- Reuters/China Stringer Network
Here is what you need to know.
Trump touts progress on trade. “We’ve made some very big steps with respect to trade, far bigger than anything you know,” President Donald Trump told reporters in Manila, Philippines, on the sidelines of a summit with leaders of Southeast Asian and East Asian nations.
The pound gets whacked following report Theresa May’s leadership is in jeopardy. The British pound trades down 0.79% at 1.3092 following a report that 40 Conservative members of Parliament have agreed to sign a letter of no confidence in UK Prime Minister Theresa May.
China’s banks are tightening lending. In October, banks extended 663.2 billion yuan, or $99.83 billion, in net new yuan loans, Reuters reports, citing People’s Bank of China data released Monday.
Venezuela meets with its creditors. The meetings are a last-ditch effort for the debt-ridden country to avoid default, Reuters says.
Bitcoin is all over the place. The cryptocurrency hit a low of $5,605 late Sunday, down nearly 29% from Wednesday’s high, as backers of SegWit2X sold the cryptocurrency in favor of bitcoin cash. Bitcoin has recouped a good portion of its losses and trades near $6,520.
Wall Street bonuses are going up. Bonuses could climb as much as 10% this year, Reuters says, citing a report from the compensation firm Johnson Associates.
Uber and SoftBank finally reach a deal. While Uber hasn’t disclosed SoftBank’s investment, Reuters reports that Uber will receive $1 billion, or £765 million, in funding and that SoftBank will purchase $9 billion (£6.8 billion) of existing shares.
Alibaba’s Singles’ Day sets a record. The 24-hour event raked in $25.3 billion worth of sales, making for a 40% increase from last year’s record.
Stock markets around the world are lower. Japan’s Nikkei (-1.32%) trailed in Asia, and France’s CAC (-0.24%) lags in Europe. The S&P 500 is set to open down 0.14% near 2,579.
Earnings reports trickle out. Tyson Foods reports ahead of the opening bell.