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News Highlights: Top Global Markets News of the Day

10/28/2020 | 10:16am EST
Stocks Sell Off on Rising Virus Cases 

Elevated infection levels stoked concerns that more lockdown measures may be imperative, potentially dealing another blow to the economic recovery.

Housing Affordability Crisis Deepens in Fire-Prone Parts of California 

Insurance companies retreated from selling home insurance in wildfire-prone parts of California in 2019, new state data shows, making it more difficult and expensive for homeowners in those areas to protect their homes.

Pandemic Is Ray of Light for Solar Industry 

Heftier home electricity bills, outages and low interest rates are all helping residential solar companies sell their products to homeowners.

Bank of Canada Signals Rates to Remain Unchanged For Years, Tweaks Quantitative Easing Program 

Canada's central bank left its benchmark overnight interest rate unchanged at 0.25% and said it would likely remain at that level until at least 2023.

Tariffs Didn't Fuel Revival for American Steel 

President Trump's 25% duties haven't yielded the steelmaking renaissance that he promised during his 2016 campaign. The industry's early job gains evaporated as steel demand and prices sank.

The Coronavirus Economy Is a Mixed Bag for Credit-Card Issuers 

Consumers are spending money as if the coronavirus recession is over. But they are also paying down old debts and avoiding new ones in case the pandemic lasts a while.

New U.S. Coronavirus Cases Climbed Above 70,000 

New U.S. coronavirus cases climbed back above 70,000 as states across the country continued to report high levels of new infections.

China Gives Market More Say in Setting Yuan's Value 

China is giving investors more power in setting the value of the yuan, a move analysts said was likely intended to boost the currency's international appeal rather than to drive it lower. Chinese banks have recently stopped using what is known as a countercyclical factor.

SEC Corporation Finance Director William Hinman Plans to Step Down This Year 

The exit is part of the usual wave of departures from federal regulatory agencies at the end of a presidential term.

Personal Bankruptcies Expected to Rise in 2021 as Stimulus Ends 

As stimulus checks and other forms of temporary relief run out, experts are projecting an increase in personal bankruptcy filings, which have so far been muted during the coronavirus pandemic.

(END) Dow Jones Newswires

10-28-20 1115ET

Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.13% 6.57131 Delayed Quote.-5.83%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.14% 6.5742 Delayed Quote.-5.76%
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