- Reuters/Aly Song
Here is what you need to know.
China’s national congress kicks off. Chinese President Xi Jinping told Communist Party officials that China will be a leading nation in terms of national power and global impact by 2050, while announcing a two-part plan to become a “great modern socialist country.”
UK unemployment drops. The UK’s unemployment rate held at 4.3%, its lowest level since 1975, as 52,000 fewer people were out of work in September, data released Wednesday by the Office for National Statistics showed.
IBM’s cloud business propels it to a revenue beat. IBM’s revenue fell for a 22nd straight quarter, but revenue from “strategic imperatives” increased 11%, thanks to cloud computing and software-as-a-service offerings.
UBS asks its bankers where they want to move post-Brexit. The investment bank surveyed staff about where they wanted to move post-Brexit: Amsterdam, Madrid or Frankfurt, Reuters reports, citing people familiar with the matter.
Rio Tinto and its former CEO have been charged with fraud. Rio Tinto and two former senior executives, including former CEO Tom Albanese, have been charged with fraud by the US Securities and Exchange Commission for allegedly failing to follow accounting standards and company policies to accurately value and record its assets.
Traders can’t stop betting against Blue Apron. Bets against the meal-kit delivery company now total $69.3 million, up 12% since the end of September, according to data compiled by financial-analytics firm S3 Partners.
Networks and businesses are distancing themselves from Marc Faber after a racist investor letter. Businesses and financial networks on Tuesday began distancing themselves from Faber, the author of the “Gloom, Doom, and Boom” report, because of his October investor letter in which he wrote “thank god white people populated America, and not the blacks.”
Stock markets around the world are higher. Japan’s Nikkei (+0.19%) eked out a gain in Asia and Germany’s DAX (+0.53%) leads the advance in Europe. The S&P 500 is set to open little changed near 2,561.
Earnings reporting picks up. Alcoa, American Express, and eBay are among the names report after markets close.
US economic data keeps coming. Housing starts and building permits will be released at 8:30 a.m. ET and the Fed’s Beige Book crosses the wires at 2 p.m. ET. The US 10-year yield is up 3 basis points at 2.33%.