Here is what you need to know.
Trump goes to China. President Donald Trump kicked off his three-day visit to China by touring the Forbidden City, CNN says.
A Senate tax reform bill is in the works. The bill, which is expected to be announced Thursday, will be revenue neutral and not cause a large projected increase in the federal deficit, Senate Majority Leader Mitch McConnell told reporters on Tuesday.
China’s trade surplus swells. China’s trade surplus swelled to $US38.17 billion in October as exports grew 6.9% in US dollar terms and imports jumped 17.2%.
A bunch of Ethereum is locked up after someone deleted code in a cryptocurreny wallet. About $US280 million worth of Ethereum is frozen after a user accidentally deleted the code library required to use Parity Technology’s wallets, according to a critical security alert posted to the company’s blog on Tuesday.
Snap flops with disastrous Q3 earnings. Snap’s daily active users climbed 3% to 178 million and its revenue surged 62% to $US207.9 million but both numbers were well below estimates, sending shares down about 17% after Tuesday’s closing bell.
Tencent buys a stake in Snap. Tecent, a giant Chinese holding company, is reportedly taking a 10% stake in the social media company, according to CNBC.
Bill Ackman says he lost the ADP proxy vote, but still won. “So I got 31% support from shareholders out of the votes cast for my seat on the board, not including another 14% that were withheld from the guy I ran against,” Ackman told Business Insider’s Rachael Levy. “Because ISS, the proxy advisory firm, said, ‘Support Bill by withholding votes from Eric Fast.’ So looked at correctly, I got 45% support from shareholders for my candidacy in the board. It’s not a win, but it’s a major minority, or just shy of majority vote, for the board.”
Stock markets around the world trade mixed. China’s Shanghai Composite (+0.75%) outperformed in Asia and France’s CAC (-0.27%) trails in Europe. The S&P 500 is set to open little changed near 2,588.
Earnings reports keep coming. MGM Resorts reports ahead of the opening bell while 21st Century Fox and Hostess Brands release their quarterly results after markets close. The US 10-year yield is little changed near 2.31%.
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