Here is what you need to know.
- Trump’s EU tariff threat is ‘not a new front in the trade war.’ US Trade Representative Robert Lighthizer on Tuesday proposed new tariffs on $US11 billion worth of European Union products, but UBS says they are the result of “due process” and follow World Trade Organisation recommendations.
- Hong Kong’s stock market overtakes Japan’s. Hong Kong’s Hang Seng finished Wednesday’s trading session with a market cap of $US5.78 trillion, moving into the No. 3 spot behind the US and China, Bloomberg says.
- The man who moves markets shares an often-overlooked force that’s dictating returns and what it says about the future. Marko Kolanovic, JPMorgan’s global head of quantitative and derivatives strategy, explains why leverage is so important and what it means for the market going forward.
- Uber is seeking a valuation of up to $US100 billion.The ride-hailing company will look to sell about $US10 billion worth of stock through its initial public offering, Reuters reports, citing people familiar with the matter.
- Boeing shareholders are suing the company.Shareholders filed a lawsuit in a Chicago court, alleging that the company “effectively put profitability and growth ahead of aeroplane safety and honesty,” according to Reuters.
- JetBlue gains on report it’s going to start flying to Europe. Shares climbed 4% late Tuesday after CNBC reported that the airline would be focusing on Europe-bound flights from Boston and New York.
- Levi’s jumps after earnings. The iconic blue-jeans maker on Tuesday evening reported first-quarter earnings of $US0.37 a share on revenue of $US1.44 billion, sending shares up more than 8% ahead of Wednesday’s opening bell.
- Stock markets around the world are mixed. Japan’s Nikkei (-0.53%) trailed in Asia, and Germany’s DAX (+0.43%) is out front in Europe. The S&P 500 is set to open up 0.19% near 2,884.
- Earnings reports trickle out. Delta Air Lines reports ahead of the opening bell, and Bed Bath & Beyond releases its quarter results after markets close.
- US economic data keeps coming. CPI will cross the wires at 8:30 a.m. ET, and the latest Federal Open Market Committee minutes are due out at 2 p.m. ET. The US 10-year yield was little changed near 2.50%.
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