Good morning! Here’s what you need to know in markets on Wednesday.
1. Amazon said on Wednesday it had launched activities in Turkey, offering products across 15 categories to customers across the country. “We are committed to building our business in Turkey in the coming months by expanding our selection and delivery options,” Sam Nicols, country manager for Amazon.com.tr said in a written statement.
2. SunPower Corp on Tuesday said some of the solar cells and panels it produces overseas will be excluded from the Trump administration’s 30% import tariffs, sending the company’s shares up 15%. The company has publicly lobbied for its products to be exempt from the tariffs, arguing the funds it was spending on duties were being diverted from investments in American jobs in research and development and domestic manufacturing.
3. Asian stocks rose and US Treasury yields hovered near four-month highs on Wednesday, as investors looked past the latest escalation in the US-China trade conflict, seen by some market participants as less severe than expected. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.15%.
4. Turkey’s Akfen Renewable Energy is to build 13 wind and solar power plants with a total investment of $530 million, Akfen said on Wednesday. In a written statement it said it would provide $167 million of the investment from its own resources with the remaining $363 million provided by a loan from six Turkish and foreign banks: EBRD, Isbank, Vakifbank, Garanti Bank, Yapi Kredi Bank and KfW IPEX-Bank.
5. WeWork said it surpassed JP Morgan, the biggest US bank, as the largest tenant of Manhattan office space, a milestone highlighting growing demand for flexible leases. WeWork, a provider of co-work spaces with flexible leases that now has more than 50 locations in Manhattan, said in a blog post on Monday it signed a lease for 258,344 square feet at 21 Penn Plaza. The move makes it the largest private occupier of office space on the island with more than 5.3 million square feet.
6. Danske Bank will on Wednesday lift the lid on how billions of euros from Russia and ex-Soviet states flowed through its accounts in Estonia, the latest scandal to highlight Europe’s inability to tackle alleged money-laundering. Regulators are eagerly awaiting the Danske Bank report, which will mark a critical milestone for the Danish lender and follows calls by Brussels for a new European Union watchdog to crack down on financial crime.
7. Nestle, Unilever, and Coca-Cola are among bidders for GlaxoSmithKline’s Indian Horlicks nutrition business, expected to fetch more than $4 billion, four people familiar with the matter said. Initial bids were due on Monday and the three consumer goods giants are seen as frontrunners for a business that offers a significant footprint in a fast-growing emerging market.
8. Tencent Music Entertainment, China’s biggest music-streaming company, has halved the amount it is seeking to raise in a US listing to about $2 billion, according to three people close to the deal. The subsidiary of Chinese tech giant Tencent Holdings two weeks ago filed confidentially with the US Securities and Exchange Commission (SEC), three people with knowledge of the matter said, in what will be one of the biggest listings in New York by a Chinese company this year.
9. China’s Premier has struck back at claims by US President Donald Trump that Beijing has been engaged in currency manipulation to bolster its competitiveness amid the escalating global trade war. Li Keqiang – China’s second most powerful official – used a keynote speech at a World Economic Forum event in the industrial city of Tianjin to vow not to pursue a policy of currency devaluation to counteract tariff measures imposed by the Trump administration.
10. Britain’s competition regulator referred Sainsbury’s £7.3 billion takeover of Asda to an in-depth review on Wednesday because their stores overlapped in hundreds of local areas. Reuters reports that the Competition and Markets Authority said on Wednesday that shoppers could face higher prices or a worse quality of service in places where both chains had shops.