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five things to start your day

five things to start your day
Communist Party congress begins in China, Obamacare fix faces political hurdles, and the EU still doesn't know what the U.K. really wants.

Xi ambitions 

China’s President Xi Jinping’s three-hour speech to the twice-a-decade Communist Party gathering in Beijing laid out a sweeping vision to transform the country by 2050. He touched on foreign policy, environmental concerns, and the continuing anti-corruption push in the address.  When it came to markets, the president said the country would continue to open up to foreign businesses and seek to ensure “interest rates and exchange rates become more market-based.” China’s benchmark Shanghai Composite Index ended the session higher following a late rally that bore the hallmarks of an intervention by state funds. 

Obamacare hurdles

Just two weeks before Americans start signing up for 2018 coverage, senators say they have reached a bipartisan deal on fixes to stabilize Obamacare. Should the deal become law, it could alleviate the chaos for insurers following last week’s move to dismantle parts of the Affordable Care Act by the White House. That path to becoming law is far from certain as there is already outright hostility from many House Republicans and mixed signals from the Trump administration. 

Own worst enemy

European Union officials are expressing frustration with the U.K. on Brexit negotiations, saying the lack of consensus within the British government makes it hard to know what the latter wants. While ministers in Theresa May’s government have played down internal divisions, the European side see little room for progress at the leaders summit starting tomorrow. Data released this morning show U.K. unemployment remained at a 42-year low in the three months though August, while pay growth increased to 2.1 percent, well below inflation. 

Markets mixed

Overnight, the MSCI Asia Pacific Index was little changed, while Japan’s Topix index closed 0.1 percent higher. In Europe, the Stoxx 600 Index was 0.3 percent higher at 5:45 a.m. Eastern Time as investors keep track of earnings season. S&P 500 futures added 0.1 percent, the 10-year Treasury yield was at 2.334 percent, and gold was lower.

Bad deal

Rio Tinto Group Chief Executive Officer Tom Albanese and ex-Chief Financial Officer Guy Elliott face fraud charges filed by U.S. authorities in relation to the company’s $3.7 billion coal deal in Mozambique in 2011. Rio, which sold those assets for $50 million in 2014, says it “intends to vigorously defend itself against these allegations.” Shares in the company are trading 0.8 percent lower in London this morning as investors seem content to view the debacle as ancient history rather than brewing storm. 

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