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Mitch McConnell announces vote on narrow stimulus measure as deal remains elusive

Mitch McConnell announces vote on narrow stimulus measure as deal remains elusive

President Trump, meanwhile, on Tuesday urged Congress to vote on a much more substantive package than what McConnell prepared to offer.

“STIMULUS! Go big or go home!!!” Trump wrote on Twitter.

McConnell’s decision comes after many Senate Republicans rejected the White House’s $1.8 trillion stimulus proposal as too large and contrary to longstanding conservative policy. With an agreement with Democrats proving elusive, Trump’s top aides again pivoted over the weekend to embrace the kind of more modest proposal McConnell will take up next week.

“Our first order of business will be voting again on targeted relief for American workers, including new funding for the PPP,” McConnell said in a statement. “The American people need Democrats to stop blocking bipartisan funding and let us replenish the PPP before more Americans lose their jobs needlessly.”

Pelosi reiterated her objections to the White House proposal on Tuesday, telling House Democrats in a letter that it falls “significantly short of what this pandemic and deep recession demand.”

White House officials have pointed to significant concessions in negotiations on providing funding for childcare, rural broadband, and funding for state and local governments, among other measures, but Pelosi panned the administration’s latest offer as “one step forward, two steps back” in part because it excluded House Democrats’ national testing and tracing strategy.

The White House’s messaging on economic relief plans has become muddied in recent days. Treasury Secretary Steven Mnuchin and chief of staff Mark Meadows have recently said Congress should at least approve a smaller-scale deal, similar to what McConnell appears to now be pursuing. But Trump has consistently called for a giant package, saying last week that he wanted more new spending than even the $2.2 trillion package that Democrats had sought so far.

Still, a Senate vote on a targeted relief package could

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EM Investors Start to Put Vote Jitters Behind Them

EM Investors Start to Put Vote Jitters Behind Them

(Bloomberg) — Emerging-market investors are beginning to factor in a victory for Joe Biden in next month’s election, a likely boon for stocks and bonds.

Citigroup said the worst is over for developing-nation assets and Morgan Stanley is betting volatility will ease as there’s more clarity on the outcome of the vote. On Friday, Biden’s chances of winning the Electoral College rose to a record 85.1%, according to the latest run of poll aggregator FiveThirtyEight’s election forecasting model.

“A Biden victory should be good news for emerging markets if it means a multilateral approach, a more rules-based approach to international relations,” said Marcelo Carvalho, head of global emerging markets research at BNP Paribas in London. “That should reduce policy uncertainty.”



graphical user interface, chart: Emerging-market bonds, stocks rise as Biden leads in U.S. polls


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Emerging-market bonds, stocks rise as Biden leads in U.S. polls

MSCI Inc.’s gauge of emerging-nation equities reached its highest since January on Friday, marking its best weekly performance in 18. The CBOE Emerging Markets ETF Volatility Index, which tracks the expected volatility in MSCI’s benchmark, fell 11% on Friday, the most in a month. Dollar-denominated government bonds, meantime, posted their first weekly gain since early September, a Bloomberg Barclays index shows.

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It’s a contrast to the risk aversion of the past month, when rising infections of Covid-19 and an increasingly tense election campaign pushed up volatility and weighed on sentiment. Confidence is rising now that investors feel they have more clarity on the outcome of the Nov. 3 vote, said Eric Baurmeister, head of emerging-market debt at Morgan Stanley Investment Management Inc. in New York.

“The thing markets hate the most is uncertainty,” Baurmeister said in an interview. “Risk assets have definitely responded positively to the lead of Biden and Harris increasing.”

A weaker dollar and better stimulus prospects if there is a Democratic sweep of

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Emerging-Market Investors Start to Put Vote Jitters Behind Them

Emerging-Market Investors Start to Put Vote Jitters Behind Them

Emerging-market investors are beginning to factor in a victory for Joe Biden in next month’s election, a likely boon for stocks and bonds.

Citigroup said the worst is over for developing-nation assets and Morgan Stanley is betting volatility will ease as there’s more clarity on the outcome of the vote. On Friday, Biden’s chances of winning the Electoral College rose to a record 85.1%, according to the latest run of poll aggregator FiveThirtyEight’s election forecasting model.

“A Biden victory should be good news for emerging markets if it means a multilateral approach, a more rules-based approach to international relations,” said Marcelo Carvalho, head of global emerging markets research at BNP Paribas in London. “That should reduce policy uncertainty.”

Emerging-market bonds, stocks rise as Biden leads in U.S. polls

MSCI Inc.’s gauge of emerging-nation equities reached its highest since January on Friday, poised for its best week in 18. Dollar-denominated government bonds, which slumped as much as 17% earlier this year, are about to post their first weekly gain since early September, a Bloomberg Barclays index shows.

It’s a sharp contrast to the risk aversion of the past month, when rising infections of Covid-19 and an increasingly tense election campaign pushed up volatility and weighed on sentiment. Confidence is rising now that investors feel they have more clarity on the outcome of the Nov. 3 vote, said Eric Baurmeister, head of emerging-market debt at Morgan Stanley Investment Mgmt Inc. in New York.

“The thing markets hate the most is uncertainty,” Baurmeister said in an interview. “Risk assets have definitely responded positively to the lead of Biden and Harris increasing.”

A weaker dollar and better stimulus prospects if there is a Democratic sweep of the presidency and both houses of Congress would also boost stocks, Morgan Stanley equity strategist Jonathan Garner wrote in a note.

READ: Citi Says Worst of U.S. Election

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