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Investing.com -- An impeachment inquiry into President Trump, whose words to the UN General Assembly on Tuesday continue to send a chill through global markets overnight. Plus, Adam Neumann is ousted as We Company CEO and oil prices weaken further on more happy talk from Saudi Arabia. Here's what you need to know in financial markets on Wednesday, 25th September.
1. Impeachment inquiry against Trump
House Speaker Nancy Pelosi announced an impeachment inquiry into President Donald Trump, the first step toward official proceedings to remove him from office, accusing Trump of violating his oath under the constitution.
The move comes after revelations that Trump withheld military aid from Ukraine while urging its new President Volodymyr Zelensky to investigate possible corruption at a local energy company on whose board Hunter Biden – son of Trump’s most likely opponent in next year’s election – once served.
Impeachment would require the approval of both chambers of Congress, including a two-thirds majority from the Senate, something that seems unlikely in view of the Republicans’ control of the Senate and the party’s loyalty to Trump.
2. Stocks to open lower after Trump blasts against China and Iran
U.S. stock markets are set to open lower as the political storm in Washington triggers a wave of risk-aversion. That follows a downturn in sentiment after Trump’s harsh language against Chinese trade practises in his address to the UN General Assembly on Tuesday.
By 6 AM ET, and the contract were both down 0.2%, while were down 0.3%. Asian markets had also closed mostly lower overnight, while Europe’s main markets were all down by 1% or more after early trading.
A rare bright spot among the gloom was Nike (NYSE:), which looks set for a higher opening after rising 5.5% in after-hours trading on the back of a to its 2020 fiscal year.
3. Fed speakers to pass judgment on gloomy data?
There will be speeches from three top Federal Reserve officials to inform those who want to know which way the monetary wind is blowing after a couple of days of largely discouraging economic data from around the world.
Chicago Fed President Charles speaks at 8 AM ET (1400 GMT), followed by (who dissented from this month’s decision to cut the target range for Fed funds) and , who both speak at 10 AM.
4. Neumann ousted at WeWork
Adam Neumann was ousted as chief executive of We Company, the parent of shared office space provider WeWork, in an attempt by outside shareholders and directors to get the company’s stalled IPO back on track.
His functions will be split between two new co-CEOs: Artie Minson, currently the We Company’s chief financial officer, and Sebastian Gunningham.
Neumann’s voting rights will also be curtailed: his supervoting shares will now only carry three votes each instead of 10. The Wall Street Journal reported that We Company’s IPO is now unlikely to take place this year.
The IPO of exercise bike-maker Peloton is, by contrast, still on course to take place later this week, albeit at the low end of the marketing range, according to various reports.
5. Oil falls further ahead of inventories
fell further overnight as concerns about global demand combined with reassurances about Saudi Arabian supply to depress prices.
Saudi Aramco announced that repair work at the Abqaiq processing facilities, which prepares much of the country’s crude for export to world markets, was proceeding ahead of schedule.
At 10 AM ET, the U.S. government will release its weekly overview of the . Private data from the data released on Tuesday suggested that crude stocks had surprisingly risen by 1.4 million barrels, rather than the 250,000 barrel draw expected by the market.
By 6 AM ET, futures were at $56.55 a barrel, down 1.3%, while was at $62.14, down 1.5%.
https://www.investing.com/news/economy/top-5-things-to-know-in-the-market-on-wednesday-1985639
2019-09-25 10:40:00Z
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