10 things you need to know before the opening bell
Here is what you need to know.
1. Trump's trade war means America is no longer the world's most competitive country. Singapore swooped in to take the top slot, according to a 666-page report from the World Economic Forum, which cited trade and geopolitical tensions.2. Silicon Valley is losing its war against paying tax on big-tech revenues. The Organisation for Economic Cooperation and Development (OECD) on Wednesday outlined a huge overhaul of tax rules which would hit the tech giants with much bigger tax bills.
3. Goldman Sachs is setting up a WeWork office in London as an emergency trading floor. The trading floor was set up so the bank can continue to trade in the event of an emergency, says the Financial Times. Goldman advised We on its failed IPO.
4. The EU could delay Brexit until next summer to allow a second referendum. Officials in Brussels reportedly believe it would provide enough time for the fallout from a general election to play out, or to legislate for a second referendum.
5. Morgan Stanley analysts say that Goldman Sachs could take a $264 million hit on its WeWork stake. Jefferies said in September that it wrote down $146 million related to its WeWork stake, citing uncertainty around timing and pricing of the co-working company's IPO.
6. Oil prices are sliding for a third straight day. Brent crude futures fell 0.5%, to $57.97 a barrel, while US West Texas Intermediate crude was at $52.38, down 0.5%.
7. French President Emmanuel Macron will meet German Chancellor Angela Merkel at the Elysee on October 13 to discuss European matters ahead of next week's crucial EU Summit. The two leaders will prepare for the Franco-German summit and European Union summit next week, where Britain's plans to leave the European Union are likely to be discussed.8. Stocks are jumping on Wednesday. US futures underlying the S&P 500 (+0.8%) and the Nasdaq (+0.9%) are rising. In Europe, the DAX (+0.9%) and Euro Stoxx 50 (+0.7%) pushed upwards. Asia closed mixed with the Nikkei (-0.6%) in the red as was the Hang Seng (-0.8%) but the Shanghai Composite (+0.4%) rose.
9. There is a stack of earnings out today. The highlight is GVC, the sports betting firm.
10. Today is a quiet day for data. Fed chair Jerome Powell is due to speak at 11 a.m. EST.