Good morning! Here’s what you need to know in markets on Tuesday.
1. Global markets got an update on China’s economy today via a triple-shot of key data releases: retail sales, industrial production and fixed asset investment. And the results whiffed across the board, as all three data prints missed expectations in July. According to China’s National Bureau of Statistics (NBS), annual retail sales growth rose by 8.8% – down from 9% in the previous month and missing expectations of a 9.1% rise.
2. Asia share markets tried to regain their footing on Tuesday as tremors from the collapse of the Turkish lira ebbed a little and Wall Street proved resilient to the shockwaves.Japan’s Nikkei appreciated more than 2.1% on the day, while Australia’s ASX gained close to 0.8%. Chinese markets lost ground on the day after weaker than expected economic data.
3. Credit Suisse is splitting its international wealth-management unit into seven regions from four, in an ongoing push by Chief Executive Officer Tidjane Thiam to regionalize the bank, Bloomberg reported on Monday, citing people briefed on the matter. The seven regions are Latin America, Brazil, Western Europe, Southern Europe, the Middle East, Africa, and Central and Eastern Europe, the report said.
4. Turkey’s President Recep Tayyip Erdogan said US sanctions on his country are a “stab in the back.” The US imposed sanctions on Turkey this month after it refused to release a US pastor, leading Turkey’s currency to plummet.
5. Elon Musk said via Twitter Monday evening that he was working Goldman Sachs and Silver Lake as financial advisors on a proposal to take Tesla private.Musk also said that he was working with the law firms Wachtell, Lipton, Rosen & Katz and Munger and Tolles & Olson as legal advisors. Goldman Sachs declined to comment.
6. Separately, the rapper Azealia Banks claimed that she spent the weekend at Musk’s house, setting social media ablaze. Banks told Business Insider she saw the Tesla CEO at home “scrounging for investors” after tweeting last week about plans to take Tesla private.
7. Activist investor Carl Icahn has reversed his position on US health insurer Cigna’s purchase of pharmaceutical subscription company Express Scripts.Last week, Icahn urged Cigna shareholders to vote against the $US52 billion dollar deal, and outlined plans to solicit proxy votes to build up enough to block the transaction. However, on Monday Icahn told CNBC he would no longer oppose the deal.
8. A bunch of millennials who use hot startups to manage their investments are getting whacked by Turkey’s currency crisis. One of the most prominent victims of the crisis was the Vanguard FTSE Emerging Markets exchange-traded fund (VWO), a basket of stocks located in China, South Africa, and other developing countries. With $US90 billion in net assets, it’s a bedrock emerging-market ETF. Its top investors include Betterment and Wealthfront, two of the most popular robo-advisors that help people get involved in the markets at a low cost.
9. WPP is set to move out of its central London headquarters after 30 years, in another break with the past following the departure in April of founder and CEO Martin Sorrell from the world’s largest advertising company. A person familiar with the situation said the company would stop leasing the small mews property which, despite its location in Farm Street in the upscale district of Mayfair, is one of the more low-key headquarters for a FTSE 100 company.
10. Mark Cuban is taking his Twitter profits and running.The investor and TV personality told CNBC on Monday that he has exited his stake in the social-media company because he “wanted to accumulate as much cash as possible.”
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