Home Business US Senate Reaches Agreement, Averts Government Shutdown in Latest Live News

US Senate Reaches Agreement, Averts Government Shutdown in Latest Live News

US Senate Reaches Agreement, Averts Government Shutdown in Latest Live News

In Asia today, there are several events and economic data releases to watch. Dubai Financial Market is hosting its third international investor roadshow of the year in Singapore, targeting global investors interested in the growing capital markets in Dubai. Howard Lee, deputy chief executive of the Hong Kong Monetary Authority, is a keynote speaker at the ABS Asia conference in Hong Kong, and the two-day Fintech Festival opens in Bangkok. Additionally, Australia is set to release its August inflation figures, while China and Japan will release industrial profits and machine tool orders data, respectively, for the same month.

Meanwhile, in the US, the Senate has reached a funding deal to avoid a government shutdown. The agreement, announced by Chuck Schumer, the Senate’s top Democrat, would keep the government funded until mid-November and allocate funds for the Ukraine war effort and disaster relief for areas affected by wildfires and floods. However, the deal still needs to be approved by the Republican-controlled House of Representatives, making its future uncertain.

Retail theft is not a major concern for Costco, according to the company’s chief financial officer. Despite a slight increase in shrinkage, which includes shoplifting and employee theft, Costco states that theft levels are already low. This statement comes in contrast to Target’s announcement of store closures due to high levels of theft and organized retail crime. Costco reported better-than-expected earnings, with $4.86 per share in its fourth quarter and $78.9 billion in revenue, an 8.6% increase year-over-year.

Donald Trump and his business organization have been found liable for inflating the value of properties, including those in Manhattan, Mar-a-Lago, and golf courses in the US and Scotland, according to a New York judge. The judge ruled that this conduct can be considered fraud, and sanctions were issued against Trump’s lawyers. A jury will determine the penalties in an upcoming trial led by the New York attorney-general.

In global markets, equities experienced a sell-off as investors anticipate an extended period of high interest rates. The S&P 500 and Nasdaq Composite both closed at their lowest levels since early June, with expectations that the Federal Reserve will maintain higher interest rates for a longer duration. While opinions on the possibility of a quarter-point rate hike are divided, bets on rate cuts in the next year have decreased.

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