Good morning! Here's what you need to know.
5 Massive Banks Were Fined For Allegedly Manipulating Currency Markets. UBS, the Royal Bank of Scotland, JPMorgan Chase, HSBC, and Citibank were together fined more than $3.2 billion by authorities in Switzerland, the UK, and the US on Wednesday morning.
The US And China Made A Landmark Joint Deal On Climate Change. China will aim for a peak in greenhouse gas emissions by 2030, while the US will strive to cut total emissions by more than a quarter by 2025, as the two countries try to drive through a new global climate pact in Paris next year.
Don't Expect A Bank Of England Rate Hike Anytime Soon. In its latest Inflation Report, the Bank of England cut its outlook for both inflation and growth. This suggests the central bank won't hurry tighter monetary policy via rate hikes.
UK Unemployment Rate Holds At 6%. While the unemployment rate in September remained at 6%, it was down significantly from a year ago. Wages climbed 1.0% year-over-year.
Eurozone Industrial Production Climbs. Production in the troubled region increased by 0.6% in September, missing slightly the expectation for 0.7% growth. "[T]ogether with the revision for August, the trend in production looks slightly less alarming than before, though the picture is still pretty grim," Pantheon Macroeconomics' Claus Vistesen wrote. "We are cautiously optimistic, though, that output can recover modestly in the coming months."
Japanese Shares Hit 7-Year Highs. The Nikkei climbed 0.43% — after trading higher during the day — hitting the highest levels in seven years. In other Japan news, Prime Minister Shinzo Abe may call an emergency election to justify delaying or scrapping the second sales tax hike planned for the country.
Markets Are Down. In Europe, Britain's FTSE 100 is down 0.4%, France's CAC 40 is down 1.0%, and Germany's DAX is down 1.3%. US futures are in the red, with Dow futures down 58 points and S&P futures down 7.4 points.
BB&T Will Buy Susquehanna. "BB&T Corp said it would acquire Susquehanna Bancshares Inc. in a cash-and-stock deal valued at about $2.5 billion," Reuters' Amrutha Gayathri reported. "Susquehanna shareholders will receive 0.253 shares of BB&T and $4.05 in cash for each share held, valuing the deal at $13.74 per share based on BB&T's closing price on Tuesday."
Yahoo Investors Want An AOL Rescue. "At least two top-10 Yahoo Inc. shareholders are so unhappy with chief executive Marissa Mayer's turnaround efforts that they are making a direct plea to AOL Inc. CEO Tim Armstrong to explore a merger and run the combined company," Reuters' Nadia Damouni and Jennifer Saba reported. "Their move follows an activist campaign by the hedge fund Starboard Value LP, which is pushing Yahoo to consider a deal with AOL and unlock Yahoo's valuable stakes in Asian web companies."
Shell Says It's Focused On Deep Water Oil Projects In Mexico. Royal Dutch Shell, one of the world's largest oil companies, is most interested in new oil and gas projects in the deep waters of the Gulf of Mexico following a major sector opening finalized earlier this year, a top executive said Tuesday.
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