10 things you need to know in markets, October 29

Good morning! Here’s what you need to know in markets on Monday.

Matt Rourke/AP

1. China’s
stocks are falling again, with the Shanghai Composite Index
down more than 2%. The latest selloff follows the
release of Chinese industrial
profits over the weekend that showed a 4.1% increase
over the past year, the weakest level since March this
year. Annual growth in industrial profits has now fallen for
five consecutive months, adding to signs of weakening economic
activity in the world’s second-biggest economy.

2. 11 people died after a gunman opened
fire at a Pittsburgh synagogue during prayer services on
Saturday morning. US
President Donald Trump blames the news media for the increase
in political division felt across the country. Vice President
Mike Pence also
rejected the suggestion that Trump’s rhetoric
contributed to recent bursts of violence in the US. Here’s
exactly how the Pittsburgh synagogue shooting
unfolded. 

3.
Anti-Brexit parliament members should accept UK Prime Minister
Theresa May’s deal and fight to rejoin the EU during
transition.Philippe Lamberts, who sits on the
European Parliament’s Brexit Steering Group, claimed there isn’t
enough time left for pro-EU MPs in Westminster to stop Brexit
before exit day in March 2019.

4. Also in the UK,
British finance minister Philip Hammond will use his annual
budget speech on Monday to urge his divided Conservative Party to
get behind the government’s push for a Brexit deal,
or put at risk a long-awaited easing of austerity. Hammond,
who routinely angers many Conservative lawmakers by calling for
close ties with the European Union after Brexit, will offer a
glimpse of higher spending after nearly a decade of cuts to many
public services.

5.
IBM has struck a deal to acquire cloud software company Red Hat
for $34 billion. IBM will pay $190 per share
for the software company, which it described as the world’s
leading provider of open source cloud software.

6. Jair Bolsonaro, a
far-right politician who has garnered comparisons to President
Donald Trump,
has won Brazil’s presidential election, marking a
dramatic shift to the right in the country’s political
landscape. The 63-year old former army captain has
been criticized
for at-times misogynistic, homophobic, and militaristic
views, but has amassed large numbers of supporters for his
outspoken rhetoric.

7. The
Bank of Japan is considering tweaking its bond buying
operations to allow the government debt market to better
reflect fundamentals, people familiar with the matter
said, following years of heavy central bank buying in the sector.

8.
Daimler does not rule out cooperating with Tesla in
future even though the German luxury car producer sold its stake
in the US electric vehicles company, Daimler’s CEO told a Polish
newspaper.

9. Takeda Pharmaceutical has
proposed to European regulators it could sell a Shire
treatment in development due to concerns of overlap
in inflammatory bowel disease treatments and its own drug Entyvio
as it seeks clearance for the two companies’ merger. 

10. The
Boston Red Sox beat the Los Angeles Dodgers 5-1 on Sunday to
secure their fourth World Series title in the last 15
Major League Baseball seasons. The Red Sox, who had MLB’s best
record during the regular season, clinched the best-of-seven
series 4-1 over a Dodgers team that have lost in the championship
round for a second consecutive year.