Traders see remote chance of Fed rate hike this week

Traders on Monday placed a low probability the Federal Reserve would raise interest rates at its policy meeting later this week amid mixed economic data and ahead of the U.S. presidential election, according to interest rates futures. “Investment is still somewhat sluggish, consumption continues to grow solidly, and this adds up to GDP growth trending near 2 percent,” Credit Suisse chief economist James Sweeney wrote in a research note on Monday. Federal funds futures implied traders saw a 6 percent chance the Fed would raise rates at its two-day meeting that kicks off on Tuesday, compared with a 8 percent chance late on Friday, according to CME Group's FedWatch program.

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Traders see remote chance of Fed rate hike this week

Big Fidelity investor in Wells Fargo trimmed position in September

BOSTON (Reuters) – Fidelity Contrafund, one of the largest investors in Wells Fargo & Co , reduced its stake in the scandal-hit bank by 5 percent in September, according to the fund's latest holdings report. Run by star portfolio manager Will Danoff, Contrafund had a $2.2 billion stake in Wells Fargo, or about 50.1 million shares, at the end of September, according to a report released on Sunday. The fund owned about 52.65 million shares at the end of August. Wells Fargo is the only bank in a Contrafund top 10 holdings list dominated by tech companies. …

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Big Fidelity investor in Wells Fargo trimmed position in September

CenturyLink to buy Level 3 Communications for about $24 billion

(Reuters) – Telecommunications company CenturyLink Inc said it would buy Level 3 Communications Inc in a cash-and-stock deal with an equity value of about $24 billion to expand its fiber optic network and high-speed data services for business clients. The combination will put CenturyLink in a better position to compete bigger rivals such as AT&T Inc and Verizon Communications Inc by increasing its fiber network in the United States to 450,000 miles from about 250,000. The deal comes at a time when business clients are seeking more bandwidth and faster networks to move data.

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CenturyLink to buy Level 3 Communications for about $24 billion

S&P, Nasdaq higher, Dow dragged down by Nike

The raft of deals helped offset some jitters caused by the FBI's review of newly discovered emails related to Hillary Clinton's private server. Dow component General Electric was up 0.56 percent at $29.38 after it said it would merge its oil and gas business with oilfield services provider Baker Hughes. Baker Hughes was up 2.7 percent at $60.77.

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S&P, Nasdaq higher, Dow dragged down by Nike

Facebook says will remove fewer pictures, stories after Vietnam photo row

Facebook will allow more content on its platform that it would have earlier removed because it violated its standards, a senior company executive said on Monday, following the controversy over the removal of an iconic Vietnam War photo. “We have made a number of policy changes after The Terror of War photo.

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Facebook says will remove fewer pictures, stories after Vietnam photo row

U.S. consumer spending increases solidly, inflation rising

U.S. consumer spending rose more than expected in September as households boosted purchases of motor vehicles and inflation increased steadily, which could bolster expectations of an interest rate hike from the Federal Reserve in December. The Commerce Department said on Monday that consumer spending, which accounts for about 70 percent of U.S. economic activity, increased 0.5 percent after a downwardly revised 0.1 percent drop in August. Last month's increase in consumer spending offered a fairly strong handoff from the July-September period to the current quarter.

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U.S. consumer spending increases solidly, inflation rising

GE to merge oil and gas business with Baker Hughes

(Reuters) – General Electric Co , banking on a recovery in oil prices, said on Monday it would merge its oil and gas business with No. 3 oilfield services provider Baker Hughes Inc . GE will own 62.5 percent of the new company, which will have combined revenue of $32 billion, while Baker Hughes shareholders will own 37.5 percent. Shareholders of Baker Hughes, which had a market value of about $26 billion as of Friday, will get a special one-time cash dividend of $17.50 per share after the deal closes.

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GE to merge oil and gas business with Baker Hughes

EU, U.S. trade deal not dead yet: EU’s Malmstrom

By Robert-Jan Bartunek BRUSSELS (Reuters) – A much-debated trade deal between the European Union and the United States is not dead and negotiations will continue with the new U.S. administration after November's elections, EU Trade Commissioner Cecilia Malmstrom said on Saturday. Paul Magnette, the premier of Belgium's region of Wallonia who led opposition to the Canadian trade deal, told his parliament on Friday that with the concessions he managed to agree, the Transatlantic Trade and Investment Partnership (TTIP) was “dead and buried”.

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EU, U.S. trade deal not dead yet: EU’s Malmstrom

Three Tata execs quit, sources say, adding to uncertainty at Indian group

MUMBAI/NEW DELHI (Reuters) – Three senior group executives at India's Tata Sons have resigned, people close to the matter told Reuters on Saturday, as management woes appeared to deepen at the $100 billion conglomerate following the stunning ouster of its chairman. The three executives were members of an executive council disbanded after Tata dismissed chairman Cyrus Mistry on Monday. The council, comprising five senior Tata group executives and Mistry, was tasked with creating long-term value for stakeholders and boosting returns on investment.

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Three Tata execs quit, sources say, adding to uncertainty at Indian group

OPEC meets non-OPEC nations for oil talks, Russia still on board

Officials from OPEC and non-member oil producing countries met on Saturday aiming to build support for an OPEC plan to reduce output one day after OPEC members were unable to agreed on how to implement the deal. Arriving for the meeting with OPEC's High Level Committee of exporters, only the representative of non-OPEC Azerbaijan made comments supportive of the need for producer action to help prop up prices. “Today we will discuss the recognized positions of countries, first of all the OPEC countries,” Azerbaijan's energy minister Natig Aliyev told reporters outside OPEC's headquarters.

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OPEC meets non-OPEC nations for oil talks, Russia still on board