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Top stories summarized by our editors
10/19/2020

New York Gov. Andrew Cuomo said movie theaters outside of New York City can open their doors again with safety rules and limited capacity on Oct. 23. Theaters in counties where there are hot spot clusters will not be allowed to reopen.

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Spectrum
10/19/2020

The UK faces "an unprecedented level of economic uncertainty" and risks "very heavily skewed towards the downside" amid a resurgence of coronavirus cases, Bank of England Governor Andrew Bailey says. The UK economy has fallen harder than any other major economy, and Bailey notes a challenge in selecting the right policy responses, although economists expect the BoE to announce further asset purchases.

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Reuters
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United Kingdom
10/19/2020

Roberto Sifon-Arevalo, S&P Global's top sovereign analyst, has warned some leading economies could face a credit rating or outlook downgrade because of the coronavirus pandemic. "You are talking about ratings in the EU or in highly developed countries like Japan or the UK or, in this part of the world, the United States that have been able to implement pretty massive fiscal and monetary packages to defend themselves," Sifon-Arevalo says.

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Reuters
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S&P Global
10/19/2020

Barclays CEO Jes Staley and Banco Santander Chair Ana Botin want regulators to let banks resume dividends, saying it would let them distribute excess capital and would raise confidence in the economy. "Going back to dividends is going to help the economy because it helps the flow of capital, it lowers the cost of equity," Botin says.

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Reuters
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Santander
10/19/2020

Sergio Ermotti, outgoing CEO of UBS, says successor Ralph Hamers, who takes over in November, should ignore those who call for him to follow consensus opinions.

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UBS, Sergio Ermotti, Ralph Hamers
10/19/2020

The US Treasury Department has issued a questionnaire to canvass the views of primary dealers on whether it should expand auctions for Treasury Inflation-Protected Securities. The department also wants input on factors pushing up demand for Treasurys.

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Reuters
10/19/2020

The Financial Stability Board has released guidelines on steps that should be taken to transition the financial system away from Libor. "These are considered prudent steps to take to ensure an orderly transition and are intended to supplement existing milestones from industry working groups and regulators," the FSB says.

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Practice Insight
10/19/2020

EU regulators want changes to money market funds after the sector came under liquidity pressure at the height of market disruption in March.

10/19/2020

Federal Reserve officials want a review of the US approach to financial stability amid concerns that low interest rates will prompt excessive risk-taking by financial institutions and households.

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US
10/19/2020

Chinese economic output expanded 4.9% during the third quarter compared with Q3 of 2019, according to the National Bureau of Statistics. The economy has recovered ground lost in early 2020 because of the coronavirus pandemic, with output rising 0.7% year to date.