News Highlights: Top Global Markets News of the Day

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Dow Industrials Surge on Strong Earnings from Caterpillar, 3M

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The Dow Jones Industrial Average surged 0.7%, its best day since September, driven by strong results from index components Caterpillar and 3M.

China Boosts Powers of Xi Jinping as Equal to Mao

China's Communist Party granted President Xi Jinping authority on a par with Chairman Mao, revising its constitution to inscribe a political theory bearing Mr. Xi's name and endorse policies to make the nation a world power.

Trump Asks GOP Senators: Should Taylor or Powell Be Fed Chief?

Donald Trump asked Republican senators at their meeting Tuesday which candidate they preferred to lead the Federal Reserve-current Fed governor Jerome Powell or Stanford University economics professor John Taylor.

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Wine Production Forecast to Fall to Lowest Level in Over 50 Years

Global wine production this year is estimated to fall to its lowest level in over 50 years because of bad weather in Europe.

ECB Must Strike Right Balance in Scaling Back Bond Purchases

European Central Bank President Mario Draghi overcame fierce resistance three years ago to roll out a historic bond-buying program. Ending it could be an even more delicate task.

Wealthier Depositors Pressure Banks to Pay Up

Large U.S. banks are starting to pay up to keep depositors from moving their money, the latest sign that customers are growing more demanding as the economic recovery takes hold.

Owner of NYSE Expands European Footprint With New Stake in Euroclear

Intercontinental Exchange, parent company of the New York Stock Exchange, has acquired a 4.7% stake in Euroclear, a move that expands the Atlanta-based company's reach into European financial markets.

Eurozone Economy Appears to Slow, PMI Survey Suggests

The eurozone economy appears to have slowed slightly as it entered the final quarter of what has been a strong year, a key survey suggests, but that is unlikely to deter the ECB from announcing a reduction in its bond purchases.

Clearinghouses Push Back Against Worries Over Their Size

Swaps clearinghouses are pushing back against the suggestion by a top Trump administration official that they have become too big and pose a market risk, saying regulatory and internal "stress tests" prove there is no cause for alarm.

French Unemployment Drops, Signaling Strength in Economy

The number of job seekers in France fell sharply in September from August after two months of increases, giving President Emmanuel Macron some breathing room in the midst of contentious overhauls of labor laws.

(END) Dow Jones Newswires

October 24, 2017 17:15 ET (21:15 GMT)