Good morning! Here’s what you need to know today.
Eurozone inflation is coming. At 10 a.m. UK time (5 a.m. ET) the first estimate of eurozone inflation in September is out. Analysts are expecting price growth to fall back to nothing year-on-year, down from +0.1% in August.
Ferrari could launch its IPO this week. Ferrari could launch its much-anticipated IPO as early as Friday, CNBC reports. The network cites anonymous sources who say the potential $ 1 billion offering could price sometime in mid-October.
Japanese industrial production unexpectedly slumped. Japanese industrial production figures for August released this morning missed to the downside, an outcome that will almost certainly see expectations for further monetary policy easing from the Bank of Japan rise in the months ahead. Industrial production fell 0.5% in August, an improvement on the 0.8% contraction seen in July but well below expectations for an increase of 1%.
Asian markets are bouncing back. As of 6:48 a.m. UK time (1:48 a.m. ET), Japan’s Nikkei is up 3.04%, Hong Kong’s Hang Seng is up 1.73% and the Shanghai Composite is up 1.05%.
Ralph Lauren is stepping down. Ralph Lauren has stepped down from his position as CEO of his own company, The New York Times reports. Lauren will not be entirely absent from his namesake company, though, since he has no plans of leaving.
Toshiba announced a new funding line. Japan’s Toshiba said on Wednesday it had received a fresh, two-year commitment line worth 400 billion yen ($ 3.3 billion, £2.18 billion) from its main banks as it seeks a stable source of funds in the wake of a debilitating accounting scandal.
JP Morgan will face a London Whale class action suit in the US. JPMorgan shareholders on Tuesday won court permission to pursue their securities fraud lawsuit against the bank over the “London Whale” trading scandal, which caused a $ 6.2 billion (£4.09 billion) loss, as a class action.
Ford has been given a five day strike notice at an important US plant. The United Auto Workers union on Tuesday threatened a strike in five days at a key plant making the company’s most important model, the F-150 pickup truck, due to disagreements on a new “local” labor contract, the UAW’s Ford chief said.
Lockheed and Boeing won a major contract. United Launch Alliance, a joint venture of Lockheed Martin and Boeing, has won an $ 882 million (£581.66 million) contract to continue launching satellites for the US Air Force with its Delta IV and Atlas V rockets, the Pentagon said Tuesday.
Nigeria’s president will become oil minister too. President Muhammadu Buhari will remain in charge of Nigeria’s oil portfolio in his new Cabinet, rather than trust anyone else with the source of most of Nigeria’s revenue, he told Reuters on Tuesday. “I intend to remain the minister of petroleum resources,” Buhari said, adding that a minister of state would oversee the day-to-day issues of the petroleum sector.