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REFINITIV
 
 
 
WEDNESDAY, OCTOBER 14, 2020
 
 

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


COMING UP IN U.S. 
Goldman Sachs Group Inc reports its third-quarter earnings and it is expected to have seen a sharp rise in trading revenues due to market volatility. The bank may update plans to grow its consumer and wealth management businesses.

• Bank of America Corp is expected to take a hit to profit in the third quarter as near-zero interest rates and sluggish loan demand take a toll on the second-largest U.S. bank's bottom line. Investors and analysts will be listening in for updates on the bank's investing and expense strategy to help the bank ride out the storm. 

• Wells Fargo & Co, one of the largest U.S. consumer banks, will report third-quarter earnings and give insights into how its customers are spending or saving during the pandemic. Without a significant trading operation like its Wall Street peers, Wells Fargo has been harder hit with low interest rates and a slowdown in lending demand.

PROMOTION
LIVECHAT – REUTERS GLOBAL MARKETS FORUM
Glen Hubbard, former chairman of the Council of Economic Advisers under George W. Bush, currently Dean Emeritus and Professor of Finance and Economics at Columbia Business School, discusses the recovery of the global economy from the impact of coronavirus, the long term impacts of the pandemic and the unprecedented fiscal and monetary policy responses and the business and economic policy landscape after the U.S. election. (1100 ET/1500 GMT)  To join the conversation, click here 


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U.S. TOP NEWS
JPMorgan executives offer slightly brighter view on pandemic recession
JPMorgan executives are cautiously optimistic that the coronavirus pandemic will not send the economy into the worst possible tailspin, and feel confident enough in the bank’s financial position to start repurchasing shares again soon if regulators allow. 


• J&J says review of illness that led to coronavirus vaccine trial pause could take days 
Johnson & Johnson said it would take at least a few days for an independent safety panel to evaluate an unexplained illness of a study participant that led to a pause in the company's COVID-19 vaccine trial. 


• Apple enters 5G race with new iPhone 12s from 'Mini' to 'Pro Max' 
Apple launched four versions of the iPhone 12 with faster 5G connectivity, starting at $699, which the Cupertino, California company hopes will spur a wave of upgrades and keep its sales booming through the end of the year.​


 EU wins tariff clearance on $4 billion of U.S. imports in Boeing case 
The European Union won the right to impose tariffs on $4 billion of U.S. goods in retaliation against subsidies for planemaker Boeing, deepening a record trade spat that has already prompted Washington to slap duties on EU imports. 


• Citigroup's Corbat faces tense analyst questions as he approaches exit 
Citigroup's outgoing chief executive came under fire for mistakes that have led to regulatory penalties during a conference call to discuss quarterly results, with analysts questioning his pay and why he is not leaving immediately.​


To read more top news, click here


MARKET RECAP AT 4 pm ET

The Dow and the S&P 500 fell, triggered by a pause in Johnson & Johnson's COVID-19 vaccine trial which weighed on market sentiment. Treasury yields slipped as hopes of a fiscal stimulus package dimmed. The dollar index jumped, while gold fell below $1,900 an ounce. Oil prices rebounded aided by strong economic data from China. 

To read more on markets, click here


COMING UP IN CANADA
Timothy Lane, Deputy Governor of the Bank of Canada, is scheduled to speak on a panel on Central Bank digital currency and the private sector. ​


CANADA TOP NEWS
Canada to review Moderna's COVID-19 vaccine candidate in real time
Moderna said Canada's health ministry will review its experimental COVID-19 vaccine in real time, becoming the third vaccine maker to be accepted by the country for the process that may speed up approval. 


• Transat shares climb on Air Canada's revised buyout deal
Shares in Canadian tour operator Transat jumped after Air Canada's revised offer raised optimism the deal once shaken by the COVID-19 pandemic could be completed.  


• Lundin Mining to meet Candelaria workers amid strike, union chief says
Canada's Lundin Mining will meet on Wednesday with the Mina union at its Candelaria copper deposit in Chile in a bid to resume talks to end a strike that began last week, the union's head said.  ​



INSIGHT AND ANALYSIS
• 'Blue wave' U.S. election expectations trigger green stocks frenzy
Growing expectations of a strong Democratic victory in U.S. elections have prompted investors to snap up renewable energy stocks, amplifying a recent rush seen after the European Union's fiscal splurge earmarked for green investments.


• As U.S. politics heats up, companies seek to avoid controversy
A record number of U.S. companies are either banning political spending or making sure they disclose it, as they seek to steer clear of controversy ahead of the Nov. 3 election, a new study has found.   


• How poor regions lose out because of U.S. census undercounts
Getting an accurate count of America’s population has proven difficult in the 2020 Census as the coronavirus pandemic has hampered voluntary responses and forced officials to scale back door-knocking efforts.  ​



WEALTH NEWS
• Used vehicles again lift U.S. consumer prices, but inflation cooling
U.S. consumer prices increased for a fourth straight month in September, with the cost of cars and trucks rising by the most since 1969, but inflation is slowing amid excess capacity in the economy as it gradually recovers from the COVID-19 recession.


• Fast take: U.S. consumer inflation muted, just don't buy a used car
U.S. consumers on balance paid only a little bit more for goods and services last month as supply chain disruptions that contributed to a bump up in inflation over the summer began to ease, a welcome respite for the millions who remain unemployed. 


• Desperate Americans hit by pandemic beg Congress, Trump to pass economic relief bill
Sylvia Padilla spent last Thursday checking food pantries in Lubbock, Texas for groceries to feed herself, her daughter and three-year-old grandson. Like many Americans, Padilla is barely getting by and says she desperately needs government help.  


• OPEC cuts 2021 oil demand forecast again as virus cases rise
World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said, adding to headwinds faced by the group and its allies in balancing the market.


• U.S. consumers more optimistic about labor market, Fed survey finds
Consumers became slightly less worried about losing their jobs and more optimistic about their earnings, though the effects of the economic crisis caused by the coronavirus pandemic lingered, according to a survey by the New York Federal Reserve.​


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


CHART OF THE DAY

 
 
 
 
 
 
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