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The UK Goes into Lockdown, Oil Prices Tank – Top 10 Global News

1. U.S. Futures Climb as Oil Touches Five-Month Low

Equity markets started Monday with gains as investors prepared for a crucial week spanning the U.S. election and a Federal Reserve meeting. Futures on the S&P 500 climbed 1% following last week’s sharp selloff. Equity benchmarks across Europe and Asia were also higher, and investors took comfort in data that showed strength in China’s economic expansion. The picture wasn’t uniform across markets. Oil prices touched a five-month low after Libya accelerated production and the U.K. joined other European countries in toughening travel restrictions. 

Futures on the S&P 500 Index increased 1% as of early morning New York time.

The Stoxx Europe 600 Index surged 1.4%.

The MSCI Asia Pacific Index jumped 1.1%.

The MSCI Emerging Market Index increased 0.8%.

2. UK Locks Down as COVID-19 cases pass 10 lakhs

Prime Minister Boris Johnson ordered England back into a national lockdown after the United Kingdom passed the milestone of one million COVID-19 cases and the second wave of infections threatened to overwhelm the health service. The UK, which has the biggest official death toll in Europe from COVID-19, is grappling with more than 20,000 new coronavirus cases a day and scientists have warned the “worst case” scenario of 80,000 dead could be exceeded. In some of the strictest restrictions in the UK’s peacetime history, people will only be allowed to leave home for specific reasons such as education, work, exercise, shopping for essentials and medicines or caring for the vulnerable. Essential shops, schools, and universities will remain open, Johnson said, and while elite sports will continue, amateur sports for adults and children will be asked to stop. Pubs and restaurants will be shut apart from for takeaways. All non-essential retail will close.

3. Ant Group Trades over 50% Premium in Hong Kong Grey Market

Institutional investors are buying Ant Group Co.’s shares at a 50% premium, signalling the Chinese fintech giant is poised to soar in its debut this week following the world’s largest initial public offering. Billionaire Jack Ma’s Ant IPO has become the most anticipated in years, attracting at least $3 trillion in orders for its dual listing in Hong Kong and Shanghai ahead of its trading debut on Nov. 5. The stampede for shares is fueling predictions of a first-day pop, even as skeptics warn of risks including the U.S. election, tightening regulations in China and rising Covid-19 infections worldwide.

4. Strong China factory data show domestic demand driving recovery

China’s manufacturing activity kept up its steady expansion from a deep slump caused by the coronavirus pandemic. The main reason for the growth has been domestic demand as Chinese people spent on travel, leisure and shopping for consumer goods, helped by a long public holiday in October. But export activity remains weak, with analysts saying the continuing coronavirus pandemic in China’s main overseas markets of the United States and Europe is likely to suppress demand there for some time. The latest figure was the highest since January 2011. It had plunged to a historic low in March as most of China’s economy shut down to control the spread of the coronavirus.

5. Ryanair posts first summer loss in decades; cuts winter forecasts

Ireland’s Ryanair posted a loss for its key summer period for the first time in decades on Monday and said it may have to cut capacity further this winter as the second wave of COVID-19 infections sparks fresh lockdowns across Europe. Europe’s largest low-cost airline said COVID-19 restrictions pushed passenger numbers down 80% in the six months to Sept. 30, when it typically makes most of its annual profit. The airline, whose chief executive Michael O’Leary in September described the upcoming winter as a “write-off”, declined to forecast profit for the full financial year ending March 31, but said it expected a second-half loss greater than the first. Ryanair reaffirmed plans to fly 3.8 crore passengers this financial year compared with the 15 crore of the same period last year.

6. Italy Considers National Curfew: Government Still Divided

Italy’s government is opting for targeted regional restrictions amid the latest surge in Covid-19 cases, in a bid to avoid a new nationwide lockdown. Regions with the highest transmission levels will be subject to tougher curbs under a new three-tiered system, Prime Minister Giuseppe Conte said Monday. These will come on top of new nationwide measures including a night-time curfew. The newest plan includes shutting down museums across the country and closing shopping malls on weekends. The government will also impose movement restrictions to and from the hardest-hit regions.

7. China Issues Fresh Warning to U.S. in Spat Over Journalist Visas

China issued a new warning to the U.S. over journalist visas, after accusing the Trump administration of giving Chinese media staff new travel documents that would expire in a matter of days. Some Chinese journalists in the U.S. were notified last week that their long-delayed visa applications had been approved, Foreign Ministry spokesman Wang Wenbin told a regular briefing Monday in Beijing. China had expressed its concerns and demands through diplomatic channels made clear that it would take “firm countermeasures” should Washington continue with its “political persecution and suppression against Chinese journalists,” he said.

8. Hong Kong’s Retail Weakness Persisted in September

Hong Kong retailers continued to struggle in September even as other sectors in the economy, notably exports, started showing stronger signs of recovery. Retail sales by value fell 12.9% from a year earlier, according to a government report. The business environment of the retail trade will remain challenging in the near term, as inbound tourism is unlikely to see a swift rebound and the labour market is still under pressure. Sales across most categories continued to drop, led by purchases of food and alcoholic drinks, jewellery and electrical goods. Supermarket sales rose, along with department stores, motor vehicles, furniture, books and newspapers.

9. Xinjiang Covid Outbreak Is China’s Biggest Since Summer

A testing blitz in China’s far west region of Xinjiang uncovered the country’s worst Covid-19 outbreak since the summer, even as authorities said all infections have been found. Authorities in the region — the epicentre of Beijing’s crackdown on ethnic Muslim Uighurs — reported six new so-called asymptomatic infections on Monday. Xinjiang’s tally since the outbreak began with the detection stands at 57 infections and 223 asymptomatic cases, Xinjiang’s health commission reported. Nine people are in “severe condition,” authorities said. The new cases emerged after China tested millions of people across the region last week. 

10. World’s Top Hedge Fund Soars 275% With Bets on China Schools

Between January and September, QQQ Capital Management posted gains of 275%, making it the top hedge fund in the world, according to Eurekahedge data. QQQ says assets under management rose to about $1 billion last month, with most of the money coming from Qian, its founder. The gains have come with concentration risks that many fund managers would balk at: QQQ has more than a third of its assets invested in Chinese education companies. While those stocks had soared this year, they’ve been hit with concerns about regulatory crackdowns and allegations of accounting fraud, and one has plunged in recent weeks amid downgrades from analysts.

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Eurozone GDP posts Highest-Ever Quarterly Rise – Top 10 Global News

1. U.S. Stocks Slump After Tech Earnings Underwhelm

U.S. stocks slumped after earnings from the biggest tech companies disappointed investors concerned a slowing economy will damp profit. The Nasdaq 100 led losses among major U.S. stock gauges. In Europe, equities were mixed. Tech stocks also faltered. The tech slump, coming after an unprecedented run higher this year, is adding to volatility that’s likely to remain elevated heading into next week’s U.S. election. Global equities are on course for the worst weekly decline since March as lockdown measures in some countries and the lack of an agreement on U.S. stimulus dent sentiment.

The S&P 500 Index decreased 0.7% as of early morning New York time.

The Nasdaq 100 Index dropped 1.4%.

The Stoxx Europe 600 Index was little changed.

The MSCI Asia Pacific Index sank 1.5%.

2. Eurozone GDP up 12.7% in Q3, biggest-ever quarterly rise

Eurozone output soared by 12.7% in the third quarter, its sharpest recorded increase, as the bloc bounced back from the depths of the coronavirus lockdown, the EU’s statistics agency Eurostat said Friday. But, despite the rebound, total gross domestic product in the 19-country zone is still 4.3% down on the third quarter of 2019, while unemployment numbers for September and the inflation estimate for October remained flat.

3. U.S. Tech Giants – Apple, Facebook, Amazon – beat expectations

Apple beats expectations, but shares slip after the company reported iPhone sales that missed Wall Street estimates and a slump in revenue from China. Sales of Macs and Services reached all-time highs in this quarter. 

Facebook beats revenue estimates by $1.6bn. Facebook’s monthly active users rose to 2.74 billion, but the company warned of a tougher 2021.
Amazon.com on Thursday reported record profits for the second quarter in a row and forecast a jump in holiday sales, as consumers continued to shop more online during the novel coronavirus pandemic.

4. Hong Kong Economy Shows First Signs of Revival Since Protests Began

Hong Kong’s economy showed the first signs of emerging from a crippling recession sparked by political unrest last year and deepened by the global pandemic. GDP declined 3.4% in the third quarter from a year earlier, which was better than the median estimate of a 5.6% contraction. On a quarter-on-quarter basis, GDP rose 3%. This marks the first time the quarter-on-quarter measure has risen since before the start of anti-government protests last year, as a third wave of virus infections subsided last month.

5. Singapore Overtakes Thailand to Become Asia’s Worst Stock Market

Singapore stocks took a beating this week amid the twin uncertainties of the U.S. election and the worsening pandemic in the West, overtaking Thailand to become Asia’s worst equity market this year, taking the 2020 decline so far to 25%, compared with a fractionally smaller loss for Thailand’s SET index. The city-state’s index, which relies heavily on exports, is down about 4.3% this week, among Asia’s worst performances. A recovery in the Southeast Asian nation’s stocks from the market plunge triggered by the pandemic has been hampered by the economy’s integration with global trade and supply chains, and a lack of technology shares in the index. More than 80% of Singapore’s benchmark is made up of cyclical equities — the most among regional peers.

6. German economy will shrink 5.5% this year

Europe’s largest economy will likely shrink by 5.5% this year, the German Economy Ministry said on Friday, before expanding by 4.4% in 2021. The German economy has taken a thrashing from the coronavirus pandemic this year and a circuit-breaker lockdown is due to come into effect nationwide on Monday in a bid to curb a surge in infections. The ministry’s new 2020 forecast would still mean Germany is in one of the worst recessions of the post-World War Two era this year but means it is not faring as badly as during the 2009 global financial crisis.

7. U.K. Accelerates Reviews of Pfizer and Astra-Oxford Vaccines

The U.K.’s drug regulator has started accelerated reviews of Covid-19 vaccines under development from Pfizer and AstraZeneca as Britain gets ready to approve the first successful shot as quickly as possible. The U.K. Medicines and Healthcare Products Regulatory Agency started a so-called rolling review of the Pfizer vaccine in recent weeks. The agency is also conducting an expedited review of Astra’s vaccine, which the company is co-developing with the University of Oxford. Rolling reviews allow regulators to see clinical data in real time and have discussions with companies about ongoing trials and manufacturing processes so that approvals can be granted more quickly.

8. Exxon Mobil to lay off 1,900 US employees

Exxon Mobil Corp said on Thursday it will lay off about 1,900 employees in the United States as the COVID-19 pandemic batters energy demand and prices. Exxon was once the largest US publicly-traded company but has been cutting costs due to a collapse in oil demand and ill-timed bets on new oil-fields and expansions. It has promised to shed more than $10bn this year in project spending and cut operating expenses by 15%. The company lost nearly $1.7bn in the first six months of the year and is expected to post another quarterly loss on Friday. Exxon said the job cuts, part of a global reorganisation, will come mainly from its Houston, Texas office and will include voluntary and involuntary cuts.

9. Air France-KLM warns of bigger losses amid lockdowns

Air France-KLM unveiled a $1.24 billion (INR 9200 cr) quarterly operating loss and warned of worse to come as a resurgent coronavirus brings new travel curbs. The Franco-Dutch airline group reported a 67% drop in Q3 revenue, as France returned to full lockdown for at least a month. New COVID-19 outbreaks pose a threat to network airlines already weakened by the crisis and long-haul travel collapse. 

10. Japan Airlines forecasts over $2.3 billion annual net loss as pandemic grounds air travel

Japan Airlines said it had forecast an annual net loss of more than $2.3 billion (INR 17,100 cr) after the coronavirus pandemic grounded air travel around the world. The air carrier is Japan’s second-largest by market share. It did not issue annual forecasts when it published first-quarter earnings in August, citing deep uncertainty surrounding the pandemic. The company reported a 74% reduction in sales and plans to slash 3,500 jobs through a hiring freeze, while also deciding to stop hiring for next year.

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U.S. economy rebounds with 33% growth in Q3 – Top10 Global News

1. U.S. Stocks Push Higher; Oil Tumbles on Virus Concerns

U.S. stocks rose a day after their biggest fall in four months, with investors encouraged by better-than-forecast GDP data even as they kept a wary eye on growing coronavirus infections. Oil plunged for a second day on concern lockdowns will sap demand. Automakers led the S&P 500 Index higher after reports showed record growth in the third quarter and a decline in weekly jobless claims. The tech-heavy Nasdaq 100 outperformed ahead of earnings reports from Apple, Amazon, Alphabet and Facebook due after the close. In Europe, stocks erased most of their losses after European Central Bank President Christine Lagarde said officials could look at new instruments for supporting the economy when they meet in December.

The S&P 500 Index rose 0.8% as of early morning New York time.

The Nasdaq 100 Index increased 1.5%.

The Stoxx Europe 600 Index rose 0.2%.

The MSCI Asia Pacific Index decreased 0.2%.

2. US economy turns in record Q3 growth, but the crisis is not over

The United States economy grew at its fastest pace on record in the third quarter, rebounding at an annual rate of 33.1%. The blockbuster reading follows on from a record-shattering 31.4% contraction in the Q2 and a -5% hit in Q1– when the economy officially entered recession in February.The balance signals that though the economy is crawling out of the deep hole dug by COVID-19 it still has a way to go to recapture its pre-pandemic strength. Moreover, some sectors of the economy are recovering faster than others and those disparities are rippling through the fabric of American society in the form of deepening inequalities. Those with a job and assets like stock portfolios and homes are doing well, while those who are jobless or own a business ravaged by virus restrictions are falling further behind. Racial wealth and income disparities are widening.  Women are dropping out of the workforce at an alarming rate as the demands of jobs and looking after children learning remotely force tough choices on parents.

3. Three killed in ‘terrorist attack’ on French church

An attacker armed with a knife killed three people inside a church Thursday in the Mediterranean city of Nice, prompting the country to raise its security alert status to the highest level. It was the third attack in two months in France that authorities have attributed to Muslim extremists, including the beheading of a teacher. It comes amid a growing furor over caricatures of the Prophet Muhammad that were republished by the satirical newspaper Charlie Hebdo — renewing vociferous debate in France and the Muslim world over the depictions that Muslims consider offensive but are protected by French free speech laws.

4. China aims for sustained, healthy growth in the five years to 2025

President Xi Jinping and members of the Central Committee, the largest of the ruling party’s elite decision-making bodies, met behind closed doors this week to lay out the 14th five-year plan, a blueprint for economic and social development. China’s external environment “is getting more complicated”, the state news agency said, adding, “There is a significant increase in instabilities and uncertainties.” However, the country’s development was still in a period of important strategic opportunities, despite new challenges, it said. It added that China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to cross $15 trillion by the end of 2020. China will also deepen reforms and let market forces play a decisive role in resources allocation.

5. Germany Imposes Toughest Restrictions Since Lockdown

Chancellor Angela Merkel will impose the toughest restrictions on Germany since a national lockdown earlier this year, closing bars and restaurants in Europe’s largest economy to regain control of the rapid spread of the coronavirus. The one-month partial shutdown, which will go into effect on Monday, is designed to keep most businesses operating. Officials will discuss again in two weeks to assess the impact of the measures. With the public weary of pandemic measures and protests increasing, the government sought to ease pressure by making available up to $11.7 billion (INR 88,600 cr) in aid for companies affected by the measures, including reimbursing as much as 75% of lost sales in November.

6. China Marks Another Step in Virus Rebound With Singapore Opening

Singapore will lift border restrictions on visitors from mainland China from Nov. 6, a further reminder that the nation where the coronavirus outbreak first began is firmly on the road to recovery as the pandemic rages elsewhere. Visitors will have to undergo a coronavirus PCR test upon arrival at Singapore’s Changi Airport. If the result is negative, they will be allowed to enter Singapore without having to serve a stay-home notice.

New cases in China have remained below 100 a day since mid-August, with travelers into the country subject to a mandatory 14-day quarantine. Masks and temperature checks are generally still required in public places.

7. Record 200 Days With No Local Case Makes Taiwan World’s Envy

While many countries around the world are hitting new highs in coronavirus cases, Taiwan has achieved a different kind of record — 200 days without a locally transmitted case. Taiwan holds the world’s best virus record by far and reached the new landmark on Thursday, even as the pathogen explodes anew in Europe and the U.S. Taiwan’s last local case came on April 12; there has been no second wave. What did this island of 23 million people do right? It has had 553 confirmed cases, with only seven deaths. Experts say closing borders early and tightly regulating travel have gone a long way toward fighting the virus. Other factors include rigorous contact tracing, technology-enforced quarantine and widespread mask wearing. Further, Taiwan’s deadly experience with SARS has scared people into compliance.

8. Central Banks Sell Gold for First Time in a Decade

Central banks became gold sellers for the first time since 2010 as some producing nations exploited near-record prices to soften the blow from the coronavirus pandemic. Net sales totaled 12.1 tons of gold bullion in the third quarter, compared with purchases of 141.9 tons a year earlier, according to a report by the World Gold Council. Selling was driven by Uzbekistan and Turkey, while Russia’s central bank posted its first quarterly sale in 13 years, the WGC said. 

9. Asian stocks extend global market sell-off as virus cases surge

Asian share markets fell on Thursday but not as sharply as Wall Street’s sell-off overnight, while oil bounced off lows and US stock futures jumped, as Asia’s brighter economic outlook offset investor worries about fresh COVID-19 lockdowns in Europe. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1 percent. Japan’s Nikkei fell 0.8 percent and drops in Hong Kong, Sydney, Shanghai and Seoul were smaller than 1.5 percent.  Those are heavy losses, but much less than the United States’s S&P 500 index’s 3.5-percent drop in New York or the 4.2-percent fall by Germany’s DAX, which led European shares to their lowest level since late May.

10. Abu Dhabi to issue FDI licences allowing 100% foreign ownership

Abu Dhabi, the capital of the United Arab Emirates, will issue foreign direct investment (FDI) licences to allow foreign investors to own 100% of projects in the emirate in sectors including agriculture, industry and services. The move implements a foreign investment law approved in 2018 allowing foreign investors to own more than 49% and up to 100% of some UAE businesses, as the country seeks to boost private sector activity. About 122 economic activities, which were approved by the UAE cabinet last year across 13 sectors, would allow 100% foreign ownership in Abu Dhabi.

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Bloodbath in Global Markets – Top10 Global News

1. S&P 500 Drops 2%, Europe Sinks to Five-Month Low

U.S. stocks dropped and European equities tumbled to a five-month low as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic.

The S&P 500 Index fell about 2% as earnings rolled in amid a surge in Covid-19 hospitalizations, especially in the Midwest. The Stoxx Europe 600 Index sank as much as 3% after German Chancellor Angela Merkel proposed closing bars and restaurants for a month to curb the spread of the virus. Auto and real-estate shares saw the steepest declines. The VIX Index, a measure of U.S. equity volatility, climbed to the highest level since June.

The S&P 500 Index dropped 2% as of early morning New York time.

The Stoxx Europe 600 Index decreased 2.9%.

The MSCI Asia Pacific Index fell 0.3%.

2. Europe fixates on tougher virus control measures

Losses accelerated across European stock markets on Wednesday, with the benchmark STOXX 600 tumbling to its lowest level since late May on fears of a new national lockdown in France and tighter curbs elsewhere to combat a surge in coronavirus cases. The pan-European STOXX 600 index fell 2.9%, while Germany’s DAX and France’s CAC 40 plunged 3.3% and UK’s FTSE 100 dropped 2.2%. The French government has been exploring a new, national lockdown from midnight on Thursday, albeit a slightly more flexible one than the two-month shutdown that began in mid-March. President Emmanuel Macron will give a televised address later on Wednesday, his office said. Meanwhile, German Chancellor Angela Merkel wants to close all restaurants and bars from November 4, while the British Prime Minister Boris Johnson is under pressure to implement a new lockdown.

3. Boeing to Cut 7,000 More Jobs in Airline Market’s ‘New Reality’

Boeing is deepening job cuts as a global pandemic and prolonged grounding of the 737 Max jetliner squeeze the planemaker’s finances. An additional 7,000 jobs are slated for elimination by the end of next year, bringing the total workforce reduction made through retirements, attrition and layoffs to 30,000 people, Boeing said in an email Wednesday after reporting earnings. The company had 160,000 employees at the start of the year before the coronavirus pandemic gutted air travel and airplane sales.

4. Hedge Funds That Planned for U.S. Election Chaos See a Blue Wave

For hedge fund managers, preparations for chaos in the U.S. elections are giving way to strategies to capitalize on a sweeping Democratic victory. Just six days away from final voting, several top funds see former Vice President Joe Biden winning the presidency as well as the possibility of a so-called blue wave in which Republicans also lose control of the Senate. Asset managers UBS O’Connor, Harvest Volatility Management and MKP Capital Management — with a total of more than $12 billion in assets — say the odds are that President Donald Trump will be unseated, and they have embraced an array of strategies from buying value stocks to betting on commodities to cash in on the outcome.

5. Saudi Arabia Plans to End ‘Kafala’ Labor System

Saudi Arabia is set to announce major labor reforms that could effectively end its controversial “kafala” system for foreign workers, a news outlet close to the government reported. Foreign employees will no longer require their work sponsor’s permission to change jobs, travel abroad or leave the country permanently. The new rules are scheduled to be unveiled as early as next week and will come into effect from the first half of 2021. In response to the report, the kingdom’s Ministry of Human Resources and Social Development said it was “working on a number of initiatives to organize and develop the labor market, and will announce them when they’re ready.” The ministry is set to hold a press conference next week to outline reforms to “increase the competitiveness, attractiveness, and flexibility of the Saudi labor market in accordance with international standards”.

6. Facebook, Twitter, Google CEOs will defend law protecting tech platforms before U.S. Senate panel

The chief executives of three large tech companies will defend a law protecting internet companies before a Senate panel on Wednesday – a topic that has split U.S. lawmakers on ways to hold Big Tech accountable for how they moderate content on their platforms. Facebook’s Mark Zuckerberg, Twitter’s Jack Dorsey and Google’s Sundar Pichai will tell the committee chaired by Republican Senator Roger Wicker that Section 230 of the Communications Decency Act – which protects companies from liability over content posted by users – is crucial to free expression on the internet.

7. Countries with low GDP, poor sanitation had lower COVID-19 death rate

Countries with poor hygiene and sanitation and low quality of water supply seem to have had lower COVID-19 Fatality Rates (CFR) compared to richer countries which do well on these parameters, Indian researchers have found. But they also cautioned that it does not mean that poor hygienic conditions are desirable. Rather, the findings can lead to exploration of “immune training with possibilities of microbiome therapies”, said Dr Shekhar Mande, Director General, Council of Scientific and Industrial Research (CSIR).

8. Rich nations try to take the reins at OECD, the world’s globalisation clubhouse

The OECD acts like an auditor for globalization, shaping policies and setting standards in areas from taxation to trade and education. It’s currently running contentious negotiations over digital taxes that are on the brink of imploding into a transatlantic trade war. Angel Gurria retires next year as Secretary General of the Paris-based Organisation for Economic Cooperation and Development, and the U.S. is proposing President Donald Trump’s Deputy Chief of Staff, Christopher Liddell, as a successor. Member countries have until Nov. 1 deadline to put forward a candidate. Liddell faces competition from European candidates on the other side of that issue, including former EU trade commissioner Cecilia Malmstrom. The race to fill a role at the heart of world economic policy making is turning into a new battleground for the future of globalization.

9. WTO set to make recommendation on their next leader

A group of World Trade Organization ambassadors is set to make a recommendation on Wednesday on who should lead the Geneva-based trade body. Nigerian former finance minister Ngozi Okonjo-Iweala and South Korean trade minister Yoo Myung-hee are the two remaining candidates to succeed Roberto Azevedo, who stepped down at the end of August. The winner will become the first woman to head the global watchdog in its 25-year history.

10. UK: young, non-white people likelier to lose jobs

Twice as many young and non-white British workers have lost their jobs after going on leave of absence compared with the average, largely because they are more likely to work in sectors hit hardest by the coronavirus pandemic, a study showed. The Resolution Foundation think-tank said 19 percent of workers aged 18-24 and 22 percent of ethnic minority staff had lost their jobs, compared with 9 percent of employees overall. Job losses were most common in the hospitality and leisure sectors and for those whose work was already insecure before the crisis – categories in which younger and non-white workers more commonly find themselves in the United Kingdom.

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No U.S. stimulus package before elections – Top10 Global News

1. Tech Shares Gain After Chipmaker M&A: Global Markets Update

Tech shares rose after Advanced Micro Devices (AMD) announced a $35 billion takeover of another chipmaker Xilinx, helping to blunt concern about the impact of growing coronavirus infections. Losses for shares in energy and financial companies were a drag on the S&P 500 as it struggled to bounce back from its worst loss in a month yesterday. The Stoxx Europe 600 Index headed toward its lowest close since June amid concern about the faster spread of the coronavirus on the continent.

The S&P 500 Index rose 0.1% as of early morning New York time.

The Stoxx Europe 600 Index decreased 0.5%.

The MSCI Asia Pacific Index was little changed.

2. U.S. Stimulus Hope On Hold: Senate Leaves for pre-election break

U.S. senators departed the Capitol for a pre-election break Monday, making the logistics for passing a fiscal stimulus package by next Tuesday practically impossible, leaving the economy more vulnerable to damage from a resurgent coronavirus pandemic. The Senate’s departure after the confirmation vote for Amy Coney Barrett to join the Supreme Court left House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin to continue negotiating over the stimulus package. After their latest call on Monday, agreement remains pending on both the amount and language of the bill. 

3. Germany Plans Restrictions as Italy Boosts Aid

Germany is looking at closing restaurants and prohibiting large events as governments across Europe seek to tackle rising infections and fatalities while avoiding full-scale lockdowns. Italy, the continent’s original epicenter of the pandemic, is coming up with more aid for businesses hardest hit by restrictions. U.K. Prime Minister Boris Johnson faces growing discontentment within his party over lockdown measures imposed on northern regions. Many countries in Eastern Europe reported fresh daily records for cases and deaths. Hong Kong, meanwhile, will ease some social distancing rules and announced plans for mandatory testing of specific groups. India’s daily infections fell below 40,000 for the first time in more than three months.

4. Dubai to launch ‘Nasdaq’ market for emerging firms & SMEs

Dubai plans to launch a “Nasdaq Dubai Growth Market” to help emerging companies, and small and medium enterprises (SMEs) attract investors and finance their projects, crown prince of the emirate, Sheikh Hamdan bin Mohammed bin Rashid al- Maktoum, said on Tuesday. The Nasdaq Dubai Growth Market will allow SMEs to list if they are valued below $250 million, with a minimum operating history of one year, compared to three years for Nasdaq Dubai’s main market. Nasdaq Dubai is collaborating with government bodies, UAE free zones and expert advisory companies as partners to launch the growth market in early 2021.

5. ADNOC seeks Indian partners for $45 bn petro-chem expansion plans

Abu Dhabi National Oil Company (ADNOC), UAE’s biggest energy producer, is seeking Indian companies for partnership in its ambitious $45 billion (INR 3.3 lakh cr) downstream petrochemical expansion plans. ADNOC CEO Sultan Ahmed Al Jaber, during a virtual session Prime Minister Narendra Modi had with global energy chief executives on Monday evening, sought opportunities to strengthen the UAE-India energy relationships. Speaking at the roundtable, Al Jaber said India has always been and will always remain one of the UAE’s closest friends and one of its most important trading partners.

6. Global foreign direct investment halved in first six months of 2020

Global foreign direct investment (FDI) plunged by 49% in the first half of 2020 from the same period a year ago and is on course to fall by up to 40% for the year, driven by fears of a deep recession. FDI flows to European economies turned negative for the first time ever, falling to -$7 billion from $202 billion, while flows to the United States fell by 61% to $51 billion, the U.N. Conference for Trade and Development (UNCTAD) said in a report. Global FDI fell as multinationals postponed investments to preserve cash.

7. Russia Begins Producing Second Covid-19 Vaccine as Cases Spike

Russia has begun production of a second Covid-19 vaccine that hasn’t completed trials as the Kremlin rushes to develop a shield against the pandemic. Output of the vaccine, developed by former biological weapons lab Vector State Virology and Biotechnology Center in Novosibirsk, will ramp up by the end of the year. President Vladimir Putin announced the approval of Vector’s vaccine earlier this month, following a similar trajectory of the Sputnik V inoculation in August, which he claimed was the first to be registered in the world. Both were tested on a limited number of people before receiving provisional registration that will allow for widespread use as they undergo Phase 3 trials to prove they are safe and effective.

8. Pfizer not yet ready to release COVID-19 vaccine data from late-stage trial

Pfizer said on Tuesday it was not yet ready to release data from the late-stage trial of the COVID-19 vaccine candidate it is developing with Germany’s BioNTech. Pfizer’s CEO Albert Bourla has said the company could release data on whether or not the vaccine works as early as this month, but the company said in a presentation that the independent data monitoring board which will determine whether or not the trial has been successful has not conducted any interim efficacy analyses yet. This is a prime vaccine candidate touted by President Trump to be ready by November.

9. China Ramps Up Imports From U.S. as Trade Deal Target Looms

China ramped up purchases of American goods in September as its economy strengthened, though it still remains far from the full-year target set out under its Phase One trade deal with the U.S. The monthly value of U.S. goods that China bought under the trade agreement reached a monthly record high of $9.9 billion in September as oil, soybean and car imports surged. That still leaves China’s purchases at only 38.5% of a total target of more than $170 billion for the year. Under the agreement signed in January, China promised to buy an additional $200 billion of U.S. goods and services over the 2017 level by the end of 2021. The coronavirus pandemic upended some of those plans as demand crashed in the first quarter, but China’s recovery since then is gaining momentum, with imports gradually accelerating.

10. Rolls-Royce Gets Investor Approval for $2.6 Billion Equity Sale

Rolls-Royce shareholders backed a $2.6 billion equity raise, a key step toward shoring up the British jet engine maker’s finances to outlast the Covid-19 pandemic. Investors voted 99.5% in favour of the rights issue.  Rolls-Royce’s engine business has been dealt a heavy blow by the coronavirus, with both unit sales and maintenance revenue hurt by a mass grounding of widebody aeroplanes. The company announced a 5 billion-pound refinancing plan at the start of this month, funded through a combination of debt issuance, a rights offer and loans, and now has no pressing need to extend borrowings guaranteed by the U.K. government.

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Jack Ma to become 11th Richest Man after Ant IPO – Top10 Global News

1. Stocks Slump on Rising Covid Cases; Dollar Gains

U.S. equities slumped along with European shares on concern that rising coronavirus cases will weaken the global economy and as prospects dimmed for fiscal aid from Washington before the presidential election. Energy and materials companies were among the worst performers on the S&P 500 Index. In Europe, a gauge of tech stocks fell the most since March after German software maker SAP SE plunged 20% following a cut to its revenue forecast and warnings that the pandemic will hurt business through mid-2021. Boeing Co., Lockheed Martin Corp. and Raytheon Technologies Corp. slid on China’s plan to sanction the companies after the U.S. approved $1.8 billion in arms sales to Taiwan last week.

The S&P 500 Index decreased 0.9% as of early morning New York time.

The Stoxx Europe 600 Index fell 1.1%.

The MSCI Asia Pacific Index dipped 0.3%.

2. China to Sanction Boeing, Raytheon Over U.S. Arms Sales to Taiwan

China will impose unspecified sanctions on Boeing Co.’s defense unit, Lockheed Martin Corp. and Raytheon Technologies Corp. after the U.S. State Department approved $1.8 billion in arms sales to Taiwan last week. The sanctions will be imposed “in order to uphold national interests,” Chinese Foreign Ministry spokesman Zhao Lijian told reporters Monday in Beijing. The action follows the U.S. State Department’s approval last week of $1.8 billion in sales of new weapons for Taiwan and submission of the package to Congress for a final review. The deals, and an earlier one involving Lockheed F-16 fighters, are taking place amid rising tension between the superpowers ahead of the U.S. election next week. 

3. Pelosi Awaits Virus Stimulus Offer Today as Hope for Vote Fades

The three months of squabbling over a new round of virus relief moved no closer to a resolution over the weekend, all but extinguishing the prospects of a stimulus bill being written, voted on, and signed into law by President Donald Trump before the election. House Speaker Nancy Pelosi said she’s waiting for another counter-offer on Monday from Treasury Secretary Steven Mnuchin, as she and White House Chief of Staff Mark Meadows accused each other of “moving the goalposts” in negotiations. Much of the weekend was devoted to work by congressional committees with the goal of writing legislation, but aides in both parties said little progress was made despite the pledges from both sides that they want to quickly deliver $1,200 (89,000 INR) stimulus payments to most Americans along with aid to struggling businesses.

4. Europe Struggles to Regain Control from Second Covid-19 Wave

Europe took a step closer to the strict rules imposed during the initial wave of the pandemic, with leaders struggling to regain control of the spread while confronting growing opposition to restrictions. The Czech Republic — the European Union’s worst hot spot — and Poland signaled more curbs may be near, and Belgium is mulling a lockdown. AstraZeneca said its vaccine candidate produced a robust immune response in elderly people, while Johnson & Johnson said the first batches of its shot could be available in January. Both companies are resuming trials that had been paused due to safety concerns. U.K. Health Secretary Matt Hancock said his “central expectation” is there will be a vaccine to roll out in the first half of 2021. The World Health Organization’s director general said some countries in the northern hemisphere are facing a “dangerous moment.”

5. Dubai announces $136 million extra stimulus package

Dubai has announced a new 500 million dirhams (INR 1000 cr) stimulus package to support the local economy, taking Dubai’s total stimulus measures this year to 6.8 billion dirhams, the crown prince of the emirate said on Twitter on Saturday. “The private sector is a major partner in Dubai’s development process, and we have adopted a set of new exemptions for some fees and a reduction in rents for some sectors, as well as an extension of the validity of a previous set of exemptions from fees,” said Hamdan Bin Mohammed Al-Maktoum.

6. U.S. appeals WTO ruling on its multi-billion tariffs on China

The United States lodged an appeal on Monday against a WTO ruling last month that found U.S. tariffs imposed on China in 2018 breached global trade rules, a World Trade Organization (WTO) official said. A three-person panel had ruled that U.S. had not justified why the tariffs imposed after a Section 301 investigation against China were a justifiable exception to its obligations. The U.S. delegation, in a speech seen by Reuters announcing its appeal, said that the panel report “reflects a major, missed opportunity for the WTO to begin to address the most serious problem faced by every member that seeks a balanced and fair world trading system: namely, aggressive, state policies that seek to dominate broad industrial sectors.”

7. Fiat, PSA to win EU approval for $38 billion merger

Fiat Chrysler and PSA are set to win EU approval for their $38 billion (INR 2.8 lakh cr) merger to create the world’s fourth-largest carmaker, as they strive to meet the industry’s dual challenges of funding cleaner vehicles and the global pandemic. The green light from the European Commission would formalise the creation of Stellantis, a carmaking group that could tap hefty profits from selling RAM pickup trucks and Jeep SUVs to U.S. drivers to fund the expensive development of zero-emission vehicles for sale in Europe and China. The all-share merger announced late last year would unite brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel and DS.

8. Bond Defaults Deliver 99% Losses in New Era of U.S. Bankruptcies

Bankruptcy filings are surging due to the economic fallout of Covid-19, and many lenders are coming to the realization that their claims are almost completely worthless. While few could have foreseen the pandemic’s toll on the economy, the depth of investors’ pain from corporate distress was all too predictable. Desperate to generate higher returns during a decade of rock-bottom interest rates, money managers bargained away legal protections, accepted ever-widening loopholes, and turned a blind eye to questionable earnings projections. Corporations, for their part, took full advantage and gorged on astronomical amounts of debt that many now cannot repay or refinance. It’s a stark reminder of the long-lasting repercussions of the Federal Reserve’s unprecedented easy-money policies. Ultralow rates helped risky companies sell bonds with fewer safeguards, which creditors seeking higher returns were happy to accept. Now, amid a new bout of economic pain, the effects of those policies are coming to bear.

9. Jack Ma Wealth Surges Above Walmart Heirs’ With Record Ant IPO

Jack Ma, the former English teacher who co-founded Alibaba Group Holding Ltd. is poised to become the world’s 11th richest person after Ant Group Co. priced shares for a record IPO. Ma’s 8.8% stake is worth $27.4 billion based on the stock pricing in Hong Kong and Shanghai. That will take the 56-year-old’s fortune to $71.6 billion (INR 5.3 lakh cr) on the Bloomberg Billionaires Index, exceeding that of Oracle’s Larry Ellison, L’Oreal’s heiress Francoise Bettencourt Meyers and individual members of the Waltons, whose family own Walmart Inc. Ant’s mammoth listing is poised to boost the fortunes of a group of early investors and employees. The company has granted staff share-based awards since 2014 and at least 18 other people have become billionaires from the IPO.

10. Brexit decision entirely separate from U.S. election outcome

Britain’s decision on whether to agree a Brexit deal with the European Union is entirely separate to the outcome of the U.S. election next month, Prime Minister Boris Johnson said on Monday.

“The two things are entirely separate,” Johnson said, when asked about an Observer newspaper report that he was waiting to see the U.S. result before making a Brexit decision, and whether he was concerned about the prospect of a Joe Biden presidency.

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Goldman fined $3 billion in Malaysia 1MDB Scandal – Top10 Global News

1. Europe Stocks Climb on Earnings; US Futures Edge Up

European stocks advanced on the back of positive earnings and solid euro-zone economic data, putting them on track for the first increase this week. U.S. futures edged higher. Barclays jumped on an earnings beat, lifting banking shares. Car makers rose after Daimler raised its profit forecast and Renault topped revenue estimates, the latest signs the global auto industry is emerging from its worst slump in decades. The euro strengthened as regional manufacturing data exceeded estimates. In pre-market trading, U.S. chip giant Intel slumped after a surprise drop in data-center sales. Gilead Sciences jumped after its antiviral therapy remdesivir became the first drug formally cleared by FDA to treat Covid-19.

The Stoxx Europe 600 Index gained 0.6%.

Futures on the S&P 500 Index and Nasdaq 100 Index climbed 0.1%.

The MSCI Asia Pacific Index increased 0.2%.

2. US election debate does little to sway stock market investors

Global stocks barely budged on Friday as investors remained wary with less than two weeks to go before the United States presidential election and the final debate between President Donald Trump and his Democratic challenger Joe Biden on Thursday night presented no surprises for election watchers but slightly reinforced investor caution heading into the November 3 polls. US S&P 500 stock index futures had dipped slightly after the debate but were mostly flat by midday trade in Asia. 

3. US Readies for an Eye-Popping GDP Numbers

The Covid-19 pandemic caused the deepest U.S. recession since at least World War II. GDP shrank at an annual rate of 31.4% in the second quarter. Covid-19 is infecting more than 50,000 Americans a day, the most since early August. Somehow, though, the economy has roared back. On Oct. 29, the government is likely to report that GDP rose an annualized 30% in the third quarter—also a postwar record.Two things explain the economy’s rebound. States ended the general shutdowns that squelched growth in the second quarter. And Congress and the Federal Reserve came to the rescue with unprecedented fiscal and monetary relief.

4. China sends Warning by Remembering Its Only War With U.S.

China is going all out in remembrance of its participation against the U.S. in the Korean War, sending a message to the U.S. that it’s not intimidated by American military might. President Xi Jinping took part in a ceremony Friday in Beijing marking the 70th anniversary since its army took up fighting in a conflict China’s government describes as the “War to Resist U.S. Aggression and Aid Korea.” The war “shatters the legend that the U.S. Army is not defeatable,” Xi said in an address at the Great Hall of the People attended by party dignitaries, military representatives and veterans. “The Korean War shows that the Chinese people should not be provoked. If you make trouble, be prepared to bear the consequences.”

5. Goldman Sachs to pay billions in new 1MDB scandal penalties

Goldman Sachs Group Inc. admitted its role in the biggest foreign bribery case in U.S. enforcement history, reaching multiple international settlements to end probes into its fundraising for the scandal-plagued Malaysian fund known as 1MDB. Goldman officials helped spread $1.6 billion in illegal payments across Malaysia and the Middle East as part of a scheme that diverted money raised for development projects into an international spending spree on mansions and lavish parties, the bank said. Goldman agreed to pay $2.9 billion in penalties to settle criminal charges in the scandal.

6. Gilead’s remdesivir first to win US approval to treat COVID-19

The United States Food and Drug Administration has approved Gilead Sciences Inc’s antiviral drug Veklury – better known as remdesivir – for the treatment of COVID-19. Veklury is the brand name for remdesivir, which was previously authorised by the FDA for emergency use to treat patients who have been hospitalised with COVID-19. Gilead becomes the first and only company to receive approval for a COVID-19 treatment in the US. Remdesivir, which was developed by Gilead as a treatment for Ebola, works to stop the replication of SARS-CoV-2, the coronavirus that causes COVID-19. Gilead said in its press release that Veklury “shortened time to recovery by five days” in patients hospitalised with the virus.

7. US home sales and jobless claims underscore rising inequality

The National Association of Realtors said on Thursday that sales of previously owned homes grew for a fourth consecutive month in September, with completed transactions rising to an annual 6.54 million units – the highest level in 14 years. The report signals that the US housing market remains red hot – even in a month when housing sales traditionally start to slow down.

The rock bottom mortgage rates and people who can afford it upgrading to bigger and better digs are keeping the housing market hot. At the close of September, the U.S. economy had only recovered a little over half of the 22 million jobs lost during March and April. Many layoffs have turned into permanent job losses and as last week’s data demonstrate, showing rising inequality.

8. Philippines Lets Foreigners In, Eases Travel Rules for Citizens

The Philippines will welcome back foreign nationals starting Nov. 1 and allow Filipino travelers to leave without Covid-19 antigen tests as the Southeast Asian nation continues to reopen. Religious gatherings in areas under a looser form of quarantine will be allowed up to 30% of seating capacity from 10% previously. Early this week, the government shortened curfew hours in the capital region and eased stay-at-home order in response to a request from the Cabinet to allow more businesses to thrive.

9. Ant’s IPO Lures Fidelity, T. Rowe Price, UBS Asset

T. Rowe Price Group, UBS Asset Management and Fidelity Investments, are among the money managers angling for a piece of Ant Group’s blockbuster IPO. Each of the firms is considering investments worth several billion dollars in Ant’s Hong Kong-listed shares. Ant is expected to start taking orders for the Hong Kong portion of its dual listing on Oct. 26 and price shares as soon as Oct. 29, people familiar with the matter said. The company may raise about $35 billion in Hong Kong and Shanghai combined.

10. Vietnam’s Stocks Erase 2020 Losses Amid Optimism Over Economy

Vietnam’s stocks rallied the most in seven weeks on Friday, helping the benchmark gauge erase its year-to-date losses. The VN Index rallied 1.2%. The measure has rallied more than 12% over the past three months, the best performance in Southeast Asia, taking its rebound from this year’s low in March up by 46%. Vietnam’s economy is one of the few in Asia that are expected to expand this year after the country successfully curbed the pandemic.

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Elon Musk’s Tesla hits new high – Top10 Global News

1. European Stocks Drop; U.S. Futures Recovers

Global stocks retreated as worries about a delay to U.S. economic stimulus, the impact of surging virus cases across Europe and the possibility of American election interference weighed on market sentiment. U.S. futures recovered losses and Treasuries steadied as investors also considered earnings data. Tesla climbed in pre-market trading after beating analysts’ estimates. The Stoxx Europe 600 Index fell 0.5% to the lowest level since Oct. 2. 

The MSCI Asia Pacific Index slid 0.5%. 

The dollar was little changed, while gold declined.

2. AstraZeneca COVID-19 vaccine trial Brazil volunteer dies, trial to continue

Brazilian health authority Anvisa said on Wednesday that a volunteer in a clinical trial of the COVID-19 vaccine developed by AstraZeneca and Oxford University had died but added that the trial would continue. Oxford confirmed the plan to keep testing, saying in a statement that after careful assessment “there have been no concerns about safety of the clinical trial.” Brazilian newspaper O Globo reported that the volunteer had been given a placebo and not the trial vaccine, citing unnamed sources.

3. Tesla posts its most profitable quarter ever as it blows past analyst estimates

Tesla on Wednesday posted its fifth consecutive profitable quarter, putting the electric automaker on track to turn its first-ever annual profit this year. The company said it earned an adjusted $0.76 per share for the three months that ended September 31 on $8.77 billion in revenue. Wall Street analysts expected $0.55 of earnings per share on $8.26 billion in revenue. The company’s stock price rose about 3% in late trading following the release. Shares have soared nearly 400% higher this year as investors clamor for a piece of Tesla’s growth. Tesla is on track to deliver 500,000 cars this year, with factories in Shanghai and Berlin expected to begin production next year.

4. New Virus Records Across Europe; Spike in South Africa

Poland joined Germany and Hungary in reporting another record highs in coronavirus infections, while Spain and France became the first countries in Western Europe to pass 1 million cases. South Africa is concerned over a sharp resurgence after the country eased movement curbs at the beginning of the month. Hospitalizations in the U.S. have reached a two-month high, led by the Midwest. New York state’s new cases exceeded 2,000 for the first time since May. AstraZeneca Plc and Johnson & Johnson may resume U.S. trials as soon as this week for vaccines that are backed by the government’s Operation Warp Speed program. The companies previously halted testing for the shots because participants fell ill.

5. COVID & technology could disrupt 85 million jobs by 2025: WEF

The coronavirus pandemic has deepened inequalities across labour markets and accelerated the urgency with which the public and private sectors must act to ensure millions of people remain employable in a changing jobs market, the World Economic Forum (WEF) stressed yesterday. Within the next five years, automation and a new division of labour between humans and machines will disrupt 85 million jobs around the world, WEF’s Future of Jobs Report 2020 found. Remote work is here to stay and going forward, workers should expect to change careers and hone skills multiple times throughout their careers to adapt to new labour trends.WEF’s report found that the pace of technological adoption is expected to remain accelerated during the next five years with the continued adoption of cloud computing, big data and e-commerce. The pandemic-induced economic crisis has only accelerated the process and continued to clobber entire sectors on a far worse level than the 2008 global financial crisis.

6. More than half of small European firms fear closure: McKinsey

The finding comes as warnings multiply of an impending wave of business insolvencies and as the International Monetary Fund (IMF) and others urge the region’s governments to boost state support to help companies weather the coronavirus pandemic. The McKinsey survey of more than 2,200 companies in five countries – France, Germany, Italy, Spain and Britain – found that 55 percent expected to shut down by September next year if their revenues remained at current levels. In Europe, they employ more than 90 million people, but their small size makes them vulnerable to cash flow crisis. In Spain, for example, 83 percent of the 85,000 businesses that have collapsed since February employ fewer than five workers.

7. US approves USD 1.8 billion in arms sales to Taiwan amid tensions with China

In a move that will irk China, the United States on Tuesday approved the potential sale of three weapon systems to Taiwan, including missiles and artillery, that could have a total value of USD 1.8 billion. The move comes at a time when tensions between China and Taiwan are heightened. The relations between China and the US have also deteriorated in recent times due to various reasons including Indo-Pacific and coronavirus pandemic.China has repeatedly threatened Taiwan with invasion and has adopted an aggressive policy to intimidate the self-governing island.For decades, the Chinese government has claimed authority over Taiwan. Though Taiwan is not recognised by the UN, its government maintains a relationship with the US and does not accept the Chinese authority.

8. India to Restore Visas Despite Virus in Bid to Open Economy

India is reopening its borders to international visitors in a bid to revive economic growth even as the South Asian nation faces the world’s second-worst coronavirus outbreak. Prime Minister Narendra Modi is using a dip in new Covid-19 infections to prise open the economy from its strict lockdown, welcoming foreigners on business trips, but not tourists. While regular scheduled commercial flights remain off limits for the time being, overseas travelers can use other options, including flights under a government repatriation program, so-called air-bubble agreements, and private charters. Ships will also be permitted. All travelers must “strictly adhere” to the guidelines on quarantine and other rules.

9. Bitcoin soars to new 2020 high on PayPal shift to crypto

Bitcoin, the largest digital coin, soars after PayPal announced that it would allow customers to use cryptocurrencies.PayPal customers can use select cryptocurrencies including Bitcoin, Ether, Bitcoin Cash and Litecoin on the platform. This is considered the “biggest news of the year” in crypto. The news sparked an exuberant response from crypto fans who pointed to a string of recent announcements that suggest wider acceptance by old-school financial mainstays. Fidelity Investments announced in August that it’s launching its first Bitcoin fund, adding its establishment name and star power to the often-maligned asset class.

10. China to issue export control list at appropriate time: Commerce Ministry

China will issue a control list under its new export control law at the appropriate time, Gao Feng, commerce ministry spokesman, told reporters on Thursday. On Saturday, China passed a law restricting exports of controlled items, allowing the Chinese government to act against countries that abuse export controls in a way that harms China’s interests.

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EU to UK: “Don’t take the cake and eat it too” – Top10 Global News

Boris Johnson visits a community shop...Mayor of London, Boris Johnson eats a bacon sandwich as he visits the cafe at the Community Shop in west Norwood, London where he met volunteers and staff and publicised the Mayor's High Street Fund.

1. Treasuries Slump With Dollar Amid Stimulus Bets

Treasuries slid alongside the dollar amid speculation that Washington lawmakers will make progress on talks for stimulus legislation to be financed by trillion-dollar borrowing. U.S. stocks were little changed. The U.S. 10-year treasury yield broke above 0.8% to the highest since June and European yields also rose after Democratic House Speaker Nancy Pelosi expressed hope for political compromise on a bill this week. The S&P 500 fluctuated. Netflix Inc. tumbled after missing subscriber estimates. Tesla Inc. was mixed before financial results later Wednesday, and social-media company Snapchat soared after an earnings beat. European stocks slumped for a third day.

The S&P 500 Index fell less than 0.1% as of early morning New York time.

The Stoxx Europe 600 Index decreased 0.9%.

The MSCI Asia Pacific Index rose 0.7%.

2. IMF cuts Asia’s growth forecast, warns of pandemic-driven risks

The International Monetary Fund slashed this year’s economic forecast for Asia, reflecting a sharper-than-expected contraction in countries like India, a sign the coronavirus pandemic continues to take a heavy toll on the region. While the IMF upgraded next year’s growth forecast, it warned the recovery will be sluggish and patchy with countries dependent on tourism seen taking a particularly hard hit.

The IMF said it expects Asia’s economy to contract 2.2% this year. That decline is 0.6% higher than its forecast in June, due to sharp slumps in countries like India, the Philippines and Malaysia. India’s economy is likely to shrink 10.3% this year in stark contrast to China, which is set to expand 1.9%.

3. EU to UK on Brexit talks: ‘You can’t have cake, eat it too’

The European Union took a defiant tone on Wednesday as the standoff over resuming post-Brexit trade negotiations with the United Kingdom intensified, telling London that “you cannot have your cake and eat it too.” European Council President Charles Michel refused to bow to British insistence for the EU to fundamentally change its negotiating stance and cede more to U.K. demands. Michel said instead that if Britain wants vast access to the 27-member bloc’s markets, it will equally have to keep its waters open to EU fishermen, something the UK government has said it doesn’t want to do.

4. China urges Sweden to reverse its Huawei, ZTE ban to avoid backlash on Swedish companies in China

Sweden should reverse its ban on Chinese telecommunications companies Huawei and ZTE from a planned 5G spectrum auction to avoid a “negative impact” on its own companies, said China’s foreign ministry. “China expresses strong dissatisfaction with Sweden,” said foreign ministry spokesman Zhao Lijian, speaking at a regular news briefing in Beijing on Wednesday.

“Sweden should uphold an objective and fair attitude, and correct its wrong decision, to avoid bringing a negative impact to China-Sweden economic and trade cooperation and the operations of Swedish enterprises in China,” said Zhao.

5. UK borrowing exceeds forecasts, debt highest since 1960

Britain’s government borrowing exceeded forecasts in September and over the first half of the financial year was more than six times higher than a year earlier, due to the huge cost of the coronavirus pandemic. Public sector net borrowing totalled 36 billion pounds  (3.5 lakh cr INR) last month.Driven by a surge in coronavirus-related spending and a fall in tax revenue after the biggest economic hit since at least the 1920s, borrowing in the first half of the financial year broke through the roof.

6. Australian watchdog considers its own Google antitrust case after US sues search giant

Australia’s competition watchdog will consider its own antitrust case against Google, the commission chairman said Wednesday after the U.S. Justice Department sued the company for abusing its dominance in online search and advertising. Sims is drafting legislation to address the imbalance in bargaining power between Google and the Australian media businesses that want the tech giant to pay for journalism. The bills, that will be ready to be introduced to Parliament by December, would empower an arbitrator to make binding decisions on how much Google and Facebook must pay media companies for news content.

Google has said the proposed laws would result in “dramatically worse Google Search and YouTube,” put free services at risk and could lead to users’ data “being handed over to big news businesses.” Facebook has warned it might block Australian news content rather than pay for it.

7. Dubai leads major Gulf markets higher in early trade

Most major Gulf stock markets were in positive territory early on Wednesday, led by financial stocks, with Dubai’s index boosted by gains in DAMAC Properties. Dubai’s main share index rose 0.7%, buoyed by a 14.4% surge in DAMAC Properties as investors hunted for bargains. There has been speculation about possible plans to take the company private but no final decision has been taken yet. Saudi Arabia’s benchmark index gained 0.3%, with Al Rajhi Bank rising 0.6% and petrochemical firm Saudi Basic Industries increasing 0.7%.

8. Israel, UAE agree to visa-free travel as ties deepen

Israel and the United Arab Emirates agreed to visa-free travel on Monday, an unprecedented arrangement between Israel and an Arab state, signed as the first ever official UAE delegation landed in Tel Aviv. The visit, hailed as a “glorious day for peace” by Prime Minister Benjamin Netanyahu, came after Israel and the UAE agreed to normalise ties in a deal inked at the White House last month. With their economies hard-hit by the coronavirus pandemic, the UAE and Israel are hoping for rapid dividends from the normalisation deal – which broke years of Arab consensus that there should be no relations with the Jewish state until it makes peace with the Palestinians.

9. Jack Ma’s Ant Receives China Approval for IPO in Shanghai

Jack Ma’s Ant Group got the green light from China’s securities watchdog for its initial public offering in Shanghai, clearing another hurdle as the Chinese fintech giant tries to complete its share sale before the U.S. election. China’s securities regulator approved the listing on Shanghai’s STAR market. Ant is said to have earlier won approval from the Hong Kong stock exchange for an IPO. Ant is seeking to raise $35 billion in a dual listing, with about half coming in Hong Kong and the other half in Shanghai. Ant’s IPO could be the world’s biggest, surpassing Saudi Aramco’s record $29 billion sale last year.

10. China Will Likely See Positive Economic Growth for 2020

China will likely post positive economic growth for the full year and the debt-to-GDP ratio is expected to stabilize in 2021 after debt climbed in the wake of the coronavirus pandemic, the Chinese central bank governor said. Data this week showed GDP rose 4.9% in the third quarter from a year ago, putting China in line to be the only major economy to expand this year after bringing the pandemic under control. At the same time, debt has climbed, reaching 269.2% of GDP last quarter. The macro leverage ratio — the percentage of debt in households, non-financial enterprises and governments to total gross domestic product — “has increased this year due to the fight against the pandemic.”

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Google faces Lawsuit for Abuse of Power – Top 10 Global News

1. U.S. Stocks Advance on Stimulus Hope

U.S. stocks rose as lawmakers race to finalize a stimulus deal before the Nov. 3 election. The S&P 500 rebounded from Monday’s selloff over reported differences in stimulus negotiations. Overnight gains faded after the U.S. Justice Department said it was poised to sue Google for allegedly abusing its power. In Europe, UBS rose with banking stocks after the Swiss firm’s traders performed better than most of their Wall Street rivals in the third quarter. Tech shares were among the biggest decliners.

The S&P 500 Index gained 0.6% early morning New York time.

The Nasdaq 100 Index advanced 0.6%.

The Stoxx Europe 600 Index decreased 0.3%.

The MSCI Asia Pacific Index dipped 0.3%.

2. American Justice Department to file landmark anti-trust case against Google on Tuesday

The U.S. Justice Department is expected to file a lawsuit Tuesday alleging that Google has been abusing its online dominance in online search to stifle competition, harm consumers and boost its profits. The litigation marks the government’s most significant act to protect competition since its groundbreaking case against Microsoft more than 20 years ago. Critics contend that multibillion-dollar fines and mandated changes in Google’s practices imposed by European regulators in recent years weren’t severe enough and that structural changes are needed for Google to change its conduct.

3. Singapore Wins Against COVID-19; Sees Last Phase of Pandemic Curbs

Singapore is looking to ease up more on pandemic curbs, with the size of social gatherings possibly raised to 8, in a further step toward normalized activity as new daily coronavirus cases reach near zero. Phase Three, which may start by year-end, would allow the following easing of measures, the Ministry of Health said in a release on Tuesday, while also outlining a pilot program for on-site testing of attendants at large-scale gatherings. Higher-risk settings like bars, karaoke lounges and nightclubs aren’t expected to reopen as activities pose a higher risk of transmission. The city-state will gradually allow more travel to resume, and is exploring ways to deploy more frequent testing to let more travelers enter Singapore without needing to quarantine.

4. Sweden Bans Huawei, ZTE From New 5G Infrastructure

Sweden has banned Huawei and ZTE from gaining access to its 5G wireless networks, adding to the increasing number of European governments forcing local telecom companies to shift away from Chinese suppliers. The Swedish Post and Telecom Authority said in a statement Tuesday that the “influence of China’s one-party state over the country’s private sector brings with it strong incentives for privately owned companies to act in accordance with state goals and the communist party’s national strategies.”

5. Cathay-Pacific to Cut 6,000 Jobs and Close Dragon Brand

Cathay Pacific Airways will cut 6,000 jobs and close its Cathay Dragon brand, as part of a strategic review to combat the deep damage caused by the coronavirus pandemic. The Hong Kong-based airline is expected to officially announce the plan after the market closes on Wednesday. It initially planned about 8,000 layoffs globally, but after government intervention reduced that to 18% of its total workforce, including some 5,000 jobs in Hong Kong. The company posted a $1.3 billion (INR 9500 cr) loss in the first half. Cathay said in September it wouldn’t survive unless it adapted its airlines for the “new travel market.”

6. EU May Shut Door to Travel But Allow Singapore Visitors

The European Union plans to shut inbound travel from most countries across the world amid the coronavirus pandemic. The EU intends at the same time to reopen its doors to travelers from Singapore as a result of improved virus trends there. The U.S. will remain blacklisted along with most other countries in the world. The changes would be the first in more than two months to the EU’s recommended travel “white list,” shrinking it from 11 foreign nations at present to nine. The other eight are Australia, China, Japan, New Zealand, Rwanda, South Korea, Thailand and Uruguay.

7. India Considers Taiwan Trade Talks as Both Fight With China

Support is growing within India’s government to formally start talks on a trade deal with Taiwan as both democracies see relations with China deteriorate. Taiwan has sought trade talks with India for several years, but Prime Minister Narendra Modi’s government has been reluctant to move ahead because it would involve a messy fight with China once any pact is registered at the World Trade Organization. A trade deal with Taiwan would help India’s goal of seeking greater investments in technology and electronics. It is unclear when a final decision would be made on whether to start talks.

8. Alibaba takes over China’s top hyper-mart chain for $3.6 billion

China’s e-commerce behemoth Alibaba has bought a controlling $3.6 billion (INR 26,400 cr) stake in Sun Art which runs hundreds of hypermarkets on the mainland for French shopping giant Auchan. The move to take a 72% ownership in Sun Art tightens Alibaba’s grip on China’s vast e-commerce sector as it looks to soak up the new customers pushed online to buy groceries, fresh food and healthcare products by the coronavirus. It also hands over control of 140 million square feet of retail space in scores of cities across the country.

9. Nokia and NASA are going to build a mobile network on the moon

Finland’s Nokia has been selected by NASA to build the first cellular network on the moon. The lunar network will be part of the U.S. space agency’s efforts to return humans to the moon by 2024 and build long-term settlements there under its Artemis programme. Nokia said the first wireless broadband communications system in space would be built on the lunar surface in late 2022, before humans make it back there. Nokia will partner with Texas-based private spacecraft design firm Intuitive Machines to deliver the network equipment to the moon on their lunar lander. After delivery, the network will configure itself and establish the first LTE (Long-Term Evolution) communications system on the moon. The network will provide critical communication capabilities for many different data-transmission applications, including vital command and control functions, remote control of lunar rovers, real-time navigation and streaming of high definition video.

10. Defeat for Trump Would Mean Some Other Leaders Also Lose Out

If Donald Trump is forced from the White House in the November election, he won’t be the only loser. Though many governments would likely celebrate the end of the most unconventional and chaotic U.S. presidency of modern times, others will have reason to miss it. For the leaders of Turkey, North Korea and Israel, the ledger has been almost entirely positive. Trump’s ejection would confront them with immediate challenges. The scorecard for countries like China is more nuanced. Even so, what the mostly authoritarian winners from Trump’s four years in office have in common is a fear his departure would spell the return of a more conventional U.S. foreign policy. That could see the U.S. mending alliances and promoting the universality of values such as democracy and human rights, or the fight against climate change.

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Yusuff Ali’s Lulu Group win $1 billion investment – Top10 Global News

1. U.S. Stocks Advance on Stimulus Hope

U.S. stocks rose on fresh optimism over stimulus talks in Washington, even as a grim milestone highlighted the pandemic’s threat to global economic growth. Treasuries slipped along with the dollar. The S&P 500 Index advanced for a second day today, boosted by apparent progress on a spending package and the latest data from China showing its economy continues to rebound. Technology shares led the rise. 

The S&P 500 Index gained 0.4% early today morning New York time.

The Stoxx Europe 600 Index lost 0.1%.

The MSCI Asia Pacific Index rose 0.8%.

The MSCI Emerging Market Index rose 0.5%.

2. Abu Dhabi’s ADQ to invest $1 billion to help retailer Lulu expand in Egypt

ADQ, a holding company owned by the Abu Dhabi government, said on Monday it has signed an agreement with Keralite Yusuff Ali’s Lulu International to help fund its expansion in Egypt with an investment of up to $1 billion (7,300 cr INR). ADQ and Lulu will work to develop up to 30 hypermarkets and 100 express mini-market stores, as well as logistics hubs, distribution and fulfilment centres to strengthen the retailer’s e-commerce business across Egypt, ADQ said in a statement.

3. China’s economy grows 4.9% in Q3, extending coronavirus recovery

China’s economy grew 4.9 per cent on-year in the third quarter, sustaining its rebound from bruising virus lockdowns and moving closer to pre-pandemic levels. But the world’s second-largest economy grew slightly below expectations in the July-September period, National Bureau of Statistics (NBS) data showed, which warned of uncertainty ahead as the international environment is still complicated. China’s recovery has so far put it on track to be the only major economy expanding this year, according to International Monetary Fund forecasts, while nations around the world continue to struggle with lockdowns and new waves of infections.

4. COVID-19 Cases Top 4 crores as Europe Readies New Curbs

Global coronavirus cases exceeded 4 crores, with the pandemic showing no signs of slowing. Record numbers of infections are rolling across Europe while the U.S. and India are averaging more than 50,000 cases a day. Millions of Europeans are facing tighter restrictions on movement, with London, Paris and Vienna enforcing stricter curbs and Ireland preparing some of the region’s toughest measures. Iran again reported a record number of daily deaths linked to the virus, while Wales announced a two-week ‘fire-breaker’ lockdown. China’s economic recovery accelerated, aided by aggressive virus containment that has allowed factories to quickly reopen.

5. Migration Plunges in Covid Crisis, Raising Global Economic Risks

International migration plummeted to an unprecedented degree during the Covid crisis, raising concerns over the longer-term outlook for a key driver of the global economy. Issuance of new visas and permits by the OECD’s 37 members fell 46% in the first half of 2020 compared with a year earlier, and the OECD warned that prolonged restrictions and more remote working and studying mean mobility will not return to pre-crisis levels for “some time.” Migrant workers play a crucial role in sectors including transport, domestic services, IT, and agriculture. Migration plays an important role in economic growth and innovation, as well as in responding to rapidly changing labour markets worldwide.

6. Airlines Working With WHO on Testing to Replace Quarantine

The International Air Transport Association is working to set up a testing system that will replace compulsory quarantine to help revive the airline industry that’s been broken by the coronavirus outbreak. IATA, which represents about 290 airlines globally, is working with the International Civil Aviation Organization and the World Health Organization to put in place scalable, affordable and fast testing systems. “We need testing because we need to get rid of quarantines,” said Conrad Clifford, IATA’s regional vice president for Asia-Pacific, in an interview. He added, “What we’ve seen so far is if there’s a 14-day quarantine, it’s the same as closing your borders.”

7. Tesla to Start Exporting China-Made Model 3 Cars to Europe

Tesla will start exporting Model 3 cars made at its gigafactory on the outskirts of Shanghai to Europe from later this month. The car will be shipped to more than 10 countries, including Germany, France and Switzerland. The company’s Shanghai factory — its first outside the U.S. — opened for local deliveries at the start of this year. The Shanghai factory has helped Tesla expand in China, and the company has said it has the capacity to produce 200,000 vehicles a year from there. It delivered nearly 11,000 locally-built cars in China in September.

8. China Finds Active Covid-19 Virus on Frozen Food Packaging

China’s Center for Disease Control and Prevention said it found active Covid-19 virus on the outer component of refrigerated food packaging, adding that it showed the possibility of infection via such contaminated surfaces. The virus was found on food packaging in the coastal city of Qingdao in Shandong province, the report said, without specifying the origin of the product. Qingdao has reported a dozen new virus cases this month, most linked to a hospital where infected travellers from overseas are being treated. 

China has said several times in recent months that imported refrigerated goods are risks for re-introducing the coronavirus into the country. It had previously tested product packaging from various countries and found positive cases of the virus. It subsequently banned imported products including seafood from Indonesia and chicken wings from Brazil following positive tests on shipping containers and food packaging.

9. Virus Resurgence Sees World Central Bankers Stick to Gloomy Tone

Global central bankers are under no illusion that they’re through the fallout from the coronavirus, issuing fresh warnings about new government restrictions, struggling recoveries and threats to jobs. Monetary chiefs from the Euro area, Japan and the U.K. were united in their concern about their economies in an online seminar hosted by the Group of 30. They all said risks to the outlook remain to the downside and signalled support is going to be needed for some time. Bank of Japan’s Governor even warned that his economy is at risk of a recession if things turn sour.

10. Hyundai and Kia to Take $2.9 Billion Hit on Engine Problems

South Korea’s two biggest automakers are taking a $2.9 billion (INR 21,000 crore) earnings hit because of costs related to a 2019 settlement of a U.S. class-action lawsuit linked to engine defects. Hyundai and its affiliate Kia is setting aside the amount from its third-quarter earnings to be reported next week. The lawsuit was brought by U.S. drivers over an alleged defect that could cause certain engines to catch fire. As part of the settlement, the two automakers pledged to provide a lifetime warranty on the engines in the U.S. and South Korea.

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Market News Top Global News

Jack Ma Readies World’s Largest IPO – Top 10 Global News

1. Jack Ma’s Ant Group Raises IPO Valuation Target to $280 Billion

Ant Group plans to increase the valuation target for its initial public offering to at least $280 billion due to strong demand, charging ahead with the sale even as the Trump administration weighs restrictions on the Chinese fintech giant. The company is lifting the target by at least 12% after initial discussions with investors. Despite the U.S. headwinds, Jack Ma’s Ant is moving ahead with what could be the world’s largest IPO, with same-day listings in Hong Kong and Shanghai. Ant Financial has 72 crore active users with over $17 trillion (INR 1250 lakh crore) in yearly transactions.

2. Positive Corporate News Lift U.S. Market Sentiments

U.S. equity-index futures edged higher along with stocks in Europe as positive corporate news lifted sentiment more than the negative concerns about new restrictions to curb the pandemic and the stalemate over U.S. stimulus. Boeing gained in U.S. pre-market trading after its troubled 737 Max airliner was judged safe to fly by European regulators. Pfizer also rose after saying it will seek emergency authorization for use of its Covid-19 vaccine as soon as November. Those helped push futures on the S&P 500 and Dow Jones Industrial Average into the green after they drifted most of the day. Treasuries held gains, while the dollar slipped with crude oil.

3. The U.K. Is Now Preparing for No-Deal: Brexit Update

The British pound fluctuated between gains and losses after U.K. Prime Minister Boris Johnson said the nation was heading towards no deal with the European Union, while still holding out room for more negotiations this year. He said the U.K. will now get ready to leave the bloc’s single market and customs union at the end of the year without a new agreement in place. He blamed the bloc for refusing to “negotiate seriously” in recent months but kept the door open for further talks. He said he would always be willing to hear from the EU side if it came back with “a fundamental change of approach.”

4. Pfizer Targeting Late November for Covid Vaccine Application

Pfizer Inc. said it could seek emergency-use authorization for its Covid-19 vaccine in the U.S. by late November if the shot is shown to be effective in a large late-stage trial. Safety reviews will dictate the timeline, with the Food and Drug Administration requiring that at least half the people in the study be watched for side effects for two months. That milestone should be achieved in the third week of November, Pfizer Chief Executive Officer Albert Bourla said in an open letter published Friday on the company’s website. Pfizer shares rose 2.5% in premarket U.S. trading.

5. Singapore: Employers Can Temporarily Cut Wages to Save Jobs

Employers in Singapore can consider implementing reasonable temporary wage cuts if such a move minimizes job losses, the National Wages Council said in a statement. The Council added that management should lead by example and “take earlier and deeper cuts to their wages” to effect the desired extent of cost savings. Wage cuts accepted in good faith by employees should be restored when business conditions allow.

6. Chinese Police Investigation Halts Withdrawals at Crypto-Exchange OKEx

Chinese police have launched an investigation linked to cryptocurrency exchange giant OKEx, forcing one of the world’s largest Bitcoin trading platforms to block users globally from withdrawing money. An unidentified staff responsible for users’ private keys — accounts where crypto assets are stored — has been “out of touch” while cooperating with a police investigation, the Malta-based exchange reported. As a result, the company has halted all cryptocurrency withdrawals, without saying when they will resume.  Bitcoin fell as much as 2.9%. OKEx’s native token, which serves as a user loyalty program to incentivize trades, plunged 14%.

7. Japan will not join U.S. plan to bar China from telecom networks

Japan has told the United States that Tokyo will not, at the moment, join Washington’s plan to exclude Chinese firms from telecommunications networks. Japan will take its own steps to respond in case there are worries over security issue, while Tokyo will cooperate with the United States. The U.S. State Department published in August a plan update called the “Clean Network” pushing for telecom companies, cloud service providers, and mobile apps of Chinese origin to be kept out of the United States. The United States is also pressing allies to ban Huawei from 5G mobile phone networks on security grounds.

8. Major Gulf markets dip as financials decline

Major stock markets in the Gulf fell in early trade on Thursday, hurt by losses in banking shares, with Dubai stocks falling the most. A second wave of the coronavirus is sending shock waves through the global oil market with oil producers struggling to balance output cuts with a tight fiscal situation. The second wave doesn’t fare well for an already struggling oil market and the OPEC economies especially the Gulf nations that have seen dwindling oil wealth on account of decline in crude prices. The IMF, in its latest forecast, has revised the economic growth for the largest Gulf economies – Saudi Arabia, and UAE at declines of 5.4% and 6.6% this year.

9. WHO: Remdesivir does not cut hospital stay or mortality in COVID-19 patients

The antiviral medication, among the first to be used as a treatment for COVID-19, was one of the drugs recently used to treat US President Donald Trump’s coronavirus infection. The results are from WHO’s “Solidarity” trial, which evaluated the effects of four potential drug regimens, including remdesivir, hydroxychloroquine, anti-HIV drug combination lopinavir/ritonavir and interferon, in 11,266 adult patients across more than 30 countries. The study found the regimens appeared to have little or no effect on 28-day mortality or the length of the in-hospital course among patients hospitalized with COVID-19.

10. Tokyo Opens Hong Kong Office to Attract Firms to Financial Hub

The Tokyo Metropolitan Government has set up an office in Hong Kong to consult with companies considering a move to the Japanese capital, part of its push to make the city a global financial centre. The Hong Kong office opened for online consultations on Friday. Hong Kong’s political turmoil has made the city a key target for Japanese officials in their bid to lure foreign firms to the country. Yet high taxes, a language barrier and excessive bureaucracy are seen as hurdles to boosting the status of Japan as an international finance hub.