Good morning! Here’s what you need to know in markets on Wednesday.
1. The Canadian government is considering a steel tariff of their own, a measure that would attempt to mitigate fallout from US President Donald Trump’s trade crackdown.According to Bloomberg, Canadian leaders are mulling a quota – or limit on the amount of a good that can be imported in a year – on steel imports from certain countries such as China.
2. Oil prices rose on Wednesday, pushed up by supply disruptions in Libya and Canada and after U.S. officials said all countries should stop Iranian crude imports from November. The United States has told countries to cut imports of Iranian oil to zero from November, a senior State Department official said on Tuesday.
3. Uber has won back its London licence after a two-day court battle with the capital’s regulator.The win is a boost for the company’s new CEO, Dara Khosrowshahi. Much of Uber’s case rested on convincing the court that it was past the bad-boy days of its former CEO Travis Kalanick and ready to reform.
4. The Chinese yuan is getting hosed, falling to the lowest this year on Wednesday. The USD/CNH, or the US dollar versus the offshore traded yuan, hit a high of 6.6105 earlier, leaving it at the highest level since December 20 last year. An increase indicates the US dollar is strengthening against the yuan.
5. The British government’s estimate of how much it will have to pay the European Union as part of its divorce settlement is at least £10 billion ($US13 billion) too low, a committee of lawmakers said on Wednesday. Negotiators in London and Brussels have agreed on a divorce bill of £35 to £39 billion, due to be paid over the next few decades after Britain leaves the bloc.
6. Japan and South Korea, two major buyers of Iranian oil, are in talks with the U.S. government in a bid to avoid adverse impacts from Washington’s reimposition of sanctions aimed at cutting Iran out of international markets.The United States is demanding countries cut all imports of Iranian oil from November, a senior State Department official said on Tuesday.
7. Billionaire hedge fund manager William Ackman, whose investment assets have shrunk by more than half in the last three years, has made a second round of staff cuts and laid off three investor relations team members, two sources familiar with the matter told Reuters on Tuesday.The prominent manager cut one investor relations executive and two investor services executives at his New York-based Pershing Square Capital Management hedge fund last week.
8. Two U.S. senators urged President Donald Trump on Tuesday to reconsider his agreement with ZTE, saying lifting a ban on China’s second-largest telecommunications maker poses “a significant threat” to national security. “ZTE, though publicly traded, is a state-backed enterprise that is ultimately loyal not to its shareholders, but to the Chinese Communist Party and Chinese government,” Senators Mark Warner and Marco Rubio, said in a letter to Trump.
9. The US Supreme Court upheld President Donald Trump’s travel ban. The controversial ban, in its third iteration, imposed restrictions on travellers from Syria, Iran, Yemen, Somalia, Libya, North Korea, and Venezuela.
10. Facebook on Tuesday decided to allow certain ads promoting cryptocurrency and related content from pre-approved advertisers, but would continue its ban on those tied to binary options and initial coin offerings.Facebook had in January banned ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices.
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