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Business Leaders from Finance, Technology, Retail and Hospitality Call For Civility and Patience Ahead of The 2020 Election | News

October 14, 2020

WASHINGTON, Oct. 14, 2020 /PRNewswire/ — In partnership with the Leadership Now Project, more than 50 of our nation’s business leaders released a statement: “America Has Held Successful Elections Amid Crises Before. We Can and Must Do So Again,” which underscores the importance of maintaining confidence in an election held during an unprecedented health crisis. Signatories include Greylock Partner and LinkedIn Co-Founder Reid Hoffman, D. E. Shaw & Co. Managing Director Eddie Fishman, The Baupost Group CEO Seth Klarman, Lumi Labs Co-Founder and former Yahoo CEO Marissa Mayer, Harvard Business School Professor Michael Porter, General Assembly CEO Lisa Lewin, KIND Snacks Executive Chairman Daniel Lubetzky and K1 Capital Management CEO Neil Malik, among other leaders.

With an unprecedented number of Americans voting by mail because of the pandemic, officials have consistently stressed that we may not know the outcome

Big money managers flee cash despite coronavirus, election worries

October 13, 2020

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BMO Capital Markets chief investment strategist Brian Belski argues traders shouldn’t let near-term issues affect long-term investing.

Big money investors have over the last six months poured cash into the markets at the fastest pace in 17 years as they fretted over COVID-19 and the upcoming presidential election, according to a new survey from Bank of America.

Cash holdings fell to 4.4% in October, down from 4.8% in September, and have now dropped 1.5 percentage points since April, the fastest decline since 2003. A reading below 4% is considered investor greed.

Respondents “said the recession is over, reduce cash, pause cyclical rotation, and price in contested election & February vaccine,” wrote Michael Hartnett, chief equity strategist at Bank of America. “We say sell SPX > 3600 and cyclical rotation via banks/energy to resume in Q4.”

Ticker	Security	Last	Change	Change %
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TRUMP’S STOCK GAINS HIT

Will Michiganders see federal stimulus money before the election?

October 13, 2020

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President Donald Trump halted negotiations for a coronavirus stimulus bill last week, but has changed his tune in the days since, once again encouraging Congress to make a deal.

Meanwhile, Michigan residents and businesses sit idle, pleading for federal help.

“For small businesses to survive, we need immediate and direct financial support,” said Gricelda Mata, CEO of Lindo Mexico Restaurante near Grand Rapids. “That’s why it’s so frustrating to see the president of the United States cease negotiations until after the election.”

Trump argued in an Oct. 6 that the Democrats weren’t negotiating in good faith, saying “I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major stimulus bill that focuses on hard-working Americans and small business.”

Within minutes, the stock market took a hit. Stock prices recovered the next morning after Trump tweeted overnight his renewed

Nervous Investors Buy Gold At Record Pace On US Election Fears

October 10, 2020

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Nervous investors have bought more than 1,000 tonnes of gold this year, a record figure equivalent to the entire hoard the Swiss National Bank has stashed away in its vaults.

For centuries people have considered gold a store of value in turbulent times. In 2020 they have been buying it in droves.

Gold exchange traded funds (ETFs) recorded their tenth consecutive month of positive inflows in September for only the third time since the financial crisis. This was despite gold experiencing its biggest monthly price drop since November 2016, falling 3.6%, after reaching a new all-time high in August.

With concerns mounting about the outcome of the upcoming U.S. election and a second wave of coronavirus infections, will the precious metal retain its lustre in the fourth quarter?

Investors certainly believe so. Figures this week from

1 in 5 Americans could be out of money by Election Day

October 9, 2020

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Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

More than 20% of Americans have less than three weeks of financial runway before their account balances hit zero, according to a new report from Credit Karma.

Based on that timeline, about one in five people could be out of money by Election Day, according to the data compiled by the personal finance company

Credit Karma has been holding weekly surveys in order to get a better picture of Americans’ finances since the onset of the pandemic.

NEARLY HALF OF AMERICANS WHO LOST JOB TO PANDEMIC CAN’T LAST A MONTH ON SAVINGS

Earlier this summer, however, the financial picture was different due to government relief efforts, McCreary, chief people officer of Credit Karma, told FOX Business.

“At Credit Karma, we saw a number of indicators demonstrating the success of early economic relief programs,” McCreary said.

Despite unemployment

Ant’s IPO Runs Low on Time to Avoid U.S. Election Turbulence

October 9, 2020

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(Bloomberg) — Jack Ma’s Ant Group has a narrow window to make its much-anticipated market debut ahead of U.S. election turbulence. Now its bankers must grapple with any potential delays stemming from a debate in Washington over restrictions on the payments behemoth.

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Discussions over how and whether to restrict Ant — as well as Tencent Holdings Ltd.’s payments systems — have accelerated among senior U.S. officials in recent weeks though a decision isn’t imminent, Bloomberg reported.

They come as Ant is expected to raise about $35 billion from simultaneous initial public offerings in Shanghai and Hong Kong as early as this month. China’s biggest payments company already has approval for its mainland listing, but is waiting for a hearing with the Hong Kong stock exchange. That green light would need to come roughly by the middle of October if Ant aims to beat the U.S. presidential vote on

Redfin Survey: 22% of Homebuyers and Sellers Say the Presidential Election Is Impacting Their Plans

October 6, 2020

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Analysis Finds Past Presidential Elections Had Little Impact on Home Sales

Redfin Forecasts $6.2M Homes Sales in 2020, the Most Since 2006

SEATTLE, Oct. 6, 2020 /PRNewswire/ — (NASDAQ: RDFN) — Twenty-two percent of homebuyers and sellers said the upcoming presidential election is impacting their plans to buy or sell a home, according to an August survey from Redfin (www.redfin.com), the technology-powered real estate brokerage. That’s down from 32% in November 2019, per a similar Redfin survey. The drop from last year is likely due to the pandemic, which seems to be outweighing the election as a factor for homebuyers and sellers.

Thirteen percent of respondents said the election is making them more hesitant to buy or sell a home, down from 20% in November 2019. Nine percent of respondents said the election is making them less hesitant to buy or sell a home, down from 12%

FX options market reflects more confidence in Biden election win

October 6, 2020

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NEW YORK, Oct 6 (Reuters) – Foreign exchange markets are growing less fearful about the outcome of next month’s U.S. presidential election, judging by the fall in longer-dated implied volatility on options, the main measure of how much risk is perceived.

Currency options investors are increasingly betting that Democratic challenger Joe Biden will conclusively defeat President Donald Trump, given his lead in prediction markets and national polls.

This can be seen in the fall of some prices for implied volatility, which measures how much the options market believes spot exchange rates will move over a given period and is distinct from actual or realized volatility.

Biden opened his widest lead in a month in the U.S. presidential race after Trump’s positive coronavirus test as a majority of Americans believed he could have avoided infection if he had taken the virus more seriously, the latest Reuters/Ipsos poll showed.

Options are

Trump’s favorite trade scorecard posts its worst figure since 2006 as the election looms

October 6, 2020

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President Donald Trump talks to reporters during a meeting with Iraqi Prime Minister Mustafa Al-Kadhimi in the Oval Office at the White House August 20, 2020 in Washington, DC.
Anna Moneymaker-Pool/Getty Images

The US trade deficit swelled 5.9% to $67.1 billion in August, the Commerce Department said Tuesday, reaching its largest level since 2006.
Economists surveyed by Bloomberg expected the trade gap to widen to $66.2 billion.
Shipments of consumer goods led the increase in imports and hit a record high as companies prepared for holiday-season spending.
President Trump frequently pointed to the trade deficit as a gauge of his trade policies’ success. The growing gap gives him little to brag about heading into the 2020 presidential election.
Visit Business Insider’s homepage for more stories.

The US trade deficit swelled to its largest since 2006 in August as holiday-season importing accelerated.

The gap in trade of goods and services grew

The 2020 Election Could Impact Your Personal Finances. Here’s How

October 6, 2020

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What will your financial situation look like after the next president is chosen?

On Nov. 3, the United States will hold an election to determine whether Former Vice President Joe Biden or President Donald Trump will hold the country’s highest office for the next four years. It will also decide the makeup of the U.S. House of Representatives and the U.S. Senate.

The outcome could shape many aspects of American life, and could affect your personal finances in profound ways. Here’s how.

1. Minimum wage could change

If elected president, Joe Biden has promised to raise the federal minimum wage, pledging to go as high as $15, up from the current $7.25 per hour. If the minimum wage goes up, millions of workers could get a raise. In fact, if the minimum pay rises, it’s likely that companies will have to increase the salaries of many other workers as well.