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10 things you need to know before the opening bell


WeWork cofounder and former CEO, Adam Neumann

Here is what you need to know.

1. WeWork is reportedly favoring JPMorgan over SoftBank to bail out the buckling real-estate firm. JPMorgan Chase’s refinancing package would be roughly worth $5 billion, company insiders told Bloomberg.

2. Boris Johnson is getting close to winning a majority for a Brexit deal. Pro-Brexit MPs fear that another parliamentary defeat for a Brexit deal would tip the parliament in favour of calls for holding a second referendum.

3. WeWork is reportedly cutting 2,000 jobs as soon as this week, and the staff is turning on Adam Neumann. The job cuts equate to 13% of the company’s workforce, the Guardian reported on Tuesday.

4. The UK star fund manager Neil Woodford’s equity fund has been shut down. The fall from grace for Neil Woodford, once the UK’s best-known stock pickers, reached a climax on Tuesday after the fund was shuttered.

5. BlackRock beat earnings expectations as technology services drive growth in a ‘volatile’ market. CEO Larry Fink said that clients have entrusted $350 million worth of new assets in the last year to the firm “technology services revenue.”

6. Wirecard shares are sinking after the Financial Times alleged the company inflated sales. Shares in Wirecard sank more than 20% in early trading on Tuesday after the newspaper published documents on the company’s accounting practices alleging an effort to inflate sales and profits, dealers said.

7. JPMorgan beats expectations in its third-quarter earnings with record revenue. The CEO said the company was resilient “despite a more challenging interest rate backdrop.”

8. Stocks are rising marginally on Tuesday. US futures underlying the S&P 500 (+0.4%) and the Nasdaq (+0.3%) are rising marginally. In Europe, the DAX (+0.5%) rose as did the Euro Stoxx 50 (+0.6%). In Asia stocks closed mixed with the Nikkei (+1.9%) rallying but the Shanghai Composite (-0.6%) as did the Hang Seng (-0.1%).

9. There is a stack of earnings out today. Goldman Sachs, Citigroup, Johnson & Johnson, Morgan Stanley and Wells Fargo are just some of those out today.

10. Today is a quieter day for data. The highlight is the NY Empire State Manufacturing Index.

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Source:: Business Insider

      

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