A truck is parked near a rally supporting Republican presidential candidate Donald Trump during the Republican National Convention in Cleveland, Ohio, U.S. July 18, 2016. Good morning! Here’s what you need to know in markets on Tuesday.
US stock markets closed at record highs overnight. The Dow Jones Industrial Average and benchmark S&P 500 clinched new closing highs on Monday, even though the indexes were little changed during much of the trading session. Asian markets are mixed, with Japan’s Nikkei up 1.26% at the time of writing (6.45 a.m. BST/1.45 a.m. ET), China’s benchmark Shanghai Composite down 0.51%, and the Hong Kong Hang Seng down 0.54%.
The International Monetary fund will slash its forecasts for UK growth this week as the impact of the Brexit vote triggers a wave of downgrades across Europe. The Telegraph reports that Christine Lagarde, the IMF’s managing director, warned that the Fund was also likely to cut its projections for world growth for the third time this year as global risks mount.
Yahoo wrote down $482 million (£364.5 million) in impairment costs from Tumblr, the social media site it bought for $1.1 billion (£830 million) in 2013. That’s the second time Yahoo has written off Tumblr’s value this year. In February, it disclosed its first non-cash impairment charge that cost $230 million (£173.9 million). Yahoo announced the impairment cost alongside in-line second quarter earnings.
Netflix missed huge on domestic and international subscriber additions in its Q2 earnings. "We are growing, but not as fast as we would like or have been," Netflix said in a letter to shareholders . The stock plunged over 15% immediately following the news.
Wells Fargo has struck a £300 million deal to buy a new European headquarters in the heart of London’s financial district in a much-needed boost […]
