News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

HSBC Swings to Profit as Pivot to Asia Pays Off

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HSBC swung to a third-quarter net profit, as revenue in Asia rose from increased customer borrowing and a growing deposit base.

Morgan Stanley to Exit Accord on Broker Recruiting

Morgan Stanley said it would abandon a set of recruiting rules that brokerage firms agreed to more than a decade ago, the latest sign of change as Wall Street firms pull back on expensive hiring practices.

Struggling HSH Nordbank Gets Bids From Three U.S. Private-Equity Funds

Three U.S. private-equity firms have submitted bids to take over HSH Nordbank, a German lender forced to find a buyer after suffering massive losses on shipping debt, according to people familiar with the matter.

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A Surprising Shakeout Among Banks as Rates Rise

When the Federal Reserve began raising interest rates, every bank was a winner. As the Fed prepares for its fifth rate boost, some banks are benefiting more than others.

A Stock Market Where the Rally is Actually Deserved

European stocks have rallied sharply this year, but based on companies actually making more money, not investor appetite for ever increasing earnings multiples.

Party's Over? Chinese Markets Battered After Bout of Artificial Calm

Chinese markets suffered a broad selloff, losing some of the shine they maintained during Beijing stage-managed an artificial calm for last week's major congress of the Communist Party.

Trump Likely to Name Jerome Powell Next Fed Chairman

President Donald Trump is likely to announce Federal Reserve governor Jerome Powell as his nominee to be the next chairman of the U.S. central bank.

LME Revs Up for Electric Cars With New Contracts for Battery Metals

The London Metal Exchange is planning to launch futures contracts for battery metals as early as the start of 2019, the latest example of how the commodities market is hoping to capitalize on the push toward electric vehicles.

GOP Plan for a Speedy Tax Overhaul Faces Uncertain Road

House Republicans are set to toss a giant tax bill into the capital's autumnal winds Wednesday. That could turn into a rousing victory for Republicans, a scaled-back compromise or a collapse.

How a $2,400 Cap on 401(k) Deductions Would Affect Your Savings

Millions of workers of all ages and income levels stand to be impacted if the tax deduction on 401(k) savings is reduced.

(END) Dow Jones Newswires

October 30, 2017 16:15 ET (20:15 GMT)