The dollar's rally might be good for Americans abroad, but it's not so hot for quarterly corporate results.
Saturday, October 8, 2022 |
The strong dollar might mean weak corporate results, Biden says Putin isn't joking about nuclear weapons, and more... | |
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People watch fuel tanks ablaze and damaged sections of the Kerch bridge in the Kerch Strait, Crimea, October 8, 2022. REUTERS/Stringer |
Latest assessment: The Russian president isn't joking, Biden said, adding that the threat of nuclear strikes hasn't been this real since the Cuban Missile Crisis. Earlier today, a blast on the strategic road-and-rail bridge linking Russia and the Crimea peninsula brought down sections of road, prompting gleeful messages from Ukrainian officials but no direct claim of responsibility. What's next: Expect the grind on the ground to continue, while Russians fleeing the call-up to join its forces cause ripples in neighboring regions.
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The way it's looking: A rally in the U.S. dollar is expected to hit corporate financial results, potentially presenting another obstacle to stocks in a year that has experienced a painful market decline. Where the money is going: Government borrowing costs, high energy prices and slowing growth are sending investors into cash and out of bonds. Expect dealmaking to take a hit as well if the outlook for big banks' quarterly results is any indication.
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What's spreading: Two Omicron sub variants are still causing most of the infections, though newer sub variants are gaining ground. Meanwhile, in the United States, only a small proportion of people eligible for updated booster shots have received them. What's the upshot: While case numbers globally are falling, EU infections and hospitalizations are up, and willingness to get another booster shot is wearing thin. Add a false sense of security that the pandemic is over, and it could be a long winter.
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The highlights: The president pardoned thousands of people with federal offenses for simple possession and initiated a review of how pot is classified. What now: Reclassification would be a first step toward wider legalization, a move backed by a majority of Americans, and usher in big changes for companies, law enforcement and the public.
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What happened: A Delaware judge paused the lawsuit to give Musk time to finance his $44 billion takeover of the social-media service. What about the money: Musk says he's working with banks to raise funding, which comes with issues of its own. The judge gave him a deadline: get the money by Oct. 28, or face trial in November.
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Here are four other stories we're watching: Thailand mourns the dozens killed in a school shooting, India is going after liquor companies in a money-laundering probe, EU leaders are squabbling over their response to the energy crunch caused by the Ukraine war, and Credit Suisse is buying back debt to calm its skittish investors. |
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