The cash management account
Amid a shakeup in the online broker industry, Silicon Valley-based startup Robinhood Markets Inc. announced that it is relaunching a cash-management feature for its customers. The company did not provide a timeline for launch, but a spokesperson said it would "soon" begin to roll out the feature to its first customers. Robinhood in December 2018 announced plans to launch a checking and savings account backed by the Securities Investor Protection Corp., but the SIPC does not protect cash held for anything other than purchasing securities. Eventually, Robinhood rebranded the product as a cash-management program.
The U.S. Securities and Exchange Commission seems to be launching an investigation into sales practices
The Federal Reserve and the SEC finalized changes to the Volcker rule
The Federal Reserve will shortly announce a plan to buy Treasury securities to alleviate volatility in short-term money markets, but the gradual purchases will not amount to another round of the Fed's postcrisis quantitative easing,
Goldman Sachs Group Inc. is reassessing its role in Chinese artificial intelligence company Megvii Technology Ltd.'s initial public offering after the U.S. placed it on its trade blacklist over their alleged involvement in human rights violations, Reuters reports, citing an email from the investment bank. Goldman is reportedly a joint sponsor of the Alibaba Group Holding Ltd.-backed company's IPO, alongside Citigroup Inc. and JPMorgan Chase & Co.
Credit Suisse Group AG is considering a return to U.S. private banking
A London-based appeals court rejected JPMorgan Chase & Co.'s bid to dismiss an $875 million lawsuit
Antlers, Okla.-based First Antlers Bancorp Inc. and Broken Bow, Okla.-based Southeastern Bancshares Inc. are merging, The Oklahoman reports. The deal is expected to close in the fourth quarter.
Asset management giant BlackRock Inc., which has faced criticism for its large-scale exposures to oil, gas and coal companies, has launched a fund
PayPal Holdings Inc. expects to report a pretax loss of $228 million, or $177 million on an after-tax basis, on its strategic investments in the quarter ended Sept. 30. The associated negative impact on third-quarter EPS
Sen. Sherrod Brown, D-Ohio, and Sen. Brian Schatz, D-Hawaii, warned Visa Inc., Mastercard Inc. and Stripe Inc. over their involvement with Facebook Inc.'s Libra
In other parts of the world
Asia-Pacific: Hyundai Card sets IPO in motion; India's IDBI Bank to resume lending
Europe: Dexia CEO out; comdirect ups profit guidance; Helaba, Deka tie-up talk
Middle East & Africa: Saudi vets banks' Aramco exposure; Shuaa reshuffles ranks; KCB hunts defaulters
Now featured on S&P Global Market Intelligence
Canada's Big 6 banks post profit growth in fiscal Q3: Canada's six largest banks saw their fiscal third-quarter profits increase from the year-ago period, with net income hitting C$12.06 billion, up from the year-ago figure of C$11.63 billion, while normalized EPS rose by a median of 6.2%.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng fell 0.81% to 25,682.81, and the Nikkei 225 declined 0.61% to 21,456.38.
In Europe, around midday, the FTSE 100 climbed 0.45% to 7,175.70, and the Euronext 100 was up 0.63% to 1,066.43.
On the macro front
The Job Openings and Labor Turnover Survey, the wholesale trade report, the U.S. Energy Information Administration Petroleum Status Report and the Federal Open Market Committee minutes 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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