Newsletter Oct 18, 2023

Quick Six

House at a standstill after Jordan falls short of speaker vote
US lawmakers rejected hard-line conservative Jim Jordan's bid for speaker of the House of Representatives in the first round of voting Tuesday, entrenching a stalemate that has paralyzed Washington for two weeks. The House has been at a standstill since Republican speaker Kevin McCarthy was ousted by his own party on Oct. 3 -- unable to pass legislation to address a looming government shutdown or war in the Middle East. Jordan, who is backed by scandal-engulfed Donald Trump, was defeated by 20 Republicans who joined every Democrat to deny him the gavel.
WHAT'S NEXT FOR GOP IN SEARCH FOR HOUSE SPEAKER?

US retail sales show stronger than anticipated in September
US retail sales came in stronger than expected in September according to government data released Tuesday, supported partly by sales in the auto sector and at gasoline stations. Sales rose 0.7% last month in the world's biggest economy, reaching $704.9 billion, the Commerce Department said Tuesday. US consumption has been resilient despite higher interest rates, after the Fed embarked on an aggressive campaign to lower inflation last year.
HOW HOLIDAY SPENDING, FED DECISION WILL IMPACT Q4

Mixed results for BofA, Goldman Sachs on earnings reports
Bank of America's profit rose 10% in the third quarter from a year earlier, boosted by gains with higher interest rates. The second-largest U.S. bank posted a net income of $7.8 billion in the quarter ended in September, according to a statement released Tuesday. Revenue increased 3% to 25.2 billion. But it wasn't all good news for major banks as Goldman Sachs reported a 36% profit drop.
WHICH BANKS ARE SEEING BEST RESULTS IN EARNINGS?

You Might Like

Markets

DJIA	33,997.65	0.04%
S&P 500	4,373.20	-0.01%
Nasdaq Composite	13,533.75	-0.25%
Japan: Nikkei 225	32,040.29	1.20%
UK: FTSE 100	7,675.21	0.58%
Crude Oil Futures	88.01	1.56%
Gold Futures	1,937.40	0.09%
Yen	149.77	-0.03%
Euro	1.06	0.01%
* As of market close

Biden's Israel trip riskiest of his presidency

Joe Biden's visit to the Middle East on potentially the riskiest trip of his presidency, aiming to thread the needle between supporting Israel against Hamas, averting catastrophe in Gaza and preventing a regional war. Biden will fly into a war zone today for high-stakes talks with Israeli Prime Minister Benjamin Netanyahu, then head to Jordan for a four-way summit with regional leaders. The 80-year-old Biden's diplomatic drive will be one of the biggest risks of his long career in both political and security terms, and a test of US influence in a tinderbox region.

SEE THE HIGH STAKES BIDEN IS FACING AT HOME AND ABROAD

US tightens curbs on chip exports to China

The United States on Tuesday said it was tightening curbs on exports of state-of-the-art AI chips to China, sending the share price of Nvidia and other semiconductor companies plummeting on Wall Street. The measures are the latest chapter in the pro-US business policy started under former President Donald Trump's administration to limit Beijing's ability to gain too much ground and become a leading tech economy.

THE ROLE AI IS PLAYING IN TECH WAR BETWEEN US AND CHINA

Rolls-Royce cutting 2,500 jobs in aviation

Rolls-Royce, the British manufacturer of aircraft engines, said Tuesday it plans to axe up to 2,500 jobs worldwide, or about 6% of its staff, to further slash costs. CEO Tufan Erginbilgic said the company was "building a Rolls-Royce that is fit for the future." In 2020, previous CEO Warren East had axed more than 9,000 jobs and launched a major divestment program to navigate COVID fallout in the aviation industry.

HOW ROLLS-ROYCE IS NAVIGATING THE AVIATION INDUSTRY

Extra point

What Rolls-Royce engine powered some of the allies' top World War II airplanes, including the Spitfire, the Hurricane, and the Mustang?

Tuesday's answer: Israel-based Teva Pharmaceuticals is the world's largest seller and distributor of branded and generic Adderall.

IBTimes will always protect your security and privacy. Please read our detailed Privacy Policy. Please do not reply to this email. Click here to adjust your notification preferences or unsubscribe.