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REFINITIV
 
 
 
TUESDAY, OCTOBER 13, 2020
 
 

For the full report including more on Top News, Analysis and Insight, click here

COMING UP 
Apple Inc is expected to unveil the iPhone 12, with speculation the base model may be cheaper than last year's phone and have 5G connectivity. The invitation announcing the event began, "Hi, Speed."

• JPMorgan Chase & Co is expected to report a 25% drop in third-quarter profits from a year earlier as low interest rates and weak loan demand overshadow better capital markets results. Analysts will focus on how much loan losses are increasing during the pandemic recession.

• Citigroup Inc will report earnings for the third quarter for the first time since it announced its CEO was retiring in the new year. Analysts will be watching out for any change in strategy to help the bank continue growing profit in the low-interest rate environment.


PROMOTION 
LIVECHAT – REUTERS GLOBAL MARKETS FORUM
Mike Dolan, Reuters Editor-at-Large for Finance & Markets, takes a look at the major themes and key events to watch in the week ahead. (1000 ET/1400 GMT) To join the conversation, click here


To read more upcoming events, click here


U.S. TOP NEWS
Goldman Sachs financial targets jeopardized as pandemic slows revamp 
Goldman Sachs management is considering whether to scale back financial targets set earlier this year, as the coronavirus pandemic has hindered the bank's business model revamp, analysts and sources inside the bank told Reuters. 


• Opioid drug maker Mallinckrodt files for U.S. bankruptcy protection
Mallinckrodt filed for bankruptcy protection, saddled with lawsuits alleging it helped fuel the U.S. opioid epidemic. 


• Twilio to buy cloud customer data startup Segment for $3.2 billion 
Cloud communications platform provider Twilio said it would buy customer data platform Segment for $3.2 billion in an all-stock deal. 


• Abbott wins U.S. emergency use authorization for new COVID-19 antibody test
Abbott Laboratories said the U.S. Food and Drug Administration has issued an emergency use authorization for its lab-based COVID-19 antibody blood test. 


• Facebook's Libra must not start until properly regulated -G7 draft 
Financial leaders of the world's seven biggest economies will say on Tuesday that they oppose the launch of Facebook's Libra stablecoin until it is properly regulated, a draft G7 statement showed. 


To read more top news, click here


MARKET RECAP AT 4 pm ET

Wall street surged on expectations of a coronavirus relief package and supported by tech stocks. The dollar was flat, while gold dipped. Oil prices fell as U.S., Libyan and Norwegian supplies resumed.​

To read more on markets, click here


INSIGHT AND ANALYSIS

 FOCUS-As globe gallops into vaccine trials, insurers remain unfazed
The world is racing towards a vaccine in record time, stirring public concerns about safety to the extent that nine leading developers have felt compelled to issue a pledge to uphold scientific standards and testing rigour. Yet, while more than 40 experimental COVID-19 vaccines are being tested on humans, the insurance companies with decades of experience in assessing the risks of clinical trials don't see anything to be unduly concerned about. 


• New Apple 'iPhone 12' to offer 5G speeds U.S. networks can't deliver
5G will finally get its U.S. closeup with the expected debut of Apple's next iPhone. But the blazing speeds promised will not materialize for most people.


 FOCUS-Caterpillar bets on self-driving machines impervious to pandemics
Question: How can a company like Caterpillar try to counter a slump in sales of bulldozers and trucks during a pandemic that has made every human a potential disease vector? Answer: Cut out human operators, perhaps? Caterpillar's autonomous driving technology, which can be bolted on to existing machines, is helping the U.S. heavy equipment maker mitigate the heavy impact of the coronavirus crisis on sales of its traditional workhorses.



WEALTH NEWS
 Bag Santa and the elves? A holiday hiring slump takes shape
When the pandemic blew a hole in the U.S. labor market last spring, the hope was for a quick return to normal. It’s clear that hasn’t happened, and with the critical holiday shopping season approaching workers face a new drag on their prospects. Companies appear to be bringing on fewer seasonal workers. 


 A collapse of global tax talks could cost $100 billion, OECD says
The global economy could shed more than 1% of output if international talks to rewrite cross-border tax rules break down and trigger a trade war, the OECD said, after countries agreed to keep up negotiating to mid-2021.


 Stock lenders wince as hedge funds lose their shorts
Short selling has declined this year as hedge funds ditch bets against a relentless, stimulus-driven stock market rally, prompting a drop in income for asset managers and brokers involved in such trades.


 Investment strategy based on reducing risk faces its own challenge
A fund trading strategy that tracks hundreds of billions of dollars in assets and often gets blamed for exacerbating market selloffs is facing a challenge from the policy response to the pandemic. But fund managers said they are adapting, and new money is flowing in.


 Gaming platform Roblox confidentially files to go public
U.S. gaming platform Roblox Corporation said it has confidentially submitted paperwork with the Securities and Exchange Commission to go public.​


For the full report including more on Top News, Analysis and Insight, click here


CHART OF THE DAY

 
 
 
 
 
 
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