The Monday Market Minute

  • Global stocks rally as China markets roar, investors extend stimulus bets heading into the U.S. earnings season.
  • Around 31 companies will report this week, including the country’s biggest banks, with analysts expecting third quarter profits to fall 21% from last year.
  • Apple unveils is new line-up of 5G phones on Tuesday, the same day that Amazon will launch its annual ‘Prime Day’ shopping event.
  • President Trump renews call for stimulus deal, but confusion grips talks as both sides play politics 22 days ahead of the November elections.
  • Europe records 100,000 daily coronavirus cases, the highest tally since the pandemic began, in what is likely to be an omen for a second U.S. wave as domestic weather cools.
  • U.S. equity futures suggest a firmer open on Wall Street, following its best five-day stretch since August, ahead of big bank earnings and key consumer sentiment events in the week ahead.

U.S. equity futures edged higher Monday, while global stocks rallied and oil prices fell, as investors braced for a critical week ahead that could define the market’s direction heading into the final months of the year.

With Wall Street still looking for clarity on stimulus heading into the teeth of the third quarter earnings season, as well as a series of events that will gauge the strength of the U.S. consumer, stocks are holding onto solid October gains, with the Dow Jones Industrial Average creeping into positive territory for the year on Friday.

However, Europe’s recent coronavirus surge, which has lead to a record high 100,000 daily cases across the Continent Sunday, serves as a reminder that the U.S. economy is almost certain to face a similar ‘second wave’ as the domestic weather cools in the coming weeks.

Without stimulus from Washington — which appears as deadlocked and

Conor MurphyImage copyright
PA Media

Stormont’s finance minister has joined his Welsh and Scottish counterparts in repeating a call for increased spending powers for the devolved nations.

Conor Murphy told the assembly “more fiscal flexibility” was needed to manage the impact of Covid-19.

The minister expressed concerns about the autumn budget being cancelled and lack of clarity for an upcoming UK Spending Review.

Mr Murphy said it was “making it impossible” for Stormont to plan.

He and the Welsh and Scottish finance ministers have collectively asked the British government for “urgent clarity” about the timing and scope of the next Spending Review.

“They’re experiencing exactly the same problem in giving budget certainty to their own institutions,” said Mr Murphy.

This is not the first time that the three ministers have collectively called for more flexibility with spending powers.

Mr Murphy said if the executive wanted to respond effectively to the ongoing coronavirus pandemic in this year and future years, it would need to have “flexibility to transfer Capital funding into Resource budgets”.

He also called for the Treasury to “loosen restrictions around transferring funding from one year to the next”.

The minister said restrictions on underspends did not “encourage good financial management and risks year-end surges of spend as departments seek to ensure budgets are maximised”.

Mr Murphy also raised concerns about the impact of Brexit on the Stormont budget, with the transition period due to end on 31 December.

  • Finance ministers ‘concerned’ over new Brexit bill

“We do not have the clarity we need on key issues such as implementing the Irish Protocol and replacing EU funding,” he told the assembly.

“I have written to the Treasury outlining the costs of implementing the protocol and have yet to receive confirmation that those costs will be met by the British Government,

CLEVELAND, Sept. 30, 2020 /PRNewswire/ — C2P Advisory Group, a best interest-focused insurance marketing organization, announces today its rebrand to Clarity Insurance Marketing, a name more reflective of the values, offerings and mission of the organization. As part of the new direction of the company, industry veterans Brian Mann and Kalem Mackey, CFP® have joined the team in leadership roles.

Clarity Insurance Marketing is dedicated to ‘clarifying’ the role of fixed insurance products as part of a holistic financial plan and the processes required in order to deliver a transparent, best interest experience for the client. Its mission is to help both leading advisors in the insurance industry as well as those new to insurance and/or independence to understand fixed insurance and in what scenarios the products may or may not work in an overall retirement plan. The company has an award-winning five-layer annuity screening process to help identify the appropriate product for an individual client’s situation, as well as a best interest process for advisors to follow that documents the recommendations they’re delivering to a client, and why.

“As part of our continued focus on helping advisors adopt best interest standards, we are excited to announce industry veterans Brian Mann and Kalem Mackey to lead the IMO forward,” said Jason L Smith founder and CEO of C2P Enterprises, which is comprised of the IMO, Clarity Insurance Marketing, an institutional RIA, Valor Capital Management, a retail RIA, Prosperity Capital Advisors, and an advisor training company, Clarity 2 Prosperity. “Clarity Insurance Marketing is uniquely positioned as both an independent brand and as part of the collective service offerings for holistic financial advisors. We’re excited to add the experience and forward-thinking perspectives of Brian and Kalem to the team.”

Mann joins as the President and CEO of Clarity Insurance Marketing,