Wall Street flat as upbeat earnings offset trade worries
U.S. stocks were flat on Wednesday as a raft of upbeat earnings reports underlined a solid start to third-quarter results, while concerns over an escalation in the U.S.-China trade war and weak economic indicators lingered.
Bank of America puts investments over cost cuts as ‘operating leverage’ fades
For the first time in nearly five years, Bank of America Corp did not rely on cost cuts to amplify profits – the latest sign of big U.S. banks prioritizing investments in their businesses over short-term gains.
Oil rises on hopes OPEC will extend supply cuts
Oil rose above $59 a barrel on Wednesday, gaining support due to signs that OPEC and allied producers will make further curbs to oil supply in December, and as traders covered short positions ahead of an industry report on U.S. crude inventories.
Stocks little changed on data, earnings; pound choppy
A gauge of world stock markets was little changed on Wednesday on the heels of U.S. data that raised concerns about a slowing economy, while sterling was volatile as negotiations on a Brexit deal continued.
Corroded pipe led to Philadelphia refinery fire: U.S. Chemical Safety Board
An old, degraded piece of metal pipe that had not been tested for corrosion led to a June fire and explosions at the Philadelphia Energy Solutions oil refinery, the U.S. Chemical Safety and Hazard Investigation Board said on Wednesday.
Bank of America beats profit estimates on surge in advisory, lending
Bank of America Corp beat Wall Street estimates for quarterly profit on Wednesday as it earned more in advisory fees and its loan book expanded, easing concerns that lower interest rates would crimp growth at the second-largest U.S. bank.
Fallen fund star Woodford’s firm suffers ignominious end
Once one of Britain’s most celebrated money managers and idolized by a legion of investor devotees, the collapse of Neil Woodford’s business has been swift and brutal.
Wall Street on edge after Hong Kong protests bill
Wall Street inched lower on Wednesday, as a congressional bill related to the Hong Kong protests stoked fears of more friction with China, even as another round of positive earnings reports underlined a solid start to third-quarter results.
Weak U.S. retail sales heighten fears over economy
U.S. retail sales fell for the first time in seven months in September, suggesting that manufacturing-led weakness could be spreading to the broader economy, keeping the door open for the Federal Reserve to cut interest rates again later this month.
Airbus has sold 10 A321neo jets to Chile’s Sky Airline: sources
Airbus has sold 10 A321neo aircraft to Chilean budget carrier Sky Airline, two industry sources said.
