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10 things you need to know in markets today

Published by Business Insider on Tue, 14 Nov 2017

Good morning! Here's what you need to know in markets onTuesday.1.Growth in Chinese industrial output, retail sales and fixed asset investment in October missed to the downside.According to Chinas National Bureau of Statistics (NBS), industrial output grew by 6.2% from a year earlier, undershooting forecasts for an increase of 6.3%. It was also a sharp deceleration on the 6.6% increase reported in the 12 months to September.2.David Davis has announced that Parliament will be given the right to vote down a final Brexit deal.The Brexit Secretary told MPs on Monday afternoon that any final deal reached with the EU at the end of Article 50 negotiations will be put to Parliament in the form of primary legislation. This means MPs will debate the final deal and then vote on whether to either accept or reject it.3.Qualcomm has officially rebuffed Broadcom's acquisition offer, which would mark the biggest-ever deal in the tech industry.The company says it's worth more than Broadcom's $70-a-share offer.This is just a minor hiccup for Broadcom, which is expecting to now escalate a proxy battle by appealing directly to Qualcomm shareholders.4.Global central banks would need to cut interest rates to unprecedented sub-zero rates to have any positive impact on growth and effectively shield their respective economies, according to research from the investment banking arm of Swiss giant UBS."If the recession were to come today, we'd be in trouble, because there's basically no policy space,"Arend Kapteyn, UBS'global head of economic research said at a briefing discussing the report on Monday.5.Bitcoin, the red-hot digital currency, had a wild weekend and that appears to have translated into record-breaking trading volumes across the cryptocurrency market.Bitcoin crashed more than 25% from Wednesday's all-time high to a low of $5,617 Sunday. Bitcoin cash, the rival clone of bitcoin, witnessed an impressive rally that propelled the coin to a record-high of $2,500 early Sunday morning. The 24-hour trading volumes for cryptocurrencies reached a record high above $26 billion on Sunday, according to data siteCoinMarketCap.com, the highest ever.6.Applewill release three new iPhone models in 2018, the KGI Securities analyst Ming-Chi Kuo predicted in a note distributed to clients on Monday and seen by Business Insider.Kuo and his research team are well-known for accurately predicting details about upcoming Apple products, thanks to his connections in the Asian manufacturing industry.7.Brexit pushed up IKEA's UK costs by 13% last year, the furniture giant has said.IKEA UK's annual results, released on Tuesday, show a big jump in costs due to the declining value of the pound after Britain's vote to leave the European Union in June 2016.CEO Gillian Drakeford said in a statement: "The Brexit vote has been on everyones lips and the devaluation of the pound has been a challenge for many businesses.8.Amazon's Chinese partner, Beijing Sinnet Technology Co., said it would purchase Amazon's Chinese web services business for up to 2 billion yuan ($301 million), ending the U.S. firm's cloud-computing business in the country.Sinnet, which began operating the Amazon services in August 2016, said in a filing late on Monday the pending purchase would help the unit "comply with local laws and regulations and further improve service quality and security."9.The EUapproved economic sanctions, including an arms embargo, on Venezuela.The decision follows theUS's plans to impose new sanctions on Venezuelan officials.10.North Korea complained to the UN after the US conducted joint military drills with South Korea.After thedrills, the North Korean ambassador to the UN said the US "was running amok" and has created "the worst situation ever."Join the conversation about this storyNOW WATCH: These are the watches worn by the smartest and most powerful men in the world
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