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Turnill: U.K. Not in Doomsday Scenario Post-Brexit

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U.K. GDP beats expectations, Deutsche Bank earnings surprise, and it's a huge day for tech. Here are some of the things people in markets are talking about today.

U.K. GDP

The country's gross domestic product grew 0.5 percent in the third quarter, ahead of analyst expectations for 0.3 percent growth in the first reporting period since the vote to leave the European Union. The expansion in the economy was led by the services sector, which added 0.8 percent. Gilt yields jumped to their highest level since the Brexit referendum following the release. Elsewhere, officials said that in the event of a hard Brexit banks in the U.K. are likely to lose the passporting rights which allow them to easily do business with the rest of the EU. Meanwhile, Nissan Motor Co. has secured 7,000 British jobs after committing to build new models at its English plant.

Bumper bank earnings

Deutsche Bank AG posted a surprise profit in the third quarter with net income of 256 million euros ($279 million) coming in well ahead of analysts' expectations for a 394 million-euro loss. Third-quarter profit at Barclays Plc also climbed, up 35 percent as revenue from fixed-income trading surged. Net income also rose at Nomura Holdings Inc., increasing 31 percent, again driven by trading income.

A big day for tech

Twitter Inc. is first out the gate with earnings before the bell this morning. Analysts are watching for any news on job cuts at the social media company. Amazon.com Inc. and Google parent Alphabet Inc. are due to report after markets close. Snapchat, meanwhile, will seek to raise as much as $4 billion in its initial public offering, according to people familiar with the matter. Meanwhile, analysts are still closely scrutinizing the unexpected profit delivered by Tesla Motors Inc. yesterday.

Markets slip

Overnight, the MSCI Asia Pacific Index dropped 0.6 percent while Japan's Topix index slipped 0.1 percent following disappointing earnings. In Europe, the Stoxx 600 Index was 0.3 percent lower at 6:16 a.m. ET as corporate earnings from ABB Ltd. and Telefonica SA missed expectations. S&P 500 futures were 0.1 percent lower

Coming up...

At 8:30 a.m. ET Durable Goods Orders data for September will be released, with expectations that the figure will be unchanged since the previous month. Also at 8:30, Initial U.S. Jobless Claims are published. Economists are expecting a fall to 255,000 for last week from the previous 260,000. Bloomberg's Consumer Comfort Index is due at 9:45 a.m. ET. 

What we've been reading 

This is what's caught our eye over the last 24 hours.

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