- AP/Francisco Seco
Here is what you need to know.
Wells Fargo’s CEO is out. John Stumpf, the chairman and CEO of Wells Fargo, which has recently come under fire for a scandal in which employees opened 2 million credit- and debit-card accounts without customers’ knowledge, is retiring effective immediately. Stumpf will be replaced by COO Tim Sloan, who has been at the bank for more than 25 years.
Deutsche Bank is reportedly freezing hiring. That is according to Reuters, which says the bank sent a memo to managers explaining that the freeze will take place in every department except for compliance.
China’s exports tumbled. Exports tumbled 10% in September, causing China’s trade surplus to narrow to $41.99 billion, the smallest since March, data from China’s Customs Bureau showed.
The UK’s decision to leave the European Union is going to court. Brexit goes to the highest court on Thursday as Gina Miller, the cofounder of the investment fund SCM Private, challenges the right of Prime Minister Theresa May to trigger Article 50, the mechanism that give the UK two years to leave the European Union. “This is not about whether we should stay or leave – this is actually about how we leave,” Miller told AFP. The British pound is little changed at 1.2196 versus the dollar.
South Korea’s central bank kept policy on hold. The Bank of Korea held its benchmark interest rate at 1.25%, as expected, and said it saw “uncertainties surrounding the growth path to be high.” The Korean won ended weaker by 1.1% at 1,135.85 per dollar.
Italy says it won’t help the world’s oldest bank. According to Reuters, the Italian economy minister, Pier Carlo Padoan, says there won’t be any state intervention or “bail-in” for Banca Monte dei Paschi di Siena.
The US is no longer the largest importer of crude oil. That title now belongs to China, which saw crude imports climb 18% versus a year ago to 8.04 million barrels a day, topping the 7.98 million barrels a day for the US, Reuters reports.
Earnings reporting remains slow. Delta Air Lines and Progressive will report ahead of the opening bell.
Stock markets around the world are lower. Hong Kong’s Hang Seng (-1.6%) trailed in Asia, and France’s CAC (-1.4%) lags in Europe. S&P 500 futures are lower by 12.75 points at 2,118.75.
US economic data is light. Initial jobless claims will be released at 8:30 a.m. ET, and Department of Energy oil inventories will be announced at 11 a.m. ET. The US 10-year yield is down 3 basis points at 1.74%.