Boris Johnson says he’s going to try to get a Brexit deal, stimulus debates abound globally and doubts are raised about WeWork’s IPO. Here’s what’s moving markets.
U.K. Prime Minister Boris Johnson is promising to work hard to get a Brexit deal with the European Union following six consecutive defeats in the House of Commons. That will at least be the end of the string of losses for now, as Parliament was suspended at the close of business on Monday for 5 weeks.
Chinese trade data released over the weekend had already soured the mood and that was compounded on Tuesday by pretty grim factory prices, signaling a worsening economic slowdown in the country that threatens to add to the deflationary pressures facing the global economy. It underlines too what economists have already been saying: that the government’s efforts to stimulate the economy are so far not having the desired effect.
Lots to digest for watchers of the European banking sector. Barclays PLC followed its UK rivals in revealing a large new charge to compensate customers who were mis-sold payment protection insurance, calling into question the bank’s share repurchase program, particularly after peer Lloyds Banking Group PLC suspended its buyback due to the provisions.
Executives at both WeWork and its biggest investor, SoftBank, are considering whether to shelve the plan for the company’s much-anticipated IPO, according to people with knowledge of the talks. The company has been the subject of serious discussion about its business model and corporate governance since it confirmed the go-public plans, but lost some of its luster when the valuation Wall Street put on the float came in much lower than initially pitched.
Oil extended gains from the highest level in nearly six weeks following a commitment to production cuts from Saudi Arabia’s new energy minister.
Up and Coming:
Another mixed day of trading in Asia as markets await the key central bank decisions later in the week, though a global bond sell-off meant U.S. 10-year yields hit the highest in more than two weeks.
Apple Inc. will unveil its new batch of iPhones, albeit with few surprises expected.
We’ll have industrial production data from France and Italy and unemployment numbers from the U.K.