Good morning! Here’s what you need to know.
Stocks are up. A gauge of global equity markets climbed to a one-week high on Tuesday, lifted by rising commodity prices and a strong bounce in Europe, while solid corporate earnings helped drive share prices higher.
Credit Suisse traders are prepping one of the biggest hedge fund launches this year. Qube, a quantitative-oriented hedge fund owned by Credit Suisse, has just opened its doors for business.
There might be a parliament vote on Brexit. Britain’s parliament will “very likely” have to ratify an eventual agreement between the United Kingdom and the European Union when the country leaves the bloc, a British government lawyer said.
Goldman Sachs put in a strong third quarter but year-to-date earnings disappoint. In the first nine months of 2016, its total trading revenue of $10.87 billion was down 11% from trading revenue of $12.27 billion in the first nine months of 2015.
Hedge funds lost public money. Bets on expensive but poorly performing hedge funds have cost pensioners in New York $3.8 billion in the last eight years, according to a report published by the state’s financial regulator.
The World Bank prepping Bangladesh for climate change. The lender willl provide $2 billion in loans for Bangladesh to help the impoverished South Asian country become less vulnerable to climate change, the bank president said.
France is looking forward to Brexit. Britain’s vote to leave the European Union should bring more investment into France and make the country a gateway to the European market, President Francois Hollande said.
Tesco is growing. Britain’s biggest supermarket chain Tesco grew its market share for the first time in five years after three-month sales rose 1.3%, providing further evidence that the grocer’s turnaround plan is working.
US doesn’t need expensive oil. The US shale oil industry can maintain flat output if oil prices stay at $50 per barrel, but a price of $60-$80 per barrel is needed to invest in long-cycle projects such as deep-water, the chief executive of oil firm Hess Corp said.
There’ll be no merger with William Hill. Canadian online gambling company Amaya Inc said it had ended merger talks with British bookmaker William Hill after concluding that it could best deliver shareholder value by remaining an independent company.