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Day: July 1, 2021

U.S. deficit will total $3 trillion in fiscal 2021, budget panel says

The federal government will be swimming in $3 trillion of red ink by the end of fiscal 2021, according to a Congressional Budget Office estimate released Thursday that swelled 33% from the last forecast. As a result of multiple stimulus measures aimed at combating the pandemic’s economic impact, Congress will run a budgetary shortfall this …

U.S. deficit will total $3 trillion in fiscal 2021, budget panel saysRead More

Robinhood has 18 million accounts with $80 billion in assets after rapid growth, IPO filing shows

Robinhood Markets filed for one of the most anticipated initial public offerings of the year on Thursday, revealing rapid growth resulting in 18 million retail clients and more than $80 billion in customer assets. Unlike many recent IPOs, Robinhood was profitable last year, generating a net income of $7.45 million on net revenue of $959 …

Robinhood has 18 million accounts with $80 billion in assets after rapid growth, IPO filing showsRead More

130 nations agree to support U.S. proposal for global minimum tax on corporations

U.S. Treasury Secretary Janet Yellen speaks during a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021. Justin Tallis | Reuters WASHINGTON – Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of …

130 nations agree to support U.S. proposal for global minimum tax on corporationsRead More

WTI Outlook: Oil Price Surges to Multi-Month High on Demand Optimism, Increased Output

WTI oil price surged above $76 per barrel on Thursday, hitting the highest since October 2018, supported by growing prospects of strengthening global demand, falling US inventories and OPEC+ decision to start gradually adding about 2 million barrels per day to the market in August – December period. Cartel’s decision to start easing output curbs …

WTI Outlook: Oil Price Surges to Multi-Month High on Demand Optimism, Increased OutputRead More

Weekly jobless claims total hits new pandemic-era low of 364,000

Initial filings for unemployment insurance fell sharply last week, indicating continued improvement in the U.S. jobs market, the Labor Department reported Thursday. First-time jobless claims totaled 364,000 for the week ended June 26, compared with the 390,000 Dow Jones estimate. That marked a new pandemic-era low and a decline of 51,000 from the previous week. …

Weekly jobless claims total hits new pandemic-era low of 364,000Read More