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Markets lower ... Crude falls ... New Fed chair

November 2, 2017

SEOUL, South Korea (AP) — Global stock markets were mostly lower today as investors await President Donald Trump’s announcement on his choice to lead the Federal Reserve. Some markets were pressured by investors locking in profits from recent gains. Futures augured a tepid start on Wall Street. S&P futures slipped 0.2 percent while Dow futures dipped 0.1 percent.

NEW YORK (AP) — Benchmark U.S. crude lost 28 cents to $54.02 per barrel in electronic trading on the New York Mercantile Exchange. The contract settled at $54.30 per barrel on Wednesday, down 8 cents. Brent crude, the international standard, fell 25 cents to $60.24 per barrel in London. The dollar slipped to 114.03 Japanese yen from 114.17 yen late Wednesday.

WASHNGTON (AP) — President Donald Trump is expected to name a successor to Fed Chair Janet Yellen later today. At a Cabinet meeting Wednesday, Trump indicated it would be a “new head,” not Yellen. According to a White House transcript of the meeting, the president said: “I think you’ll be extremely impressed by this person.”

WASHINGTON (AP) — House Republicans are set to unveil their far-reaching tax overhaul today. They’re making major changes while looking to preserve current tax rules for retirement accounts popular with middle-class Americans and retain a top income-tax rate for million-dollar earners.

LONDON (AP) — The Bank of England is poised to raise its main interest rate for the first time in a decade to keep a lid on a rise inflation caused by Brexit. The bank is expected to lift its main rate by a quarter percentage point from the record low of 0.25 percent. That would be its first hike since July 2007.

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