Chart of the day: Prime Minister Theresa May has seen her Brexit agreement voted down 432 to 202, the biggest House of Commons defeat in history. The speed of the rebound in the Pound Sterling, however, suggests the market is ruling out a no-deal Brexit (Source: Bloomberg).
Political & Economic Headlines
- UK opposition leader Jeremy Corbyn has put forward a no-confidence motion against Theresa May to be debated today. A two-thirds majority, required to remove her, would trigger a general election.
- The Federal Reserve releases its beige book, a snapshot of business conditions in the Fed’s 12 regional districts used to determine interest-rate policy.
- An El Chapo associate testified to a New York jury that Mexico’s former president Enrique Peña Nieto took a $100 million bribe from Joaquín “El Chapo” Guzmán’s cartel.
- A U.S. appeals court on Tuesday upheld a judgment worth $440 million that was won by intellectual property licensing firm VirnetX Inc against Apple Inc in a patent infringement case.
- Nokia is cutting 350 jobs in Finland as part of its plans to find savings worth 700 million euros ($800 million) by next year.
- According to FT, Netflix is raising prices for all US customers by 18 % to cover the billions of dollars it is spending to produce and acquire TV shows and films.