Kaohoon Morning Brief – 1 October 2021

1) Washington avoids shutdown after Biden signs a temporary funding bill

President Joe Biden signed a short-term funding bill that will prevent a shutdown of some federal operations and will keep it running through December 3, 2021. The bill was signed before the deadline at midnight on Thursday with several support from the Senate on this bill. Still, Washington is still facing another crisis with the coming default this month as the government fails to get a bill for raising the debt ceiling pass the Senate.

 

2) U.S. auto sales in 3Q to continue plunging on chip shortage

The U.S. auto industry is expected to report lower sales in the third quarter of 2021 as the shortage of microchips continues to disrupt the production of the auto industry. The market predicts a drop of 13% compared to 3Q20.

 

3) U.S. sees a slowdown in Covid-19 cases, but deaths remain high

The United States had administered 392,909,995 doses of COVID-19 vaccines in the country as of Thursday, according to the U.S. Centers for Disease Control and Prevention. Currently, the Pfizer-BioNTech COVID-19 Vaccine is the only vaccine that gets an approval from the U.S. FDA. The U.S. reports a 7-day average of 112,798 new Covid-19 cases and nearly 1,990 deaths for a 7-day average.

 

4) OPEC+ is rumored to go beyond existing output

OPEC+ is expecting to add more production output than the existing 400,000 barrels per day (bpd) in the meeting next week, reported Reuters, citing the source. The meeting will be held virtually on October 4, 2021.