Here is what you need to know.
1. WeWork is reportedly rushing to get a new debt financing deal and it could run out of cash next month. The Financial Times reported that JPMorgan is rushing to complete a debt deal as soon as next week, to give WeWork time to restructure.
2. Oil prices are soaring on supply fears after an Iranian tanker was damaged by a suspected missile attack. Elsewhere in markets, US stocks are set to rally on Friday on hopes that a trade deal between the US and China is on the cards.
3. Brexit deal hopes surge as the EU welcomes ‘promising’ signs of compromise from Boris Johnson.The pound moved 0.6% higher on Friday after gaining on Thursday evening.
4. BP expects $US2-$US3 billion charge as it nears divestment target. The oil giant expects to hit its $US10 billion disposal program by the end of 2019, almost one year ahead of schedule. However, it expects a $US2-$US3 billion charge in the third quarter.
5. Uber says the UK is seeking to classify the company as a transportation provider, potentially opening it up to new tax charges that could hamper its business. The company says it could face 20% VAT on gross booking fees – the amount passengers pay – or on its service fees charged to drivers.
6.A damning new report into the Boeing 737 Max slammed the FAA’s ‘inadequate awareness’ of the system blamed for 2 deadly crashes. Boeing is down 4% in London trading.
7. WeWork CEO Adam Neumann is no longer a billionaire, Forbes says. His personal net worth dropped to $US600 million which means his purported net worth has plummeted by $US3.5 billion in just seven months.
8. Stocks are edging higher on Friday. US futures underlying the S&P 500 (+0.9%) and the Nasdaq (+1.1%) are rising. In Europe, the DAX (+1.8%) rallied as did the Euro Stoxx 50 (+1.3%). In Asia, the Nikkei gained 1.2% on close, while the Shanghai Composite (+0.9%) and the Hang Seng (+2.4%) were both higher.
9. There are lots of interesting earnings out today.The highlight is First Republic Bank.
10. There’s lots of data being released. Market watchers will be keeping an eye on the Michigan consumer sentiment index.
Business Insider Emails & Alerts
Site highlights each day to your inbox.