Confidence unexpectedly pulled back in october. Prospects for employment, income, and of course the economy. Perhaps they should be. Cities forcing to slow down reopening plans. Thee do see further dips in economic recovery, then this would not be good news for state and city budgets already left strained by the pandemic. Many states predicting billions of dollars of shortfalls in 2021. Some states are getting innovative in how to make ends meet, including putting Legal Marijuana sales on the pallet for tax revenue. Joe this has been one area that we have hoped well, some hoped there have would be further aid to state and local governments with a stimulus deal. It has not happened. Largest number of defaults since 2012. Expectations are, at least for that ithat continues. Romaine anything that can be done to sort of bump that backup. A time that they are trying to get out from under. Joe lets bring in Bloomberg Intelligence senior municipal strategist. Lets start with the big picture.
Rose. Microsoft saw a better First Quarter revenue, helped by demand for Cloud Services as more people work remotely. Sales through september topping 37 billion. Melbourne, the merge from a melbourne emerges from a strict lockdown. Ours and restaurants are reopening, even home visits are allowed. Shery lets get you started with a check of the markets. U. S. Futures opening lower, down. 4 . This after stocks fell to a three week low in the regular session. We had cyclical stocks taking the brunt as virus cases continued to climb globally. We have the nasdaq composite pulling back of yesterdays losses on the deal around amd. Durable goods orders coming in better than expected. Lets see how things are shaping up for the asian markets. Here is Sophie Kamaruddin in hong kong. Sophie we are seeing losses continue here in asia. Chip stocks very much a focus after amds deal to buy. Earnings. We have results from sony, zte, as well as budweiser asia to name a few. And a straley or, we have had
Abandoned any hope of a virus package before the election. He says a deal will come after the vote. Big tech prepares to defend interests as jack dorsey calls section 230 the most important law for free speech and safety. Get you started with a quick check up on how markets are right now. Sophie kamaruddin. Are set toa stocks resume losses this wednesday and you have nasdaq eminis under pressure early in the Asian Session after we sawtek shares rally. We are watching what is going on with the tech space following amd agreeing to buy a company. Results could provide support for that space. Its a busy calendar for earnings. Withec reporting today sony. In australia, the asx 200 coming online with some Downside Pressure set to extend losses for a fifth straight session while the aussie dollar is holding steady, slightly under pressure, while bond yields are easing ahead of inflation data due from australia. We see a pickup. Lets flip the chart for a broader outlook on where the dollaryen
They are suspending trading in hong kong. We dont know the reason for that but we will bring you the reasons when we get it. Backdrop, the hang seng up by half of 1 . The authority spending a lot of money to defend the dollar peg. That is something on peoples. Inds as people make a rush 0. 5 toi composite, about the downside. Of what istrends going on as far as Market Action in this part of the world. Lets look at some of the first word news. President trump seems to have abandoned any hope of a virus package before the election next hek, telling supporters that sees a deal coming after the votes. Package covid19 continues to soar in the u. S. In newlizations jumped , ando, 50 in wyoming elsewhere in connecticut. France is planning a nationwide lockdown bid one in four airports in europe are collapsed as the virus europe face collapse as the virus stifles travel. Kar inion people in kash were said toince have undergone checks over the weekend. Authorities found five confirmed asymptoma
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