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Good morning. A familiar face is the front-runner to replace the U.K. leader, China may be losing interest in trade talks, the food-delivery business is getting shaken up, and a luxury watch maker and budget airline are reporting earnings today. Here’s what’s moving markets. 

BoJo Backed?

A trimmed-down Boris Johnson, the Brexit-backing former U.K. foreign secretary and mayor of London, is favorite to replace Theresa May as prime minister, according to bookies. May is set to finally give in to calls to announce a time-frame for her departure, while trying one last time to get her divorce deal voted through the House of Commons next month. Oh, and if you hadn't noticed, Nigel Farage is attempting a comeback, and no one knows what to do do about it. The pound is on course for its worst week since October.

No Interest

Futures on the U.S. S&P 500 Index hit were at a session low as European traders headed to their desks this morning, following China’s state media reporting that the government may have no interest in continuing trade talks with the U.S. for now. Technology shares were weak in Asia as suppliers Huawei Technologies Co., Ltd. continued to tumble. Earnings reports from U.S. chipmakers Applied Materials Inc. and NVIDIA Corp. provided a positive note for the global sector, with both large-cap names trading higher in the post-market.  

Amazon Delivers

The cutthroat food-delivery business is getting shaken up today with news that Inc. is leading a $575 million investment in Deliveroo, handing the startup the capital it needs to expand across new markets. Keep an eye on shares of Just Eat and Domino’s Pizza in the U.K., as well as European peers Delivery Hero and Amazon has been linked with a bid for Deliveroo in the past, as has car-sharing group Uber, which runs the Uber Eats service. A report of Uber’s interest in September sent shares in Just Eat and Delivery Hero lower.

Richemont, EasyJet Eyed

Company earnings are lighter today, although posh watch-maker Richemont is out with profit that’s a bit below expectations. Luxury goods is among the sectors most susceptible to trade war developments. EasyJet plc is also due to update, with shares of the budget airline at a two-year low despite the summer Brexit reprieve amid concern over rising oil prices and overcapacity in Europe. 

Coming up...

A final reading of euro-zone inflation is expected to confirm an acceleration in April, while the currency bloc’s finance ministers are meeting in Brussels today to discuss a budget plan as Italy attempts to ease concerns over its fiscal strategy. 

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