- Reuters/Pyeongyang Press Corps
Here is what you need to know.
China’s premier hits back at Trump’s attacks on currency manipulation. “Persistent depreciation of the RMB,” China’s currency, “will only do more harm than good to our economy,” Chinese Premier Li Keqiang said Wednesday at a World Economic Forum event in Tianjin, China.
North Korea and South Korea agree to take steps toward denuclearization. South Korean President Moon Jae-in and North Korean leader Kim Jong Un on Wednesday agreed to take several steps toward denuclearization, including the “permanent dismantlement” of North Korea’s primary nuclear facility in Yongbyon and allowing international inspectors to observe the closing of an engine test site and missile launch pad – as long as the US reciprocates.
The Brexit price squeeze is back as UK inflation unexpectedly jumps for a 2nd month. Consumer prices in the UK rose 2.7% in August as theater tickers, clothing, and sea fares saw notable price gains, the Office for National Statistics said Wednesday.
The inside story of how an old-school Scottish firm became an early investor in many of Silicon Valley’s most prized unicorns. “For us, a mistake is foregone upside,” Tom Slater, the firm Baillie Gifford’s head of US equities, said in an interview with Business Insider. “Businesses you’ve missed out on that you looked at that ended up growing but you didn’t own them. That’s how you really destroy value for clients.”
The CEO of Denmark’s biggest bank is out after a $235 billion money-laundering scandal. Thomas Borgen has resigned as Danske Bank CEO after an internal investigation found a “series of major deficiencies” had allowed the Estonian branch of the bank to be used for “suspicious transactions” from 2007 to 2015.
Tesla says the DOJ asked for documents after Elon Musk’s ‘funding secured’ tweet about taking the company private. A Tesla representative said Tuesday that the electric-car maker had received and cooperated with the Department of Justice’s voluntary request for documents and that the company had not received a subpoena.
A Canadian cannabis company is set to be the first to export legal weed to the US. Tilray soared 28.95% Wednesday after receiving approval to ship medical cannabis to the US for a study in California. Shares have gained more than 800% since their initial public offering priced at $17 in mid July.
Stock markets around the world are higher. Hong Kong’s Hang Seng (+1.19%) led the gains in Asia, and Germany’s DAX (+0.18%) trails in Europe. The S&P 500 is set to open little changed near 2,903.
Earnings reports trickle out. Red Hat reports after markets close.
US economic data keeps coming. Housing starts, building permits, and the current account balance are set for release at 8:30 a.m. ET. The US 10-year yield is unchanged at 3.06%.