Pound falls as Johnson seeks UK Parliament suspension before Brexit: Morning Brief

Wednesday, August 28, 2019

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Public remarks from two regional Federal Reserve speakers will punctuate an otherwise light day for new economic data and corporate earnings releases on Wednesday.

Richmond Federal Reserve President Tom Barkin is poised to deliver comments to the West Virginia Chamber of Commerce at 12:20 p.m. ET on Wednesday, in a speech entitled, “Fostering Entrepreneurship.”

Barkin’s remarks come after the Richmond Federal Reserve’s monthly survey released Tuesday showed that manufacturing activity in the region improved in August, with the composite index rising to +1, from -12 in July. Results were led by increase in indices tracking monthly shipments and new orders, while an index measuring employment conditions declined during the period.

Later, at 5:30 p.m. ET on Wednesday, San Francisco Federal Reserve President Mary Daly will discuss inflation targeting in New Zealand at the country’s Reserve Bank and International Monetary Fund Conference.

Public commentary from Federal Reserve speakers this week has fallen under the shadow of remarks from central bank officials last week at the Fed’s annual Jackson Hole symposium. Commentary from that event underscored more hawkishness from some FOMC members than markets had expected, with several speakers asserting they felt rates could remain on hold until economic data showed signs of further deterioration.

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In this photo illustration, British Pound sterling banknotes are seen. (Photo Illustration by Steve Taylor/SOPA Images/LightRocket via Getty Images)

Pound falls as Johnson seeks Parliament suspension before Brexit: The pound slid as Prime Minister Boris Johnson sought to suspend the U.K.’s Parliament, raising the risk of a no-deal Brexit. Sterling was the worst performer among major currencies as Johnson confirmed an earlier BBC report, while U.K. government bonds rallied on expectations of an earlier Bank of England interest-rate cut. With the U.K. set to leave the European Union on Oct. 31, suspending Parliament would mean less time for lawmakers to attempt to block a no-deal. [Bloomberg]

Fitness startup Peloton Interactive files for IPO, reveals financials: Peloton Interactive Inc, the fitness startup known for on-demand workout programs on its exercise bikes, on Tuesday filed for an initial public offering, the latest high-profile technology company to eye a public listing in 2019. [Reuters]

Purdue Pharma in discussion on $10B-$12B offer to settle opioid lawsuits: OxyContin maker Purdue Pharma LP and its owners, the Sackler family, are in discussion to settle more than 2,000 opioid lawsuits against the company for $10 billion to $12 billion, two people familiar with the matter said on Tuesday. [Reuters]

Google reportedly to move Pixel smartphone production to Vietnam: Alphabet Inc's (GOOG) Google is shifting its Pixel smartphone production to Vietnam from China starting this year as it builds a cheap supply chain in Southeast Asia, the Nikkei business daily reported on Wednesday. [Reuters]


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Editor’s Note: In observance of Labor Day, there will be no Morning Brief on Monday, September 2. When Morning Brief returns on Tuesday, September 3, it will look a little different. We hope you enjoy the change.

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