FT News Briefing Thursday, October 17
Oct 17, 2019
Brexit negotiations are heating up as Boris Johnson faces challenges with the Democratic Unionist Party. Netflix struggles to meet subscriber forecasts while Hong Kong's wealthy rush to secure their finances abroad. IBM's revenue disappoints, and the U.S. faces political backlash over troop withdrawals from Syria. Meanwhile, American shoppers are pulling back on spending, adding to the growing concerns about the economy.
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Brexit Deal Hurdles
- UK Prime Minister Boris Johnson seeks a Brexit deal passable by the House of Commons, a challenge faced by Theresa May.
- A key hurdle is the Democratic Unionist Party's demand for a veto on the Northern Ireland customs border.
Netflix Subscriber Miss
- Netflix missed subscriber projections for a second consecutive quarter, facing competition from Disney and Apple.
- Despite this, shares rallied after-hours, suggesting investors anticipated worse results.
Hong Kong Capital Flight
- Wealthy Hong Kong residents open overseas accounts amid protests, impacting the region's economy.
- Retail sales plummeted, tourism declined, and the IMF downgraded Hong Kong's growth forecast.