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Morning Brief: Tencent Music delays US IPO due to weak markets

Friday, October 12, 2018

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What to watch today

While the two-day sell-off has captured the focus of investors, Friday will mark the unofficial start of third quarter earnings season, with big U.S. banks leading the way as JPMorgan (JPM), Citi (C), Wells Fargo (WFC), and PNC (PNC) are all slated to report in the morning.

Investors will be looking for commentary from firms on how higher interest rates are impacting their business, the state of the U.S. housing markets, and JPMorgan CEO Jamie Dimon’s often colorful comments will be closely tracked.

And on the economic data side investors will get the September report on import prices on Friday as well as the first look at consumer sentiment in October from the University of Michigan. These reports will not likely be market movers.

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Top news

REUTERS/Stringer/File Photo

Tencent Music delays $2 billion US IPO: Tencent Music Entertainment has delayed its planned U.S. initial public offering (IPO) until at least November as the owner of China’s most popular music apps prefers to wait for global stock markets to stabilize, three sources said. [Reuters]

The real reason Trump is bashing the Federal Reserve: To Wall Street denizens, it’s alarming to hear President Trump say Federal Reserve policy is “crazy,” “loco,” and “going wild.” But Trump isn’t trying to dictate Fed policy. He may even feel the Fed is doing the right thing. What Trump wants is a villain he can blame for negative turns in the economy, thereby exempting himself. [Yahoo Finance]

China trade surplus with US widens to recordChina’s trade surplus with the United States widened to a record $34.1 billion in September as exports to the American market rose by 13% over a year earlier despite a worsening tariff war. [AP]

Software maker Anaplan is debuting Friday: Tech stocks have gotten crushed this week, and cloud software companies have been hit the hardest. But Anaplan is forging ahead with its public market debut anyway. Anaplan, which makes cloud-based business planning software, said Thursday night that it priced shares at $17 a piece, the high end of its range, and expects to start trading on the New York Stock Exchange on Friday. [CNBC]

Facebook removes pages, accountsFacebook Inc. (FB) said it removed 559 pages and 251 accounts that were coordinating the spread of misinformation and spam in the U.S. — and most originated from within the country. The social network has been under fire for facilitating foreign interference in U.S. politics. [Bloomberg]

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.