Good morning! Here are the biggest stories you need to hear about in markets today.
The Bank of England’s interest rate decision is coming. The latest choice on interest rates is coming at 12 p.m. UK time (7 a.m. New York), but analysts are expecting no change from the 0.5% benchmark rate that the Bank has had since 2009.
Greece is edging closer to Grexit. Greece proposed a three-year bailout to the European Stability Mechanism on Wednesday, while European leaders made clear that the country had only until Sunday to avoid falling out of the eurozone. Athens said it could undertake some reforms immediately, if the plan was approved.
The NYSE may have been brought down by a software update. A computer malfunction that forced the New York Stock Exchange to suspend trading for more than three hours on Wednesday probably stemmed from a software update that went awry, Bloomberg reported, citing two people briefed on a preliminary review.
Twitter revenue boss Adam Bain is the board’s top pick to be its next CEO. Twitter’s board is leaning towards picking an insider to be the company’s next CEO, and the company’s revenue boss Adam Bain is under more serious consideration than anyone on the very short list of outsiders, according to a person familiar with the matter.
Chinese police are investigating short-selling. Chinese police visited the office of the country’s securities regulator on Thursday to investigate clues that suggest “malicious” short-selling of shares, state news agency Xinhua said, the latest effort by authorities to prevent a further meltdown in the stock market.
The Federal Reserve’s minutes expressed concern about Greece. Here’s the key passage on Greece: “[M]any participants expressed concern that a failure of Greece and its official creditors to resolve their differences could result in disruptions in financial markets in the euro area, with possible spillover effects on the United States.“
Hyundai is recalling 140,000 vehicles over seatbelt issues. South Korea’s Hyundai is recalling about 140,000 Sonata mid-sized sedans in the United States and Canada due to potential defects in the front passenger seat belt buckle, the company said on Thursday.
Russia is wooing China ahead of a BRICS summit. Russian President Vladimir Putin and his government courted Beijing on Wednesday before a BRICS summit, playing down a stock market plunge in China and proposing better terms for investors from Beijing. Meeting Chinese President Xi Jinping in the Russian city of Ufa, Putin, whose country needs investment to pull out of a downturn worsened by Western economic sanctions over the Ukraine crisis, called for solidarity and unity in bilateral ties.
Chinese equities are surging after a huge sell-off on Wednesday. The Shanghai Composite Index is up significantly, rising 4.87% as 0f 6:50 a.m. UK time. Hong Kong’s Hang Seng is similarly up 4.05%. Japan’s Nikkei was down 0.42%.
Toshiba may sell a part of Westinghouse. Toshiba, which is expected to mark down past profits due to an accounting scandal, is considering selling assets including part of its stake in Westinghouse Electric, sources with knowledge of the matter said on Thursday.
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