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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.

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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

Minnesota Coronavirus Cases

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Cases: 604608

Reported Deaths: 7642
CountyCasesDeaths
Hennepin1249941780
Ramsey52516897
Dakota46848471
Anoka42782458
Washington27433291
Stearns22559225
St. Louis18142313
Scott17552137
Wright16382149
Olmsted13401102
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Carver1067548
Clay826492
Rice8203110
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Chisago620052
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Benton582998
Goodhue483974
Douglas475681
Mower470533
Winona461351
Itasca459963
Isanti440164
McLeod430861
Morrison424862
Beltrami407862
Nobles407550
Steele397816
Polk389072
Becker386755
Lyon363853
Carlton353056
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Pine334923
Nicollet331345
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Brown307940
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Cass286232
Todd285633
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Waseca238023
Martin235333
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Cases: 371146

Reported Deaths: 6053
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Scott20310248
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Dallas1128999
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Lee382356
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Carroll287152
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Crawford268140
Benton259955
Washington257351
Dickinson249344
Mahaska232751
Jackson225242
Clay216727
Kossuth216166
Tama212071
Delaware211143
Winneshiek198835
Page194522
Buchanan194133
Cedar192323
Hardin187544
Fayette186743
Wright186040
Hamilton181951
Harrison180073
Clayton171157
Butler166335
Madison164619
Mills163724
Floyd163442
Cherokee159338
Lyon158841
Poweshiek157136
Allamakee152852
Hancock150334
Iowa149824
Winnebago144531
Cass139255
Calhoun138913
Grundy137333
Emmet135841
Jefferson133535
Shelby131737
Sac130920
Union130035
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Guthrie123332
Humboldt119626
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Davis85225
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