TOKYO (AP) — Asian shares were mostly higher in muted trading Monday, as worries about the pandemic kept optimism in check despite a rally that closed out last week on Wall Street.

Investors growing wary over upcoming earnings reports have been cashing in recent gains, helping pull Japanese shares lower. Tokyo’s benchmark Nikkei 225 index lost 0.3% to 23,543.95. Big exporters logged some of the largest losses, with Toyota Motor Corp. falling 0.6% and Honda Motor Co. shedding 1.8%.

Japan reported core private sector machinery orders edged 0.2% higher in August, contrary to forecasts for a decline. But overall, economic indicators remain weak.

Other regional benchmarks were rising. South Korea’s Kospi gained 0.6% to 2,406.87. Australia’s S&P/ASX 200 inched up nearly 0.2% to 6,113.40. Hong Kong’s Hang Seng jumped 1.3% to 24,434.17, while the Shanghai Composite added 1.7% to 3,325.98.

“While U.S. politics remain center stage, a string of Asia releases and monetary policy meeting decisions will be watched this week,” said Jingyi Pan, senior market strategist at IG in Singapore, referring to central bank meetings in South Korea, Indonesia and Singapore.

Indicators out of China, such as trade and inflation readings also remain on investors’ minds.

Wall Street closed out its best week in three months on Friday as negotiations on Capitol Hill aimed at delivering more aid to the ailing U.S. economy encouraged investors. The S&P 500 rose 0.9% to 3,477.14, its third straight gain. The benchmark index ended the week with a 3.8% gain, its strongest rally since early July.

Signs as of late Sunday were not promising. A new White House coronavirus aid proposal got bad reviews from both ends of the political spectrum. House Speaker Nancy Pelosi rejected the most generous Trump administration plan to date as “one step forward, two steps back.” The Republicans

LONDON (AP) — Mayors representing big cities in northern England have slammed the British government’s latest wage support package for employees in businesses that may be ordered to close as part of efforts to suppress local coronavirus outbreaks.

In a virtual press briefing Saturday, the opposition Labour leaders of the metropolitan areas around Liverpool, Manchester, Newcastle and Sheffield sounded the alarm about the economic hardship their cities are likely to face.

The four leaders vented their frustration at what they consider to be the Conservative government’s secretive and top-down approach to decision making and criticized a failure to provide the scientific reasoning behind anticipated changes to lockdown restrictions.

“The north of England is staring the most dangerous winter for years right in the face,” said Andy Burnham, the mayor of Greater Manchester, a region with a population of more than 2.5 million. “We will not surrender our constituents to hardship nor our businesses to failure.”

Prime Minister Boris Johnson is on Monday expected to back a new three-tier local lockdown system, which could see hospitality venues in coronavirus hotspots in England being temporarily closed. Though new coronavirus infections are rising throughout England, cities in the north have seen the most acute increases. Pubs in Scotland’s biggest cities, Glasgow and Edinburgh, have already had to close for 16 days.

Ahead of that announcement, Treasury chief Rishi Sunak revealed on Friday details of a new financial support package that will see the government pay two thirds of the salaries of workers in companies that have to shut up shop.

Under the terms of the package, the government will from Nov. 1 pay 67% of the salaries of workers who won’t be able to work, up to a maximum of 2,100 pounds ($2,730) a month. Sunak also said cash grants for businesses required

Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.



a man and a woman wearing a suit and tie: On The Money: Trump fuels and frustrates COVID-19 relief talks | Trump proposes $1.8T coronavirus relief package | Vegas ties helped Trump score $21M windfall in 2016


© Greg Nash
On The Money: Trump fuels and frustrates COVID-19 relief talks | Trump proposes $1.8T coronavirus relief package | Vegas ties helped Trump score $21M windfall in 2016

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THE BIG DEAL-Trump fuels and frustrates COVID-19 relief talks: Washington is waiting for President Trump to make up his mind on coronavirus relief.

In one week, the president has shifted from chief cheerleader for a massive deal to principal pessimist undermining any such agreement – only to reverse course yet again on Friday in urging the top negotiators to “go big” in securing a package he can sign before the elections.

“I would like to see a bigger stimulus package, frankly, than either the Democrats or the Republicans are offering,” he said in a two-hour interview with the conservative radio host Rush Limbaugh.

What’s going on?

  • The stunning 360-degree turn has given rise to new hopes that after weeks of stalled talks the White House and Democrats can unite to pass emergency relief.
  • States, families and businesses are being crushed under the weight of a pandemic that’s already killed more than 210,000 Americans and left millions more unemployed.
  • Yet Trump’s message is not only at odds with statements he made just days ago, but also contradicts those from Senate Republicans and some of his own White House aides.

The Hill’s

(RTTNews) – American Airlines Group Inc. (AAL) will be forced to discontinue service to additional U.S. markets unless new coronavirus relief package is received, CEO Doug Parker told CNBC on Thursday.

The airline has already cut service to 13 cities through the month of November.

The airlines received aid under the federal Payroll Support Program or PSP under the CARES Act passed by Congress in March, that banned furloughs. They were hoping for an additional $25 billion in funding.

However, House Speaker Nancy Pelosi on Thursday said that there won’t be a stand-alone airline aid package without a larger coronavirus stimulus package.

Early this month, with the expiration of US federal payroll program on September 30, American Airlines and United Airlines started to furlough their employees, that is expected to affect around 32,000 workers in total.

However, the companies in their memos to employees reportedly said they will be recalled if and when the Congress passes another financial lifeline to the airline industry.

American Airlines is set to furlough 19,000 employees, as announced in August. This includes around 1,600 pilots. Meanwhile, United Airlines plans to furlough more than 13,000 employees, but no pilots.

Parker said American and other major carriers are pushing back more flight cuts, holding out hope for extra government aid.

“There will absolutely be discontinuation of service to small communities, and there will be much less service to larger communities” without more coronavirus relief, he said.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

SINGAPORE – Oil prices slipped on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected build-up in U.S. crude stocks.

U.S. West Texas Intermediate (WTI) crude CLc1 oil futures fell 87 cents, or 2.1%, to $39.80 a barrel by 0104 GMT while Brent crude LCOc1 futures fell by 74 cents, or 1.7%, to $41.91 a barrel.

President Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for his pandemic-hit country with the U.S. presidential election only weeks away.

AMERICAN OIL REFINERIES RACE TO PRODUCE RENEWABLE DIESEL AHEAD OF CANADIAN COMPETITION: REPORT

Price were also pressured by data from the American Petroleum Institute showing U.S. crude oil stocks rose by 951,000 barrels last week – more than expected. <API/S>

“(This was) not exactly what the recovery doctor ordered as the oil market was already tanking from a two-week high after President Trump quashed hope for a pre-election stimulus deal,” said Stephen Innes, chief market strategist, at online brokerage AxiCorp.

Oil prices slipped on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected build-up in U.S. crude stocks. (iStock)

But losses were limited by restrictions on the supply side.

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Energy companies were busy securing offshore production platforms and evacuating workers on Tuesday, some for the sixth time this year, as Hurricane Delta took aim at U.S. oil production in the Gulf of Mexico, which accounts for 17% of total U.S. crude oil output.

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In Norway, meanwhile, the Lederne