President TrumpDonald John TrumpTwo ethics groups call on House to begin impeachment inquiry against Barr Trump relishes return to large rallies following COVID-19 diagnosis McGrath: McConnell ‘can’t get it done’ on COVID-19 relief MORE dismissed reports that his campaign is “running low on money” early Tuesday morning, vowing to spend personal funds on his reelection bid if necessary.

“I keep reading Fake News stories that my campaign is running low on money. Not true, & if it were so, I would put up money myself. The fact is that we have much more money than we had 4 years ago, where we spent much less money than Crooked Hillary, and still easily won,” Trump tweeted, referring to former Democratic presidential nominee Hillary ClintonHillary Diane Rodham ClintonWhen do problems with mail-in ballots become a problem for the media? Trump campaign official blames Biden lead on ‘skewed’ polls Trump’s Hail Mary passes won’t get him in the end zone MORE.

“Much of the money we have spent is on our ground game, said to be the best ever put together. I’ll let you know how good it is on November 3rd. Very expensive to do, but opportunity could be BIG! I will spend additional money if we are not spending enough!” he continued. 

By Yilei Sun and Brenda Goh



FILE PHOTO: The GM logo is pictured at the General Motors Assembly Plant in Ramos Arizpe, Mexico


© Reuters/DANIEL BECERRIL
FILE PHOTO: The GM logo is pictured at the General Motors Assembly Plant in Ramos Arizpe, Mexico


BEIJING (Reuters) – General Motors Co’s (GM) vehicle sales in China grew 12% over July-September versus the same period a year earlier, the Detroit automaker’s first Chinese quarterly sales growth in two years. The second-biggest foreign automaker in China by units – after Germany’s Volkswagen AG – said on Monday it delivered 771,400 vehicles in China in the third quarter. That followed a second-quarter fall of 5%.

GM has a Shanghai-based joint venture with SAIC Motor Corp Ltd making Buick, Chevrolet and Cadillac vehicles. It has another venture, SGMW, with SAIC and Guangxi Automobile Group, producing no-frills mini-vans and which has started manufacturing higher-end cars.

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China sales of mass-market brand Buick rose 26% in the third quarter, GM said in a statement. Sales of its mass-market Chevrolet marque fell 20% whereas those of premium brand Cadillac jumped 28%.

Sales of no-frills brand Wuling grew 26%, whereas those of mass-market Baojun vehicles tumbled 19%.

GM has seen its China sales suffer in a crowded market and slowing economy. To revive its fortunes, it wants electric vehicles (EVs) to make up over 40% of new launches over the next five years in China, where the government promotes greener cars.

The automaker’s Wuling Hong Guang MINI EV, a micro two-door EV with a starting price of 28,800 yuan ($4,200), was China’s biggest-selling EV in August.

GM’s sales in 2019 fell 15% from a year earlier to 3.09 million vehicles. The automaker delivered 3.65 million vehicles in 2018 and 4.04 million units in 2017.

(Reporting by Yilei Sun and Brenda Goh; Editing by Christopher Cushing and Jacqueline Wong)

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EARNINGS OUTLOOK



a group of people on a sidewalk: Earnings season is expected to show the ‘haves’ versus the ‘have-nots’ created by the pandemic


© Getty Images
Earnings season is expected to show the ‘haves’ versus the ‘have-nots’ created by the pandemic

The U.S. third-quarter corporate earnings reporting season will kick off next week and the numbers will reflect a second quarter dominated by the coronavirus pandemic that has created an uneven playing field in which some companies thrive, while others shrink and fade.

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While stock indexes have set records and big technology and online retailers have outperformed, many other industries and individual companies are grappling with deteriorating sales and earnings as economic growth has slumped across the globe.

“A lot of company risk is not being captured by equity indices,” said James Gellert, chief executive of Rapid Ratings, a data and analytics company that assesses the financial health of private and public companies. “The equity market is showing a lot of optimism, but below the surface, there’s an ocean of companies that are dealing with a crisis.”

Companies doing business with bigger enterprises in hard-hit sectors that sell to or buy from them are aware of the financial health of those customers or vendors, he said. The market may suggest a company is doing well, but the difference between financial health and market health “can be very different.”

Sebastian Leburn, senior portfolio manager at Boston Private, agreed. “You’ve got the economy and the stock market, and you’ve got the S&P 500,” Leburn said.



chart, waterfall chart: A chart provided by Lindsey Bell, chief investment strategist at Ally Invest, depicts the differences between the ‘haves’ and ‘have-nots’ of the recovery off the post-pandemic lows. Mainly, the rich are getting richer as the smaller companies suffer.


A chart provided by Lindsey Bell, chief investment strategist at Ally Invest, depicts the differences between the ‘haves’ and ‘have-nots’ of the recovery off the post-pandemic lows. Mainly, the rich are getting richer as the smaller companies suffer.

Leburn noted that the S&P 500 index (SPX) is market-capitalization weighted, so its performance is skewed by just a handful of mega-cap tech stocks. Those companies, led by

TOKYO (Reuters) – Stocks rose on Monday as signs that President Donald Trump’s health was improving eased some of the political uncertainty caused by his coronavirus infection, which sent investors rushing for safety last week.

FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., October 2, 2020. REUTERS/Carlo Allegri/File Photo

Trump, 74, was flown to hospital for treatment for the coronavirus on Friday, but his doctors say he has responded well and could return to the White House on Monday.

That helped U.S. S&P 500 e-mini futures EScv1 rise 0.62%, while Nasdaq futures NQc1 gained 0.89%.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 1.08%. Euro Stoxx 50 futures STXEc1 were up 0.82%, German DAX futures FDXc1 rose 0.72%, and FTSE futures FFIc1 gained by 0.91%.

Overhanging the relief rally, however, are continued uncertainty about his condition and some concerns that Trump’s case could be more severe than public disclosures suggest.

“Equities and other risk-on traders should be well-supported by easing concerns about Trump’s health,” said Junichi Ishikawa, senior currency strategist at IG Securities in Tokyo.

“For the dollar, the impact is not quite as clear cut. It should fall against most currencies due to an increase in risk appetite, but the yen is also weak, and that’s the one currency the dollar can rise against.”

Australian stocks .AXJO jumped 2.48% for the biggest daily gain since July 21. Japan’s Nikkei .N225 rose 1.19%. China’s financial markets are closed for a public holiday.

The dollar edged higher against the yen but fell slightly against the Swiss franc as traders jockeyed for position ahead of what could be a volatile day in global markets.

Treasury yields rose slightly on reduced demand for the safety of holding government debt.

SINGAPORE – Oil prices rose about 2% on Monday, lifted by comments from doctors for U.S. President Donald Trump suggesting he could be discharged from hospital as soon as Monday, just a few days after his positive test for COVID-19 sparked widespread alarm.

Trump’s health update eased political uncertainty in global markets, pushing Brent up to $39.96 a barrel by 0232 GMT, gaining 69 cents or 1.8%. U.S. West Texas Intermediate (WTI) crude was at $37.81 a barrel, up 76 cents, or 2.1%.

Prices had slumped more than 4% on Friday amid uncertainty surrounding Trump’s health, adding to concern that rising coronavirus case numbers that could dampen global economic recovery.

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

But analysts said Monday’s rebound was driven by an easing of the worst fears about Trump’s health condition, albeit clouded by some mixed signals.

“I think it’s the improving health of the U.S. President … over the weekend there were a lot of conflicting reports on his health, but generally he’s improving,” said Avtar Sandu, senior commodities manager at Phillip Futures.

Oil prices rose about 2% on Monday, lifted by comments from doctors for U.S. President Donald Trump suggesting he could be discharged from hospital as soon as Monday. (iStock)

“He could be back to work soon,” Sandu said, adding that investors were worried about the stalled U.S. fiscal stimulus plan which could aid oil demand recovery.

Prices were also supported by an expanding workers’ strike in Norway on Monday that could reduce the country’s production capacity by as much as 330,000 barrels of oil equivalent per day (boepd) or 8% of its total output, according to the Norwegian Oil and Gas Association.

These