1. Tencent’s gaming win: Tencent can finally make money off new video games again.
President Donald Trump on Tuesday said he would be willing to stretch his March 1 deadline for reaching a deal with China if it appears the two sides are close to an agreement.
And while Trump expressed his displeasure at a border security deal struck by congressional negotiators that would avoid a US government shutdown, he stopped short of rejecting the agreement.
European markets opened higher on Wednesday, following a positive trading session in Asia. Stocks in mainland China were the biggest winners, with indexes in Shanghai and Shenzhen advancing roughly 1.8%.
2. Oil rises: Oil prices are rising on fear of disruption to supplies from Venezuela.
The Dutch company reported sales growth of 6%, with its flagship Heineken brand posting its strongest results in a decade.
The owner of other brands including Sol, Tiger and Amstel also touted a strong performance from its non-alcoholic beer, Heineken 0.0, which is now available in 38 countries, up from 16 in 2017.
Heineken made a huge bet on China in August, buying a 40% stake in China Resources Beer, the maker of Snow. The transaction is awaiting regulatory approval.
3. Oil gets a boost: US crude futures were trading 1.2% higher at $53.77 per barrel. Brent crude, the international benchmark, added 1.6% to trade at $63.40 per barrel.
Oil prices gained well over 1% on Tuesday after OPEC’s monthly report showed its production had fallen by 800,000 barrels per day in January.
A report by the International Energy Agency published Wednesday estimated the drop was even bigger. It said the cartel’s output fell 930,000 barrels a day during the month.
OPEC and its allies including Russia have pledged to reduce their production by 1.2 million barrels a day starting January in an attempt to stabilize the market.
Cartel members agreed to cut 800,000 barrels a day, while Russia said it would slash production by 400,000 barrels a day.
The IEA said that Saudi Arabia, the United Arab Emirates and Kuwait cut more than they were required in January. Russia was almost 200,000 barrels a day above its target.
5. Earnings and economics: Colgate-Palmolive (CL) is set to release earnings before the open Friday.
The US Bureau of Labor Statistics will release its January inflation report at 8:30 a.m. ET.
6. Coming this week: