10 things you need to know in markets today

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

1. Mondelez, the owner of the Cadbury brand, is stockpiling ingredients, chocolates, and biscuits in case of a no-deal Brexit, the Times reported on Tuesday, citing the president of Mondelez’s European division. The United Kingdom is due to leave the European Union on March 29 2019, but there is no full exit deal and Britain’s ruling party is split over Prime Minister Theresa May’s “Chequers” plan to largely accept a “common rulebook” over goods.

2. Amazon Business, which specialises in selling goods to businesses, has hit $US10 billion in annual sales worldwide, the company said on Tuesday. Amazon launched the new business line in 2015. It stocks over 250 million products and has special business-friendly features, such as VAT receipt services.

3. Asian shares were struggling to snap an eight-session losing streak on Tuesday as investors decided no news was good news on tariffs, while the pound touched a five-week top on hints a Brexit deal might be nearer. Japan’s Nikkei closed up 1.26%, the Hong Kong Hang Seng is down 0.28% at the time of writing (7.06 a.m. GMT/2.06 a.m. ET), and the Shanghai Composite is down 0.12% at the same time.

4. Japanese chipmaker Renesas Electronics said on Tuesday it had agreed to buy US peer Integrated Device Technology for about $US6.7 billion, as it aims to compete with Nvidia and Intel Corp in self-driving car technologies. Renesas will pay $US49.00 per share in cash for all IDT outstanding shares, compared with Monday’s close at $US42.08, and expects the deal to close in the first half of 2019.

5. UK unemployment and earnings figures for the three months to July are due at 9.30 a.m. GMT (4.30 a.m. ET).The unemployment rate is forecast to remain steady at 4%, while earnings excluding bonuses are forecast to accelerate slightly to 2.8%.

6. Sonos was deprived of a stock-price boost from its maiden earnings on Monday, as investors’ enthusiasm earlier in the day fizzled after its figures were revealed. The Financial Times reports that Sonos said it sold 11% more products than the same quarter a year ago but revenues fell by 7% to $US208.4 million, due to a decline in average selling prices.

7. Network Rail has sold thousands of railway arches to a pair of investors as part of a £1.5 billion property deal but vowed that businesses working from the spaces, which have raised fears about rent rises, would be protected by a “tenants’ charter.” The Guardian reports that Telereal Trillium and Blackstone Property Partners won the bidding for 5,200 properties, the majority of which are arches.

8. Britain is to get its first manufacturing site dedicated to making batteries for electric cars. The Times reports that Williams Grand Prix Holdings, the parent company of the Williams Formula One motor racing team, is working with Unipart, the motor components group, to start production for Aston Martin’s first electric supercar, the RapidE.

9. ING Group said on Tuesday its chief financial officer was stepping down in the wake of revelations the Dutch bank had failed to prevent money laundering for years and was forced to strike a €775 million ($US900 million) settlement with Dutch prosecutors. Koos Timmermans, who was appointed CFO in 2017, will remain in his job until a replacement is installed, the company said in a statement.

10. German pilots’ union Vereinigung Cockpit (VC) on Monday called a 24-hour strike affecting all Ryanair flights out of Germany on Wednesday to push its demands in talks with the Irish carrier on wages and work conditions. The union called on German-based pilots to strike from Wednesday 1.01 a.m. GMT until Thursday 00.59 a.m. GMT, affecting all flights departing from Germany during that period.

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