Good morning! Here's what you need to know in markets on Wednesday.
Donald Trump Jr. on Tuesday released what he said was the full email chain between him and the music publicist believed to have helped arrange a June 2016 meeting with a Russian attorney in which Trump Jr. was hoping to get dirt on Hillary Clinton.In a statement on Twitter, Trump said he was releasing the emails "in order to be totally transparent" about the situation, first revealed this past weekend by The New York Times.
Global markets on Tuesday got a taste of the volatility for which it has been so starved.After drifting along innocuously for much of the morning, stocks were rocked by Trump Jr.'s email release, before recovering almost instantly. The sharp reaction showed that stocks aren't yet immune to politics, although they've increasingly looked numb to recent shocking headlines.
Apple has set up its first data center in China, in partnership with a local internet services company, to comply with tougher cybersecurity laws introduced by Beijing last month, it said on Wednesday.The U.S. company said it was setting up the facility in the southern province of Guizhou with data management firm Guizhou-Cloud Big Data Industry Co Ltd (GCBD).
Oil prices on Wednesday extended gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged. By 6.50 a.m. BST, Brent crude futures rose 80 cents, or 1.66% to $48.31 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were at $45.91 per barrel, up 85 cents, or 1.9%.
Asian shares steadied on Wednesday after Wall Street managed to weather a fresh twist in the political controversy surrounding U.S. President Donald Trump's administration, while investors looked ahead to Federal Reserve Chair Janet Yellen's comments later in the day.
Ben Broadbent, the Bank of England's deputy governor for monetary policy, and of its most important policymakers, summed up in one sentence the risks to the economy posed by Brexit.Speaking on a regional visit to the Scottish city of Aberdeen, Broadbent argued that should Brexit lead to a "significant curtailment" of Britain and the EU's trading relationship, both parties would see significant damage.
Major banks, insurers, and other financial services firms are favouring Dublin ahead of other EU hubs for post-Brexit relocation, a report from professional services giant EY says. EY's UK Attractiveness for Financial Services Investors report shows that of the 222 financial services companies it monitors, 59 have so far made statements about moving some staff or establishing a new entity within the EU after Brexit. 19 have mentioned moving to Dublin, or Ireland more generally, making it the most popular relocation location. Frankfurt is a close second, with 18 mentioning Frankfurt or Germany.