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Dow Survives Late Selling to Eke Out Third Weekly Gain By Investing.com

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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow eked out a third straight weekly win Friday, despite selling into the close as investors weighed up stronger retail sales data that pointed to underlying strength in the U.S. consumer against cooling hopes for a quick roll out of stimulus. 

The rose 0.39%, or 112 points. The was down 0.08%, while the fell 0.36%.

The Commerce Department said Friday that retail sales rose . That confounded economists’ forecast for a 0.5% rise. The retail sales control group – which has a larger impact on U.S. GDP –  , topping expectations for a 0.2% increase. 

Some economists, however, warned the data could represent the “last hurrah” for the consumer heading toward the end of the year as income will likely decline amid a lack of stimulus.  

“September strength may have been the last hurrah for the consumer this year. With the back to school/work spending likely behind us, and disposable income set to contract sharply in Q3/Q4 without fresh fiscal stimulus, we’ll be lucky if consumption is flat in Q4,” Jefferies (NYSE:) said in a note.

Despite little progress on stimulus talks, many believe that it is a matter of when rather than if further federal aid is coming, with House Speaker Nancy Pelosi suggesting earlier this week that a fiscal package will be rolled out before January.

Utilities, industrials, and health care led the broader market higher, with the latter getting a boost from a rise in shares of Regeneron Pharmaceuticals (NASDAQ:) and Pfizer .

Pfizer (NYSE:) said it would apply for emergency U.S. approval of its Covid-19 vaccine it is developing with Germany’s BioNTech in the third week of November. Pfizer and Biontech Se (NASDAQ:) both added nearly 4%.

The news helped restore some optimism over a Covid-19 vaccine after both Eli Lilly and Company (NYSE:) and Johnson & Johnson (NYSE:) announced setbacks earlier this week.

Tech, however, lagged the broader move higher even as the Fab 5 stocks closed mostly in the red, despite trading higher intraday.

Amazon.com (NASDAQ:), Facebook (NASDAQ:), Microsoft  (NASDAQ:) and Apple (NASDAQ:) closed lower, while Google-parent Alphabet (NASDAQ:) ended the day above the flatline.

On the earnings front, investors digested mixed results from corporates.

Bank of New York Mellon (NYSE:) reported better-than-expected quarterly results on the top and bottom lines, sending its shares up 2%.

Schlumberger NV (NYSE:) fell 9% after it reported mixed results after its quarterly earnings beat, but revenue fell short of estimates, pressured by coronavirus-led disruptions in its drilling business.

In other news, Boeing (NYSE:) climbed 2% after Europe’s aviation regulator said the company’s maligned 737 Max jet was airworthy again.

In deal news, First Citizens BancShares (NASDAQ:) said it had agreed a deal to buy CIT Group Inc (NYSE:) to form a new bank with more than $100 billion assets. 

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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Canadian police witness tells court Huawei CFO arrest followed procedure By Reuters

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© Reuters. FILE PHOTO: Huawei Technologies Chief Financial Officer Meng Wanzhou leaves a court hearing in Vancouver

2/2

By Tessa Vikander and Moira Warburton

VANCOUVER/TORONTO (Reuters) – The Canadian police officer who arrested a Huawei executive in Vancouver in 2018 told a court on Monday the apprehension done by the book, amid claims by her lawyers that her rights were violated during the process.

Huawei Chief Financial Officer Meng Wanzhou arrived in the British Columbia Supreme Court on Monday for the first of five days of hearings as her U.S. extradition case resumed.

This week’s hearings will focus on abuse of process committed by Canadian and U.S. authorities during her December 2018 arrest at Vancouver International Airport, as alleged by her lawyers. The case has intensified diplomatic tensions between China and the two North American nations.

Meng, 48, is charged by the United States with bank fraud for allegedly misleading HSBC about Huawei’s [HWT.UL] business dealings in Iran, causing the bank to break U.S. sanction laws.

She denies the charges and is fighting extradition from under house arrest in Vancouver.

Meng’s lawyers have argued that Canadian authorities improperly communicated with their U.S. counterparts, including allegedly sharing identifying details about her electronic devices.

Canada has denied this and provided affidavits from members of the federal Royal Canadian Mounted Police (RCMP) who were involved in Meng’s arrest.

Meng arrived in court wearing a black sparkly cardigan, knitted blue top and grey skirt, accompanied by her translator as she came face to face with Winston Yep, a RCMP officer who arrested her nearly two years ago.

Meng’s lawyers have alleged that authorities used the Canada Border Services Agency (CBSA) and its powers to search passengers to investigate Meng in a way that violated her rights.

Government lawyer John Gibb-Carsley asked Yep why, as the arresting officer, he didn’t board the plane once Meng had landed. Yep said that because the airport is within the CBSA’s jurisdiction it was decided that the CBSA would do its work first.

Yep said “there was no concern” about this process and added other passengers on the plane created a potential risk of violence if they made the arrest on the aircraft.

Meng’s team has asserted that the CBSA inappropriately seized her electronic devices and that identifying information was shared with U.S. authorities.

Yep said the RCMP asked the CBSA to seize Meng’s devices on a request from the United States and to put them in Faraday bags, which prevent data from being erased.

He added the request was “part of the process” and presented no cause for concern.

Gibb-Carsley asked whether Yep’s supervisor expressed concern about the CBSA investigating before the RCMP.

“No,” Yep said, adding that his supervisor was concerned Meng might elude CBSA and escape the airport, a concern that Yep shared.

However, Huawei lawyer Richard Peck said Yep’s concern about potential violence on the plane was disingenuous and that as trained officers, the RCMP should have been able to arrest Meng there.

Peck also described Yep’s written notes from the day as “very sparse” and drew attention to the fact that Yep had not written a chronological report of the day, as required by Canada’s extradition laws.

Calling live witnesses in an extradition case is “very, very unusual,” said Leo Adler, a Toronto-based extradition lawyer, particularly if both sides will be able to cross-examine. Adler is not involved with the case.

Meng’s team was able to do that based on documents released to them, Adler said, another aspect that is rare in extradition cases.

Meng’s case, which is expected to last years, has strained relations between Ottawa and Beijing. Soon after her detention, China arrested Canadian citizens Michael Spavor and Michael Kovrig on espionage charges.

Hearings are scheduled to wrap up in April 2021.





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Las Vegas Sands mulling $6 billion sale of Vegas casinos: source By Reuters

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© Reuters. The logo of Las Vegas Sands Corp is pictured at the Japan IR EXPO in Yokohama

By Aishwarya Nair

(Reuters) – Casino operator Las Vegas Sands (NYSE:) Corp is exploring a sale of its flagship casinos in Las Vegas in a deal that may bring in $6 billion, a source familiar with the matter told Reuters on Monday.

The properties included in the potential sale are Sands Expo Convention Center, the Venetian Resort Las Vegas and the Palazzo, the source added, asking not to be identified.

Bloomberg reported earlier that Las Vegas Sands is working with an adviser to solicit interest from potential suitors.

In May, Sands ended plans to open an integrated resort (IR) casino in Japan without providing a reason for the cancellation of the project.

The gambling industry, which thrives on air travel and large groups of people in close proximity, is one of the hardest hit industries amid the ongoing coronavirus pandemic.

As of June 30, the company had $13.82 billion total outstanding debt, excluding finance leases.

Chairman and chief executive of the group, Sheldon Adelson, said in the second quarter that a “recovery process from the COVID-19 pandemic in each of our markets is now under way.”

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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