10 things you need to know before the opening bell

Here is what you need to know.

Hurricane Florence nears landfall. With winds and rain already battering the US coast, the eye of the storm is expected to make landfall near Wilmington, North Carolina, on Friday with sustained winds of 90 mph.

China says it will not ‘surrender’ in the trade war.“The Trump administration should not be mistaken that China will surrender to the US demands,” an editorial in the state-run China Daily paper said on Friday. “It has enough fuel to drive its economy even if a trade war is prolonged.”

Bank of England head Mark Carney warns on a no-deal Brexit. Carney told Prime Minister Theresa May’s Cabinet that a no-deal Brexit could cause housing prices to crash by as much as 35% and unemployment to climb to double-digit percentages, according to several reports.

India, one of Iran’s last lifelines, to cut oil imports nearly in half. In the face of US sanctions, India plans to slash its oil imports from Iran by 45% to 360,000 to 370,000 barrels a day, Reuters says, citing sources.

Goldman Sachs announces major leadership shake-up.The investment bank named John Waldron, one of three coheads of the investment-banking division, to president and chief operating officer, effectively making him incoming CEO David Solomon’s No. 2, according to memos the firm sent to employees on Thursday. Goldman also named Stephen Scherr, the head of the consumer and commercial banking division, CFO, and CFO Marty Chavez as one of three coheads of the securities division.

JPMorgan says trading revenue has dropped in the 3rd quarter. Speaking at an investor conference on Thursday, CFO Marianne Lake said revenue looked as if it would be down by a “mid-single” digit per cent, Reuters reports.

The Tesla of China shakes off its first ‘underperform’ rating. Shares of the electric-car maker Nio soared 75% on Thursday – one day after the company went public – despite the Bernstein analyst Robin Zhu’s reportedly giving shares an “underperform” rating and saying he thought a capital raise was coming within 12 to 18 months.

Stock markets around the world are higher. Japan’s Nikkei (+1.2%) led the way higher in Asia, and the Euro Stoxx 50 (+0.2%) clings to gains in Europe. The S&P 500 is set to open up 0.14% near 2,908.

Earnings reports trickle out. Dave & Busters reports ahead of the opening bell.

US economic data flows. Retail sales and import/export prices are set to cross the wires at 8:30 a.m. ET, while University of Michigan consumer confidence is due out at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.98%.

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