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Asian Stocks Up, With Trump Discharged from Hospital By Investing.com

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© Reuters.

By Gina Lee

Investing.com – Asian stocks were mostly up on Tuesday morning, following the U.S. market’s lead after U.S. President Donald Trump was discharged from hospital and with the country’s lawmakers moving closer to passing the latest stimulus measures.

Trump, who tested positive for the COVID-19 virus during the previous week alongside wife Melania Trump, returned to the White House on Monday after a three-night stay at the Walter Reed National Military Medical Center.

However, White House physician Sean Conley warned that Trump may “not be out of the woods yet” and he will remain under medical surveillance.

Trump’s brush with COVID-19 has increased the uncertainty of a clear winner in the Nov. 3 presidential election, also increasing the chances of a close election and messy legal battles between Trump and Democrat candidate Joe Biden. Meanwhile, the vice-presidential debate between Mike Pence and Kamala Harris will take place on Wednesday.

Meanwhile, House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin discussed the measures, among other topics, during a phone call on Tuesday. White House Chief of Staff Mark Meadows also said that potential for an agreement between the Republicans and Democrats on more economic relief measures is still there, and Trump is also committed to seeing the measures passed. However, with COVID-19 spreading among key policy maker figures, including Trump, investors’ optimism is also tinged with caution.

But some investors stressed the need for additional stimulus measures to be passed as the number of COVID-19 cases, in both the U.S. and globally, continues to tick upwards.

“Investors are likely running with the idea that recent data and President Trump’s firsthand experience with the virus increases the odds of another fiscal package … it is becoming harder to deny the need for additional fiscal support,” EP Wealth Advisors director of portfolio strategy Adam Phillips told Bloomberg.

In Australia, the inched down 0.06% by 11:15 PM ET (3:15 AM GMT), reversing some earlier gains. The Reserve Bank of Australia will hand down its policy decision, and the government also handing down the budget, later in the day.

Although the central bank is expected to keep its benchmark interest rates unchanged at 0.25%, there are expectations of a cut to 0.10% in some corners.

“There’s some tentativeness,” CMC Markets chief market strategist Michael McCarthy told Reuters, especially in Australia ahead of the two events.

Japan’s was up 0.39% and South Korea’s rose 0.58%.

Hong Kong’s gained 0.56%. Chinese markets are closed for a holiday.

Meanwhile, Federal Reserve Chairman Jerome Powell and European Central Bank (ECB) chief economist Philip Lane will deliver keynote addresses at the NABE conference. The Fed and ECB will both release minutes from their respective September meetings on Wednesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Charles Schwab to cut about 1,000 jobs By Reuters

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© Reuters. A Charles Schwab office is shown in Los Angeles

(Reuters) – Charles Schwab Corp (N:) said on Monday it is laying off about 1,000 positions in the combined workforce of Charles Schwab and TD Ameritrade (NASDAQ:) to streamline and reshape their branch network.

“These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms,” Charles Schwab, which completed the acquisition of TD Ameritrade earlier in October, said.

The financial services company also said it won’t be executing any additional company-wide reductions for the rest of 2020.

In November last year, Charles Schwab had agreed to buy TD Ameritrade Holding in an all-stock deal valued at $26 billion.

“Employees whose roles are impacted by today’s changes will have early access to all newly opened positions and be treated as internal candidates for the more than 1,000 currently open positions at Schwab through their 60-day notice period”, the company said on Monday.

Earlier this month, Charles Schwab reported third quarter adjusted earnings per share of 51 cents, topping analysts’ estimates of 46 cents a share, according to Refinitiv IBES data.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Goldman Sachs attempted to cover up sexual misconduct, lawsuit claims By Reuters

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© Reuters. FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney

NEW YORK (Reuters) – Goldman Sachs Group Inc (N:) attempted to cover up allegations of workplace sexual misconduct by the bank’s global head of litigation, a lawsuit filed on Monday in New York State Supreme Court claimed.

The lawsuit was filed by Marla Crawford, a former associate general counsel at the bank, against Goldman Sachs, the bank’s General Counsel Karen Seymour and its Global Head of Litigation, Darrell Cafasso.

The lawsuit claimed Cafasso used his position of power to “romantically prey upon a much younger and vulnerable female colleague.”

Crawford, who was a confidant of the alleged victim, attempted to speak up about the alleged misconduct, the lawsuit said, and was subsequently fired after 10 years of “exemplary performance.”

Seymour and Goldman hired law firm Weil, Gotshal & Manges LLP to conduct an investigation with the intention to quickly “sweep it under the rug,” the lawsuit claimed. Cafasso returned to work after two weeks, while the alleged victim – who is unnamed in the lawsuit – left the bank, it said.

Seymour declined to comment. Cafasso was not available for comment.

Goldman Sachs rejected the claims in the lawsuit.

“We conducted a review of the allegations in this complaint and found that they were completely without merit,” a spokeswoman said.

“The General Counsel took all appropriate actions, including ensuring there were thorough investigations by our HR function, after the incidents that form the basis of the plaintiff’s complaint,” she added.  

As part of a broader legal division restructuring, Crawford was offered her same job in a different location, an opportunity she declined, the Goldman Sachs spokeswoman said.

In a statement issued by her lawyer, Crawford said: “As a lawyer and professional, I always try to stand up for what is right. Unfortunately for Goldman’s top lawyers, that made me a liability. I will hold Goldman and its senior lawyers accountable for the blatant retaliation perpetrated against me.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Tiffany gets EU antitrust approval for LVMH deal By Reuters

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© Reuters. Tiffany & Co. logo outside a store in Paris

(Reuters) – Tiffany & Co has received regulatory approvals from the European Commission for its $16 billion acquisition by French luxury goods group LVMH, the U.S. jeweler said on Monday.

The EU decision comes amid a legal battle between LVMH and Tiffany, with the latter suing the Louis Vuitton owner in a Delaware court, alleging that the French company has deliberately been stalling the completion of the deal.

Tiffany added that with the EU nod, it had all regulatory approvals required for the completion of the deal.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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