Mnuchin: Congress could pass more stimulus in July

IMF World Economic Outlook released | FHFA home price index data released | Chicago Fed President Charles Evans speaks Created for majed2aboshddad.majed@blogger.com |  Web Version June 24, 2020 SIGN UP ⋅ FORWARD News on the capital markets Morning Bell Mnuchin: Congress could pass more stimulus in July The White House is talking with lawmakers about another stimulus package, which could be enacted in July, Treasury Secretary Steven Mnuchin says. "Whatever we do will be much more targeted and much more focused on jobs and bringing back jobs," Mnuchin said after meeting with Republican senators. The package could include another stimulus check; details are expected during the next two weeks. Full Story: BNN Bloomberg (Canada) (6/23)      triReduce benchmark conversion webinar Learn how to transition your existing legacy OTC ICE LIBOR swap portfolios to the new alternative reference rates, or risk-free rates (RFRs). triReduce's award-winning multilateral compression service will provide a proactive, orderly mechanism for conversion, available to all. Watch now. TriOptima is now part of CME Group. ADVERTISEMENT: Happening Today IMF World Economic Outlook released FHFA home price index data released Chicago Fed President Charles Evans speaks The SIFMA Podcast: Listen to the latest episode SIFMA's podcast brings together market and industry experts to make the connection between public policy and finance. ADVERTISEMENT Industry News Gap between stock indexes widest since 1983 The gap in performance between the S&P 500, the Dow Jones Industrial Average and the Nasdaq composite keeps growing, with the Nasdaq ahead of counterparts by the widest margin since 1983. The difference is attributed largely to consistent outperformance by tech stocks such as Apple, Amazon and Microsoft. Full Story: The Wall Street Journal (tiered subscription model) (6/23)      IHS Markit index: Decline in business activity eases IHS Markit's US Composite Output Index, which gauges activity in the manufacturing and services sectors, has risen to 46.8 this month from 37 last month. While the index is still below 50, the line between expansion and contraction, the improvement fuels hope of economic recovery. Full Story: Reuters (6/23)      Higher spending by low-income Americans might not last Spending by low-income Americans has held up better than spending by other income groups during the coronavirus pandemic, according to research from Opportunity Insights. However, stimulus checks largely have been spent, and an extra $600 per week in unemployment benefits expires July 31. Without additional stimulus or an improvement in the job market, spending could drop and prove a setback for economic recovery. Full Story: The Wall Street Journal (tiered subscription model) (6/23)      Survey: Banks preparing for divestitures A majority of banks surveyed by EY are planning major divestitures of less successful units and assets. The survey shows 87% of respondents plan to start offloading within two years, while 60% of respondents expect to act within a year. Full Story: BNN Bloomberg (Canada) (6/23)      What's driving the surge in retail trading Quartz (tiered subscription model) (6/23)  PIMCO CEO: Pandemic to create distressed-credit openings Reuters (6/23)  Biostats programs: app deadline approaching! UofL's online graduate certificate and M.S. in Biostatistics equip professionals of any background to become biostatisticians and advance the life sciences industry through data. Bachelor's degree in any field and exposure to statistics required. Deadline to apply is July 15. Apply today! ADVERTISEMENT: Washington Roundup Mnuchin: US, China will decouple if competition is unfair Treasury Secretary Steven Mnuchin said there will be a decoupling of the US and Chinese economies "if we can't participate and compete on a fair basis." However, he also said he has "every expectation" that China will fulfill the terms of the countries' Phase 1 trade agreement by increasing imports from the US. Full Story: Reuters (6/23)      SIFMA welcomes joint SEC, DOJ initiative to review market-data fees Investment Executive (Canada) (6/23)  Business leaders speak out on suspension of work visas The New York Times (tiered subscription model) (6/23)  Global Update IHS Markit: Contraction slows for global economy The global economy is contracting at a slower pace than it has been in recent months, according to IHS Markit surveys of purchasing managers. Countries with the strongest anti-coronavirus measures appear to be rebounding the most, and Federal Reserve officials continue to warn of a long road to recovery for the US. Full Story: The Wall Street Journal (tiered subscription model) (6/23)      EU to study UK's post-Brexit financial rules The British Treasury has released the government's post-Brexit financial regulation update plans for banks, asset managers and derivatives traders, saying they reflect international Basel standards. The EU now has to determine if the UK rules will meet its equivalence criteria. Full Story: Reuters (6/23),  Financial Times (subscription required) (6/23)      ECB's Enria: M&A among eurozone banks likely Reuters (6/23)  BofA analysts: Brexit has devastated pound's status Financial Times (subscription required) (6/23)  Asset Management Report Investors pull $105B from money market funds in 4 weeks Investors stored a record amount of cash in money market funds during the peak of the coronavirus pandemic, but outflows have reached almost $105 billion during the past four weeks. Full Story: Financial Times (subscription required) (6/23)      Data of the Day 16.6% New-home sales surged 16.6% in May to a seasonally adjusted annual rate of 676,000, according to the Commerce Department. Economists surveyed by Reuters had expected a 2.9% increase, and the strength of the rebound suggests the housing market is recovering from the coronavirus pandemic. Full Story: Reuters (6/23)      SIFMA News Register for the Webinar: LIBOR -- Preparing for Alternative Reference Rates Join SIFMA on Wednesday, Sept. 16, for the third webinar in the Ops Series. The transition to alternative reference rates may come as soon as the end of 2021. Firms need to be able to adapt to instruments using new rates, such as SOFR, implement fallbacks, and review and execute new agreements. This webinar will discuss how ops professionals should prepare. Register today!     Financial Firms' Outreach Amid COVID-19 In this survey report, recently conducted by SIFMA's Private Client Services Committee, we assess how SIFMA member firms are communicating with their financial advisors (FAs) and how, in turn, FAs are communicating with their clients amid the COVID-19 pandemic and market volatility. To accompany the report, SIFMA President and CEO Kenneth E. Bentsen, Jr., hosts a podcast with SIFMA Private Client Services leaders to discuss the recently launched survey and share anecdotal evidence and context on the communications and assistance FAs are providing clients today.     Watch the Webinar Replay -- Ask FINRA: A Panel of Senior FINRA Officials Respond to Your Questions The Fed & CCAR 2020 -- Stay the Course for the Sake of Economic Recovery LEARN MORE ABOUT SIFMA: About SIFMA | Events | Resources Follow SIFMA on Twitter Sharing SIFMA SmartBrief with your network keeps the quality of content high and these newsletters free. Refer 10 new readers to receive one year of digital access to The New York Times. Experience groundbreaking reporting, commentary, documentaries and more. SHARE Or copy & share your personalized link: smartbrief.com/sifma/?referrerId=luaosJXMAE What is fundamentally beautiful is compassion, for yourself and those around you. 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