The chance of getting a stimulus package before the November 3 election seems remote. House Speaker Nancy Pelosi said progress on a stimulus deal was “just about there” and said that the House still has time to vote on a stimulus bill before the election, but it depends on the administration making further compromises. She acknowledged that the Senate may not have time to act. “If we can get agreement, I think we can,” she said of bringing a bill to the House floor next week. “I can’t answer for the disarray on the Senate side.” White House economic adviser Larry Kudlow cautioned “significant policy differences” remained, which were unlikely to be resolved before the election.
Economic data revealed a continued struggle against the pandemic fall out in Europe. The flash eurozone composite purchasing managers index fell to 49.4 in October from 50.4 in September, falling just below the 50 mark that indicates deteriorating conditions. Several European countries have imposed restrictions and curfews on populations to curb the virus’ spread. On Thursday, French officials expanded a 9 p.m. to 6 p.m. local curfew across 38 regions. In an interview with Europe 1 radio on Friday, French Economy Minister Bruno Le Maire warned that the economy would contract in the fourth quarter. France, Germany and Spain have all posted record high daily rates for new COVID-19 infections this week, while hospitalizations have also increased, although they remain well below the spring peak.
*All times are in EST (GMT -5:00)
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