Written by Gary
A quarter of all personal income in the US comes from the government (SPY +0.7%). Main Street looks to Congress for new lifeline as pandemic impact lingers on.
The Market in Perspective
Here are the headlines moving the markets. | |
Louisiana is ‘blind’ to coronavirus as Hurricane Laura shutters testing sitesThe state is providing temporary shelter to more than 2,100 evacuees, but more than 1,900 of them are being housed in “non-congregate shelters,” such as hotel and motel rooms, Edwards said. | |
Pretzel-maker Utz readies for market debut after gaining share during the pandemicThe soon-to-be formed Utz Brands will begin trading Monday on the New York Stock Exchange with the ticker “UTZ.” | |
Main Street looks to Congress for new lifeline as pandemic impact lingers onSmall business owners are awaiting a new aid package from Congress as new data show nearly one-fifth say they may have to close their doors if economic conditions don’t improve in the next six months. | |
Future of Jeep to be unveiled Thursday with hybrid electric Wrangler and Grand Wagoneer SUVsThe future of Jeep will be unveiled Thursday with the debuts of the Grand Wagoneer concept and a new hybrid electric version of the brand’s flagship Wrangler SUV. | |
University of Illinois president says key to stopping coronavirus spread is rapid testing: ‘We will face outbreaks’“We will face outbreaks, there’s no question. What we’re going to do is have actionable tests so that we quickly squelch down the outbreak,” University of Illinois President Timothy Killeen said. | |
Coronavirus live updates: Improvement in virus mortgage bailout stalls; MGM Resort lays of 25% of U.S. workforceThe coronavirus has infected more than 24.4 million people around the world so far, killing at least 832,300 people. | |
The rise and fall of Pier 1In 2019, Pier 1 was facing competition from every angle and doing what it could to stem the losses. While overall sales grew from nearly $517 million in 1990 to more than $1.5 billion in 2019, same-store sales had fallen for three straight years ” in 2017, 2018 and 2019. | |
CDC director says there will likely be a limited supply of coronavirus vaccines“We don’t know exactly how many doses we’re going to have. We don’t know at what time, you’re going to have those doses as we approach the end of the year,” Paul Mango, deputy chief of staff for policy in HHS, said. | |
Ghislaine Maxwell is first inmate to get in-person lawyer visit at NYC jail since Covid-19 restrictions, attorney saysGhislaine Maxwell and Jeffrey Epstein had been friends with Presidents Donald Trump and Bill Clinton years before both were separately charged with related sex crimes. | |
NBA will work to set up 2020 election polling sites in arenas as part of playoff restartNBA teams including the Atlanta Hawks and Houston Rockets have agreed to set up their arenas as polling locations in the 2020 election. | |
Mars board member accused of stamping on the foot of ex-employee at the center of JAB Holdings lawsuitA former Mars executive is claiming that a member of the family and the company’s board “stamped” on his foot and told him that he would regret his choice to leave for a position with JAB Holdings. | |
Kids with asymptomatic coronavirus infections may have active virus in their bodies for weeks, scientists sayResearchers said the virus was detectable for an average of about 2½ weeks in children’s respiratory tracts. | |
Hurricane Laura leaves damage in Louisiana and weakens into tropical depressionHurricane Laura left extensive property damage, a hazardous chemical fire and at least six people dead in Louisiana. | |
Powell Pumps S&P To Best August Since ’86, Dollar & Bonds PukedPowell Pumps S&P To Best August Since ’86, Dollar & Bonds Puked Tyler Durden Fri, 08/28/2020 – 16:00 August 2020’s 6.89% surge in the major US market index is the largest August gain since 1986 (when the S&P 500 rose 7.12%), but as the chart below shows Trannies almost doubled those gains… | |
Felony Warrant Against Jacob Blake Has Been Vacated, Handcuffs Removed At Hospital BedFelony Warrant Against Jacob Blake Has Been Vacated, Handcuffs Removed At Hospital Bed Tyler Durden Fri, 08/28/2020 – 15:45 Local ABC affiliate WISN-TV in Milwaukee is reporting Friday afternoon that Jacob Blake’s attorney has told the station that the felony warrant against Blake has just been vacated. Further, deputies have been reported as removing the handcuffs that kept Blake shackled to his hospital bed at Froedtert Hospital in Wauwatosa.
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A Quarter Of All Personal Income In The US Comes From The GovernmentA Quarter Of All Personal Income In The US Comes From The Government Tyler Durden Fri, 08/28/2020 – 15:25 Today’s release of the latest Personal Income and Spending data showed that income and spending both rose more than expected in July, just ahead of the fiscal cliff at the end of that month, which as we showed last week has resulted in a sharp drop in spending among recipients of Unemployment Benefits. | |
France Reports Post-Lockdown COVID-19 Record As Cases Spike Across Europe: Live UpdatesFrance Reports Post-Lockdown COVID-19 Record As Cases Spike Across Europe: Live Updates Tyler Durden Fri, 08/28/2020 – 15:16 Summary: France suffers post-lockdown record California set to be first state to cross 700,000 cases NY reports new record low positivity India breaks global record for most new cases in a day Russia cases top 980k Merkel warns Germans outbreak will get worse India suffers biggest jump in new cases Indonesia suffers 2nd straight record jump Japan announces plan to stockpile vaccine as Abe resigns South Korea extends social distancing restrictions China reports 9 new imported cases, 12th day with no domestic infections * * * Update (1500ET): Interestingly enough, considering its Friday evening on the continent, the focus has shifted back to Europe, after Spain, Italy and – most importantly – France reported alarming numbers on Friday. France reported a new post-lockdown record of 7,379 new confirmed coronavirus cases, following the 6,111 record reported on Thursday, and just shy of the 7,578 high set on March 31, which was during the peak of the country’s outbreak. France’s total number of confirmed cases rose to 267,077, while the cumulative number of deaths from COVID-19 rose by 20 to 30, … | |
Waitrose signs up Deliveroo for rapid food deliveryDeliveroo customers could have goods from Waitrose delivered to their homes within 30 minutes. | |
Santander hit by online banking outage ahead of holiday weekendThe hitch comes ahead of the August bank holiday and the day millions receive their monthly salary. | |
Coronavirus: Gatwick passenger numbers collapse by 14.7 millionThe airport says it will take four to five years for air traffic to return to pre-pandemic levels. | |
Bihar plans big push to Ayushman Bharat SchemeBihar plans big push to Ayushman Bharat SchemeThe state has seen about 193,000 admissions under the scheme so far and 5.4 million e-cards have been issued while the number of prospective beneficiaries is nearly 55 million. Claims worth Rs 133 crore have so far been paid in Bihar, a fraction of Rs 7,565 crore paid across the country. | |
States criticise Centre’s borrowing optionsStates criticise Centre’s borrowing optionsThe Centre offered two options for states at the GST Council meeting on Thursday to make up for the shortfall in the GST compensation cess fund. | |
SBI, BoB grab the biggest pie of Jan DhanSBI, BoB grab the biggest pie of Jan DhanThe total banking sector outstanding Jan Dhan deposits jumped to Rs 1.31 lakh crore at the end of August 19 from Rs 1.20 crore at the beginning of the fiscal. This reflects higher farm income following a good Rabi harvest as well as a fall in discretionary spending amid Coronavirus pandemic, senior bankers tracking the rural economy said. | |
Walmart says a TikTok deal would benefit its digital and advertising businessesWalmart is partnering with Microsoft on a bid for TikTok, a deal that could potentially benefit the retail giant’s digital and advertising businesses. | |
: White House’s chief of staff says they have offered $1.3 trillion for coronavirus aid dealMark Meadows, the White House chief of staff, said Friday he had offered $1.3 trillion to House Speaker Nancy Pelosi for the size of the next big coronavirus stimulus package. | |
Losing the extra $600 unemployment benefit may not have stopped Americans from spending money, J.P. Morgan credit card data shows‘We see little sign that the benefit expiration has marked a major turning point for the overall economy,’ one J.P. Morgan economist said. |
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