Stocks gain...Equifax former chairman to testify...Brexit battle

Posted October 3

— Global shares were mostly higher today, tracking a rally on Wall Street, where indexes set fresh record highs. But some benchmarks were lower, and the South Korean and Shanghai markets were closed for national holidays. Futures point to Wall Street drifting higher this morning. Benchmark U.S. crude oil inched up to $50.50 a barrel. The dollar rose against the yen and the euro.

The former chairman and CEO of Equifax says the challenge of responding to the concerns of tens of millions of consumers in the wake of a massive data breach proved overwhelming, and regrettably, his company made mistakes. In prepared congressional testimony to be given today, Richard F. Smith outlines steps the credit reporting company is taking to regain the nation's trust. It's the first of several scheduled appearances.

The European Union insists that Brexit negotiations with Britain will not move onto future relations until enough progress on such things as London's exit payment has been made. Britain desperately wants talks to move onto future trade and security arrangements but EU Commission President Jean-Claude Juncker told a session at the European Parliament that more needs to be done on the withdrawal issues first.

The new CEO of Uber will meet with London transport officials, just days after they refused to renew the cab-hailing app's license to operate. Dara Khosrowshahi is set to meet with Transport for London's Commissioner Mike Brown. Uber wants to keep operating in the capital, and has appealed the decision that it is not a fit and proper operator. London transport officials have objected to Uber's approach to reporting serious criminal offences and its use of technology, which authorities say has helped the company to evade law enforcement officials.

Wells Fargo's chief executive will face Congress saying the bank remains "deeply sorry" for its previous sales practices, and that in the year since the scandal over them exploded it has substantially changed for the better. The prepared comments from Tim Sloan come ahead of his scheduled appearance in front of the Senate Banking Committee today, about a year since his predecessor did the same and was grilled about the sales practices. Wells Fargo has said that 3.5 million accounts were potentially opened without customers' permission between 2009 and 2016.


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