Archives of “September 4, 2020” day

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ICYMI – Pelosi, Mnuchin agree on plan to avoid government shutdown

  
  Analysis

US ABC reported this prior to US markets closing, posting as an ICYMI:

House Speaker Nancy Pelosi and the Trump administration have informally agreed to keep a stopgap government-wide funding bill – needed to avert a shutdown at the end of this month

  • The accord is aimed at keeping any possibility of a government shutdown off the table despite ongoing battles over COVID-19 relief legislation
  • sidestepping the potential for other shutdown drama in the run-up to the November election
  • anonymous Democratic and GOP aides “who have been briefed on a Tuesday conversation between Pelosi and Mnuchin
US ABC reported this prior to US markets closing, posting as an ICYMI:

China’s Global Times (opinion piece) says the country likely to reduce its holdings of US Treasury bonds

  
  Analysis

This really should be read as a bit of a troll from the Global Times, here goes:

GT citing ‘experts’:
  • “China will gradually decrease its holdings of US debt to about $800billion under normal circumstances. But of course, China might sell all of its US bonds in an extreme case, like a military conflict,” Xi Junyang, a professor at the Shanghai University of Finance and Economics, told the Global Times on Thursday. 
  • Zhou Maohua, an analyst at the Everbright Bank, said that although the US has never defaulted on its federal debts, it’s unlikely that US Treasury bonds will be dumped in the short term, and holders of those bonds — including China — face increasing default risks in the long term.
  • “Not defaulting before does not mean it won’t default in the future, and risks are accumulating with the ballooning debts and the slumping economic outlook in the US,” he told the Global Times
Check out the link above for more from the article
This really should be read as a bit of a troll from the Global Times, here goes:

US stocks tumble. Major indices have worst day since June (for S&P and Dow) and March (for Nasdaq)

  
Analysis, US Market
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Dow Jones falls -1025 points at its lows

The major indices are closing sharply lower. The major indices declines were the sharpest since June for the S&P and Dow.

For the NASDAQ, you have to go all the way back to March to have a worse trading day.

The Dow industrial average is now back negative in 2020. The declines snaps the S&P and NASDAQ 4 day winning streak. All 11 sectors of the S&P closed lower.
The final numbers are showing:
  • The S&P index fell 125.92 points or -3.52% at 3454.92. S&P index fell -4.28% at its lows
  • The NASDAQ index fell -598.34 points or -4.96% at 11,458.16. NASDAQ index fell -5.77% its lows
  • The Dow fell -808.50 points or -2.78% at 28292.33. Dow industrial average fell -3.52% at its lows
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