Good morning! Here’s what you need to know in markets on Tuesday.
1. David Davis has been told he could be in contempt of parliament after his department heavily edited government analyses on the impact of Brexit on 58 industrial sectors before handing them to a select committee, the Guardian reports. Opposition MPs accused the Brexit secretary of leaving out “politically embarrassing” information after he refused to include anything deemed to be market sensitive or that he said could damage the UK’s negotiations with the EU27.
2. The head of Germany’s domestic intelligence agency has accused US tech giants such as Facebook of failing to take enough responsibility for content on their sites, undermining democracy by not distinguishing between fact and opinion, the Guardian reports.“Today we are discovering a ‘fifth estate’ that makes claims but up until now does not want to take any social responsibility,” Hans-Georg Maassen told a conference on cybersecurity organised by Germany’s Handelsblatt daily.
3. Victoria Beckham’s luxury fashion brand has secured a £30m investment to help fund its expansion, Sky News reports. Victoria Beckham Limited (VBL) said London-based NEO Investment Partners had acquired shares in return for its cash.
4. The promise of nationalisation and tax rises on the rich will help Labour recapture its former heartlands from the SNP, the party’s new leader in Scotland predicted. The Times reports that Richard Leonard, flanked by Jeremy Corbyn in Glasgow, admitted yesterday that the pro-independence movement had successfully presented itself as being on the side of “hope and optimism” in the referendum campaign in 2014.
5. Male employees at easyJet earn over 50pc more than their female colleagues on average, the budget airline revealed on Monday according to a Telegraph report. Of those in the top pay bracket at easyJet, 89pc were male workers. Per hour, the airline’s male employees earned 51.7pc more on average than female workers.
6. British Airways owner IAG has confirmed it is buying the majority of the Gatwick take-off and landing slots being sold by the administrators for fallen carrier Monarch, the Telegraph reports.IAG, which also owns Iberia and Aer Lingus, said the price it was paying was “commercially confidential”, although it is thought to have agreed a multi-million pound deal for the slots with KPMG, which took control of Monarch when it fell into administration in October.
7. Japan’s Nikkei share average dipped on Tuesday in choppy trade, with Toray Industries diving after it said a subsidiary had falsified data, while concerns North Korea might launch more missiles lifted stocks linked to defence. The Nikkei closed 0.04% lower at 22,486.24, after earlier trading in positive territory.
8. A City grandee whose former roles included the deputy chairmanship of HSBC Holdings has been drafted in for secret talks aimed at defusing the boardroom crisis at the owner of the London Stock Exchange. Sky News reports that Sir Simon Robertson met the activist fund manager agitating for the reinstatement of the company’s chief executive last week to assess whether a compromise deal could be agreed.
9. Shanghai nickel futures tumbled more than 2 per cent in early trade on Tuesday as reforms in China threaten steel-intensive infrastructure projects, Reuters reports. The most-traded nickel contract on the Shanghai Futures Exchange was 2.35% lower at 93,480 yuan ($US14,170.72) a tonne at 1:00 a.m. GMT. The contract has now retreated by more than 10% from its one-year peak hit on November 6.
10. And finally… The Bank of England will on Tuesday morning reveal the damage inflicted on the UK’s biggest lenders from £30bn of hypothetical consumer loan losses, an economic downturn and a collapse in the pound, the Guardian reports. Threadneedle Street’s latest health check on the sector – the first was conducted in 2014 – could have an impact on a bank’s ability to pay dividends and on its business models.
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