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Brazil’s central bank has hiked its benchmark rate by 1.5%

The Central Bank of Brazil hikes to 7.75% (consensus expectation was for a 1% hike to 7.25%)

  • The Bank says it sees a hike of the same magnitude at its next meeting
  • baseline scenario  and balance of risks indicate it is appropriate for the interest rate hike cycle to advance into restrictive territory
  • new extensions of fiscal policies responding to the pandemic iare pressuirng aggregate demand and worseing the fiscal outlook

more to come

Rest easy billionaires, the new tax is already all-but-dead

Manchin is your guy

Manchin is your guy
Punchbowl’s Jake Sherman reports that because of Sen Machin’s opposition, that sources at the White House and in Democratic leadership said it’s dead.
The floated idea would have taxed about 700 people who had made more than $100m per year for three years, hitting unrealized capital gains.
The question now is where they’ll raise the money instead, if at all.

Oil posts its worst day in three weeks, falling $2

WTI crude oil down $1.99 to $82.66 in the worst fall since Oct 6

There was a report of a 200k bpd outage in Libya today and some other issues in Nigeria but the market didn’t see enough demand in the weekly inventories reports to keep the bid alive for oil.
To be far, a correction is way overdue. Oil has risen for nine straight weeks. Lately there have been impressive late-day bids in the US in oil but that didn’t materialize today. Instead, WTI went into settlement down $1.99 to $82.66.
There have only been a handful of bad days for oil in this run that started Aug 20 and even those days weren’t particularly bad. Technically, though, you can see the momentum waning in the past week or so:
WTI crude oil down $1.99 to $82.66 in the worst fall since Oct 6

US stocks sell off into the close. Dow and S&P lower. Nasdaq unchanged.

Russell 2000 tumbles -1.90%

The major US indices are closing mostly lower. The exception is the Nasdaq which closed higher by 0.12 points or 0.00% (call it higher but just barely).
The final numbers are showing:
  • Dow fell -266.19 points or -0.74% at 35490.70
  • S&P fell -23.13 points or -0.51% at 4551.67
  • Nasdaq rose 0.12 points or 0.00% at 15235.84
The biggest decliner was the small cap Russell 2000 index. It fell -43.59 points or -1.90% at 2252.49.
 At the session highs for the major indices, the:
  • Dow was up 78.55 points or +0.22%
  • S&P was up 9.91 points or +0.22%
  • Nasdaq was up 128.70 points or 0.85%
Each of the big three major indices closed at the lows.