Traders are rushing to place options bets on Avis Budget Group Inc. and other meme stocks.
Options activity tied to Avis surged to the highest level in at least three years on Tuesday and the heavy trading continued Wednesday.
House Democrats Add Paid Leave, State-and-Local Tax Deduction to Bill
WASHINGTON-House Democrats released an updated version of the party's social spending and climate package, adding back a paid-leave program that had previously fallen out of the bill and including a measure sharply raising the $10,000 cap on the state and local tax deduction.
The House bill, which top Democrats want to bring up to a vote in the chamber soon, is the latest proposal in the monthslong negotiations among Democrats over President Biden's agenda. But it is set to face changes in the Senate, where Sen. Joe Manchin (D., W.Va.) has objected to the inclusion of a paid-leave benefit.
Fed Dials Back Bond Purchases, Plots End to Stimulus by June
The Federal Reserve closed a chapter on its aggressive, pandemic-driven stimulus when it approved plans Wednesday to begin scaling back its bond-buying program this month amid concerns that inflationary pressures could last longer than officials expected earlier this year.
Fed officials agreed to wind down their $120-billion-a-month asset-purchase program by $15 billion each in November and December, a pace that could phase out the purchases entirely by next June.
Cathie Wood's Flagship ETF Buys More Zillow Shares Amid Steep Drop
Cathie Wood's flagship exchange-traded fund bought roughly $25 million worth of shares in Zillow Group Inc. Tuesday, the day the real-estate company's stock plunged after it said it would exit the home-flipping business.
Ms. Wood's ARK Innovation ETF bought 288,813 shares in Zillow on Tuesday, according to the fund's trading website. The fund had previously also bought Zillow shares in late September.
North Korea Can Make More Uranium for Nuclear Bombs Than Previously Thought
SEOUL-North Korea has the capacity to make more base ingredients for nuclear bombs than previously believed, according to new research, suggesting the Kim Jong Un regime possesses the potential to accelerate the earliest stages of production.
The nation's output of uranium-a fissile material for nuclear weapons when enriched-is just a fraction of what could be produced, according to new research from Stanford University's Center for International Security and Cooperation.
New Jersey Gov. Phil Murphy Wins Tight Election Race
Democratic New Jersey Gov. Phil Murphy held on to his office in a race that ended up much closer than the polls had suggested before Election Day.
Mr. Murphy fended off Republican Jack Ciattarelli, a former state assemblyman, to become the first Democrat since 1977 to win re-election as governor of the Garden State.
Biden Says Payments to Families Separated at the Mexico Border Are 'Not Gonna Happen'
WASHINGTON-President Biden said the U.S. wasn't going to pay immigrant families who were separated at the Mexico border during the Trump administration, throwing into doubt settlements the Justice Department has been negotiating to resolve legal claims by the families.
"That's not going to happen," Mr. Biden told reporters at the White House on Wednesday.
Pregnant Women Who Doubt Covid-19 Vaccine Safety Worry Doctors
Jaime Francis is avoiding all medication during her pregnancy, including Covid-19 vaccines.
Her obstetrician advised her not to take some common painkillers including ibuprofen, she said, and she didn't fill a prescription she was given for nausea. With the Covid-19 vaccine, the 22-year-old delivery driver from Sparta Township, N.J., said she fears potential long-term developmental effects of the vaccine that might not be known yet. Doctors and researchers say the shots are safe, effective and crucial for pregnant women, who face higher risks of severe Covid-19 than the rest of the population.
Military Coups in Africa at Highest Level Since End of Colonialism
On the day before launching the coup that halted Sudan's democratic transition last month, Gen. Abdel Fattah al-Burhan made a string of daring geopolitical moves. He reassured Jeffrey Feltman, the U.S. envoy to Sudan, that he didn't intend to seize power. Then he boarded a jet to Egypt for secret talks to ensure his plot would have regional support.
Egyptian President Abdel Fattah Al Sisi, who seized power in a 2013 coup backed by Saudi Arabia and the United Arab Emirates, reassured his fellow general, according to three people familiar with the meeting.
China Expands Nuclear Weapons Arsenal to Better Compete Globally, Pentagon Says
WASHINGTON-China's military is expanding its nuclear arsenal faster than U.S. defense officials expected, as part of an overall modernization of its armed forces to better compete militarily with the U.S., according to a Pentagon assessment.
At the new, accelerated pace, Beijing could have about 700 nuclear warheads in the next six years, and 1,000 by 2030, according to the annual report on Chinese military power released Wednesday. Those levels are well above the 200-plus warheads last year's report said Beijing possessed and double the previous projections of 400 to 500 warheads by the end of the decade.
Write to sarka.halas@wsj.com
COP26 ROUNDUP ############### ###############
COP26 Negotiators Make Progress on Carbon-Trading Rules
GLASGOW-Climate negotiators have made progress toward a deal aimed at establishing the foundation of an international carbon-trading system, according to people familiar with those talks, putting within reach a long-stalled agreement that many businesses hope will kick-start a global carbon market.
Brazilian officials, who have made a series of demands blocking a deal in the past, say they are now ready to make big concessions. Chinese officials feel they have smoothed out any formal differences with Washington over the issue, according to a person familiar with the matter. On Wednesday, China's climate envoy, Xie Zhenhua, said he was hopeful countries could reach a carbon-trading deal during COP26, the United Nations climate summit taking place over the next two weeks here.
Why Financing the Multi-Trillion-Dollar Transition to Net Zero Isn't That Hard
The world needs $4 trillion a year to transition to a carbon-free economy.
Sound like a lot? It's not.
Every year, the global financial system channels trillions of dollars from people who have capital to people who need it without breaking a sweat. Doing the same to achieve net zero carbon emissions by 2050 is well within its means. It just needs something to invest in.
Financial System Makes Big Promises on Climate Change at COP26 Summit
Most of the world's big banks, its major investors and insurers, and its financial regulators have for the first time signed up to a coordinated pledge that will incorporate carbon emissions into their most fundamental decisions.
The lenders and investors say they will help fund a shift that will reduce carbon emissions by businesses and spur the growth of industries that can help limit climate change. Regulators are putting in place new rules to oversee the shift.
The United Nations' Glasgow Financial Alliance for Net Zero says financial groups with assets of $130 trillion have committed to its program to cut emissions. That is enough scale to generate $100 trillion through 2050 to fund investments needed for new technologies, and enough reach to impose pathways for corporations and financial institutions to restructure themselves, the group said.
How the Financial Sector Is Addressing Climate Change-And Why It Matters
The organizations that lend, invest and regulate the world's money are taking on climate change. There was a flurry of announcements at the COP26 U.N. climate conference in Glasgow on Tuesday, where former central banker Mark Carney worked to reach global agreements with the financial sector to use their sway to reduce emissions. Here are some of the key points and what they mean.
The world's banks and investors can deliver the financing needed to get the world on the pathway to reducing carbon emissions. They could provide cheap and plentiful financing for green energy producers and make it more costly for fossil-fuel producers to raise cash. Investors have been at the forefront of pushing change in corporate thinking. Banks are catching up, pledging to align their financing portfolios and lending power to persuade clients to get aboard too.
TODAY IN CANADA
Earnings:
Badger Infrastructure Solu (BDGI.T) 3Q
Barrick Gold 3Q
Baytex Energy Corp. (BTE.T) 3Q
BCE 3Q
Canadian Natural Resources (CNQ.T) 3Q
Denison Mines Corp. (DML.T) 3Q
Doman Building Materials (DBM.T) 3Q
Domtar 3Q
Enerflex 3Q
Enerplus 3Q
Fairfax Fincl Hldgs Ltd (FFH.T) 3Q
First Majestic Silver Corp.(FR.T) 3Q
IBI Grp Inc. (IBG.T) 3Q
IGM Fincl Inc. (IGM.T) 3Q
Interfor 3Q
Kinaxis 3Q
MARTINREA Intl (MRE.T) 3Q
Open Text 1Q
Premium Brands Hldgs (PBH.T) 3Q
Primo Water 3Q
Profound Medical Corp (PRN.T) 3Q
Quebecor Inc. Class A (QBR.A.T)3Q
Quebecor Inc. Class B (QBR.B.T) 3Q
Ritchie Bros. Auctioneers (RBA.T) 3Q
Saputo 2Q
Topaz Energy Corp (TPZ.T) 3Q
Toromont Indus Ltd. (TIH.T) 3Q
Trisura Grp Ltd. (TSU.T) 3Q
Wheaton Precious Metals (WPM.T) 3Q
Economic Indicators (ET):
(MORE TO FOLLOW) Dow Jones Newswires
11-04-21 0614ET
