European Economics Preview: Germany Ifo Business Confidence Data Due

PayPal Launches ‘Pay In 4’ Installments Credit Options

PayPal Holdings Inc. has launched a short-term installment offering “Pay in 4” for customers in the U.S, as part of its “Buy Now Pay Later” product suite. It will be available to consumers on qualifying purchases in early the fourth-quarter of 2020.

The “Pay in 4” option enables merchants and partners to get paid upfront while enabling customers to pay for purchases between $30 and $600 over a six-week period, PayPal said in a statement.

The company said Pay in 4 is included in the merchant’s existing PayPal pricing, so that merchants don’t pay any additional fees to enable it for their customers. Consumers pay no fees or interest, and payments are seamless with automatic re-payments. Pay in 4 will also appear in the customer’s PayPal wallet, so they can manage their payments in the PayPal app.

PayPal said it also offers several other financing options. PayPal Credit is the most commonly used buy now pay later service. It is a reusable line of credit with various promotional offers built in like 6 months special financing and Easy Payments, available in the U.S. and U.K.

PayPal provides PayPal Ratenzahlung and Paiement en 4X- installment products in the German and French markets. It also offers Pay After Delivery, a buy now, pay later offering in Australia, Canada, France, Germany, Spain, the Netherlands and UK.

N.J. Indoor Dining Can Resume Friday With 25% Capacity Limit

New Jersey indoor dining, closed for more than five months, can reopen starting Friday, Governor Phil Murphy said in a tweet.

Service will be limited to 25% capacity, with social distancing between tables. “Reopening responsibly will help us restore one of our state’s key industries while continuing to make progress against #COVID19,” he wrote.

Gyms, indoor dining and theaters will be the last to return after Murphy, in a step to slow the novel coronavirus’ spread, ordered nonessential businesses to close on March 21. Gyms can open starting Sept. 1, with restrictions. The governor made no mention Monday of movie and live theaters or other performance spaces.

In a Facebook post, the New Jersey Restaurant and Hospitality Association said it was awaiting the reopening guidance, and expected “some air ventilation restrictions.”

The governor has scheduled a 1 p.m. news conference. Almost 16,000 New Jersey deaths have a lab-confirmed or probable coronavirus link.

US STOCKS SNAPSHOT-S&P 500 hits record high at open for sixth straight session

Aug 31 (Reuters) – The S&P 500 hit a record high at the open on Monday for the sixth straight session, as bets on an economic revival due to prolonged central bank support put the index on course for its best August in decades.

The S&P 500 opened higher by 1.72 points, or 0.05%, at 3,509.73.

The Dow Jones Industrial Average fell 10.21 points, or 0.04%, at the open to 28,643.66 and the Nasdaq Composite gained 23.18 points, or 0.20%, to 11,718.81 at the opening bell. (Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta)

CANADA STOCKS-TSX set for fifth straight monthly gain on rebound hopes

Aug 31 (Reuters) – Canada’s main stock index eased at the open on Monday but was still set for its fifth straight month of gains amid historic global stimulus and optimism around a post-pandemic economic rebound.

* At 9:38 a.m. ET (1338 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 65.11 points, or 0.39%, at 16,640.68. (Reporting by Shashank Nayar in Bengaluru; Editing by Ramakrishnan M.)

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EARNINGS SUMMARY: Details of Highway Holdings Ltd Q1 Earnings Report

Below are the earnings highlights for Highway Holdings Ltd (HIHO):

-Earnings: -$0.22 million in Q1 vs. -$0.10 million in the same period last year.
-EPS: -$0.06 in Q1 vs. -$0.03 in the same period last year.
-Revenue: $2.06 million in Q1 vs. $2.85 million in the same period last year.

European Economics Preview: Germany Ifo Business Confidence Data Due

Business confidence and revised quarterly national accounts from Germany are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s revised GDP data for the second quarter. According to preliminary estimate, the economy contracted 10.1 percent sequentially versus a 2 percent fall in the first quarter.

In the meantime, Statistics Norway releases the second quarter GDP data. The mainland Norway is forecast to shrink 6.1 percent sequentially versus a 2.1 percent drop in the first quarter.

At 3.00 am ET, producer prices from Spain and industrial production from Austria are due.

Half an hour later, Statistics Sweden is set to issue producer prices for July. Prices had declined 3.8 percent on year in June.

At 4.00 am ET, Germany’s ifo business confidence survey results are due. Economists forecast the business climate indicator to rise to 92.2 in August from 90.5 in July.

In the meantime, unemployment data is due from Poland. The jobless rate is seen unchanged at 6.1 percent in July.

At 6.00 am ET, the Confederation of British Industry publishes Distributive Trades survey data for August. The retail sales balance is forecast to rise to 8 percent from 4 percent in July.

At 8.00 am ET, Hungary’s central bank is set to announce its interest rate decision. The bank is set to keep its key rate unchanged at 0.60 percent.