Stock Markets Start a Big Week on an Upswing: Live Business Updates

Students in Peshawar, Pakistan, have their hands sanitized before entering class. Pakistan raised health care spending but cut support...


Credit…Fayaz Aziz/Reuters

Economists are expressing concern over how the World Bank and International Monetary Fund have failed to support less-affluent countries through the pandemic.

Despite promises this year by these two deep-pocketed organizations to help poorer countries through the pandemic, funds have been slow to materialize.

The World Bank has doubled its lending over the first seven months of 2020 compared with the same period last year, but it has been slow to distribute the money, according to research from the Center for Global Development. Of the $280 billion lent out by the I.M.F., only $11 billion has been sent to low-income countries.

Economists are warning that immense relief is required to prevent humanitarian catastrophes in poorer countries, and to ensure that the 60 percent of the world that is classified as an emerging market by the I.M.F. does not incur lasting damage.

If no serious steps are taken, the pandemic could push 150 million people into extreme poverty by next year, the World Bank has warned, the first increase in two decades.

“A lost decade of growth in large parts of the world remains a plausible prospect absent urgent, concerted and sustained policy response,” concluded a recent report from the Group of 30, a gathering of international finance experts.

You may have heard that Tuesday is Election Day in the United States. Here’s a look at the timing of results. (The New York Times will be hosting a live, four-hour broadcast of “The Daily” starting at 4 p.m. Eastern). Believe it or not, there are other things happening …

It’s another big week for corporate earnings, with a quarter of S&P 500 companies opening their books. Noteworthy reports include PayPal on Monday; Saudi Aramco on Tuesday; Qualcomm on Wednesday; Alibaba, AstraZeneca, General Motors and Uber on Thursday; and Marriott and Toyota on Friday. (Watch for unexpected announcements from companies looking to bury bad news amid the electoral distractions.)

On Thursday, economists expect the Federal Reserve to leave interest rates the same, but provide clues about the strength of the recovery. The same day, the Bank of England may introduce new stimulus measures as lockdown begins and Brexit (remember that?) looms.

Ant Group, which raised more than $34 billion in the biggest initial public offering on record, begins trading in Hong Kong on Thursday. (It’s not clear when trading will begin in Shanghai.) Based on the rush to buy shares in the Chinese fintech giant, it could be a frenzied first day.

The U.S. jobs report on Friday is expected to show a gain of 600,000 jobs in October, the fourth consecutive month of slowing growth in payrolls, which remain more than 10 million lower than before the pandemic.

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Newsrust: Stock Markets Start a Big Week on an Upswing: Live Business Updates
Stock Markets Start a Big Week on an Upswing: Live Business Updates
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