Most of the world's banks are too weak to survive a downturn
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Chart of the Day: Thousands of protesters gathered in Chilean cities yesterday after a weekend of riots and clashes with soldiers and police that left 11 dead. It's the worst unrest since the nation returned to democracy in the late 1980s. The peso and local shares fell. Copper prices may jump if it disrupts output at the world's largest copper mine, BHP's Escondida operation.
Futures Summary:
News from Bloomberg:
Justin Trudeau won a second term but scandal and controversy stripped him of a majority. His Liberal Party won or led in 157 of Canada's 338 electoral districts, losing the popular vote but gaining enough seats to form a government with support from smaller parties. The most likely partner is the New Democratic Party, on track to win 24 seats, giving the two a combined 181. Here's a look at the results across the country.
Boris Johnson will make a final push today to ram his Brexit deal through Parliament by Oct. 31. He probably has enough support to win a vote on the Withdrawal Agreement. But it'll be immediately followed by a second ballot to fast-track it. If he loses that, he may pull the bill and seek an election. Follow the developments with our Brexit Update and here's a timeline for the key events.
Earnings deluge: P&G tops the consumer billing, with Wells Fargo expecting organic sales growth to be "best in class." Less bullishness on McDonald's, though, as sales trends probably slowed from a bumper second quarter. Texas Instruments' guidance may point to a chip-cycle bottom, Bloomberg Intelligence said. Lockheed may give a conservative outlook for 2020. Also up: United Technologies, UPS, Snap, Kimberley-Clark, Chipotle and Harley-Davidson.
Most of the world's banks are too weak to survive a downturn and can't compete against disruptors like Amazon and Ping An, a McKinsey survey found. It urged firms to innovate, farm out operations and bulk up via mergers as they enter an "arms race on technology." In this new climate, U.S. Bancorp will cut thousands of branch jobs as clients favor digital offerings, a person familiar said.
U.S. stock-index futures edged up with European shares. Asian equities were pulled higher by tech companies gains after Apple surged to a record. The pound weakened before the latest Brexit vote. The loonie held near three-month highs. Oil fell.
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