10 things you need to know before the opening bell
Here is what you need to know.
1. Hong Kong Stock Exchange just proposed a $37 billion deal to buy the London Stock Exchange. Together, the two stock exchanges would be worth more than $70 billion.2. China removed tariffs from 16 American exports including cancer drugs, fish food, and certain chemicals. Ranchers are still going to feel the pain as farm produce continues to face levies.
3. California just passed a bill turning 'gig economy' workers into employees. Here's what Uber and Lyft have previously said about it. The ride-hailing giants say the decision qualifies existing law, hurts workers by removing flexibility, and will lead to customers paying more.
4. A brewing FTC antitrust investigation into Amazon is looking more and more serious. Attorneys and at least one economist have been conducting lengthy, in-depth interviews with small businesses that sell their products through Amazon, three of the merchants interviewed told Bloomberg.
5. German Chancellor Angela Merkel said on Wednesday there was still every chance for Britain's divorce from the European Union to take place with a deal, although Berlin is prepared for a disorderly Brexit. "The fact remains that after the withdrawal of Britain, we have an economic competitor at our door, even if we want to keep close economic, foreign and security cooperation and friendly relations."
6. Peloton plans to raise as much as $1.3 billion in an IPO that would double its valuation to $8 billion. The new valuation would be double what the loss-making fitness technology group was valued at just one year ago.
7. China says it can secure sufficient pork for upcoming holidays. African swine fever has plagued Chinese pork and has become a major issue during the trade war.8. Stocks are mixed today as US futures look muted. US futures underlying both the S&P 500 and Nasdaq are flat. Germany's DAX (+0.8%) and the Euro Stoxx 50 (+0.5%) have bounced. Asian stocks were mixed with the Nikkei (+1.0%) up but the Shanghai Composite (-0.4%) slid while the Hang Seng (+1.8%) climbed.
9. There is a stack of earnings out later. Today's highlight is delivery company Hermes.
10. There is tons of data being released on Wednesday. The producer price index will be the focus for economists.