10 things you need to know before the opening bell
Here is what you need to know.1. WeWork has reportedly postponed thousands of layoffs because it's too broke to pay workers severance. The company reportedly could run out of cash by next month unless it gets new funding, and was planning on cutting jobs to save money.Advertisement
2. Nearly 60% of the world's banks wouldn't survive an economic downturn, McKinsey says. "A prolonged economic slowdown with low or even negative interest rates could wreak further havoc," the consultancy said.
3. Swiss bank UBS is axing high-paying investment banking staff after a disappointing performance at the division prompted a 16% slide in third-quarter net profit. Chief Executive Sergio Ermotti is running up against a number of headwinds in UBS's core markets, as wealthy clients hold back from trading, negative rates eat into margins and investment banking activity remains muted.4. A pair of bankers and lovers allegedly took part in a massive insider-trading ring. "Pops" and "Popsy" netted more than $1 million in cash, designer clothes, and other luxuries by selling inside information on deals, prosecutors said.
5. China and the US have made progress in trade talks according to the Chinese vice foreign minister. Le Yucheng made the comments on Tuesday, adding that as long as both sides respected each other, no problem could not be resolved.6. Billionaire Ken Fisher's losses hit $1.8 billion after Fidelity reportedly drops him following his sexist comments. Fisher has sparked backlash since he reportedly said at a conference that working to win clients was like "trying to get into a girl's pants."7. China has overtaken the US to have the most wealthy people in the world. There are 100 million Chinese among the richest 10%, compared to 99 million Americans, Credit Suisse has revealed.Advertisement
8. Stocks are pushing upwards Tuesday. In the US, futures underlying the S&P 500 are flat and Nasdaq (+0.1%) futures are rising marginally. In Europe, the DAX (+0.3%) is up as is the Euro Stoxx 50 (+0.2%). Asian markets closed higher with the Nikkei (+0.3%), Shanghai Composite (+0.5%), and Hang Seng (+0.2%) all up.
9. There are lots of earnings coming. Chipotle, Hasbro, and United Technologies are reporting today.10. There is some interesting data out later. Market watchers will be keeping an eye on what John Williams, the CEO of the Federal Reserve Bank of New York, has to say.Advertisement
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