- Business Insider
Good morning! Here’s what you need to know in markets on Tuesday.
1. The Reserve Bank of Australia (RBA) left interest rates unchanged at 1.5% at its September monetary policy meeting, an outcome that was widely expected by economists and markets alike. “Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time,” it said.
2. There remains a small but not insignificant chance that Brexit will be reversed and Britain won’t actually leave the European Union, according to research circulated by analysts from Morgan Stanley this week.Within the note, the team -led by Jacob Nell and Melanie Baker – argued that there is a much as a 10% chance that Brexit may not end up happening, despite the fact Britain and the EU are already six months into negotiations.
3. Finnish mobile games and animation studio Rovio Entertainment Ltd is considering to list its shares in Helsinki, bourse operator Nasdaq said on Tuesday. Nasdaq did not give further details, but said Rovio was due to hold a press conference later on Tuesday.
4. Airplane-equipment giant United Technologies is closing in on a more than $20 billion buyout of competitor Rockwell Collins, according to a report from The Wall Street Journal. Discussions are reportedly ongoing, but negotiations have focused on a deal price of less than $140 per share for Rockwell, according to the Journal.
5. U.S. Ambassador to the U.N. Nikki Haley on Monday called for “the strongest possible measures” against North Korea at an emergency meeting of the Security Council after Pyongyang on Sunday set off its most powerful nuclear bomb yet. Haley made the statement just over 24 hours after the test, which caused a significant tremor in South Korea.
6. Countries need to work closely to build an open world economy and not to lose sight of growing risks and downward pressure on the economy, Chinese President Xi Jinping said on Tuesday. Xi told leaders from the BRICS states and other developing countries meeting in the southeastern Chinese city of Xiamen that countries needed to oppose protectionism and rebalance globalization to make it more sustainable.
7. Bell Pottinger, one of Britain’s best-known PR agencies, was expelled from the industry’s trade association on Monday over a campaign adjudged to have deliberately stoked racial tensions in South Africa. “This is the most blatant instance of unethical PR practice I’ve ever seen,” director general of the Public Relations and Communications Association said in a statement given to the Financial Times.
8. Deutsche Bank has hired Ken Reich to help run its fixed income sales operation for emerging markets. Reich joins the bank as its head of emerging market fixed income sales, covering Europe, the Middle East, and Africa, the company confirmed. He’ll be based in London and report to Davis Posen, global head of emerging markets sales.
9. China has banned the hottest trend sweeping the cryptocurrency world and now the entire market for digital currencies is under pressure. On Monday morning in Beijing, a slew of Chinese regulatory agencies released a joint statement in which they affirmed that initial coin offerings (ICOs), a cryptocurrency-based fundraising method, are illegal in the country.
10. Prime Minister Theresa May’s Conservative government will collapse in 2018 and trigger a fresh general election, Morgan Stanley said in the same research. “We think the government survives in 2017, but falls in 2018,” the team wrote.