The daily business briefing: November 1, 2016

1. Gas prices jump after deadly pipeline explosion

Gasoline prices made their biggest leap in nearly eight years after a gas line exploded Monday in Alabama, killing one person and severely injuring six others. Colonial Pipeline Co. shut down its main gasoline and distillates pipelines after the accident, which sent flames 50 feet into the air. It was the second time in two months that Colonial was forced to shut down the line, which is the biggest pipeline in the U.S. and a key source of fuel for the East Coast. The latest accident occurred as a nine-man crew was working on the pipeline. A September spill on one part of the pipeline miles away from Monday's accident site shut the line for 12 days, creating temporary gasoline shortages in the Southeast.

Bloomberg AL.com

2. Strong China factory growth lifts markets

Asian stocks climbed back from early losses Tuesday after China released stronger-than-expected data on factory growth. The rate of expansion of China's factories in October added to recent evidence that the world's second largest economy was stabilizing. The news was overshadowed somewhat by a new FBI review of emails linked to Hillary Clinton, and shifting polls showing the Democrat nominee's lead narrowing over Donald Trump a week ahead of the U.S. presidential election. Markets are jittery about how a possible Trump victory might change U.S. foreign policy and international trade deals.

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Reuters MarketWatch

3. Wells Fargo agrees to $50 million settlement over appraisal overcharges

Wells Fargo has agreed to pay $50 million to settle a lawsuit accusing the bank of overcharging about 250,000 homeowners for appraisals ordered after they defaulted on mortgages. The deal requires court approval. The proposal comes as the bank is still struggling to resolve another scandal in which Wells Fargo employees trying to meet sales targets opened about two million bank and credit card accounts without customers' authorization.

Reuters

4. Carney to remain head of U.K. central bank through Brexit process

Bank of England Governor Mark Carney ended months of speculation by saying that he would continue to head Britain's central bank until June 2019. That would keep Carney on the job through the U.K.'s official departure from the European Union, removing one potential source of uncertainty linked to a process expected to officially start in March. Carney has been a leading force for protecting financial markets and the British economy since the June Brexit referendum. The news came as policy makers at the Federal Reserve, the U.S. central bank, started a two-day meeting in which policy makers are expected to agree to hold off hiking interest rates for at least one more month.

Bloomberg Reuters

5. Times: Trump avoided paying taxes against his own lawyers' advice

Donald Trump avoided paying tens of millions of dollars in personal income taxes during the 1990s using a tax avoidance move his own lawyers argued the IRS would find to be improper, according to documents obtained by The New York Times. "Whatever loophole existed was not 'exploited' here, but stretched beyond any recognition," said Steven M. Rosenthal, a senior fellow at the nonpartisan Tax Policy Center. The maneuver, later outlawed by Congress, allowed Trump to avoid reporting hundreds of millions of dollars of income at a time when he was struggling with financial problems. Trump declined to comment for the Times article.

The New York Times