Update on the latest in business:

FINANCIAL MARKETS

Stocks rally on Election Day

NEW YORK (AP) — Stocks are rallying Tuesday as Election Day finally arrives. The S&P 500 was 2.1% higher in afternoon trading.

More than anything, what investors hope for is a clear winner to emerge relatively soon from the election. Whether that’s President Donald Trump or former Vice President Joe Biden is secondary. But if Biden wins, as polls suggest, the thought is that could open the door to a big support package for the economy, particularly if the Democrats also take control of the Senate.

Treasury yields climbed in a sign of lessened pessimism, and a gauge of investor fear in the U.S. stock market receded.

CHINA-ANT GROUP IPO

Market debut of Chinese e-finance giant Ant Group postponed

HONG KONG (AP) — The planned stock market debut of the world’s biggest online finance company, Ant Group, in Shanghai and Hong Kong has been suspended. The move disrupted a record-setting $34.5 billion initial public offering that highlighted China’s recovery from the coronavirus pandemic.

The Shanghai stock exchange cited regulatory changes in Ant’s industry and a possible failure to meet disclosure requirements but gave no other details Tuesday. Ant said later it would suspend its Hong Kong debut.

The suspension follows a meeting Monday between regulators and executives including Ant founder Jack Ma, China’s richest entrepreneur.

VIRUS OUTBREAK-BRITAIN

UK to roll out rapid COVID-19 testing in Liverpool

LONDON (AP) — A half-million people in the English city of Liverpool will be regularly tested for COVID-19 in Britain’s first citywide trial of widespread, rapid testing that the government hopes will be a new weapon in combatting the pandemic.

The government said in a statement Tuesday that testing will begin later this week at sites throughout the city using a variety of technologies, including new methods that can provide results in an hour or less.

Everyone who lives or works in the city in northwestern England will be offered the test, regardless of whether they have symptoms.

CRUISE SHIPS-NO SAIL

Cruise industry throws in the towel on 2020, looks to 2021

SILVER SPRING, Md. (AP) — A cruise ship industry group says its members are extending the suspension of U.S. sailing operations through the end of the year, just days after the U.S. government effectively lifted its no-sail order despite a global spike in coronavirus infections.

Cruise Lines International Association said its members will use the rest of the year to implement measures to address COVID-19 safety.

On Friday, federal health officials issued new rules that will enable large cruise ships to start sailing again in U.S. waters, though not immediately.

The cruise industry group estimates that the suspension of cruises snuffed out more than $25 billion in economic activity and 164,000 American jobs.

NETHERLANDS-KLM

KLM pilots agree to pay cuts to secure bailout for airline

THE HAGUE, Netherlands (AP) — Pilots with Dutch national airline KLM say they have agreed to accept pay cuts for as long as the carrier needs a multibillion euro government coronavirus bailout.

The decision Tuesday clears the way for the government to agree to free up the next instalment of a $3.96 billion lifeline to help KLM survive the sharp downturn in air travel amid the pandemic. The package is made up of a 1 billion-euro loan and 2.4 billion euros in guarantees for bank loans.

The Dutch finance minister said Saturday he would halt the state aid because not all of KLM’s 30,000 staff had committed to accept pay cuts for the duration of the bailout.

ITALY-EARNS-FERRARI

Ferrari profit steady as it recovers lost lockdown output

MILAN (AP) — Luxury sportscar maker Ferrari reported flat profits in the third quarter as it recovers lost production from the coronavirus shutdown.

The company based in the northern Italian city of Maranello said net profit was $200 million in the quarter, up just slightly from the same period last year. Shipments were down by 161 units, to 2,313 vehicles.

Ferrari said it is still working on recovering the 2,000 vehicle production loss during Italy’s seven-week shutdown.

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