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  • New Coronavirus Concerns Drive Selloff in Raw Materials

    The threat of new coronavirus lockdown measures around the world dragged down raw materials prices Wednesday, heightening concerns among traders that investments tied to the global economy are set for another painful selloff. Commodities including oil and silver plummeted early in the year as lockdowns spread from China to Europe and the U.S., then staged a monthslong rebound this summer with the world economy reopening for business. That rally is starting to show cracks,...

  • Europe's Core Payments Network Disrupted by Technical Malfunction

    FRANKFURT-- The European Central Bank blamed a software defect for a disruption to the region's main wholesale payment system last week that left banks unable to process transactions and securities trades for almost 11 hours. The outage on Friday paralyzed the ECB's Target2 payments system, which provides the plumbing that allows money to flow across the bloc's single market. Owned and operated by the region's central banks, it processes around EUR2 trillion in transactions a...

  • Fiat Chrysler Post Record Third-Quarter Profits, Reinstates Full-Year Guidance -- Update

    Fiat Chrysler Automobiles NV (FCAU) posted record operating profits in the third-quarter, riding a surge in demand for expensive pickups and a rebound in the U.S. auto market, where dealers are straining to keep inventories in stock. The Italian-American auto maker reported net profit of EUR1.2 billion for the third-quarter Wednesday, compared with a EUR179 million loss a year ago, as many of the company's plants resumed production this summer and buyers began returning to showrooms...

  • GDP Expected to Recover -- Data Week Ahead

    The following are forecasts for this week's remaining U.S. data from a survey compiled by The Wall Street Journal. Forecasts were last updated Monday afternoon. DATE TIME RELEASE PERIOD CONSENSUS PREVIOUS Thursday 0830 Jobless Claims Oct 24 778 K 787 K 0830 Real GDP 3 Q +32.0% -31.4* 0830 GDP Prices 3 Q +2.9% -1.8* 1000 Pending Home Sales Sep +3.0% +8.8% Friday 0830 Personal Income Sep +0.5% -2.7% 0830 Consumer Spending Sep +1.0% +1.0% 0830 Core PCE Prices M/M Sep +0.2% +0.3% 0830...

  • Stocks Open Sharply Lower on Rising Virus Cases

    U.S. stocks fell in early trading Wednesday, as rising coronavirus infections shook investors' confidence in the global economic recovery and sent them toward the safety of Treasurys and the dollar. The S&P 500 dropped 1.8%, suggesting the broad index will retreat for its third consecutive session. The benchmark has slipped more than 5% from its record closing level in early September.

  • South Africa Expects Economy to Shrink 7.8% This Year

    By Aaisha Dadi Patel and Gabriele Steinhauser. JOHANNESBURG--South Africa's finance minister on Wednesday announced costly new bailouts for state-owned enterprises, including its flag carrier, as he predicted that the country's economy would shrink 7.8% this year. South African Airways, which has been grounded in recent months, will receive an extra 10.5 billion South African rand this year to help fund its rescue plan, while the state-owned Land Bank will get an additional...

  • Housing Affordability Crisis Deepens in Fire-Prone Parts of California

    Insurance companies retreated from selling home insurance in wildfire-prone parts of California in 2019, new state data shows, making it more difficult and expensive for homeowners in those areas to protect their homes. The availability of standard home insurance in fire-prone areas could shrink further after another round of wildfires struck the state earlier this year. New fires in Southern California prompted the evacuation of thousands of homes on Monday.

  • GE's Cost Cuts Offset Troubles in Aviation Unit -- 2nd Update

    The troubled aviation industry continued to weigh on General Electric Co. (GE), which reported another quarter of shrinking revenue, but the conglomerate posted a smaller loss and was able to generate cash from its industrial operations. Layoffs and cost cutting have helped GE weather the coronavirus pandemic's damage to the commercial airlines that ultimately buy its jet engines. Belt tightening has also helped reverse losses in GE's long-struggling power turbine unit.

  • Pandemic Drives More Boeing Job Cuts

    Boeing Co. (BA) said it is reviewing jet production levels and plans to shed another 7,000 jobs by the end of next year in response to the mounting toll on the global airline industry from a fresh global surge in coronavirus cases. The plans came as the U.S. aerospace giant on Wednesday reported a third-quarter loss of $466 million and said it is focused on preserving cash ahead of the expected return to service of the 737 MAX as soon as next month, ending a protracted world-wide grounding...

  • GE's Cost Cuts Offset Troubles in Aviation Unit -- Update

    The troubled aviation industry continued to weigh on General Electric Co. (GE), which reported another quarter of shrinking revenue, but the conglomerate posted a smaller loss and was able to generate cash from its industrial operations. Layoffs and cost cutting have helped GE weather the coronavirus pandemic's damage to the commercial airlines that ultimately buy its jet engines. Belt tightening has also helped reverse losses in GE's long-struggling power turbine unit.

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