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Stocks, Futures Gain on Trump Prognosis; Oil Jumps: Markets Wrap

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Stocks, Futures Gain on Trump Prognosis; Oil Jumps: Markets Wrap

(Bloomberg) — U.S. futures climbed with global stocks on optimism over economic stimulus and that President Donald Trump may soon leave the hospital.

Consumer companies and banks led a broad advance among European stocks. Equities in Asia notched gains, while crude oil rebounded from a three-week low. The yen retreated and Treasuries were steady.

In U.S. premarket trading, Regeneron Pharmaceuticals Inc. rallied after Trump was given an experimental antibody treatment made by the drugmaker. Apple Inc., Tesla Inc. and Microsoft Corp. also rose.

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A member of Trump’s medical team said Sunday that the president could be released from hospital as soon as Monday after treatment for Covid-19. But Trump’s condition remains clouded by confusion, with the president’s effort to show strength contradicted by conflicting accounts from his doctors.

“As for news around Trump, it will likely continue to cause extra volatility,” said Robert Greil, chief strategist at Merck Finck Privatbankiers AG. “I think this week clear progress or a deal on the next U.S. fiscal program would boost risk appetite the most.”

On the stimulus front, Trump tweeted from hospital that a deal needs to get done. Nancy Pelosi was optimistic on Friday that a bipartisan stimulus bill can be done, and said his diagnosis “kind of changes the dynamic.”

Traders also pointed to polls suggesting a stronger lead for Democrat Joe Biden and the possibility that a clear winner will emerge from the Nov. 3 election. U.S. markets have been nervous in recent weeks about a close election and the risk of a long and messy legal battle.

“Polls are shifting from a close election and prolonged uncertainty to more a dominant Biden and clean succession,” said Peter Rosenstreich, head of market strategy at Swissquote Bank SA. “That is reducing uncertainty and increasing risk appetite.”

Elsewhere in markets, the Taiwan dollar closed at the strongest level since 2011 amid speculation the local central bank will loosen its grip on the rallying currency.

In European stocks, Cineworld Group Plc plunged in London after saying it would suspend operations at all its U.S. and U.K. theaters. Weir Group Plc jumped after announcing the sales of its oil and gas division to Caterpillar Inc.

Here are some key events coming up:

The Reserve Bank of Australia is forecast to keep interest rates and its three-year yield target unchanged at 0.25% on TuesdayAlso Tuesday, Fed Chair Jerome Powell and ECB Chief Economist Philip Lane deliver keynote addresses at the NABE conferenceOn Wednesday, the minutes of the Sept. 15-16 meeting of the FOMC could be especially fruitful for Fed watchers, beginning with details of the debate on conditions necessary to trigger a rate increaseThe U.S. Vice Presidential debate takes place in Salt Lake City on WednesdayThough the final formal round of talks is over, the British government expects trade negotiations to continue up to the EU summit in mid-October.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index gained 0.4% as of 6:47 a.m. New York time.The Stoxx Europe 600 Index rose 0.6%.The MSCI Asia Pacific Index climbed 1.2%.The MSCI Emerging Market Index climbed 0.6%.

Currencies

The Bloomberg Dollar Spot Index fell 0.3% to 1,171.44.The euro climbed 0.3% to $1.1752.The British pound gained 0.1% to $1.2949.The Japanese yen weakened 0.3% to 105.64 per dollar.

Bonds

The yield on 10-year Treasuries climbed one basis point to 0.71%.The yield on two-year Treasuries was unchanged at 0.13%.Germany’s 10-year yield rose less than one basis point to -0.53%.Britain’s 10-year yield increased two basis points to 0.262%.

Commodities

West Texas Intermediate crude increased 4.4% to $38.63 a barrel.Gold was little changed at $1,899.70 an ounce.LME copper was little changed at $6,546 per metric ton.

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Source: – Yahoo Canada Finance

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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