- Reuters / Albert Gea
Here is what you need to know.
The US Department of Justice told AT&T and Time Warner they must sell CNN parent Turner Broadcasting or DirecTV. The two companies are awaiting approval for their massive merger. AT&T CEO Randall Stephenson says the company has no intention of selling CNN.
Snap’s biggest redesign ever is planned for December 4, source says. It’s being done in hopes of kick-starting stagnant user growth. CEO Evan Spiegel on Tuesday said the new app would be “easier to use.”
Salesforce CEO Marc Benioff bashes Microsoft. Speaking at an analyst event on Wednesday, he said “they just can’t keep that management team in place.”
Roku crushed its first earnings report as a public company. The streaming-TV-box provider beat Wall Street revenue estimates, giving investors confidence the company was making progress on its plan to evolve from a commodity hardware company into an advertising business.
Foreign bank lending to China hit a record high in 2017. It reached $1.89 trillion at the end of June, up from $1.67 trillion six months earlier, according to a report from the credit-rating agency Fitch.
A senior Bank of England official warns of a Brexit banking exodus. Ian McCafferty said in a radio-station interview on Wednesday evening that lenders “cannot wait until the last minute” to make decisions about future staffing.
The European Commission says the UK will grow slower than every other major European economy in the coming years. The commission’s figures suggest that by 2019, UK economic growth will have slowed to just 1.1%, slower than in Italy, Spain, and Greece.
Stock markets around the world are mixed. Hong Kong’s Hang Seng (+0.79%) rose in Asia, while the Nikkei slid (-0.2%). The FTSE 100 (-0.56%) led declines across Europe, which saw the Euro Stoxx 50 fall (-0.66%). The S&P 500 is set to open down 0.4% near 2,580.
Earnings reporting remains heavy. Nordstrom, Disney, and Nvidia are among the companies scheduled to report after the market close.
US economic data flows. Initial jobless claims will be released at 8:30 a.m. ET, as will continuing claims. Bloomberg’s consumer-comfort reading will cross the wires at 9:45 a.m. ET, while monthly wholesale inventories will be released at 10 a.m. ET.