- Reuters/U.S. Air Force/Airman 1st Class Gerald R. Willis
Here is what you need to know.
Chinese stocks are joining an important global group. MSCI is planning to add 222 China A Large Cap stocks to its Emerging Markets Index in 2018. The group of stocks will carry an approximate weighting of 0.73%.
Wall Street got something big from Paul Ryan’s tax-cut speech. While the House speaker’s speech didn’t give any specifics, “Markets just want to know the process is still alive – and it is,” Greg Valliere, the chief global strategist at Horizon Investments, told Business Insider.
Oil holds near 7-month lows. West Texas Intermediate crude oil trades unchanged at $43.34 a barrel. It hit a seven-month low of $42.75 on Tuesday.
Uber CEO Travis Kalanick resigns. “I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight,” Kalanick said in a statement received by The New York Times early Wednesday morning.
Sears Canada is reportedly getting ready to seek creditor protection. A filing is expected in the next couple of weeks, The Globe and Mail says, citing a source familiar with the matter.
McDonald’s is taking its biggest risk in history. The fast-food giant is adding fresh beef to its menu across the US beginning next year, Reuters says. The new patties are expected to take one minute longer to prepare.
A big software deal is in the works. BMC Software and CA Inc. are in talks for a combination that would take the publicly listed CA Inc. private, Bloomberg’s Kiel Porter and Alex Sherman report.
Stock markets are the world are lower. Australia’s ASX (-1.9%) led the losses overnight, and France’s CAC (-1%) lags in Europe. The S&P 500 is set to open little changed near 2,435.
Oracle reports. Oracle is expected to earn $0.78 a share on revenue of $10.45 billion. The results are due out at the closing bell.
Us economic data is light. Existing-home sales will cross the wires at 10 a.m. ET. The US 10-year yield is down by 1 basis point at 2.15%.