Today’s Digital Newspaper MARKET FOCUS
The ADP report comes after JOLTS data released Tuesday registered a surprising surge in job openings, prompting market concerns that Fed officials' warning of keeping rates higher longer is rising as a likelihood.— Downward revisions in monthly jobs report dishearten Wall Street traders.
The Moores argue that taxing unrealized gains violates the Commerce Clause of the U.S. Constitution. Despite uncertainties in the U.S. economy and higher interest rates, stable to rising land values and land rental rates indicate the sector's overall strength, Cowley noted. Cropland values have surged by 33% since 2020, reaching a national average of $5,460 per acre this year, as reported by the USDA.
— Argentina's soy crushers face crisis as drought halves soybean crop. Argentina's soybean processing industry is grappling with a looming crisis as a historic drought has severely reduced the soybean crop. Reuters cites the head of the country's grains export chamber, CIARA-CEC, saying Argentina's soybean processing plants are running low on soybeans, leaving more than two-thirds of their capacity idle.
RUSSIA/UKRAINE — Russia may ease ban on diesel exports soon. The Russian government is ready to ease a ban on diesel exports in coming days, the daily Kommersant reported, citing unnamed sources, while Deputy Prime Minister Alexander Novak said the restrictions were working.
— Ukraine likely to reduce 2024 winter wheat planting amidst drought concerns. Ukraine's Agriculture Minister, Mykola Solsky, indicated that the country is expected to plan a smaller area for winter wheat cultivation in 2024 than initially projected due to widespread drought conditions. Solsky emphasized that the dry and sunny weather is acting as a hindrance to the sowing season.
— China's pledged reduction in global coal supply chains faces delays amid economic and geopolitical considerations. China's commitment to scaling back its involvement in global coal supply chains may encounter delays, as the country continues to pursue coal-related projects in various regions, the Wall Street Journal reports. This includes reviving plans for a coal plant in Gwadar, Pakistan, a city central to China's economic corridor development efforts.
Meanwhile, Walmart shoppers seem to be buying less food as the use of drugs for weight loss ramps up. Walmart U.S. CEO John Furner said there is"a slight pullback in overall basket" in terms of items bought and the calories in them, although it's too early to tell how much impact the drugs will have. Walmart is tracking sales patterns using anonymized shopper data to look at the purchasing changes among those taking GLP-1 agonists and those who aren't.
The ongoing process has raised the possibility that the selection of a new Speaker may extend over several weeks, according to Rep. Garret Graves ."The conference is not going to be able to quickly coalesce,” said Graves, a McCarthy ally."If there is a shutdown in November, that is 100% attributable to Matt Gaetz and the other 7 boneheads who forced this,” Graves said.
— Congress preaches spending cuts while allowing its own budget to explode by 38% since 2014. While many lawmakers have preached for years the need for federal spending cuts, the amount of taxpayer money that Congress spends on its own operations has swelled 38% since FY 2014 from $4.3 billion to $6.9 billion this year, according to a Just the News review of Congressional Research Service reports on annual federal budgets.
Details: Homeland Security Secretary Alejandro Mayorkas said Wednesday that the U.S. has an"acute and immediate need” to build border wall in southern Texas, and he issued an order waiving some of the country’s most iconic environmental protection laws to speed up construction. Mayorkas identified dozens of miles of border where he plans to build barriers and roads and where he indicated that those environmental laws would be a hindrance.
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