* Following the release of economic indicators projecting weaker U.S. momentum, traders have become more convinced that the Federal Reserve will again cut its benchmark interest rate this month. The probability of an October rate cut jumped to 88.2% as of 7:35 p.m. ET, up from about 49.2% a week earlier, according to the CME Group's FedWatch tool.
* California Gov. Gavin Newsom signed into law Assembly Bill 857, which allows the state's cities and counties to establish public banks, the Los Angeles Times reports. The law allows for a maximum of 10 public banks in California.
* The California Department of Business Oversight reaffirmed that it will not bring regulatory actions against state-chartered banks or credit unions solely for establishing a banking relationship with licensed cannabis businesses.
* Goldman Sachs is expected to take approximately $260 million in losses, largely due to its own-account investments in ride-hailing giant Uber Technologies and chemical-maker Avantor, Bloomberg News reports. Goldman's positions in both the companies boosted its results in the second quarter but the companies have seen big slumps in their market value in the third quarter that is expected to dent Goldman's investing and lending revenues.
* Investment company Vanguard Group is experimenting on a new, blockchain-based way for asset managers to trade currencies directly, avoiding intermediaries like investment banks, which in turn could lower investing costs, a source told Bloomberg News.
* Funds managed by T. Rowe Price Group and Fidelity Investments have collectively snapped up a 14.4% stake in investment advisory firm StepStone Group, sources told Bloomberg News. New York-based StepStone, which focuses on private markets, is expected to launch an initial public offering as soon as 2020.
* A U.S. House Committee will not schedule a hearing for Facebook COO Sheryl Sandberg, who tentatively agreed to testify Oct. 29 about the company's Libra plans, until CEO Mark Zuckerberg pledges to appear before the panel by January 2020, Reuters reports, citing a congressional source.
* Also related to Libra, PayPal was the only company that did not attend an event of backers of the planned cryptocurrency, signaling a wavering of the company's support for the project, sources told the Financial Times. Bloomberg News also reported that Libra Association members Mastercard, Visa and Stripe were undecided whether they will officially support the project.
* Visa and Mastercard will be able to process credit card transactions in Indonesia without a domestic partner, thanks to the lobbying assistance provided by U.S. trade officials, Reuters reports, citing Indonesian government and industry sources, and emails.
* The Second Judicial Circuit Court in Leon County, Fla., placed Florida Specialty Insurance under the receivership of the state's Department of Financial Services, effective Oct. 2.
* Short-term thinking associated with quarterly reporting by publicly listed insurers is causing "huge problems," according to Stephen Catlin, co-founder of specialty insurer Convex.
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