Good morning! Here’s what you need to know in markets on Wednesday.
1. Theresa May will be forced to unveil a slimmed down and “humble” Queen’s Speech on Wednesday after failing to secure the support of the Democratic Unionist Party for her government. Speaking ahead of the speech, May acknowledged that the election result was “not the one I hoped for,” but she promised to “respond with humility and resolve to the message the electorate sent.”
2. Travis Kalanick has stepped down as CEO of Uber after investors began revolting over legal and workplace scandals at the ride-hailing startup. The New York Times reports that Kalanick’s exit came under pressure after hours of drama involving Uber’s investors, according to two people with knowledge of the situation.
3. US stocks traded well into the red on Tuesday, retreating from their record highs. All three major indexes were in the red, with the tech-heavy Nasdaq leading the losses on a day packed with policy speak both monetary and fiscal.
4. Asian stocks are stalling in response. Japan’s Nikkei index is down 0.40% at the time of writing (6.30 a.m. BST/1.30 a.m. ET), while Hong Kong’s Hang Seng is down 0.55%, and China’s Shanghai Composite is down 0.13%.
5. Cybereason said on Wednesday it received $US100 million (£79.1 million) in investment from its biggest investor SoftBank, as the cybersecurity-focused startup looks to develop new technologies and increase distribution channels. SoftBank, a subsidiary of SoftBank Group Corp, is also one of Cybereason’s biggest customer and distribution partner.
6. The Bank of England’s Andy Haldane is speaking. The Bank’s Chief Economist will give a speech during a regional visit to Yorkshire and the Humber at 12.00 p.m. BST (7.00 a.m. ET).
7. Startup bank Atom has received a £30 million funding boost from the state-owned British Business Bank (BBB). British Business Bank Investments, the commercial arm of the BBB, announced it has agreed a £30 million Tier 2 capital facility with Atom, a digital-only bank founded in 2014.
8. Banking startup Soldo has secured $US11 million (£8.6 million) in funding for its new business service, which allows companies to manage and track employee spending via their app. Soldo announced on Wednesday that it had closed a Series A funding round, led by tech investors Accel. Accel’s previous investments include the likes of Facebook, Dropbox, and Deliveroo.
9. After three failed attempts, Chinese mainland-traded stocks have finally been admitted to the MSCI’s Emerging Market Index, a significant step in further opening Chinese financial markets to the global investment community. In a statement on Wednesday, the MSCI said it planned to add 222 China A Large Cap stocks beginning next year, representing approximately 0.73% of the weight of its Emerging Markets Index.
10. Toshiba said its board has chosen a Japanese government-led consortium as the preferred bidder for the conglomerate’s prized flash memory chip business. The group consists of a state-backed fund, the Innovation Network Corp of Japan (INCJ), the Development Bank of Japan (DBJ), as well as US private equity firm Bain Capital.
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