News Highlights: Top Global Markets News of the Day

Features Dow Jones Newswires

Bank of England Raises Interest Rates for First Time in a Decade

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The Bank of England raised its benchmark interest rate for the first time in a decade, a telegraphed move that represents the latest step by the world's major central banks to withdraw crisis-era stimulus.

Trump to Tap Jerome Powell as Next Fed Chairman

The White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank, according to a person familiar with the matter.

Stocks Decline as Investors Parse Earnings Reports, Tax Plan

U.S. stocks fell as investors analyzed a batch of mixed earnings reports and House Republicans' latest tax proposal. The Dow industrials declined 0.4%.

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U.S. Worker Productivity Jumps in Third Quarter

U.S. workers boosted output per hour this summer at the best rate in three years, a sign that long sluggish productivity gains might finally be breaking out.

U.S. Jobless Claims Fall Despite Hurricane Effects

The number of Americans filing applications for new unemployment benefits fell last week, despite hurricane-ravaged Puerto Rico beginning to process a backlog.

Bitcoin Hits $7,000 as Wall Street Interest Gets Real

The price of the digital currency bitcoin smashed through the $7,000 mark for the first time, another milestone for the surging asset.

Sterling, Bond Yields Tumble on BOE Rate Rise

The British pound slid sharply and bond yield fell after the Bank of England raised interest rates for the first time in over a decade but signaled that further increases aren't imminent.

Republicans Stick With Big Corporate Tax Cuts in House Bill

The Tax Cuts and Jobs Act, set to be released Thursday morning, would permanently chop the corporate tax rate from 35% to 20%, compress the number of individual income tax brackets, and repeal the taxes paid by large estates starting in 2024, according to a detailed summary of the plan reviewed by The Wall Street Journal. The plan would seek the biggest transformation of the U.S. tax code in more than 30 years.

Oil Steadies After Fall in U.S. Inventory

Oil prices were steady after the market reached multi-month highs earlier in the week, prompting some investors to take profits.

(END) Dow Jones Newswires

November 02, 2017 11:15 ET (15:15 GMT)