UK economy unexpectedly shrinks: Morning Brief

Friday, August 9, 2019

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Investors will be eyeing the ride-hailing stocks.

Uber shares tanked in the after-hours session Thursday after reporting adjusted sales that were worse than what analysts were expecting and $5.24 billion net loss in the second quarter. Uber’s report comes on the heels of Lyft’s much better-than-expected results. Gross bookings in the second quarter also fell short of expectations at $15.76 billion. Analysts expected $15.83 billion in gross bookings. Uber posted an adjusted EBITDA loss of $656 million, which was a 25% decline from last quarter.

Meanwhile, on the economic data front, the Producer Price Index (PPI) reading for July will also be a focal point for investors. PPI data is often looked to as a gauge of U.S. producer prices. Core producer prices are expected to have risen 0.2% from June and 2.4% from last year, according to economists surveyed by Bloomberg.

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Tourists walk in silhouette across the river from the London Eye, one of the most famous landmarks, skylines and iconic buildings in the capital in London, England, United Kingdom. London Eye, also known as the Millennium Wheel. (photo by Mike Kemp/In Pictures via Getty Images Images)

UK economy unexpectedly shrinks: The UK economy shrunk in the second quarter of this year as GDP fell by 0.2% between April and June, according to official figures. New Office for National Statistics (ONS) figures show the first quarterly decline in seven years as Brexit uncertainty and weak global growth take their toll, surprising many economists and sending the pound downwards. [Yahoo Finance UK]

Goldman Sachs bankers charged in multi-billion Malaysian fraud case: 17 current and former Goldman Sachs (GS) bankers — including its most senior London-based executive — have been hit with criminal charges related to a multi-billion-dollar Malaysian fraud case. [Yahoo Finance UK]

U.S. holds off on Huawei licenses: The White House is holding off on a decision about licenses for U.S. companies to restart business with Huawei Technologies Co. after Beijing said it was halting purchases of U.S. farming goods, according to people familiar with the matter. [Bloomberg]

Also: Huawei unveils new OS for use in smartphones, other devices [Reuters]

DoorDash taps banks for $400M ahead of an IPO: DoorDash, the app-based food-delivery service, is in talks with banks about arranging a credit facility of about $400 million ahead of a possible initial public offering, according to people with knowledge of the matter. The San Francisco-based company may seek to offer shares as early as next year. JPMorgan Chase & Co. is leading the potential financing ahead of the IPO. [Bloomberg]

Broadcom to buy Symantec's enterprise security business for $10.7B: Chipmaker Broadcom Inc [AVGO] is buying Symantec Corp's enterprise security business for $10.7 billion in cash, the antivirus software maker said on Thursday. Broadcom said the deal is expected to close in the first quarter of its fiscal year 2020 and is subject to regulatory approvals in the United States, European Union and Japan. [Reuters]


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