Good morning! Here's what you need to know in markets on Tuesday.
1. Britain will propose setting up an interim customs agreement with the European Union after Brexit to allow the freest possible trade of goods. But Reuters reports that Britain will also seek the right to negotiate other trade deals, a possible sticking point in the talks.
2. UK inflation data is coming. July's consumer price index is expected to show average prices rising at a rate of 2.7%, up from 2..6% in June. The Office for National Statistics will release figures at 9.30 a.m. BST (4.30 a.m. ET).
3. Sainsbury's is shelving making a £130 million bid for convenience chain Nisa until the UK's competition watchdog has ruled on Tesco's £3.7 billion takeover of Booker in late October, according to insiders. The Telegraph reports that it is understood the supermarket ended exclusive talks with Nisa last Friday following increasing concerns about how the Competition and Markets Authority (CMA) was assessing rival Tesco's swoop on Booker.
4. Former Uber CEO Travis Kalanick attacked the "hostile actions" of one of the company's largest investors, speaking out for the first time since a bombshell lawsuit last week sought to oust him from the board of the company he cofounded. Kalanick said he was "baffled" by the lawsuit brought by Benchmark Capital, an early Uber investor that now alleges the former CEO committed fraud.
5. Japanese stocks rebounded sharply on Tuesday morning and moved away from a three-month low hit on the previous day after Wall Street rallied as tensions between the United States and North Korea eased. The Nikkei is up 1.35% at the time of writing (6.17 a.m. BST/1.17 a.m. ET). Elsewhere in Asia, the Hong Kong Hang Seng is up 0.26% and China's Shanghai Composite is up 0.58%.
6. Bitcoin is still rising after hitting fresh all-time highs on Monday. The cryptocurrency is up 1.24% against the dollar to $4,392.30 at the time of writing (6.26 a.m. BST/1.26 a.m. ET).
7. The investment firm which owns Monarch Airlines is weighing a surprise bid for parts of Alitalia, Italy's loss-making flag-carrier. Sky News has learnt that Greybull Capital, which has won plaudits for its quickfire turnaround of British Steel, is among a pack of potential buyers of Alitalia's aviation assets.
8. Brexit is being blamed for a decline in the number of job vacancies in the City and a drop in applications for key posts compared with last summer. The Guardian reports that headhunters Morgan McKinley say there was an 11% slide in the number of City jobs in July, compared with a year ago, and a 33% fall in professionals seeking positions.
9. Southampton has become the latest European football club to come under Chinese ownership, after real estate magnate Jisheng Gao sidestepped a mainland crackdown on overseas acquisitions to finalise a deal worth about £200 million, the Financial Times reports. Katharina Liebherr, the Premier League club’s Swiss owner, confirmed that a deal with Mr Gao, who controls Chinese real estate group Lander Holdings, and his daughter Nelly, had been completed and welcomed the new “partners” to the club.
10. Shares in US multi-level marketing companies Herbalife, NU Skin Enterprises, and USANA Health Sciences tumbled in high volume on Monday after a Chinese government website announced a crackdown on pyramid schemes. The State Administration for Industry & Commerce of the People's Republic of China website posted a statement in Chinese. A translation in Google showed that the statement said the government was launching a three-month campaign against recruitment by pyramid sellers.
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