10 things you need to know in markets today

Good morning! Here’s what you need to know in markets on Wednesday.

Tesla wants to buy one of the USA’s biggest solar energy providers. Tesla has offered to buy SolarCity, the struggling solar-power company cofounded by Elon Musk, in a bid to bring together two planks of his plan to transform the way humans consume energy.

Everybody is afraid of Facebook and Google. Marketers are terrified of the two online giants’ advertising-market dominance, AOL CEO Tim Armstrong tells The Wall Street Journal’s Jack Marshall. “It comes up with publishers, with advertising agencies, with marketers,” he said. “There’s a fear of a duopoly overall.”

A Brexit is just the beginning of Europe’s problems. T
he UK and Europe could be looking at a rocky couple of months amid ongoing large-scale economic and political challenges such as the migrant crisis, the Turkey-EU refugee deal, and the seemingly endless drama in Greece.

A multibillion bidding war is underway for McDonald’s stores in China and Hong Kong. McDonald’s has received more than half a dozen bids for its planned sale of China and Hong Kong stores, including offers from Beijing Tourism Group, Sanpower and ChemChina in a deal worth about $3 billion, people familiar with the matter told Reuters.

Buying up US assets is the best way to make money in the event of a Brexit. Gregory Peters, a senior investment officer at Prudential Fixed Income with more than $621 billion of assets, said on Tuesday he thinks U.S. stocks and bonds are a “great” buying opportunity if Britain votes to exit the European Union.

Deutsche Bank is reshuffling its wealth-management team in the UK. The bank is promoting the head of compliance to run the day-to-day operations of the department. Lindsay Nicholls-Smith, who now oversees wealth management in the UK and southern Europe, is moving to a global role related to anti-money laundering, according to an internal memo seen by Business Insider.

Both oil benchmarks are back above $50 per barrel. U.S. crude joined Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks. U.S. crude inventories fell by 5.2 million barrels for the week ended June 17, the API said. The trade group’s figures were triple the draw of 1.7 million barrels forecast by analysts in a Reuters poll. At around 6:40 a.m. BST (1:40 a.m. ET) Brent is at $50.84, 0.43% higher, while WTI is 0.52% up to $50.11.

Asia has a lot to lose if Britain votes to leave the European Union. A Brexit would represent a slowdown of the globalisation that’s defined markets in recent decades.

Twilio is launching an IPO. Communications software provider Twilio is expected to price its $140 million (£95.4 million) U.S. initial public offering on Wednesday, a rare technology stock market debut, one day before Britain holds a referendum on its European Union membership.

Brexit would cause total chaos for the UK’s civil service. According to the Financial Times, civil servants are preparing for one of the biggest upheavals in the service’s history. “It is the biggest administrative and legislative challenge that government has faced that I can remember, possibly since 1945,” Sir Simon Fraser, former permanent secretary at the Foreign Office, told the FT.

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