Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Trade] The U.K. has signed its first post-Brexit trade deal with Japan. However, negotiations with Brussels continue over an agreement between the U.K. and E.U. The UK-Japan deal would involve tariff-free exports to Japan and removing British tariffs on Japanese cars by 2026.
[Sovereign Debt] The Italian Treasury received more than €90 billion in orders compared to an issue size of €8 billion for their 30-year bonds. The issue was priced at a yield of 1.76%, the second-lowest yield for Italian 30-year bonds. The record demand was mainly due to better yields offered on the issue, compared to the benchmark yield of -0.18% offered by German 30-year bonds.
[Earnings] Intel’s shares fell 11% as it announced Q3 earnings. The report revealed a new weakness in its data center business that would delay its latest generation of chips. Bank of America downgraded the company to ‘underperform’ from ‘neutral.’
[Regulation] Uber and Lyft lost an appeal in California, requiring them to classify their drivers as employees instead of independent contractors. The ruling is not expected to go into effect in California before Californians vote on the much contested Prop 22 ballot measure.
Over60: The Verge
[Currencies] The Turkish Lira dropped by 2%, touching a new low after the Central Bank decided against increasing its interest rate. Instead, the bank opted to hold its one-week repo rate.
Over60: F.T. Exclusive