U.S. and China confirm commitment to trade deal
After weeks of posturing, U.S. and Chinese officials have confirmed that they both remain committed to a Phase 1 trade deal.
The deal, which was agreed toward the end of 2019 has seen China fall behind on some of its obligations to buy American goods.
However, the U.S. Trade Representative’s office stated, “Both sides see progress and are committed to taking the steps necessary to ensure the success of the agreement”.
The news briefly saw the S&P 500 reach a new high before falling back down not long after the US opening bell.
UK high street experiences worse jobs cuts since 2009
As economic activity remains weak, UK retailers have been forced to cut the most amount of jobs since the 2009 financial crisis.
British retail giants Marks & Spencer, John Lewis and WH Smith amongst others have confirmed significant job losses in recent weeks. This comes as the COVID-19 pandemic has dented consumer confidence in the UK.
The data released today by the Confederation of British Industry (CBI) also showed that retail sales were down by 27% compared to a traditional August.
American Airlines to cut 19,000 jobs in October
Staying with coronavirus driven layoffs, American Airlines has announced they will be cutting 19,000 jobs in October.
Federal aid that has protected jobs at the airliner is set to expire in upcoming months. The aim of the aid was to help businesses deal with declining demand, however demand has still yet to pick up as further cases of COVID-19 continue to plague America.
American Airlines shares were down nearly 4% after the announcement.
Quote of the day: “Sheer will and determination is no substitute for something that actually works.”Jason Klatt
Crude Oil: Crude oil today broke the $43 resistance level to reach a 3 week high. Crude climbed to as high as $43.33.
BTCUSD: Bitcoin fell close to $300 today, as the $11,594 support level was broken. Markets fell to as low as $11,287 intraday.