, would increase the White House’s plan for coronavirus stimulus to $1.8 trillion.

The president “would like to do a deal,” Larry Kudlow, director of the National Economic Council, said on the Fox Business Network on Friday, in the latest head-snapping turn in the on-again-off-again negotiations. The overall price tag of the offer was confirmed by two people familiar with the discussions, who spoke on condition of anonymity to disclose details of the talks.

Fanning the sense of optimism, Mr. Trump wrote on Twitter: “Covid Relief Negotiations are moving along. Go Big!”

The prospects of a compromise remained remote, however, given the opposition of many Republicans to another large infusion of federal virus aid. Speaking to reporters in Kentucky, Senator Mitch McConnell, the majority leader, cast doubt on the chances of a deal, saying political divisions remained too deep less than a month before Election Day.

“The situation is kind of murky and I think the murkiness is a result of the proximity to the election and everybody kind of trying to elbow for political advantage,” Mr. McConnell said. “I’d like to see us rise above that like we did back in March and April, but I think that’s unlikely in the next three weeks.”

Yet the White House was working

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In Europe, Hopes for an Economic Recovery Are Fading: Live Updates

In Europe, Hopes for an Economic Recovery Are Fading: Live Updates

Credit…Albert Gea/Reuters

What hopes remained that Europe was recovering from the economic catastrophe delivered by the pandemic have all but disappeared as the lethal virus has resumed spreading rapidly.

France, Europe’s second-largest economy, this week amplified the concern as the government downgraded its forecast pace of expansion for the last three months of the year from an already minimal 1 percent to zero. Overall, the statistics agency predicts the economy will contract by 9 percent this year.

The diminished expectations are a direct outgrowth of alarm over the revival of the virus. France reported nearly 19,000 new cases on Wednesday — a one-day record, and nearly double the number seen the day before. The surge prompted President Emmanuel Macron to announce new restrictions, including a two-month shutdown of cafes and bars in Paris and surrounding areas.

In Spain, the central bank governor this week warned that the accelerating spread of the virus could force the government to impose restrictions that would produce an economic contraction of as much as 12.6 percent this year.

The European Central Bank’s chief economist on Tuesday cautioned that the 19 countries that share the euro currency may not recover from the disaster until 2022, with those that are dependent on tourism especially vulnerable.

Summer increasingly feels like a distant memory.

In August, with infection rates down, lockdowns lifted, and many Europeans indulging in the sacred ritual of the summer holiday, signs of revival were abundant. Many European economies expanded dramatically as people returned to shops, restaurants and vacation destinations.

Hopes had also been buoyed by a landmark agreement forged by the European Union to raise a $750 billion ($883 billion) euro relief

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