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Michael Michaud is the founder of Invest2Success.com (http://www.invest2success.com/) and the Invest2Success Blog (http://invest2success.blogspot.com/). He has been investing and trading in the financial markets since 1989. He founded Invest2Success.com to empower individual institutional... More
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  • White House Rejects Latest Republican Offer To End Shutdown 0 comments
    Oct 2, 2013 4:37 AM

    Euro trade stable at 1.35 level ahead of US ADP jobs.

    Asian stocks outside Japan rose as investors speculated economic effects would be limited from the first partial U.S. government shutdown in 17 years. Japan's Nikkei -2.17%, Hong Kong's Hang Seng 0.81%(07:00 GMT), Korea's Kospi 0.17%, Australia's ASX 200 0.03% and China's Shanghai 0.68%.

    Registered unemployment in Spain has increased by 25,572 people in September , bringing the total number of unemployed in 4,724,355 people. It is the best performance of registered unemployed in September since 2007 and 10,000 improved the mean change in the months of September the entire series. In September 2012 unemployment rose to 79 645 unemployed in relation to the previous month. So far this year, the registered unemployment has fallen by 124,368 people , representing the largest cumulative decline since 2006.

    White House rejects latest Republican offer to end shutdown.

    In an extended shutdown in US, most of the federal workforce would go without pay, but the checks would keep coming to the 533 current members of Congress. "That is disgraceful in my view," said freshman Rep. Tulsi Gabbard, D-Hawaii, told CNN. "Basically the only people who get paid in a shutdown are members of Congress and that is irresponsible." Closing down parts of the government will cost the U.S. at least $300 million a day in lost economic output at the start, according to IHS Inc., with effects increasing if a prolonged impasse dents consumer and business confidence.

    Fitch, warned Tuesday that failure by U.S. Congress to raise the debt ceiling in a "timely" manner could prompt a lowering of the country's score.

    Australia's dollar retreated from a one-week high versus its U.S. peer after reports today showed the nation had a bigger-than-expected trade deficit in August and building approvals climbed less than economists forecast.

    RBA Governor Glenn Stevens held the bank's benchmark at a record-low 2.5 percent, saying earlier cuts are still filtering through the economy.

    The Aussie slid against most of its 16 major counterparts, reversing gains from yesterday after the RBA rates decision.

    Australia's 10-year government bond yield was unchanged at 3.94 percent after earlier reaching 4 percent.

    The trade deficit in Australia was A$815 million in August from a revised A$1.38 billion the previous month.

    New Zealand's kiwi weakened for a second day versus the greenback after John McDermott, assistant governor and head of economics at the nation's central bank, said the neutral interest rate appears to have fallen, reflecting weaker productivity growth.

    Watch today: UK construction, US ADP jobs.

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