Here is what you need to know.
UK GDP shrugs off Brexit. The British economy grew at a 0.5% clip in the third quarter, outpacing economists estimates of 0.3% growth, data released by the Office National Statistics showed. “There is little evidence of a pronounced effect in the immediate aftermath of the [Brexit] vote,” ONS Chief Economist Joe Grice said in a statement on Thursday. The British pound is up 0.1% at 1.2248 against the dollar.
China’s industrial profits jumped. Profits are China’s industrial firms climbed 7.7% year-over-year to 557.1 billion yuan ($85.15 billion) in September, according to data released by the National Bureau of Statistics.
Tesla reported its first quarterly profit since 2013. The electric car maker earned an adjusted $0.71 per share after changing the way it accounts for some adjustments in its earnings. Wall Street was expecting an adjusted loss of $0.54 per share, according to Bloomberg data. Tesla is up 4.6% ahead of the opening bell.
Deutsche Bank posted an earnings surprise. The German investment bank reported a net income of €259 million ($279 million) versus analyst expectations of a loss. CEO John Cryan said the bank is “working hard on achieving a resolution” to its residential mortgage backed securities matter in the United Stated. Deutsche Bank trades little changed in Germany.
Texas Instruments boosted its dividend. The company announced earnings of $0.94 per share on revenue of $3.68 billion and raised its dividend by 32% to $0.50 per share. Texas Instruments is down 0.2% in pre-market trade.
Buffalo Wild Wings’ sales slipped. The restaurant chain earned a better than expected $1.23 per share, but sales fell 1.6% to $494 million. Shares of Buffalo Wild Wings are higher by 4.4% ahead of the opening bell.
A Chinese company just had the biggest IPO in the US this year. ZTO Express priced 72.1 million shares at $19.50 per share, above the high end of its $16.50 to $18.50 range, and raised $1.4 billion as a result, a source familiar with the deal told Reuters.
Stock markets around the world. Australia’s ASX (-1.1%) lagged overnight and Spain’s IBEX (+0.4%) leads a mixed session in Europe. The S&P 500 is looking at a 0.2% drop at the open.
Earnings reporting remains heavy. Aetna, ConocoPhillips, Ford Motor, and Twitter will highlight the companies reporting ahead of the opening bell while Amazon, Google, and LinkedIn are among the names releasing their results after markets close.
US economic data flows. Durable goods and initial jobless claims are due out at 8:30 a.m. ET and pending home sales will be released at 10 a.m. ET. The US 10-year yield is up 4 basis points at 1.83%.
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