Dow futures fall 400 points after Trump says he tested positive for coronavirus [CNBC]
The president’s diagnosis added more uncertainty to the election, an event that was already weighing on the market and keeping traders on edge as they attempted to evaluate the possible outcomes. Shares of stocks tied to the economy reopening fell in premarket trading as the news highlighted the risk of a second wave of the coronavirus and raised fears that maybe lawmakers would slow the pace at which they relaxed coronavirus measures…. The Trump tweet initially knocked down Dow futures about 500 points in overnight trading, and the contracts were off their worst levels as traders digested the news.

General Motors’ Credit Card, Brought to You by Goldman Sachs [WSJ]
Goldman Sachs, a newcomer to the credit-card space, won the bidding over Barclays PLC, people familiar with the matter said, handing the Wall Street firm more than a million GM cardholders and their roughly $8.5 billion in annual spending.
It is the second win in the credit-card sector for Goldman, which launched its first credit card last year with Apple Inc. and is on the hunt for other deals in co-branded cards.

Despite Billions in Fees, Banks Predict Meager Profits on P.P.P. Loans [NYT]
At JPMorgan Chase, the chief financial officer, Jennifer Piepszak, said on a quarterly earnings call in July that profit from the program “will be near zero.” Her counterpart at Bank of America, Paul M. Donofrio, said he did not expect much profit, “if any.”
The $525 billion program handed banks at least $13 billion in fees, according to a New York Times analysis of data from the Small Business Administration…. But some banks are already saying their profits will be eaten up by the costs they incurred to make the program work, including all-nighters and rushed technology projects during four frenzied months of lockdowns and business closures.

Trian Takes Stakes in Invesco, Janus Henderson With Eye on Deals [WSJ]
Trian has accumulated 9.9% stakes in both Invesco and Janus Henderson, with the two positions totaling roughly $900 million, people familiar with the matter said…. Trian believes Invesco has the potential to grow by acquiring rivals such as Janus Henderson, and wants to work with management and the board to build a large asset manager that can better weather the challenges facing the industry and compete with larger rivals

Billionaire Alan Howard Is Raising More Cash After His Hedge Fund Soared 100% [Bloomberg]
A hedge fund that billionaire Alan Howard personally manages is raising another $500 million after doubling investors’ cash in the early days of the pandemic…. Firm-wide assets, which had dwindled to about $6 billion at the start of last year from more than $40 billion in 2013….

BitMEX Co-Founders Charged With U.S. Rules Violations [WSJ]
BitMEX executives Arthur Hayes, Benjamin Delo, Samuel Reed and Gregory Dwyer were charged with one count of violating the Bank Secrecy Act and one count of conspiracy, according to an indictment made public Thursday. Mr. Hayes is known for feuding with bitcoin skeptics such as economist Nouriel Roubini and urging traders to gamble on the most esoteric digital assets…. BitMEX is the second-largest cryptocurrency derivatives exchange by daily volume, according to research firm CoinMarketCap…. BitMEX didn’t file any suspicious-activity reports from 2014 to this year, according to the indictment….

Treasury Warns Against Keeping Ransomware Payments Quiet [WSJ]
The notices, issued by units of Treasury’s Office of Terrorism and Financial Intelligence, warned victims and businesses that assist them to be particularly wary of making ransomware payments to blacklisted individuals and entities, including hacker groups in countries such as Iran, North Korea and Russia…. Paying them would be a violation of U.S. law, presenting the possibility of steep penalties. And the Treasury is unlikely to grant special licenses to allow a payment to a blacklisted attacker, according to one of the advisories, issued by the department’s Office of Foreign Assets Control, which enforces sanctions.

Trade to resume Friday in Tokyo after hardware shutdown [AFP via Yahoo!]
All transactions were suspended for the entire day on Tokyo's two leading indexes, as well as smaller exchanges in other parts of the country, over a glitch that created problems with the delivery of market information…. There was no indication of a cyberattack or other foul play.

Manhattan apartment sales tumble 46%, leaving 10,000 unsold apartments [CNBC]
The current supply of luxury apartments for sale would take nearly three years to sell, according to a report from Miller Samuel and Douglas Elliman…. There were a total of 1,375 sales in the third quarter, down 44% from the third quarter of last year. The prospects for a turnaround before the election also look increasingly unlikely. Signed contracts for September fell 42% in Manhattan in September compared with last year, according to Miller Samuel.

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Morgan Stanley Posts Loss (WSJ) "The rebound in fixed income and commodities sales and trading indicates that clients have re-engaged after the uncertainty of the rating review in the previous quarter," Chief Executive James Gorman said, referring to Moody's Investors Service's move over the summer to downgrade the credit rating on more than a dozen banks. "We are beginning to unlock the full potential of the Global Wealth Management franchise, having increased our ownership of, and agreed on a purchase price for the rest of, Morgan Stanley Wealth Management." For the quarter, Morgan Stanley reported a loss of $1.02 billion, compared with a year-earlier profit of $2.2 billion. The per-share loss, which reflects the payment of preferred dividends, was 55 cents compared with a profit of $1.15 a year earlier. Stripping out the impact of debt-valuation changes, the per-share profit was 28 cents versus two cents a share a year ago. Revenue fell 46% to $5.29 billion, including a negative impact of $2.3 billion from the tightening of credit spreads related to debt. Stripping out debt-valuation changes revenue was up 18% to $7.55 billion. Analysts polled by Thomson Reuters expected earnings of 24 cents, excluding gains related to debt, on revenue of $6.36 billion. Morgan Stanley Reduces Investment-Bank Pay to $5.2 Billion (Bloomberg) The ratio of compensation to revenue in the unit fell to 44.9 percent, compared with 48.4 percent in the same period a year earlier, when excluding accounting gains and losses related to the firm’s credit spreads. That’s still higher than Goldman Sachs and JPMorgan’s investment bank. Compensation and benefits for all of Morgan Stanley totaled $12 billion in the first nine months, down 4 percent. Goldman Ex-Employee Says Firm Pushed Europe Bank Options (Bloomberg) Goldman Sachs sought to profit last year by persuading clients to buy and sell stock options on European banks such as BNP Paribas SA and UniCredit SpA, according to former employee Greg Smith’s new book. “We must have changed our view on each of these institutions from positive to negative back to positive ten times,” Smith writes in “Why I Left Goldman Sachs: A Wall Street Story,” scheduled for release on Oct. 22. “I remember thinking, ‘How can we be doing this with a straight face? No thinking client could believe that conditions on the ground could change that frequently.”’ [...] Smith also describes being disappointed with his $500,000 bonus at the end of 2006. “By any measure, I should have felt exceptionally lucky and grateful,” he writes. “But by the warped logic of Goldman Sachs and Wall Street, I was being screwed.” U.S. to Get Downgraded Amid Fiscal ‘Theater,’ Pimco Says (Bloomberg) “The U.S. will get downgraded, it’s a question of when,” Scott Mather, Pimco’s head of global portfolio management, said today in Wellington. “It depends on what the end of the year looks like, but it could be fairly soon after that.” Asian Scion's Trades Draw Scrutiny (WSJ) A federal probe into an alleged multimillion-dollar insider trading scheme is focusing on the son of a deposed Central Asian autocrat once courted by the U.S. as a key ally in the war on terror, according to people involved in the investigation. The globe-spanning criminal case marks a turnabout by the U.S. against a ruling family it once relied on to keep open military supply lines to Afghanistan. For years, the U.S. maintained good relations with then-Kyrgyzstan President Kurmanbek Bakiyev. Now, the U.S. has prepared charges against the former strongman's son, Maksim Bakiyev, who officials say spent some of his exile in London profiting from illegal tips on stocks trading on the New York Stock Exchange and Nasdaq. On Friday, the younger Mr. Bakiyev, 35, was arrested in England on an extradition request from the U.S. Mr. Bakiyev's U.K. attorney, Michael O'Kane, declined to comment. Computer programmer 'quadruples productivity' after hiring a woman to slap him in the face every time she catches him looking at Facebook (DM) Maneesh Sethi placed an advert on Craigslist to recruit someone willing to monitor what he was looking at on his laptop. The computer expert and writer, from San Francisco, now pays a female employee £5 ($8) an hour to strike him in the face if she spots him wasting time on social media. Mr Seethi claims the unusual motivational system has helped him boost his productivity from just 35 percent to around 98 percent during the working day...Mr Seethi published details on his blog of his Craigslist advert, which was entitled '(Domestic gigs) Slap me if I get off task'. In it he wrote: 'I'm looking for someone who can work next to me at a defined location (my house or a cafe) and will make sure to watch what is happening on my screen. 'When I am wasting time, you'll have to yell at me or if need be, slap me. 'You can do your own work at the same time. Looking for help asap. Mr Seethi said he was inundated with offers from potential slappers and quickly hired a volunteer he names only as Kara. He wrote: 'Within minutes, my inbox began blowing up. Up to 50% of Greek Workforce Strikes; Tipping Point Nears (CNBC) As European Union leaders prepare to meet in Brussels on Thursday, Greece’s workers aim to make their voices heard by holding a 24-hour strike bringing the country to a halt. With the economy in the fifth year of a recession, the lost production could prove counterproductive and cost the economy 100 million euros ($131 million), according to one expert. Most business and public sector activity is expected to grind to a halt during the strike called by the ADEDY and GSEE unions that represent around 2 million people — half of Greece’s workforce. A protracted news blackout is also expected as television and radio broadcasters and newspapers shut for the day, according to Reuters. Spain Banks Face More Pain as Worst-Case Scenario Turns Real (Bloomberg) Spain’s request for 100 billion euros of European Union financial aid to shore up its banks is increasing concern about the nation’s growing liabilities. Standard & Poor’s downgraded the country’s debt rating by two levels to BBB-, one step above junk, from BBB+ on Oct. 10, saying it wasn’t clear who will bear the cost of recapitalizing banks. It cut the ratings of 11 lenders including Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain’s largest, two days ago, citing the sovereign downgrade. Brothels Rescue Cash-Strapped Greek Soccer Team (AP) Players on a cash-strapped Greek soccer team now wear pink practice jerseys with the logos "Villa Erotica" and "Soula's House of History," two bordellos it recruited as sponsors after drastic government spending cuts left the country's sports clubs facing ruin. Other teams have also turned to unconventional financing. One has a deal with a local funeral home and others have wooed kebab shops, a jam factory and producers of Greece's trademark feta cheese. But the amateur Voukefalas club — whose players include pizza delivery guys, students, waiters and a bartender — has raised eyebrows with its flamboyant sponsorship choice. Prostitution is legal in Greece, where brothels operate under strict guidelines. Though garish neon signs advertising their services are tolerated, the soccer sponsorship has ruffled some feathers in the sports-mad city of Larissa. League organizers have banned the pink jerseys during games, saying the deal violates "the sporting ideal" and is inappropriate for underage fans...Brothel owner Soula Alevridou, the team's new benefactor, has already paid more than 1,000 euros ($1,312) for players to wear her jerseys. The team is appealing the game ban, but that doesn't worry the 67-year-old Alevridou, who says she's only in it because she loves soccer. "It's not the kind of business that needs promotion," she said, dressed all in white and flanked by two young women in dark leggings at a recent game. "It's a word-of-mouth kind of thing."