Here is what you need to know.
1. Germany just narrowly avoided recession with the economy growing 0.1% in the third quarter. The data released on Thursday showed that growth in the third quarter was led by consumption, with household and government expenditure increasing.
2. WeWork’s third-quarter losses and cash crunch show why SoftBank valued it below $5 billion. The troubled coworking startup lost more than $1.2 billion and its cash reserves shrunk by about $900 million.
3. Britain will become a ‘second-rate’ country after Brexit, says EU Council President Donald Tusk. The outgoing European Council President told Remainers to “not give up” in a speech on Wednesday night.
4. Here is everything we know so far about Elon Musk’s new Tesla factory in Berlin. The city announced that it expects thousands of new jobs coming from Elon Musk’s planned Tesla factory.
5. Alibaba’s Hong Kong listing offers valuable Beijing goodwill. Alibaba’s Hong Kong listing will not only land it $13.4 billion, it will also garner goodwill from Beijing to help the Chinese e-commerce giant weather the fallout of a damaging trade war.
6. WeWork has been sending alarming non-compete letters to workers it laid off earlier this year. Employment lawyers described WeWork’s letters as aggressive.
7. Singapore fines UBS $8 million over deceptive bond trades. Singapore said on Thursday it had levied an S$11.2 million ($8 million) fine on Swiss bank UBS after investigations showed its advisors deceived clients over prices for bonds and structured products.
8. Stocks are dropping Thursday. US futures underlying the S&P 500 (-0.1%) and the Nasdaq (-0.2%) are down. Europe is more mixed, with the DAX down (-0.3%) but the Euro Stoxx 50 flat. Asian stocks are mixed, with the Nikkei (-0.8%) and Hang Seng (-0.9%) down but Shanghai Composite (+0.2%) closed rising.
9. There are some interesting earnings out later. Walmart and Sonos are the standouts.
10. There’s a stack of data on the docket today. The producer price index is the key piece of data while Fed Chair Jerome Powell will also be speaking.
Join the conversation about this story »
NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the ‘3rd wave’ firms that are leading the next round of tech disruption
Source:: Business Insider