10 things you need to know before the opening bell

Here is what you need to know.

The indicator with an almost perfect record of predicting US recessions is edging toward a tipping point. The spread between two-year and 10-year Treasury yields has tightened to 45 basis points, its flattest since late 2007.

London reclaims the crown as the world’s leading financial center. London topped New York as the world’s leading financial center, according to Duff & Phelps’ Global Regulatory Outlook report. The majority of those surveyed think London will lose the title by 2023.

The CEO of Barclays is being fined for trying to unmask an anonymous whistleblower. Barclays CEO Jes Staley has been ordered to pay an undisclosed fine for his attempts to try to identify an internal bank whistleblower back in 2016.

Wells Fargo nears a $US1 billion settlement for loan abuses. The US Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency proposed that Wells Fargo pay a $US1 billion penalty to resolve investigations into auto-insurance and mortgage-lending abuses, Reuters says.

JPMorgan is testing issuing debt on the blockchain.Tests involved the National Bank of Canada, Goldman Sachs Asset Management, and Pfizer, among others, Reuters reports.

Deutsche Bank reportedly sent $US35 billion to an exchange by accident. The firm realised the error in minutes and rectified the problem, according to Bloomberg.

Qualcomm announces layoffs. As part of its effort to reduce spending by $US1 billion, Qualcomm will lay off 1,500 employees across its San Diego and Bay Area locations, according to WARN filings with the state of California.

The Murdochs are guaranteed a huge payday once the Disney-Fox deal is finalised. The Murdoch family – Rupert and his sons, James and Lachlan – will receive over $US206 million once the Disney-Fox deal is finalised, according to a US Securities and Exchange Commission filing released Wednesday.

Stock markets around the world are mixed. China’s Shanghai Composite (-1.47%) trailed in Asia, and Britain’s FTSE (+0.35%) leads in Europe. The S&P 500 is set to open little changed near 2,691.

Earnings reports keep coming. General Electric and Honeywell report ahead of the opening bell.

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