Government shutdown could cost $1.9B per day

Market Overview
Read time 1.1 minutes

Year To Date Performances:

1. As the threat of a government shutdown looms, potentially costing an alarming $1.9 billion daily, House Speaker Kevin McCarthy is setting bold conditions for President Joe Biden. Drawing confidence from past victories over Biden regarding long-term spending reductions, McCarthy is pushing for a restart on Trump's border wall construction, stricter asylum and immigration regulations, a halt in aid to Ukraine, and additional federal spending slashes. All these demands come in return for just a brief respite in government operations. With seemingly limited leverage, McCarthy's audacious demands challenge the Biden administration.

2. From a towering $42 billion fortune in 2017 to a mere $1.8 billion today, billionaire Hui Ka Yan's dramatic fall is punctuated by his reported police surveillance and the crippling debt of his company, Evergrande Group. Amid this financial turmoil, key creditor meetings have been abruptly cancelled. To add to the woes, various Evergrande staff and former executives face detention. The tenuous fate of this once-mighty conglomerate hangs in the balance. This is vital news for the Chinese economy as Yan is a key person in the Chinese real estate market, and his company is one of the largest real estate holders in China.

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4. Headlines

   1. Peleton has announced a partnership with Lululemon, as Lululemon also announced it will be closing mirror.

   2. SpaceX has won the Space Force contract to provide satellite communications for the US military.

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