Market Highlights – The risk of a no-deal Brexit is rising, Oracle to acquire TikTok
Business and Finance News:
The Internal Market Bill is being debated in the House of Commons since yesterday. The proposed Bill has passed its first hurdle in the lower house of UK parliament. UK has made an announcement last week on the legislation that will undermine key parts of the withdrawal deal with the European Union and break the international law, which will increase the risk of a no-deal Brexit.
UK ILO unemployment for the three months to July remain at 4.1%, reflecting a rather strong employment market. However, the next data could be impacted by the pandemic as the British government enforces lockdowns and restrictions amid the growing unemployment number.
After Microsoft’s offer is rejected, Oracle confirm that an agreement has been reached between the company and ByteDance, the parent company of TikTok US which will see the former serve as the trusted technology provider. Oracle’s share price spiked over 6% due to this positive news. But the agreement is still subject to U.S. government’s approval.
U.S. Treasury Secretary Steven Mnuchin said the U.S. security concerns can now be resolved after Oracle has become the trusted partner of TikTok. He added that there’s also a commitment to create TikTok Global as a U.S. headquartered company with 20,000 new jobs. The deadline for the TikTok deal is September 20.
Key economic and events to watch (Time zone: UTC+8):
17:00 German ZEW Economic Sentiment for September – Previous: 71.5; Forecast: 69.8
17:00 Eurozone ZEW Economic Sentiment for September – Previous: 64
20:30 U.S. New York Empire State Manufacturing Index for September – Previous: 3.7; Forecast: 5.95
20:30 U.S. Import Price Index for August (m-o-m) – Previous: 0.7%; Forecast: 0.5%
21:15 U.S. Industrial Production for August (m-o-m) – Previous: 3%; Forecast: 1%
September 16 (Wednesday) 01:00 Apple’s autumn product launch
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