German Exports Rise More Than Expected – 08 October 2020

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According to data released by the Federal Statistical Office of Germany, German exports increased more than expected in August, going up by 2.4 percent (month-to-month) though lower than the previous month’s figure, which stood at 4.7 percent. 

German Exports riseImports also increased more than expected, gaining 5.8 percent and higher than the previous month’s figure, which stood at 1.1 percent.

In terms of the trade balance, Germany registered a surplus of 15.7 billion euros, lower than July’s 18 billion euros. The current account stood at 16.5 billion euros, below July’s 21 billion euros.

The Robert Koch Institute recently reported that so far, 310,144 infections have been reported in Germany as well as 9,578 total deaths.  On Thursday, the number of new infections increased by 4,058, exceeding the 4,000 figure for the first time since April and increasing by more than 1,200 compared to Wednesday’s figure. In light of the late increase in the number of cases, the government decided to expand its list of coronavirus risk areas and restricted domestic travelers coming from the most affected areas.

The State Secretary for economic affairs reported that the Swiss labor market expanded by 3.3 percent in September, slightly lower than the surveyed analysts’ expectations and below the previous month’s figure, which stood at 3.4 percent.

By 7:00 GMT the euro went up by 0.13 percent against the US dollar, hitting the 1.1776 level. In the same way, the Swiss Franc advanced by 0.17 percent against the greenback, hitting the 1.0917 level.

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US stock markets rallied yesterday after the US President Donald Trump proposed a new stimulus bill.

“If I am sent a stand-alone bill for stimulus checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening Nancy?,” posted Trump on his Twitter account.

The announcement came after Trump announced its decision to stop negotiating with the democratic party and promised to pass a major stimulus bill after the election. In response, the speaker of the United States House of Representatives, Nancy Pelosi commented that the White House was in “complete disarray,” expressing its doubts about the president’s judgment.

Despite the enthusiasm, is highly unlikely that US lawmakers will agree on a deal before November’s election. Meanwhile, Mnuchin and Pelosi continued discussing a stand-alone airlines bill that would help this sector, which has been one of the most affected by the pandemic.

So far, 7,776,224 COVID-19 cases have been reported in the United States, as well as 216,784 total deaths.

The Dow Jones Industrial Average gained 1.91 percent during yesterday’s session, closing at the 28,303.46 level, followed by the S&P 500, which closed the session at the 3,419.45 level, gaining 1.74 percent. The Nasdaq 100 gained 1.88 percent during the session, closing at the 11,503.19 level, followed by the NYSE composite, which gained 1.59 percent during the session, closing at the 13,042.33 level.

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