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Morning Brief

Wall Street is set for a slide at Monday's open with overseas markets in the red


U.S. stock futures were under pressure this morning, in step with global equities in Europe and Asia, and in a continuation of last week's slump on Wall Street. The 10-year Treasury yield on Friday hit its highest levels since 2011. U.S. bond trading is closed today for Columbus Day. (CNBC)

* Italian bonds yields hit 4.5-year highs as the populist government clashes with the EU over budget targets (WSJ)

The Shanghai composite tanked 3.7 percent overnight, in a catch-up move on the first trading day back after a week-long holiday. China's central bank cut for the fourth time this year the amount of cash banks need to have on hand as concerns persist about the impact of the U.S. trade war. (CNBC)

* Secretary of State Pompeo's visit to China kicks off with a frosty exchange (Reuters)
* Pompeo: North Korea ready to let inspectors into missile and nuclear sites (Reuters)

Brazilian stocks rose sharply in premarket trading this morning after far-right presidential candidate Jair Bolsonaro left his opponents in the dust in the first round of voting. But he didn't get enough votes to avoid a run-off later this month. (CNBC)

Oil prices were dropping about 1 percent this morning, pressured by expectations that some Iranian exports will keep flowing even after the U.S. re-imposes sanctions next month. Two companies in India have ordered barrels from Iran in November. (CNBC)

The Nobel economics prize was awarded to Americans William Nordhaus and Paul Romer this morning for reshaping the understanding of long-term growth factors, including climate and technology changes. (NY Times)


A ceremonial swearing-in for Supreme Court justice Brett Kavanaugh will be held tonight. Kavanaugh was technically sworn-in after Senate-confirmation Saturday, solidifying conservative control of the high court for years to come and ending a bitter battle over his nomination. (USA Today)

Taylor Swift usually stays out of politicals. But this year, with just a month to go until the midterms, the pop superstar made an impassioned Instagram post to her 112 million followers endorsing Tennessee Democrats in there U.S. Senate and House races. (CNBC)

In what could be a midterm election boost for Republicans in the nation's farm belt, President Trump is expected to announce the lifting of a federal ban on summer sales of higher-ethanol blends of gasoline tomorrow ahead of a trip to Iowa. (Reuters)

* Wall Street is booming under Trump, but many of its donors are embracing Democrats (NY Times)

Rod Rosenstein, the deputy attorney general, and the president planned to travel to Florida together on Air Force One this morning, a week and a half after the two were scheduled to discuss remarks Rosenstein had made about the president's fitness for office and an offer to secretly tape conversations with him. (NY Times)

The nations of the world have a narrow path to preventing global temperatures from overshooting the most ambitious target in the Paris Agreement on managing climate change, a Nobel Peace Prize-winning U.N. panel said in a new report. (CNBC)

A tropical storm that rapidly formed off Mexico's Yucatan Peninsula has gained strength and could become a dangerous Category 2 hurricane with an expected midweek strike on the Gulf Coast in the Florida Panhandle. A state of emergency has been declared for 26 counties. (AP)

A limousine blew a stop sign at the end of a highway and plowed into a parked and unoccupied SUV, killing all 18 people in the limo and two pedestrians in the deadliest transportation accident in the U.S. in almost a decade, officials said. (AP)

Apple's (AAPL) top security officer told Congress the tech giant repeatedly investigated and found no evidence for the main points in last week's Bloomberg Businessweek article, which said Chinese tiny spy chips were found in Apple hardware. (Reuters)

SpaceX's Falcon 9 rocket has landed back at its California launch site after carrying an Argentinian satellite into space. The Elon Musk-led company has previously landed rockets after Florida launches but never on the West Coast. (AP)

Walmart (WMT) is partnering with movie studio Metro Goldwyn Mayer to create content for its video-on-demand service, Vudu, which the retailer bought eight years ago. Vudu's monthly viewership remains below rivals Netflix (NFLX) and Hulu. (Reuters)

In a weekend of Hollywood counterprogramming, the comic-book movie "Venom" shrugged off bad reviews to shatter the October box-office record with an $80 million debut, while Bradley Cooper and Lady Gaga's "A Star Is Born" remake soared to $41.3 million. (USA Today)

The Mega Millions and Powerball jackpots total an estimated $752 million for this week's drawings on Tuesday and Wednesday nights, respectively. The breakdown is $470 million on Mega Millions and $282 million on Powerball. (CNBC)


Barclays upgraded General Electric (GE) to overweight from equal weight saying the new CEO will lead a turnaround and most of the possible bad news is already in the stock. In the past 12 months, GE shares have lost nearly half their value.

Funds managed by Apollo Global Management (APO) have agreed to buy about a $1 billion portfolio of mostly U.S. energy equity investments, including assumed obligations, from GE Capital's Energy Financial Services unit. 

Texas-based Baker Hughes, a GE Co., (BHGE), the world's second-largest oil services company, agreed on Monday to take a 5 percent stake in Abu Dhabi National Oil Company's drilling unit for $550 million. The deal values ADNOC drilling at about $11 billion.


Art prankster Banksy has struck again. A work by the elusive street artist self-destructed in front of startled auction-goers on Friday, moments after being sold for $1.4 million at Sotheby's in London. (AP)