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The main economic news for Tuesday, Octoder 6:
1. SpaceX to manufacture satellites for USDOD
The U.S. Space Development Agency said on Monday that Elon Musk's SpaceX won a $ 149 million contract to build satellites to track missiles for the Pentagon as part of the company's first government contract to build satellites. SpaceX, known for its reusable rockets and capsules for astronauts, is ramping up production of satellites for Starlink - growing constellation of hundreds of Internet-transmitting satellites that executive director Elon Musk hopes will generate enough revenue to help fund SpaceX's interplanetary goals. Under the SDA contract, SpaceX will use its Starlink assembly plant in Redmond, Washington to build four satellites equipped with a wide-angle infrared missile-tracking sensor supplied by a subcontractor. L3 Harris Technologies Inc., received $ 193 million to build four more satellites. Both companies are expected to deliver satellites for launch by fall 2022.
2. US enterprise bankruptcy grew by a third YTD
U.S. commercial bankruptcy filings rose 33% this year, and new cases rose 78% in September from a year earlier, as the pandemic hit small businesses, according to data released on Monday. However, this year the number of applications from individuals has dropped thanks to the government's relief efforts. A monthly report from the law firm Epiq said there were 747 bankruptcy filings last month, up from 420 a year earlier and 525 in August. Just a year before the date, 5,529 applications were filed, a third more than in the first three quarters of 2019. In contrast, the number of nonprofit bankruptcies has been lower since the beginning of the year, largely because government bailout programs such as the CARES Act helped stave off a wave of individual bankruptcies.
3. Gold and WTI futures fell during Asian trading
Gold futures declined during Asian trading on Tuesday. On COMEX, a division of the New York Mercantile Exchange, gold futures for December delivery traded at $ 1,916.75 an ounce, down 0.17%. The minimum of the session was the USD per troy ounce. Gold is finding support at $ 1,890.00 and resistance at $ 1,924.90. The US Dollar Index Futures, which measures the US dollar against a basket of six major currencies, is down 0.10% to trade at $ 93.448. On the New York Mercantile Exchange, WTI crude oil futures for November delivery traded at $ 39.32 a barrel, down 0.25%. Brent crude for December delivery rose 0.34% to $ 41.43 a barrel, while the difference in price between the Brent and WTI crude oil contracts was $ 2.11 a barrel.
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