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Tencent Music IPO; Trump on Huawei; Brexit uncertainty

1. Tencent Music IPO: The listing of Tencent's music business failed to raise as much money...

Posted: Dec 12, 2018 11:44 AM
Updated: Dec 12, 2018 11:44 AM

1. Tencent Music IPO: The listing of Tencent's music business failed to raise as much money as the internet giant had hoped.

Tencent Music, which dominates music streaming in China, said Wednesday that its listing priced at the bottom of its targeted range. By selling shares at $13 each, the company is raising nearly $1.1 billion, roughly half the amount it was reportedly seeking to raise earlier this year.

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The shares start trading Wednesday on the New York Stock Exchange with the ticker TME.

Tencent Music is going public at a volatile time for tech stocks, which have been rattled by the unpredictable trade war between the United States and China.

Watch CNNMoney's 'Markets Now' today at 12:45 p.m. ET

2. Trump on Huawei: The chief financial officer of Chinese tech giant Huawei has been released on bail in Canada, setting her up for a lengthy legal fight over extradition to the United States.

Meng Wanzhou's arrest in Vancouver earlier this month deepened tensions between the United States and China, just as the two sides have been trying to negotiate a trade war truce.

President Donald Trump said Tuesday his administration is open to using the arrest as a bargaining chip in ongoing trade negotiations with China.

"Whatever's good for this country, I would do," Trump told Reuters.

3. Brexit pressure: Prime Minister Theresa May has been challenged by lawmakers from her own party, plunging the United Kingdom deeper into political chaos.

May will defend her leadership in a vote later on Wednesday. If May loses, she's likely to stand down as Prime Minister. A loss would also mean the end of her plan for Brexit.

The pound clawed back some lost ground after hitting a fresh 20-month low against the US dollar. Companies are most worried about a scenario where Britain crashes out of the European Union without a deal.

"The utter dismay amongst businesses watching events in Westminster cannot be exaggerated," the British Chambers of Commerce said in a statement.

"Our firms are worried, investors around the world are baffled and disappointed, and markets are showing serious strain as this political saga goes on and on," it added.

4. Global market overview: US stock futures were pointing higher. European markets opened up, following a positive session in Asia.

The Dow closed down 0.2% on Tuesday. The S&P 500 was flat and the Nasdaq gained 0.2%.

Trump gave investors another reason to worry on Tuesday, threatening to shut down the US government over his demand for a border wall.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

5. Earnings and economics: Tailored Brands (TLRD) will release earnings after the close.

The Bureau of Labor Statistics will publish November CPI data at 8:30 a.m. ET.

6. Coming this week:
Wednesday — CPI report
Thursday — Adobe (ADBE) and Costco (COST) earnings
Friday — US retail sales for November

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