FT News Briefing Wednesday, October 16
Oct 16, 2019
The US House of Representatives shows strong support for Hong Kong pro-democracy advocates. In the UK, Boris Johnson races against the clock to finalize a Brexit deal. Meanwhile, the IMF cuts global growth forecasts, and Rudy Giuliani defies a congressional subpoena in an impeachment inquiry. WeWork's bond prices hit new lows, yet some bankers remain hopeful about upcoming IPOs despite recent failures. Goldman Sachs faces challenges with its first earnings miss under a new CEO, highlighting the shifting landscape of corporate finance.
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Brexit Negotiations
- Boris Johnson negotiated late into the night to secure a Brexit deal, including a large payment to Northern Ireland.
- He faces pressure from the EU to make concessions and extend the October 31st deadline.
US Support for Hong Kong
- The US House passed a bill supporting Hong Kong protesters, requiring annual reviews of Hong Kong's situation.
- This could affect Hong Kong's preferential trade status with the US.
Global Growth Forecast
- The IMF lowered its global growth forecast to 3% for 2019, the slowest since the financial crisis.
- Rising trade barriers, emerging market issues, and structural factors like low productivity contribute to the decline.