Good morning! Here's what you need to know in markets on Tuesday.
ADVERTISEMENT
10 things you need to know in markets today
What you need to know on Tuesday.
1. Prime Minister Theresa May and EU Commission President Jean-Claude Juncker have confirmed that British and EU negotiators have failed to reach a deal on the first phase of Brexit talks after hours of negotiations. Speaking in a joint press conference in Brussels on Monday afternoon, the pair said that work still needed to be done on the Irish border and Britain's financial settlement.
2. The US Securities and Exchange Commission announced on Monday that it halted a fraudulent ICO "falsely promising" over 1,000% returns. The regulator said this was the first case filed by its brand-new cybersecurity unit, aptly named Cyber Unit. Initial coin offerings, the red-hot cryptocurrency-based fundraising method, have raised more than $3 billion this year by some estimates.
3. "A no deal [Brexit] scenario would entail the disruption of UK trade within European export supply chains," according to a recent note by Credit Suisse research analyst Sonali Punhani. Financial services, agriculture, and aviation are among the most at risk industries, Punhani warned.
ADVERTISEMENT
4. Alec Phillips and Blake Taylor, analysts on Goldman Sachs' US economic-analysis team, say that the Senate version of the new tax bill, called the Tax Cuts and Jobs Act, would slightly boost growth in the short term — but that the boost would quickly fade. "We have increased our estimate of the growth effects of the legislation slightly, to around 0.3pp in 2018 and 2019," Phillips and Taylor said in a note to clients on Monday.
5. Japan's Nikkei share average dropped on Tuesday with semiconductor equipment manufacturers' stocks hit by weakness in U.S. tech shares overnight, undercutting gains for banks and brokerages. The Nikkei ended 0.4 percent lower at 22,622.38, but the broader Topix added 0.2 percent to 1,790.97.
6. Payment processor Mastercard Inc said on Monday it would buy back up to $4 billion of its class A shares. The new share repurchase program will be effective at the completion of the company's previously announced $4 billion share repurchase program, Mastercard said.
7. The US Supreme Court allows full enforcement of President Donald Trump's latest travel ban. Court justices said the policy can take full effect even as legal challenges make their way through lower courts.
8. Special counsel Robert Mueller reversed his bail agreement with Paul Manafort. Manafort, who served as Trump's campaign manager, was indicted in Octoberon several charges.
ADVERTISEMENT
9. YouTube will hire 10,000 new staff.The staff will monitor inappropriate videos on the platform, after a series of controversies this year.
10. China said. North Koreatested its highest flying ICBMlast week, days after China sent a special envoy to North Korea to mediate tensions.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
ADVERTISEMENT