Fed's market shock; Bank of England; Stock exchange deal

1. Market shock: The US Federal Reserve has sent a shiver through global markets. The central bank just cut interest rates for the first time in more than a decade. But in failing to signal that more rate cuts are coming, Chair Jerome Powell has spooked investors, who had hoped the small cut would be just the start.

Where U.S. stocks are heading Dow Futures   Nasdaq Futures   S&P Futures +64.00   +23.25   +5.75 +0.24%   +0.30%   +0.19%

World Markets Japan   China   U.K. Nikkei 225   Shanghai Composite   FTSE 100 +19.46   -23.74   +16.40 21,540.99   2,908.77   7,603.18 +0.09%   -0.81%   +0.22%

Biggest Winners Cigna Corp +3.18%   Broadcom Inc +2.01%   Vertex Pharmaceuticals Inc +1.43%   Verizon Communications Inc +1.09% Biggest Losers Qualcomm Inc -6.56%   Prudential Financial Inc -4.31%   Global Payments Inc -1.44%   Lam Research Corp -0.92%

News: What you need to know about the markets     Fed's market shock; Bank of England; Stock exchange deal By Julia Horowitz, CNN Business   1. Market shock: The US Federal Reserve has sent a shiver through global markets.   The central bank just cut interest rates for the first time in more than a decade. But in failing to signal that more rate cuts are coming, Chair Jerome Powell has spooked investors, who had hoped the small cut would be just the start.   The Dow fell 334 points on Wednesday, or 1.2%. The S&P and Nasdaq each ended the day with losses of more than 1%. US stock futures have stabilized, but Powell's language is reverberating globally.   Markets in Asia traded mostly lower Thursday. Hong Kong's Hang Seng fell 0.7% and the Shanghai Composite dropped 0.8%. Japan's Nikkei bucked the trend and rose 0.1%.   European stocks are mixed in early trading. Britain's FTSE 100 fell 0.2% and Germany's DAX dropped 0.1%, but France's CAC 40 jumped 0.4%.   2. Bank of England: Now Bank of England Governor Mark Carney takes central bank center stage.   The Bank of England is expected to announce Thursday that it's holding interest rates, with little clarity on what will happen in advance of the October 31 deadline for Britain to exit the European Union.   Attention will focus on what Carney has to say about the possibility of a hard Brexit, and how such an outcome could hit the UK economy.   Prime Minister Boris Johnson has used his first days in office to double down on his threat to leave the European Union on October 31 "no matter what," driving up fears that Britain will quit the bloc without an agreement in place to protect trade.   Carney will almost certainly face questions about how the bank would react in that case, and the circumstances under which the bank would intervene to support the pound. Sterling is now at its lowest level against the dollar in more than two years.   3. LSE deal: The London Stock Exchange has agreed to buy financial data provider Refinitiv, creating a British rival to industry juggernaut Bloomberg.   Refinitiv shareholders will end up owning a 37% stake in the London Stock Exchange. The all-share deal values Refinitiv at $27 billion, including its debt.   The purchase comes less than a year after news and information provider Thomson Reuters sold a majority stake in Refinitiv to a group of investors led by private equity group Blackstone.   The London Stock Exchange and Refinitiv had combined revenue of £6 billion ($7.3 billion) in 2018. Together, the companies will be the world's largest financial markets infrastructure provider.   Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

Coming this week:     Thursday — Bank of England rate decision; General Motors, Dunkin' and Verizon earnings Friday — US jobs report; Exxon, Chevron and Berkshire Hathaway report earnings

Key Market Stats Latest Today's Change Oil $57.82 -0.76 / -1.30% Gold $1,419.10 -18.70 / -1.30% 10-yr 2.02% -0.04 Euro $1.10 -0.00 / -0.33%

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Dems dish out a Biden beatdown

Democratic debate ... Federal Reserve rate cut ... Canada manhunt ... Stormy Daniels arrest ... New Zealand protests

view in browser Thursday 8.1.19 Are you ready for National Trick or Treat Day? It could happen, if the folks behind that petition to move Halloween have their way. Here's what else you need to know to Get Up to Speed and Out the Door. By Doug Criss Democratic debate   Night 2 of Round 2 of the Democratic debates could have been dubbed "Beat Up on Biden Night." Joe Biden spent most of the night fending off wave after wave of attacks from his rivals. Kamala Harris hit him on health care. Cory Booker slammed him over the 1994 crime bill. Julian Castro roughed him up on immigration policy. And Kirsten Gillibrand twisted his words to falsely say he once opposed women working outside the home. Biden, in a steadier performance than in the last debate, deflected it all with head shakes and humor. Meantime, Tulsi Gabbard did herself a lot of good, it seems, with a breakout performance that made her Google's most-searched candidate. Here are five takeaways from the debate, a rundown of who won and who lost, a look at who talked the most, a fact check and links so you can watch the complete debate, if you missed it. The next round of debates will be next month in Houston on ABC. Yes, once again there will be two nights, but there could be fewer participants because candidates face higher fundraising and polling criteria to qualify.   Federal Reserve   Usually when the Fed cuts interest rates, almost everybody is happy. But it seemed like nobody was happy yesterday when the Fed trimmed interest rates by a quarter-percentage point, the first such cut in a decade. The Dow immediately plummeted, ending the day down 335 points (about 1.2%). President Trump (breaking with the tradition in which presidents wall off the central bank from politics) tweeted that Fed Chairman Jerome Powell had "let us down." Wall Street and the President are ticked off that the rate cut seems to be a one-off. Powell said the Fed wasn't starting a cycle of aggressive rate cuts. The central bank is hoping a rate cut will be the necessary injection to keep the US economy healthy, especially because it has limited ammunition to respond to a downturn with historically low interest rates.   Canada manhunt   Canadian police are scaling back their search for two teens accused of killing three people last month in British Columbia. The suspects, Kam McLeod, 19, and Bryer Schmegelsky, 18, are believed to be hiding in a remote part of northern Manitoba. Police used helicopters, drones and even military resources to try to find the teens, who are suspected of killing a university botanist and a road-tripping young couple. There have been no recent confirmed sightings of the two young men. Although police are reducing their search efforts, some officers will stay in the town of Gillam to continue the investigation.   Stormy Daniels arrest   Five police officers in Columbus, Ohio, involved in Stormy Daniels' arrest last year at a strip club are being disciplined. The city's police chief said, without going into specifics, that the officers had violated department rules. The officers face a range of punishments, from a reprimand to being fired. Daniels, who claims she had an affair with Donald Trump (which he denies), was charged with three misdemeanor counts of illegally touching a patron. The charges were later dropped. She has since filed a multimillion dollar lawsuit against members of the police department, accusing them of being avowed supporters of Trump and conspiring against her.   New Zealand protests   Family separations aren't just an issue on the US-Mexico border. They're an issue in New Zealand, as well. So much so that hundreds of demonstrators marched through the streets of Auckland yesterday to protest a policy known as "uplifting," under which the government orders infants to be taken into state care. Some say Pacific Island and Maori babies are disproportionately affected by "uplifts" due to institutional racism. Last year, judges ordered 281 babies to be taken into care, and 71% were of Pacific Island or Maori heritage. New Zealand has one of the worst rates of child abuse in the developed world. The children's ministry gets more than 150,000 reports of concern relating to the country's 1.1 million children each year, UNICEF says.   Advertisement People are talking about these. Read up. Join in. RIP, Harold Harold Prince won more Tonys than anybody, and he should have. He directed iconic musicals like "West Side Story." The producer and director died at 91. Don't put a ring on it? A woman who celebrated her 107th birthday shared her secret for long life. Spoiler alert: It involves staying single. Prepare for takeoff What's the last thing you expect to find when you open up an overhead bin on an airplane? A flight attendant. The day the music died You can forget about going to that music festival this month that was planned to celebrate Woodstock's 50th anniversary. Woodstock 50 has been officially canceled. Kindness of strangers He thought he'd lost his late wife's ring forever, but social media helped him get it back. $125 That's how much people are supposed to get as a settlement after Equifax's disastrous 2017 data breach. But the Federal Trade Commission says people will probably get "nowhere near" that amount of money. That's because so many people have filed claims that there may not be enough cash to go around from a $31 million fund dedicated to payouts. I'm not gonna change what I do or how I enjoy myself.   George Cook, who survived Sunday's mass shooting at the Gilroy Garlic Festival that left three people dead. He also survived the mass shooting at the Las Vegas country music festival in 2017, in which 58 people died. Cat out of water This kitty wants to be a fish. It's not working out so well. (Click to view.) before we go When we wrote yesterday about civilians killed in Afghanistan, we incorrectly characterized the international military forces blamed in a UN report for some of the deaths. Those forces are part of the US-led international coalition. Advertisement Share Tweet ALL CNN NEWSLETTERS update preferences or unsubscribe CNN Five Things shows up in your inbox every weekday at 6AM ET and Sundays at 9AM ET. Like what you see? Don't like what you see? Let us know. We're all about self improvement. Did a friend forward you this newsletter? Sign yourself up! Sign up to get updates on your favorite CNN Original Series, special CNN news coverage and other newsletters. Copyright © 2019 Cable News Network, Inc. A WarnerMedia Company, All rights reserved. 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