Five Things You Need to Know to Start Your Day
Five Things You Need to Know to Start Your Day
(Bloomberg) --
Good morning. The U.K. government is pondering calling a general election in the face of another Brexit delay, chipmakers tumbled in the U.S. and Asia, and Hong Kong reportedly is getting a new leader. Here’s what’s moving markets.
All to Play For
It’s still all to play for in Brexit, after U.K. lawmakers accepted the principles of U.K. Prime Minister Boris Johnson’s deal but rejected his timetable for implementing it, in order to scrutinize the legislation further. An official in his office later confirmed that if the European Union agrees to extend the departure date to Jan. 31 — as indicated by European Council President Donald Tusk — then the prime minister would call an election instead. The pound slipped, but with the ultimate outcome still unclear, the decline was contained overnight.
Texas Trouble
Chip-maker stocks tumbled in the U.S. and Asia after Texas Instruments Inc.’s fourth-quarter revenue forecast trailed the lowest estimate on Wall Street. The decline came just a day after the sector was boosted by shares of its biggest customer, Apple Inc., hitting a record high. Meanwhile, while some of us are addicted to Instagram stories, 210 million people are still using Snapchat: Snap Inc.’s quarterly user growth beat analysts’ estimates, although its shares slipped after they more than doubled this year.
Lam Report
Asia stocks more broadly also slipped, with Hong Kong underperforming, as the Financial Times reported that the Chinese government is drafting a plan to replace Chief Executive Carrie Lam as protests persist. That report came as the murder suspect at the center of months of unrest in Hong Kong was released from jail. Financial Secretary Paul Chan on Tuesday unveiled a range of relief measures worth about HK$2 billion ($255 million) to help grapple with the economic fallout of the ongoing turmoil.
Shaken Oasis
It’s a world apart from Brexit and trade wars, but Chile — a Latin American “oasis” — has been shaken by its worst protests in decades, leading to thousands of arrests and 15 deaths. Emerging market investors trading the Chilean peso have taken a hit and JPMorgan Chase & Co. says sell the country’s domestic stocks. Some European companies are exposed, including miners with operations in the copper-rich country. Concessions were offered by the government overnight, but here’s how what began as a demonstration against a subway-fare hike quickly became an outpouring of discontent over inequality.
Coming Up…
Your macroeconomic data comes in the form of euro-area consumer confidence and South Africa inflation. It’s another big corporate earnings day: Quarterly profit from Swiss engineer ABB Ltd. missed estimates, while Swedish bank SEB did better than analysts expected. Beer giant Heineken NV is among many others reporting today
What We’ve Been Reading
This is what’s caught our eye over the past 24 hours.
- These bees might have a better internet connection than you.
- 50 companies to watch next year.
- Women at Ernst & Young instructed on how to dress, act nicely around men.
- Russia bought 45,000 cows from Europe this year, but cheese imports are forbidden.
- Where’s the line between journalist and influencer?
- Jewelers are already nostalgic for the end of pink diamonds.
- Flying taxis of the future that look like toys.
To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net
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