Newsletter Mar 20, 2024

Quick Six

Congress, White House set tentative deal to avert shutdown
Congressional negotiators and the White House have reached a crucial agreement on funding for the Department of Homeland Security (DHS), marking a significant step towards finalizing a bipartisan package to fund the government and avert a potential shutdown. Sources familiar with the discussions confirmed that the agreement, reached late Monday, addresses one of the key sticking points in the broader spending package, paving the way for progress after months of disagreement and shutdown threats.
SEE THE OTHER POINTS OF CONTENTION IN AGREEMENT

Latest Fed survey shows decreasing chances of recession
The CNBC Fed Survey is increasingly optimistic about the U.S. economy's ability to avoid a recession, with growing confidence in achieving a soft landing. Unlike previous surveys, analysts do not foresee a significant slowdown in growth over the next couple of years. This forecast suggests a potential downside: a reduced likelihood of Fed intervention, with expectations that officials will forecast fewer rate cuts in 2024 compared to previous estimates.
HOW ANALYSTS FORESEE THE US ECONOMY SHAPING UP

Ben & Jerry's owner Unilever to spin off ice cream division
British consumer goods giant Unilever announced Tuesday that it will separate its ice cream unit, whose top-selling products include Ben & Jerry's and Magnum, as a standalone business. The company also unveiled a major overhaul which it said would "impact" around 7,500 mainly office-based jobs worldwide and save 800 million euros ($870 million) over the next three years.
SEE WHY UNILEVER IS HIGH ON SPINNING OFF ICE CREAM

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Markets

DJIA	39,110.76	0.83%
S&P 500	5,178.51	0.56%
Nasdaq Composite	16,166.79	0.39%
Japan: Nikkei 225	40,003.60	0.66%
UK: FTSE 100	7,738.30	0.20%
Crude Oil Futures	83.20	0.58%
Gold Futures	2,160.90	-0.16%
Yen	150.78	-0.05%
Euro	1.09	0.00%
* As of market close

Trump sues ABC News, Stephanopoulos

Former President Donald Trump has launched yet another legal battle against the media, this time targeting ABC News and anchor George Stephanopoulos for defamation. The lawsuit, filed late Monday in federal court in the Southern District of Florida, claims Stephanopoulos made false statements during an interview with Nancy Mace (R-S.C.) regarding Trump's alleged involvement in a rape case. Stephanopoulos pressed Mace on her continued support for Trump despite the jury's verdict against him, leading to a heated exchange -- and now a lawsuit.

WHY TRUMP CAN'T AFFORD THE $464M BOND IN NYC CIVIL SUIT

Nvidia expects no US-vs-China 'doomsday'

Nvidia chief Jensen Huang said Tuesday he does not expect a "doomsday scenario" but is readying for the worst over tension between China and the United States. The U.S. last year tightened export controls on technology from Nvidia and other chip companies to keep it out of the hands of the Chinese military. And anti-China sentiment seems a rare unifying theme in a politically divided US Congress, with legislation aimed at curbing Chinese-owned TikTok.

SEE HOW NVIDIA'S NEW SUPER CHIP COULD REVOLUTIONIZE AI

Hong Kong passes national security law

Hong Kong's legislature unanimously passed a new national security law on Tuesday, introducing penalties such as life imprisonment for crimes related to treason and insurrection, and up to 20 years' jail for the theft of state secrets. The law, which the U.S., Britain and the European Union have warned could further curtail freedoms in Hong Kong, was fast-tracked through the city's rubber-stamp legislature.

SEE HOW THE NEW LAW IS IN LINE WITH CHINESE LEGISLATION

Extra point

Why and when did the UK hand over control of Hong Kong to China?

Monday's answer: Mount Tambora in Indonesia is considered the world's deadliest volcanic eruption in recorded history, killing at least 71,000 and as many as 250,000 when it erupted on April 10, 1815.

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