European Economics Preview: ECB Monetary Policy Announcement Due
The interest rate announcement from the European Central Bank is due on Thursday, headlining a hectic day for the European economic news.
The ECB is likely to leave its key interest rate, which is the rate on the main refinancing operations, at a record low zero percent. Although no new measures are expected at this meeting, markets anticipate an indication about further easing from the central bank chief.
ECB President Christine Lagarde is set to hold customary press conference at 9.30 am ET.
Major economic reports due for the day are as follows:
At 4.00 am ET, Spain’s INE is set to publish flash consumer price data for October. EU harmonized prices are forecast to decline 0.6 percent annually. In the meantime, unemployment data is due to Hungary.
At 4.55 am ET, the Federal Labor Agency is slated to release Germany’s unemployment data for October. The number of jobless claims is seen falling 5,000 versus September’s decline of 8,000.
At 5.30 am ET, the Bank of England publishes mortgage approvals for September. Economists forecast mortgage approvals to fall to 76,110 from 84,720 in the previous month.
At 6.00 am ET, Eurozone economic confidence survey data is due. The sentiment index is expected to fall to 89.5 in October from 91.1 in the previous month.
At 9.00 am ET, Destatis is slated to issue Germany’s preliminary consumer price figures for October. Economists forecast consumer prices to fall 0.3 percent on year, following a 0.2 percent drop in September.
Biden Wins Wisconsin, Battleground State Key to Trump’s 2016 Win
Joe Biden defeated President Donald Trump in Wisconsin, the Associated Press projected, securing a battleground state that Hillary Clinton lost four years ago.
Wisconsin voters flipped to Biden following Trump’strade war with China and his response to the coronavirus pandemic.
Wisconsin represents 10 of the 270 Electoral College votes needed to win the White House.
— With assistance by Elizabeth Elkin
SBI Q2 profit jumps 55% to ₹ 5,246 crore
The total income of the SBI group rose to ₹ 95,373.50 crore in the quarter under review.
The country’s largest lender State Bank of India (SBI) on Wednesday reported a 55% increase in its consolidated net profit at ₹ 5245.88 crore for the second quarter ended September 30 on account of decline in bad loans.
The bank’s net profit was ₹ 3,375.40 crore in the July-September quarter of previous fiscal, SBI said in a regulatory filing.
The total income of the SBI group rose to ₹ 95,373.50 crore in the quarter under review, compared to ₹ 89,347.91 crore in the year-ago period.
The asset quality of the bank improved with the gross non-performing assets (NPAs) declining to 5.28% of the gross advances as on September 30, 2020, from 7.19% a year ago.
Net NPAs or bad loans too declined to 1.59% of the advances from 2.79% in the year-ago period.
On a standalone basis, the bank’s net profit alone rose nearly 52% to ₹ 4,574.16 crore as against ₹ 3,011.73 crore.
The lender’s total income improved to ₹ 75,341.80 crore in the July-September quarter, up from ₹ 72,850.78 crore.
Police look for driver in fatal hit-and-run of pedestrian in Glendale
Police are looking for a driver who hit and killed a pedestrian in Glendale and fled the crash.
The fatal hit-and-run incident happened at about 5:40 p.m. Monday at the intersection of South Cherry Street and South Leetsdale Drive, according to a Colorado Bureau of Investigation alert.
The vehicle is described as a white 2015 Hyundai Sonata, Colorado license plate 717ODQ, the CBI said. The sedan has heavy damage to the front end and windshield.
Anyone with information on the incident, driver, or vehicle, is asked to call 911 or Glendale police at 303-759-1511.
U.K. Services Weaker Than Expected Even Before New Lockdown
The U.K.’s dominant services sector expanded at the slowest pace since June last month, a sign that the economy was weak even before new coronavirus curbs were introduced.
IHS Markit’s Purchasing Managers Index for the industry stood at 51.4 in October, down sharply from 56.1 the previous month and below a flash estimate. Employment fell for an eighth month, and firms reported a lack of new work.
The report highlights the pressure onBank of England policy makers, meeting this week, to increase bond-buying to support growth. The second nationwide lockdown in England will start this week and last to at least Dec. 2, further putting the brakes on activity.
Services were “close to stalling even before the announcement of lockdown,” said Tim Moore, an economist at Markit. “The U.K. economy seems on course for a double-dip recession this winter and a far more challenging path to recovery in 2021.”
Biden campaign says he's on track to win US election
WASHINGTON (REUTERS) – Democratic candidate Joe Biden’s campaign said on Wednesday the former US vice-president was on track to win the 2020 election against President Donald Trump, with expected victories in the battleground states of Michigan, Wisconsin and Pennsylvania.
Campaign manager Jennifer O’Malley Dillon said she expected Biden will have more than 270 electoral votes later on Wednesday (Nov 4).
She told reporters she believed Biden has already won Wisconsin and was expected to win Nevada.
Join us at 2:30 PM ET on Thursday for a look behind the election numbers with Insider data editor Walt Hickey
There's no winner yet in the presidential election between President Donald Trump and Democratic presidential nominee Joe Biden as the race remains on razor's edge.
While Biden is inching closer to 270 electoral votes with a Wisconsin win, Trump has said he will protest results in the state.
No matter who wins, tons of questions remain. What are the paths to winning for Trump and Biden at this point? How did the polls get the race so wrong? What is the counting process actually like in key battleground states? How would a recount work?
Join Insider's Global Editor-In-Chief Nicholas Carlson on Thursday at 2:30 PM ET for a look behind the numbers with senior data editor Walt Hickey.