News Highlights: Top Global Markets News of the Day

Features Dow Jones Newswires

Trump Says Jerome Powell Is His Choice to Lead Federal Reserve

Continue Reading Below

President Donald Trump said he would nominate Federal Reserve governor Jerome Powell to be the next chairman of the central bank, saying he has the "wisdom and leadership" to guide the economy through any turbulence that arises.

Dow Bounces Back to Close at Record as Investors Parse Tax Plan

The Dow Jones Industrial Average recovered from early losses to close at a fresh high, as investors assessed House Republicans' proposal for the biggest tax code overhaul in decades.

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

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.

Continue Reading Below

Republicans Stick With Big Corporate Tax Cuts in House Bill

The Tax Cuts and Jobs Act 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.

Trump's Nafta Threat Casts Pall Over Business Plans

While many view President Trump's threat to withdraw from the North American Free Trade Agreement as a negotiating tactic, some businesses with cross-border operations are preparing for the possibility.

Banks Sidestep a Big Tax-Plan Pitfall

Banks do pretty well under the tax bill unveiled Thursday: it puts them on track for big tax cuts yet lets the firms avoid some of the biggest potential downsides of the overhaul.

U.S. Sets Final Tariffs for Canadian Softwood Lumber

The U.S. set big tariffs on imports of softwood lumber from Canada, increasing economic tensions between Washington and Ottawa at a time when North America's trade architecture is in jeopardy.

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 pound slid sharply and bond yields fell after the Bank of England raised interest rates for the first time in over a decade, but investors see Brexit negotiations as more pivotal for markets.

Oil Steadies After Fall in U.S. Inventory

Oil prices hit a two year high amid growing optimism that the oil glut is shrinking.

(END) Dow Jones Newswires

November 02, 2017 19:15 ET (23:15 GMT)