Global stocks up…Infrastructure bill could pass this week
SINGAPORE (AP) – Global stocks have started the week higher, even as China reports a slowdown in manufacturing activity and countries continue to be hammered by COVID-19’s delta variant. In early trading, France’s CAC 40 added 1% while Germany’s DAX gained 0.4%. Britain’s FTSE 100 rose 0.9%. In Asian trading, Tokyo’s Nikkei 225 closed 1.8% higher. The Kospi in Seoul rose 0.7%, while the Hang Seng in Hong Kong climbed 1.1%. The Shanghai Composite index added 2%. On Wall Street, S&P 500 futures are 0.6% higher and Dow futures are up 0.5%.
WASHINGTON (AP) – Senators will start offering amendments as soon as today to their $1 trillion bipartisan infrastructure bill. The Infrastructure Investment and Jobs Act includes new expenditures on roads, bridges, water pipes broadband and other projects, plus cyber security. Senate Majority Leader Chuck Schumer kept the senators in a rare weekend session to wrap up the work Sunday. He says the bill could be passed “in a matter of days.”
BOSTON (AP) – An uptick in eviction filings is expected today, now that the federal eviction moratorium lifted over the weekend. Housing advocates fear the end of the Centers for Disease Control and Prevention moratorium could result in millions of people being evicted in the coming weeks as the number of COVID-19 cases increase. The Biden administration announced Thursday that it would allow the nationwide eviction ban to expire, arguing that its hands were tied after the Supreme Court signaled the moratorium would only be extended until the end of the month.
UNDATED (AP) – Digital payments company Square Inc. says it has agreed to acquire Afterpay, which provides a “buy now, pay later” option for merchants, in an all-stock deal valued at about $29 billion. Square said Sunday it has agreed to buy all of the Australian company’s shares, and that the transaction’s estimated value is based on last Friday’s closing price of Square common stock. San Francisco-based Square, which processes credit card transactions via devices that plug into mobile devices like tablets or smartphones, plans to integrate Afterpay into its services.
BEIJING (AP) – Two surveys show China’s manufacturing growth in July slowed to its lowest level in 15 months as demand weakened and factories coped with disruptions in supplies of raw materials and components. A monthly purchasing managers’ index released by business magazine Caixin declined to 50.3 from June’s 51.3 on a 100-point scale on which numbers above 50 show activity increasing. A separate PMI issued by an industry group and the Chinese statistics agency fell to 50.4 from 50.9.