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The meeting promises to be more than complicated on Wall Street, in the wake of Asian and European markets. The Dow Jones is expected to decline 2% and the S&P 500 down 1.8%. The Nasdaq loses 1.7%! A barrel of WTI crude fell 2.5% to $ 70 and Brent 2.2% to $ 73.7. An ounce of gold grabs 0.4% at $ 1,759. The dollar index gained 0.2% against a basket of benchmark currencies. Bitcoin drops 9% over 24 hours to hit $ 43,000.

Concerns about the Delta variant persist, as do those about the dynamics of the supply chain. The risks of inflation still weigh heavily. In addition, markets are adopting a very cautious stance ahead of the Fed’s verdict, following its September 21-22 meeting. However, the official announcement of ‘tapering’, a reduction in the Fed’s bond asset purchases, is unlikely to come until the next meeting. Other factors are affecting the markets, such as the issue of raising the debt ceiling, US Treasury Secretary Janet Yellen being more and more pressing on the subject, and warning of the consequent risks if Congress delays too long. to act. Finally, the fall of the stock markets today is mainly triggered by the difficulties of Evergrande, which poses a systemic risk.

Evergrande fell another 10% today in Hong Kong after falling in session to the lowest since May 2010. Over one year, the price has plunged 85%. The value continues to plunge due to the risk of a default by the Chinese real estate group on its debts, estimated at nearly 300 billion dollars. The group, China’s number two in real estate, is struggling to sell assets and pay its suppliers. Bankruptcy could severely affect the Chinese financial system. The Hong Kong stock market lost 3.3% this morning. Evergrande would discuss with the banks to extend or postpone certain debt maturities. The People’s Bank of China is injecting liquidity to deal with …

On the budgetary front, it is still the uncertainty that persists in the United States. Axios reports, citing people familiar with the matter, that Senator Joe Manchin is calling for a ‘strategic pause’ on the Biden administration’s $ 3.5 trillion human and social infrastructure plan through 2022, so same that Democrats hope for a September 27 vote. Politico notes that progressives are considering the possibility of blocking the bipartisan infrastructure plan, unless they get assurances on the human infrastructure package. Moderates remain skeptical about the resolve of progressives. John Yarmuth, the chairman of the House of Representatives Budget Committee, told Fox News that the House is still planning a September 27 vote on the physical infrastructure plan.

On the Fed’s side, more explicit allusions to ‘tapering’ are therefore expected this week. The Financial Times recalls recent indications from Jerome Powell, Chairman of the Fed, about further substantial progress towards the inflation target and clear progress on the labor market. However, the formal announcement of tapering is now expected in November, due in particular to the Delta variant, and after a recent very mixed employment report. Bloomberg explains how the relentless Fed tapering debate is diverting attention from fiscal headwinds through a waning stimulus, which is expected to have a much bigger impact on economic growth next year. President Biden’s $ 3.5 trillion spending plan (an amount likely significantly reduced) wouldn’t make much of a difference in 2022, given that it will be stretched out over years and funded in part by tax increases.

While the Fed must decide on the timing of the reduction in asset purchases, fiscal policy has already started to act as a drag. The economic impact of federal, state and local taxes and spending would have turned negative in the second quarter and remain so until 2023. The debt ceiling also remains a problem. Yellen argued in the Wall Street Journal that another hike in the cap was crucial to avert widespread economic catastrophe.

In economic news in the United States today, the National Association of Home Builders’ US real estate market index for the month of September 2021 will be released at 4 p.m. (consensus 75, stable compared to the previous month).

As for businesses on Wall Street, real estate developer Lennar publishes its latest quarterly results after market close.

The United States is negotiating with Pfizer for 500 million additional doses of the anti-covid vaccine designed with BioNTech, intended for donations around the world. At least that’s what Bloomberg sources report.

Pfizer has also just announced that its anti-covid vaccine designed with BioNTech would produce a strong immune response in 5 to 11 year olds. The group should apply for authorization for use on this age group as soon as possible in the US, Europe and other parts of the world.

CVS Health, an American pharmacy chain, has announced that it will recruit 25,000 people before the flu season, and as the United States prepares to launch booster vaccinations against Covid-19.

The Indian Competition Commission believes that Google (Alphabet) is abusing its dominant position with its Android operating system, Reuters reports. The Indian ICC points out that Google is affecting competition with its enormous financial leverage, weighing on the ability of device designers to develop and sell products operating on alternative versions of Android.

The National Transportation Safety Board asks Tesla to resolve the safety deficiencies before deploying the update of its driver assistance software, understands the Wall Street Journal, which quotes the patron of the American safety council of transport, Jennifer Homendy. The latter attacks Tesla and deems the term ‘fully autonomous driving system’ adopted by the group to be misleading. Elon Musk defends himself and says that drivers will be tested before they have access to this improved feature allowing almost autonomous driving in the city.

Verizon has aligned itself with competing operators AT&T and T-Mobile by offering an offer that includes the iPhone 13 Pro for $ 999, Bloomberg said.

Amazon, the U.S. e-commerce giant, is adding more sponsored products to the top of its search results, causing leading consumer product brands to pay for these favorable placements, CNBC says.

Colgate-Palmolive, one of the American leaders in consumer products, benefits from a recommendation from Deutsche Bank, which judges that the market has missed out on the group’s takeover. The advice changes from ‘keep’ to ‘buy’.

Netflix, the video streaming giant, is gaining ground before market on Wall Street to the detriment of Walt Disney, following its success at the Emmy Awards, reflecting the complete change in the industrial landscape. The streaming platform notably won a major award with ‘The Crown’, awarded as the best drama series, and whose actors Josh O’Connor and Olivia Colman won the awards for ‘best actor’ and ‘best actress’ of drama series. ‘The Lady’s Game’ won for its part the title of best mini-series.

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