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US Senate Strikes Deal to Avert Government Shutdown: Latest Live News

In Asia today, there are several key events and economic data releases to watch. Dubai Financial Market is hosting its third international investor roadshow of the year in Singapore, reflecting strong global appetite for accessing the growing capital markets in Dubai. In Hong Kong, the structured product finance conference, ABS Asia, is returning after the Covid-19 pandemic, with a keynote speech from Howard Lee, deputy chief executive of the Hong Kong Monetary Authority. Additionally, the two-day Fintech Festival is opening in Bangkok, and important economic data, including Australia’s inflation figures and China’s industrial profits and Japan’s machine tool orders for August, will be released.

Meanwhile, in the US, the Senate has reached a funding deal to avoid a government shutdown. The temporary solution, which would keep the government funded until mid-November, includes support for the Ukraine war effort and disaster relief for areas affected by wildfires and floods. However, the compromise measure still faces uncertainty in the Republican-controlled House of Representatives.

In other news, Costco has stated that retail theft is not a major issue for the company, as it beat Wall Street’s earnings expectations. The chief financial officer attributed a slight increase in shrink, which covers theft and other losses, to the greater use of self-checkout technology, but emphasized that theft levels are already low. This comes as Target announced the closure of nine stores due to high levels of theft and organized retail crime. Additionally, a New York judge ruled that Donald Trump and his business organization are liable for inflating the value of multiple properties, calling their activities “fraud”. The judge issued sanctions against Trump’s lawyers and stated that a jury will determine penalties. Lastly, global equities experienced a sell-off as investors prepared for a prolonged period of high interest rates, with the dollar reaching a 10-month high and Treasuries selling off. This decline in stock market indexes coincides with increased expectations that the Federal Reserve will maintain higher interest rates for an extended period.

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