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News Highlights: Top Global Markets News of the Day

10/30/2020 | 02:16am
U.S. Stocks Close Higher 

The S&P 500 ticked higher, rebounding after fresh data showed jobless claims fell and the economy grew sharply in the third quarter.

Economy Surges but Hasn't Recouped All Pandemic Losses 

Gross domestic product rose 7.4% in the third quarter from the prior quarter. The increase offset a good chunk of the record drop in output earlier in the year.

ECB Signals Further Stimulus Ahead 

The European Central Bank intends to scale up its support of the eurozone's economy in December, seeking to cushion the region from fallout of a new wave of coronavirus infections that threatens the currency area anew.

Coronavirus Cases Surge in Several U.S. States 

The U.S. reported nearly 79,000 new coronavirus cases for Wednesday, the second day in a row the total has come in over 70,000.

China to Prioritize Tech Self-Reliance, Officials Say 

China will put "technology self-reliance" at the top of all planning tasks for the next five years and emphasize the quality of economic growth in the next stage, senior Chinese officials said.

Glynn's Take: RBA to Deploy Historic Quantitative Easing Amid Distractions 

Reserve Bank of Australia Gov. Philip Lowe is expected to announce a further easing of monetary policy after a monthly board meeting on Tuesday, telling markets the bank is doing all that it reasonably can for now to speed the economic recovery.

U.S. Jobless Claims Fell to 7-Month Low of 751,000 Last Week 

The number of Americans filing initial claims for unemployment fell to the lowest level since the pandemic began, suggesting layoffs are easing despite a rise in coronavirus infections.

U.S. September Pending Home Sales Slip From Record Highs 

The Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, fell 2.2% to 130.0 in September, data from the National Association of Realtors showed.

China's Leadership Emphasizes 'Technology Self-Reliance' 

The Communist Party's economic blueprint for the next five years sounds a defiant note in the face of U.S. sanctions against Chinese firms, while also targeting per-capita GDP on par with that of countries like South Korea and Spain.

New York Banks Need to Brace for Climate Change, Regulator Says 

A New York state regulator set expectations for banks and other financial companies to prepare for risks arising from climate change, and the transition away from fossil fuels.

(END) Dow Jones Newswires

10-30-20 0315ET

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