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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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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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Rakuten Mobile signs deal with STC to boost OpenRAN tech

Rakuten Mobile signs deal with STC to boost OpenRAN tech

 

Japanese operator Rakuten Mobile has signed a Memorandum of Understanding (MoU) with Saudi Telecom Company (STC) with the aim of collaborating in the field of innovation and strategic mobile technology.

Under the terms of the deal, the two companies will explore future opportunities to collaborate in various technology domains, including, fully autonomous digital platform serving telecommunication cloud network and OpenRAN deployment options for greenfield and brownfield use cases.

Both operators said they aim to accelerate the delivery of mobile network services through the use of OpenRAN mobile access technology.

“This MoU aims to expand our global partnerships and help diversify our strategic growth. We are confident this MoU will bring tangible results in terms of developing a new advance technology strategy and accelerating the early deployment of novel and sophisticated services,” said Nasser Al Nasser, Group CEO of STC.

“We are very excited about collaborating with STC and sharing our know-how of building new-generation telecommunication infrastructure,” said Mickey Mikitani, chairman and CEO of Rakuten and CEO of Rakuten Mobile. “We believe that our open architecture and advanced OpenRAN technologies will help define a new generation of operators who are ideally positioned to place advanced customer experience and differentiated profitable services at the center of their offering.”

Last month, Rakuten Mobile inked an agreement with Spanish carrier Telefonica to research and conduct lab tests and trials to support OpenRAN architectures, including the role of the AI in the RAN Networks. Under the partnership, both companies will also jointly develop proposals for optimal 5G RAN architecture and OpenRAN models.

Rakuten Mobile launched its commercial mobile operations in April this year, becoming the fourth mobile operator in Japan.  Rakuten offers its mobile services through a cloud-native, software-centric and fully virtualized mobile network.

In September, Rakuten Mobile announced the availability of its commercial 5G

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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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Man City have financial muscle to pull off Messi deal, says COO Berrada

Man City have financial muscle to pull off Messi deal, says COO Berrada

(Reuters) – Manchester City will be in a position to sign Lionel Messi if the opportunity presents itself next season, the Premier League club’s chief operating officer said.



a man wearing a uniform: World Cup 2022 South American Qualifiers - Argentina v Ecuador


© Reuters/MARCELO ENDELLI
World Cup 2022 South American Qualifiers – Argentina v Ecuador

City were the frontrunners to land Messi’s services after the 33-year-old Argentine handed Barcelona an official notice in August of his desire to terminate his contract.

However, the six-times world player of the year eventually decided to stay in Spain for the coming season, the last on his current deal, as he did not want to face a legal battle with the club he joined as a teenager and with whom he has amassed more than 30 major trophies.



a large building: Premier League - Manchester City v Leicester City


© Reuters/CATHERINE IVILL
Premier League – Manchester City v Leicester City

“He’s the best player in the world, he’s the best player of his generation. I think any club in the world would like to explore the possibility of him joining their team,” Omar Berrada told Manchester Evening News.

“He’s probably an exception to potential investments that we’d do… but our planning has been done with this current squad and it is being considered with the current opportunities that we have.

“For every single position we have to be prepared because there can be so many things that can happen but, at the same time, I think we have the financial strength and system ability to make that investment when required.”

(Reporting by Arvind Sriram in Bengaluru; editing by Richard Pullin)

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