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CANADA FX DEBT-Canadian dollar, “super-charged” by jobs data, posts 1-month high

October 9, 2020
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| business

(Adds strategist quotes and details throughout; updates prices)

* Canadian dollar rises 0.5% against the greenback

* Canada adds 378,200 jobs in September

* Loonie touches a 1-month high at 1.3111

* Canadian bond yields were mixed across a steeper curve

By Fergal Smith

TORONTO, Oct 9 (Reuters) – The Canadian dollar strengthened
against its U.S. counterpart on Friday to notch its biggest
weekly advance in four months, driven by domestic data showing a
faster pace of job gains and rising hopes of U.S. stimulus that
boosted Wall Street.

Canada added 378,200 jobs in September after an increase of
246,000 in the previous month, handily beating analyst
expectations, as children returned to school and the economy
continued to reopen from coronavirus shutdowns, Statistics
Canada said.

“Accelerating job creation in Canada in September has
super-charged the Canadian dollar” said Michael Goshko,
corporate risk manager at Western Union Business Solutions.

Adding to

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Levi Strauss & Co. Posts Unexpected Third-Quarter Profit

October 6, 2020
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Levi Strauss & Co.  (LEVI) – Get Report posted a surprise third-quarter profit after the market close Tuesday, boosted by a surge in its online businesses.

The San Francisco-based clothing maker posted adjusted earnings of 8 cents a share on revenue of $1.1 billion for the period.

The company had been expected to report a loss of $104.6 million, or 22 cents a share, on sales of $822.2 million, based on a FactSet survey of nine analysts.

In the same period a year ago, the company posted earnings of 31 cents a share on sales of $1.4 billion. It reported net income of $28.2 million.

“We exceeded our expectations for the third quarter,” said Chip Bergh, president and chief executive officer, in a statement. “Our total digital business has doubled as a share of total net revenues, and Levis remains the global leader in denim, where our women’s

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Dow Jones Posts Small Gain as Boeing Predicts Tough Decade Ahead, Walmart Launches Insurance Business

October 6, 2020
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| insurance

The stock market was volatile on Tuesday after posting solid gains to start the week. The Dow Jones Industrial Average (DJINDICES: ^DJI) was up 0.37% at 1:10 p.m. EDT today, outperforming the other major indexes.

One thing keeping the stock market in check could be comments from Federal Reserve chairman Jerome Powell, who warned on Tuesday that too little government aid would lead to a weak economic recovery. Congress has yet to agree on additional stimulus measures, and an agreement does not appear close.

Shares of Boeing (NYSE: BA) were moving in the wrong direction on Tuesday after the airplane manufacturer predicted a difficult decade ahead. Meanwhile, the stock of Walmart (NYSE: WMT) was little changed after the retailer announced an insurance brokerage business.

An airplane.

Image source: Getty Images.

Boeing forecasts tough years ahead

The coronavirus pandemic has greatly reduced demand for air travel. While the number of daily air passengers

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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

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Bed Bath & Beyond Posts Surprise Profit on Booming Online Business | Investing News

October 1, 2020
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(Reuters) – Bed Bath & Beyond Inc

on Thursday posted a surprise quarterly profit and its first comparable sales growth in nearly four years, boosted by strong online demand for home furnishing and decor, sending its shares up 17%.

Same-store sales jumped 6% for the second quarter ended Aug. 29, compared with a 1.78% drop estimated by analysts, according to IBES data from Refinitiv, largely helped by an 89% surge in online sales.

The retailer had been struggling to keep pace in a rapidly shifting retail landscape before the pandemic, prompting Chief Executive Officer Mark Tritton to focus more on the company’s online portfolio after taking charge last year.

“The marked improvement in our second quarter financial results reflects the potential of our digital-first, omni-always transformation,” Tritton said in a statement.

The company has benefited from consumers buying new furnishing and home decor online as many are expected to continue

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Brazil govt posts $17 bln budget deficit in August as emergency spending continues apace

September 29, 2020
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By Jamie McGeever

BRASILIA, Sept 29 (Reuters) – Brazil’s government posted a primary budget deficit of 96.1 billion reais ($17 billion) in August, the Treasury said on Monday, as the coronavirus crisis continued to necessitate huge emergency spending.

The deficit, excluding interest payments, was slightly less than the 98.7 billion reais deficit economists in a Reuters poll had predicted. The shortfall, excluding interest payments, expanded in the first eight months of the year to 601.3 billion reais.

That compares with an accumulated deficit of 52.1 billion reais in the same period last year, Treasury said.

In the 12 months to August, the deficit totaled 647.8 billion reais, or 9% of gross domestic product, Treasury said. The government’s 2020 forecast is for a record-busting primary deficit of 871 billion reais, or 12.1% of GDP, assuming the economy shrinks this year by 4.7%.

Net revenues in August rose nearly 6% in

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HSBC Posts Biggest Jump Since 2009 as China’s Ping An Buys

September 28, 2020
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(Bloomberg) — HSBC Holdings Plc rose the most since 2009, recovering from a 25-year low, as its biggest shareholder raised its stake in a bet the embattled lender will return to paying dividends.

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China’s Ping An Insurance Group Co., which last week bought 10.8 million shares to boost its stake to 8%, remains confident in HSBC’s long-term prospects, a spokesperson said. The recent slump in the share and the valuation only increases HSBC’s appeal, the spokesperson said.

“Ping An believes HSBC’s suspension of dividend payments is a short-term issue and has been actively communicating with the lender about the possibility of restoring dividends in the future,” the spokesperson said.

HSBC shares in Hong Kong on Monday rose 9.2%, the biggest gain since April 2009, clawing back most of last week’s tumble and adding $6.8 billion to its market capitalization. In London, HSBC rose as much as 11.5% —

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