Stocks set for positive open
U.S. futures rose on Wednesday after the People’s Bank of China (PBOC) set the official midpoint reference for the yuan at 6.9996 per one American dollar, the lowest since May 2008. The move comes two days after the Trump administration labeled China a currency manipulator.
At 5:14 a.m. ET, futures on the blue-chip Dow rose 51 points, or 0.2% to 25,975. Futures on the tech-heavy Nasdaq 100 climbed 33.5 points, or 0.45% to 7,549 while those on the broader S&P 500 were up 5.88 points, or 0.2% to 2,881.88.
Disney announces Disney+/Hulu/ESPN+ streaming bundle for $12.99 per month
Disney (NYSE: DIS) will offer a bundle package of Disney Plus, Hulu, and ESPN Plus streaming services for $12.99 per month starting Nov. 12, the company disclosed late Tuesday.
The entertainment giant also reported its third-quarter financial results that fell short of analysts’ expectations. Earnings per share stood at $1.35, missing Refinitiv consensus for $1.74 per share.
Companywide revenue came in at $20.25 billion, which was below the $21.47 billion expected by analysts surveyed by Refinitiv.
Disney blamed the weak results on lower-than-expected theme park attendance, streaming-service losses, and underperforming 21st Century Fox assets that the company formally acquired earlier this year. Shares of the Burbank, Calif-based company were down 3.48% in pre-market trading, to $136.75.
More central banks cut rates
The central banks of Thailand and India, and the Reserve Bank of New Zealand all trimmed interest rates on Wednesday as policy makers continue to take aggressive measures to counter a slowing global economy.
New Zealand cut by 50 basis point, while India slashed by 35 basis point. Meanwhile, officials in Thailand voted 5-2 to lower the one-day repurchase rate by 25 basis points.
Ray Dalio upbeat on China despite rising trade tensions
Billionaire hedge-fund manager Ray Dalio believes investors should continue betting on China to avoid missing out on the next global empire, despite the escalating trade conflicts between Washington and Beijing.
“I believe China is a competitor of the United States or Chinese businesses are competitors of American businesses or other business around the world, and that therefore you want to be, if you’re diversified, having bets on both horses in the race,” he said in an interview on YouTube.
