Bank of America Corp. posted a year-over-year increase in third-quarter earnings, driven by operating leverage, asset quality and a lower tax rate, said CFO Paul Donofrio. Net income applicable to common shareholders was $6.70 billion, or 66 cents per share, up from $4.96 billion, or 46 cents per share, in the year-ago period.

Central banks, including the U.S. Federal Reserve, European Central Bank and Bank of Japan, could find it more challenging to implement their forward guidance on monetary policies as markets become more volatile, Société Générale Chairman Lorenzo Bini Smaghi said in a conference.

In other banking news, BMO Harris Bank NA agreed to pay $10 million in settlement over allegations that Marshall & Ilsley Corp. — a company BMO Harris acquired in 2011 — was complicit in a multibillion-dollar Ponzi scheme orchestrated by businessman Thomas Petters. In 2009, Petters was found guilty and was sentenced to 50 years in prison.

In Tennessee, B.P.C. Corp. is acquiring CFB Bancshares Inc. in a deal expected to close at the end of 2018, The (Cookeville) Herald Citizen reports. Upon closing, B.P.C. will have banking assets close to $1 billion.

Carlyle Group LP has agreed to acquire Apollo Aviation Group, LLC, an aviation investment manager with current assets under management of $5.6 billion and 243 aircraft owned, managed or committed to purchase.

And Mariner is selling all of the company's institutional asset management business to focus on Mariner Wealth Advisors. In connection with this, the company has also divested its stakes in several private equity firms and hedge fund companies. Venture capital firm Flyover Capital will be the only asset manager Mariner will keep, founder Marty Bicknell told Kansas City Business Journal.

JPMorgan Chase & Co. Chairman and CEO Jamie Dimon has canceled his plans to attend a conference in Saudi Arabia following the disappearance of journalist Jamal Khashoggi, Reuters reports.

In other parts of the world

Asia-Pacific: CBA appoints CFO; KKR eyes Indian portfolios; ANZ to expand again in Asia

Europe: UK firms warned on climate change; German online bank N26 in breach of rules

Middle East & Africa: Saudi stocks slump after US threat; StanChart to launch digital bank in Ghana

Now featured on S&P Global Market Intelligence

Credit union branch growth slows in Q3, Chicago's Alliant closes 9: Alliant CU is currently operating with only two active branches, but only one is open to the public as the credit union transitions toward digital banking.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, Hang Seng dropped 1.38% to 25,445.06, while the Nikkei 225 fell 1.87% to 22,271.30.

In Europe, around midday, the FTSE 100 shed 0.06% to 6,991.79, and the Euronext 100 dropped 0.38% to 985.06.

On the macro front

The retail sales report, the Empire State Manufacturing Survey and the business inventories report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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