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China gives Shenzhen more autonomy for market reform, integration By Reuters

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SHANGHAI (Reuters) – China on Sunday detailed steps to grant more autonomy to Shenzhen, letting the southern financial and technology hub pilot reforms in market development and economic integration.

The changes announced by the National Development and Reform Commission include more flexibility to pursue reforms in areas such as land use and cross-border arbitration.

Shenzhen will launch stock index-futures products and will be allowed to issue offshore yuan-denominated local government bonds. Some companies will be allowed, via pilot projects, to issue shares or Chinese Depositary Receipts, which allow Chinese tech companies listed overseas to also list at home.

The commission lists steps to further integrate the Greater Bay Area: Shenzhen and eight other cities in Guangdong province, as well as the adjacent territories of Hong Kong and Macau.

These measures include establishing a big-data centre, experimenting with approved drug use between the territories, and establishing a cross-border arbitration centre.

Last week President Xi Jinping visited Shenzhen to commemorate 40 years since it was established as China’s first economic zone.

Xi called for Shenzhen to strengthen property rights and the protection of entrepreneurs, saying the Shenzhen government will get more leeway to pursue reforms and become a model city.

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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U.S. retailers secure stores as worries about election unrest mount By Reuters

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© Reuters. Plywood covers the window of an Omega store in Chicago

2/5

By Lisa Baertlein, Richa Naidu and Nivedita Balu

LOS ANGELES/CHICAGO (Reuters) – This time last year, shoppers on Chicago’s Magnificent Mile were waiting for Louis Vuitton to debut its whimsical holiday window decorations. Now those same windows are hidden behind a wall of wood panels painted bright orange.

While still open for shoppers, stores like Gucci (PA:), H&M (ST:) and Nordstrom (N:) are also boarded up after looters targeted the city’s famed retail district in the spring and summer, when protests gripped more than 100 U.S. cities.

As security experts warn that the U.S. presidential election could spark renewed civil unrest, those stores remain clad in plywood as retailers seek to keep property and employees safe in the event street violence flares anew.

“You have to ask: ‘Do we want to be safe?'” said Andy, 50, the owner of Vickie’s Nail Salon. The Magnificent Mile shop was broken into and robbed during early morning mayhem that erupted after the police shooting of a young Black man in August.

Andy, declining to provide his full name, has kept plywood on his windows ever since. He also puts a panel over the front door at closing time. “Let’s see how things turn out after the election. If we don’t feel it’s safe, then we’ll have to keep boarding up every night.”

Aon Plc (N:), the world’s largest insurance broker, told Reuters the majority of retailer clients it surveyed are considering boarding up stores because they are worried about looting around the election. Aon executive MaryAnne Burke said about 70% of these retailer clients did so during protests in May and June.

Many retailers including Gucci, H&M, Under Armour (N:) and Apple (O:) declined to comment on their election security plans. More than two dozen security consultants, insurers, contractors and store employees told Reuters that companies are installing reinforced glass, hiring security guards or retaining on-call teams that barricade and board up buildings.

Retailers are on edge after raiders earlier this year smashed windows, stole merchandise and, at times, set stores ablaze in Chicago, New York, Los Angeles, Portland and other U.S. cities – often under the cover of peaceful Black Lives Matter demonstrations that were rekindled by the May 25 police killing of George Floyd, a Black man.

Foot Locker (N:) in its quarterly report on Aug. 21, said it racked up $18 million in costs from “recent social unrest.” Looters target sneaker sellers like Foot Locker because their products are easy to carry away and turn into cash.

After avoiding a commitment for weeks, U.S. President Donald Trump last week said he would accept a peaceful transfer of power if he loses the Nov. 3 presidential election to Democratic challenger Joe Biden. But Trump has continued to make claims about voter fraud and raise doubts about election integrity.

“Companies operating in the United States should anticipate the risk of social unrest and political violence to remain elevated before, during and after the upcoming presidential election,” Jonathan Wood, a lead analyst at specialist risk consultancy Control Risks, wrote in a recent assessment.

“You’d be foolish to think the worst is over. We all watch the news,” said Bob Moraca, principal at Rock Security Group and former vice president of loss prevention for the National Retail Federation.

MAKING PREPARATIONS

Construction scaffolding provider Starr Industries sheltered Apple’s all-glass “Cube” store on Manhattan’s Fifth Avenue behind heavy barricades and chain link fencing on June 1. It is now on standby for several companies with stores in that upscale section of New York City.

“Because of the election, they are worried that the same thing will happen,” said Marian Bobelea, Starr’s president. He would not say which companies retained on-call protection services.

Riot Glass founder Brad Campbell said the security glass maker and a sister firm that installs reinforced windows are rushing to finish jobs at hundreds of U.S. stores.

“Everybody wants something done before the election,” said Campbell.

Alumatec Pacific Products, which provides roll-down doors used by large retailers, said it is seeing election-related demand from smaller businesses like liquor stores and marijuana shops.

Meanwhile, private security-guard provider Pinkerton (ST:) said its hiring is up 50% in Chicago this quarter.

Under Armour covered its Magnificent Mile store windows with clear protective film, store manager Kyle Domzalski told Reuters.

Meanwhile, Chicago police are running response drills and warning retailers to beef up security, Police Superintendent David Brown said.





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European stocks fall as healthcare, construction sectors drag By Reuters

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© Reuters. The German share price index DAX graph at the stock exchange in Frankfurt

By Sruthi Shankar

(Reuters) – European shares fell for a third straight session on Wednesday, as losses in healthcare and construction stocks countered a lift from encouraging earnings from consumer giant Nestle and telecoms equipment maker Ericsson (BS:).

The pan-European STOXX 600 () fell 1.0%, in sharp contrast to Asian markets and Wall Street futures that steadied on hopes of a fresh U.S. stimulus package.

Most European sectors slipped, with healthcare stocks () proving the biggest drag, while banking stocks () were supported by rising U.S. and European government bond yields.

Nestle (S:) lifted its 2020 sales forecast following a quarterly beat, but shares inched lower after early gains.

Sweden’s Ericsson (ST:) jumped 5.5% as higher margins and China’s 5G rollout helped the company beat quarterly core earnings estimates.

“Earnings have been generally well above expectations, and guidance has been a positive surprise,” said Patrick Moonen, principal strategist in the multi-asset team at NN (NASDAQ:) Investment Partners.

“But there are other elements that are currently at play and may have a bigger impact on the market performance than earnings.”

Moonen pointed to many European countries reimposing mobility restrictions following a surge in COVID-19 cases that could weigh on fourth-quarter economic activity.

The STOXX 600 has struggled to break out of a trading range since June, when it recouped a large part of the early pandemic-driven losses. The benchmark is still about 16% below its all-time high.

London markets underperformed, with the exporter-heavy FTSE 100 () hit by a surge in pound after bullish Brexit comments. ()

Vivendi (PA:) rose 2.9% after the French media group reported a bigger-than-expected quarterly sales and unveiled plans to list its most-prized asset, Universal Music Group, in 2022.

Third-quarter profits for companies on the STOXX 600 are expected to drop 34.8%, according to Refinitiv data, a slight improvement from the 36.7% predicted at the start of the earnings season.

Of the 29 companies that reported so far, 75.9% have topped earnings expectations.

Gold miner Centamin Plc (L:) slumped 20.7% to the bottom of STOXX 600 after cutting its 2020 production forecast.

Construction companies also took a knocking, with Assa Abloy (ST:), the world’s biggest lockmaker, falling 3.9% after it reported a drop in quarterly sales.

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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Japan stocks higher at close of trade; Nikkei 225 up 0.31% By Investing.com

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© Reuters. Japan stocks higher at close of trade; Nikkei 225 up 0.31%

Investing.com – Japan stocks were higher after the close on Wednesday, as gains in the , and sectors led shares higher.

At the close in Tokyo, the added 0.31%.

The best performers of the session on the were Takara Holdings Inc. (T:), which rose 7.67% or 83.0 points to trade at 1165.0 at the close. Meanwhile, The Japan Steel Works, Ltd. (T:) added 7.40% or 157.0 points to end at 2280.0 and Pacific Metals Co., Ltd. (T:) was up 5.92% or 95.0 points to 1701.0 in late trade.

The worst performers of the session were NEC Corp. (T:), which fell 2.25% or 130.0 points to trade at 5640.0 at the close. Yahoo Japan Corp. (T:) declined 1.82% or 14.0 points to end at 756.0 and Olympus Corp. (T:) was down 1.79% or 37.0 points to 2027.0.

Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2348 to 1140 and 212 ended unchanged.

The , which measures the implied volatility of Nikkei 225 options, was unchanged 0% to 20.83.

Crude oil for December delivery was down 1.08% or 0.45 to $41.25 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 1.14% or 0.49 to hit $42.67 a barrel, while the December Gold Futures contract rose 0.35% or 6.75 to trade at $1922.15 a troy ounce.

USD/JPY was down 0.35% to 105.12, while EUR/JPY fell 0.09% to 124.58.

The US Dollar Index Futures was down 0.26% at 92.812.

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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