Currencies Steady at Start of Week; Stocks to Gain: Markets Wrap
Currencies were steady at the start of the week and stocks were set to open modestly higher as investors continue to watch U.S. stimulus talks amid an increase in virus cases.
The pound held its ground after a report that British officials were prepared to water down Boris Johnson’s controversial lawbreaking Brexit legislation in a move that could revive failing talks with the European Union, as well as a credit rating cut by Moody’s Investors Service.
U.S. stocks were mixed Friday as giant technology companies dropped amid expiration of equity options. The S&P 500 Index closed little changed, while still notching its longest weekly advance since August. Asian futures pointed mostly higher earlier.
U.S. Speaker of the House Nancy Pelosi set a Tuesday deadline for more progress with the White House on a fiscal stimulus deal before the Nov. 3 election, while President Donald Trump renewed his offer to go beyond the dollar amounts now on the table. While Pelosi said a pre-election deal remains possible, her team sent conflicting signals after setting a 48-hour deadline for progress on Saturday night.
Pelosi and Treasury Secretary Steven Mnuchin spoke at length Saturday night about efforts to finalize a stimulus package to help the U.S. weather the affects of the coronavirus, especially as signs emerge of rising economic strain for millions of Americans and an acceleration in coronavirus infections.
The U.S. added 57,164 new virus cases, the fifth consecutive day of infections over 50,000. In Europe, Italy ...
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