Here is what you need to know.
1. Citigroup is reportedly cutting hundreds of jobs this year — another sign the slump in trading is here to stay. 10% of the bank’s equities unit will be lost in the cuts.
2. Beyond Meat is set to plunge 11% after losing more money than expected. The plant-based food company reported second-quarter earnings Monday that showed the company lost more money than analysts expected.
3. There’s a ‘very real chance’ the slump in the pound is just getting started. The British pound is on track for its steepest monthly decline in almost three years due to renewed fears of a no-deal Brexit as sterling has dropped 4.3% this month
4. Huawei Technologies posts 23% first half revenue growth amid US sanctions. Unlisted Huawei, which only started disclosing quarterly results this year, said revenue in the first half rose to 401.3 billion yuan ($58.28 billion) from 325.7 billion a year ago, with smartphone shipments reaching 118 million units, up 24%
5. Capital One says it was hit with data breach, affecting tens of millions of credit card applications. Investigators said that 140,00 social security numbers and other personal information was also stolen in the hack.
6. South Korea is bracing for Japan’s decision to drop it from a "white list" of countries that enjoy minimum trade restrictions, which could come as soon as Friday. Japan reined in exports of high-tech materials to South Korea as ties worsened this month.
7. BP second-quarter profit of $2.8 billion was above expectations. BP said it expects third-quarter 2019 reported production to be lower than second-quarter, reflecting maintenance activities as well as the impact of Hurricane Barry on operations in the US Gulf of Mexico.
8. Global stocks are mixed today, with US and Europe sliding but Asia rising. US futures, S&P 500 (-0.2%) and Nasdaq (-0.4%)are both down. In Europe the German Dax (-1.2.%) was down as was Euro Stoxx 50 (-0.8%). In Asia stocks were rallying on close with the Nikkei 225(+0.4%), Hang Seng (+0.1%) and Shanghai Composite (+0.4%) all up.
9. There are lots of big earnings out today. Apple will be out later this evening, as well today Pfizer, Mastercard, and Procter & Gamble.
10. Today there is a truck-load of economic data in the docket. The focus being on personal spending, income and expenditure.
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