Here is what you need to know.
The US is on track to become the world’s biggest oil producer. Energy Information Administration data released Wednesday shows the US will produce 11.8 million barrels a day next year, putting it ahead of both Saudi Arabia and Russia, the Associated Press reports.
The UK is set to concede a major defeat to the EU in its post-Brexit vision for the City of London. Prime Minister Theresa May has moved on from mutual recognition — which would have meant the UK recognizing EU regulations around the financial-services industry, and the EU doing the same with the UK, the Financial Times says.
Several investors are calling bluff on a major stock-market rotation that could be warning of doom. Defensive sectors have recently outperformed cyclical-growth sectors, but some argue that may not mean a stock-market meltdown is coming.
Comcast tops 21st Century Fox’s offer for Sky. Comcast’s latest offer values Sky at 26 billion British pounds ($34 billion), or 14.75 pounds per share.
Broadcom is buying CA Technologies for $18.9 billion. Broadcom will pay $44.50 a share in cash for each CA share.
Tesla ‘whistleblower’ files tip with the SEC. Former Tesla employee Martin Tripp has filed a “whistleblower” tip with the US Securities and Exchange Commission, alleging the company lied about Model 3 production figures and installed unsafe batteries in its cars, the Washington Post reports.
John Schnatter resigns as chairman of the board at Papa John’s. The pizza chain’s founder and former CEO resigned as chairman of the board on Wednesday, one day after he admitted to using the N-word during a May conference call with a marketing agency.
Stock markets around the world are higher. China’s Shanghai Composite (+2.16%) led the way in Asia and Britain’s FTSE (+0.65%) is out front in Europe. The S&P 500 is set to open up 0.36% near 2,784.
Delta Air Lines reports ahead of the opening bell. The airline is expected to earn $1.72 a share on revenue of $11.7 billion, according to analysts surveyed by Bloomberg.
US economic data keeps coming. Initial claims and the consumer price index will both be released at 8:30 a.m. ET. The US 10-year yield is up 1 basis point at 2.86%.