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The U.S. economy just grew at its fastest quarterly pace ever—but doubts loom about the rest of the year

The economy just experienced its fastest three months of growth in U.S. history.

In the third quarter, from July to September, GDP climbed 33.1% on an annualized basis, according to data released Thursday by the U.S. Bureau of Economic Analysis.

This historic climb follows the U.S. record 31.4% annualized GDP decline in the second quarter, and the 5% annualized decline in the first quarter. During that period economists around the world were in panic and questioning if the United States—as well as the rest of the world—were on the cusp of an economic depression. But once states began to ease lockdown restrictions in the summer, the U.S. economy sprung from deep contraction to high growth.

It’s the last major piece of economic data before Election Day, and President Trump was quick to celebrate the numbers.

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How To Write A Business Plan In eight Steps

If you’d like to rapidly and easily full your marketing strategy, obtain Growthink’s Final Enterprise Plan Template and full your business plan and financial model in hours. Smaller Profits: Once you form a partnership, your earnings, by nature of the agreement, can be split. In different phrases, you’ll make lots less cash per deal than in the event you had been going it alone. Let our cash consultants simplify your payables so you can make funds swiftly, efficiently and securely. 2. ASLs suppose the market is demand-pushed and not always self-correcting, and can want authorities intervention every now and then (Keynesian School or household of progressive economic thought). Inside databases are electronic collections of shopper and market data obtained from data sources throughout the firm network. Internal knowledge could be a robust base for a competitive advantage, due to the potential of this info. Competitive advertising intelligence is the systematic … 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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PHL stocks extend decline on increased selling

By Denise A. Valdez, Senior Reporter

THE MAIN INDEX continued to decline on Wednesday as selling pressure grew and overseas concerns over rising coronavirus cases loomed on the market.

The bellwether Philippine Stock Exchange index (PSEi) lost 37.29 points or 0.58% to close at 6,377.79. The broader all shares index also gave up 9.82 points or 0.25% to end at 3,808.29.

“More investors are now securing profits from the recent rally, which is giving investors who have not been able to ride the rally a chance to pick up shares at lower prices,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

The PSEi is now on its second consecutive day of decline and has been down 113.4 points or 1.75% since its six-day rally ended.

Foreign investors have also returned to selling, ending five straight days of bullishness, after it posted P442.88 million worth of … 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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The perils of the fintech deal flurry

It was already a big deal when Visa agreed to acquire fintech startup Plaid for $5.3 billion in January—two times the company’s previous private market valuation. But the deal heralded something even larger, helping ignite a flurry of mega fintech deals: Intuit announced plans to acquire Credit Karma for $7.1 billion just a month later, while competitor Mastercard said it planned to acquire Finicity for nearly $1 billion in June.

Now the Department of Justice is scrutinizing all three deals, each involving a startup selling to an older and larger incumbent. In particular, the DoJ could soon decide whether it will sue to block Visa’s planned acquisition of Plaid, according to the Wall Street Journal—and it is also looking into the Finicity and Credit Karma deals. 

Plaid and Visa aren’t direct competitors—Visa focuses on payments while Plaid builds software that helps digitally connect consumers’ various bank and fintech … 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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Peso climbs on BoP surplus, vaccine news

THE PESO strengthened against the dollar on Tuesday as the country logged a balance of payments (BoP) surplus last month and on news that patients in the clinical trials of drug company AstraZeneca Plc showed a positive response to its coronavirus vaccines.

The local unit closed at P48.375 versus the dollar on Tuesday, rising by two centavos from its P48.395 finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session at P48.40 against the greenback. It reached a peak of P48.37 while its weakest showing was at P48.48 per dollar.

Dollars traded rose to $838.87 million on Tuesday from $671.25 million on Monday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso rose after the Bangko Sentral ng Pilipinas (BSP) reported a BoP surplus in September.

“The peso was stronger after stronger BoP surplus data as the highest in four … 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