Raila Odinga, the presidential candidate of Kenya’s National Super Alliance opposition coalition, arriving for a political rally at the Kamukunji grounds in Nairobi, Kenya.Reuters/Baz Ratner
Here is what you need to know.
It’s the 30th anniversary of the 1987 stock market crash. The Dow Jones industrial average crashed by more than 22% on October 19, 1987, making for the biggest one-day percentage drop in its history.
China’s GDP slows down a bit. Data released by the National Bureau of Statistics on Wednesday showed that the Chinese economy grew at a 6.8% year-over-year rate in the third quarter, matching estimates but down from the second quarter’s 6.9% print.
UK retail sales post their slowest growth in 4 years. Retail sales rose 1.5% on a three-month basis, making for their worst performance since October 2013, according to data released by the Office for National Statistics.
Trump picks a new head of the FTC. President Donald Trump has picked Joseph Simons, a partner at the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, to head the Federal Trade Commission.
American Express’ CEO is stepping down. Kenneth Chenault is stepping down as chairman and CEO of American Express after 17 years, a company press release said Wednesday. He will be replaced by the company’s vice chairman, Stephen Squeri.
Blue Apron lays off hundreds of workers. The meal-kit company announced Wednesday that it laid off 6% of its staff, or about 300 workers.
United has lost $185 million because of hurricanes. The airline took a $185 million pretax loss as a result of canceled flights during the Atlantic hurricane season, Reuters reports.
Stock markets around the world trade mixed. Japan’s Nikkei (+0.4%) led the gains in Asia, and Germany’s DAX (-0.5%) trails in Europe. The S&P 500 is set to open down 0.39% near 2,551.
Earnings reports keep coming. Philip Morris reports ahead of the opening bell, while PayPal releases its quarterly results after markets close.
US economic data flows. Initial claims and the Philly Fed will be released at 8:30 a.m. ET. The US 10-year yield is down 3 basis points at 2.32%.
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