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Cruise Lines Lobby Trump’s White House to End No-Sail Order

(Bloomberg) — The world’s biggest cruise lines have roughly doubled the number of lobbyists they’re dispatching to congressional offices and several federal agencies this year. But as they try to resume sailing from U.S. ports, one of their most effective targets has been the White House.A former adviser to the White House Coronavirus Task Force says she and other advisers fielded a stream of calls and emails from cruise line officials, including Carnival Corp.’s in-house lobbyist. Their message: Help lift a “no-sail” order from the U.S. Centers for Disease Control and Prevention that has banned passenger cruises from U.S. ports since March.“Whenever the no-sail order started to come up, the cruise lines would always engage,” said Olivia Troye, who was involved in the task force’s discussions of cruise lines before she left government in August. “The phone calls would start. They called all over.”Since her exit, Troye has endorsed Democratic … Read the rest

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‘Get Britain moving’ plea after Heathrow loses travel crown to Paris

Business leaders have urged the government to end the stagnation in British air travel after Heathrow lost its crown to its Parisian rival as the airport that handles the greatest number of passengers in Europe.

Bosses say the lack of activity at Heathrow makes it look like Britain is not open for business when other world-facing economies such as France, Germany and the Netherlands have introduced coronavirus testing regimes for their international hubs.

The need to retain Heathrow’s pre-eminence in European aviation was the main argument the airport used when trying to persuade successive governments of the need for a third runway, adding tens of millions of passengers to the 81 million that up to last year were passing through its terminals. Without a new runway, it was argued, Heathrow, which had already lost its status as the busiest international airport in the world to the superhubs in the Gulf … Read the rest

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USD/CAD – Canadian Dollar Extends Losses

The Canadian dollar is getting hammered, along with most of the G-10 major currencies. A wave of safe-haven demand for U.S. dollars washed over FX markets yesterday, leading to substantial losses. Those losses consolidated overnight.

The stampede into safe-haven currencies was sparked by steep increases in the number of new coronavirus cases reported in Europe and America. France was hit so hard that President Macron imposed new lockdown measures on the country beginning Friday. French restaurants and bars will be closed, and travel will be restricted. Germany imposed similar measures. There were a record-setting 80,125 new COVID-19 cases reported in the U.S. on Wednesday.

The resurgence of COVID-19 cases aggravated equity markets. Volumes were reduced due to an abundance of caution ahead Tuesday’s U.S. election, and the poor liquidity exacerbated Wall Street’s selloff. The Dow Jones Industrial Average fell more than 900 points.

Sentiment may change later today when US … Read the rest

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J.P. Morgan Presents 3 Stocks With Double Digit-Upside

November 3 is fast-approaching, and Wall Street is bracing for a Biden win. But what would a Democrat-controlled White House mean for the markets?Even though some investors think a Biden presidency would be detrimental to stocks and put pressure on the markets, Marko Kolanovic, the global head of macro quantitative and derivatives strategy at J.P. Morgan, begs to differ. In a recent note to clients, he writes that regardless of the election’s outcome, its conclusion will remove significant uncertainty.Additionally, the strategist believes the release of a COVID-19 vaccine as well as the reopening of the economy could serve as catalysts that spur a rotation into value stocks. “We think those two catalysts will be catalysts for value, and we think it's going to have legs… The decline of COVID should be a powerful catalyst for value,” Kolanovic commented.Taking Kolanovic’s outlook to heart, J.P. Morgan analysts are offering up concrete recommendations, … Read the rest

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USD/CAD – Canadian Dollar Drops

The Canadian dollar opened sharply lower compared to yesterday’s close.

USD/CAD climbed from $1.3185 in Asia to $1.3252 in Europe, and prices are just below the top in Toronto trading.

The move was triggered by a wave of safe-haven demand for U.S. dollars as soaring COVID-19 cases in the US, Europe, and the U.K. raised fears that authorities will impose lockdown measures.

President Emmanuel Macron of France will address his nation today as the government is considering a 28-day lockdown for the entire country. German authorities are contemplating a two-week shutdown to help stop the spread of coronavirus. Italy has already imposed strict measures. Things are just as bad in the U.S., with over 73,000 coronavirus cases reported yesterday.

FX traders were also disappointed at the U.S. administrations failure to enact another COVID-19 Relief bill which now appears stalled until January.

EUR/USD extended its losses from yesterday and fell to … Read the rest

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White House Ditches Pre-Election Stimulus Hope, Sees Weeks to Go

(Bloomberg) — The White House on Tuesday appeared resigned to what most observers of the fiscal-stimulus negotiations had long concluded: there won’t be a pre-election package.“We’re confident that we can get something in the coming weeks,” White House spokeswoman Alyssa Farah said Tuesday. When pressed on Fox News about whether that means not this week, she said, “We’re hoping within weeks, I don’t want to get too ahead of any announcements.”The departure of U.S. senators from the Capitol for a pre-election break on Monday had already made the logistics for passing a bill by Election Day practically impossible.The failure of the months-long talks leaves the economy more vulnerable to damage from a resurgent coronavirus pandemic. The shape of any post-Nov. 3 package is also unclear and will likely be influenced by the results.After the latest call between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin on Monday, there was … Read the rest

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High street sales slump at fastest pace on record as restrictions tighten

Retail sales fell at their fastest pace in four months in October as households reined in their spending in the face of fresh coronavirus restrictions.

The CBI’s latest monthly distributive trades survey fell from 11 per cent to -23 per cent in October. Only 36 per cent of respondents said that sales were up, which was more than offset by the 59 per cent who reported a slump.

It comes after a period of robust growth for the retail sector, which rebounded strongly when the lockdown was first lifted in the summer. Retail sales grew at their fastest pace in 18 months in September but the latest economic data suggest that the recovery is losing momentum as restrictions are tightened in parts of the country.

Ben Jones, principal economist at the CBI, said: “It’s no surprise that sales have dipped despite no new direct restrictions on retail in England, as … Read the rest

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Stocks Flat After Monday Selloff

Stocks opened little changed on Tuesday as Wall Street attempted to rebound from a massive selloff a day earlier while traders pored over news on dealmaking, earnings and the coronavirus.

The Dow Jones Industrials eked higher 5.56 points to 27,690.94, after Monday’s 650-point loss, its biggest one-day drop since Sept. 3.

The S&P 500 restored 5.47 points to 3,406.44.

The NASDAQ recovered 60.38 points to 11,419.32.

AMD said it was buying rival Xilinx in a $35-billion all-stock deal in a push for the data centre market. Xilinx led chip stocks higher, gaining 12.3%. AMD shares dipped 1.7%.

With less than a week of trading left in October, the Dow is down slightly for the month and the S&P 500 has added 1.1%, and NASDAQ is up 1.7%.

A slew of large-cap companies reported quarterly earnings on Tuesday, including manufacturing giants 3M and Caterpillar. Caterpillar reported a steep drop in year-over-year … Read the rest

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Dunkin’ Courted by Inspire Brands

Dunkin’ Brands (NASDAQ:DNKN) has held preliminary discussions to be acquired by Inspire Brands, a private equity-backed restaurant company, Dunkin’ said in a statement on Sunday.

“There is no certainty that any agreement will be reached,” said Karen Raskopf, Chief Communications Officer of Dunkin’ Brands.

The deal being discussed would take Dunkin’ Brands private at a price of $106.50 a share, said the New York Times which first reported the development.

Inspire Brands, the owner of Arby’s and Jimmy John’s, declined to comment.

The announcement could be made public as soon as Monday, the New York Times said.

Inspire’s portfolio includes more than 11,000 Arby’s, Buffalo Wild Wings, SONIC Drive-In, Rusty Taco, and Jimmy John’s locations worldwide, according to the company’s website.

Inspire Brands was formed in 2018 by private-equity firm Roark Capital as a holding company after Arby’s completed the acquisition of Buffalo Wild Wings.

With more than 21,000 points … Read the rest