Here is what you need to know.
- Here comes the Fed. Markets are pricing in a 62.4% chance that the central bank raises its fed funds rate by 25 basis points to a range between 2.25% and 2.50%, according to Bloomberg data.
- A missing regional manufacturing report in China is raising concerns that the economy is weaker than the government will acknowledge. A purchasing managers’ index report from Guangdong, a Chinese province just north of Hong Kong, has stopped being produced as the central government deemed it “illegal” after months of trending lower.
- Facebook acknowledges allowing Netflix and Spotify access to your private messages. “Did partners get access to messages? Yes,” the social-media giant said in a blog post Tuesday. “But people had to explicitly sign in to Facebook first to use a partner’s messaging feature.”
- GE Healthcare files a confidential IPO. A public filing is likely to happen in the spring, and the new company could have an enterprise value of $US65 billion to $US70 billion, according to Bloomberg.
- Pfizer and GlaxoSmithKline sign a megadeal that could change the face of healthcare. The British pharma giant GlaxoSmithKline will merge its consumer-health business with Pfizer to create a joint venture that will have almost $US10 billion of sales, giving it a market share the two say will far exceed that of rivals such as Johnson & Johnson, Sanofi, and Bayer.
- FedEx says it sees a slowdown in global trade. The logistics giant slashed its 2019 outlook, saying it has seen a noticeable slowdown in Europe and Asia.
- Blue Apron falls below $US1 for the first time.Shares of the meal-kit maker touched a low of $US0.88 on Tuesday before settling at $US0.90. They are now down 91% since their June 2017 initial public offering.
- Stock markets around the world are mostly lower. Hong Kong’s Hang Seng (-1.05%) led the losses in Asia, and Britain’s FTSE (-1.06%) trails in Europe. The S&P 500 is set to open up 0.37% near 2,556.
- Earnings reports trickle out. General Mills and Paychex report ahead of the opening bell.
- US economic data is light. Existing-home sales will be released at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.81%.
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