|3 THINGS THAT WILL CHANGE THE WORLD TODAY|
Good morning, here’s your Wednesday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.
Facebook posts third-quarter earnings
Facebook will publish its earnings for the third quarter of 2019 today as it continues to be haunted by data privacy scandals and regulatory probes.
Wall Street’s consensus is that the social network giant will report revenue of $17.37bn, 26.3% higher than Q3 2018. Last quarter Facebook daily active users increased 8% year over year to 1.59 billion, while monthly active users grew 8% to 2.41 billion. Much of this user growth is now driven by developing countries.
As the second most popular place to advertise online, a key metric to watch out for is average revenue per user. This time last year Facebook generated $6.09 per user, a 20.1% increase from the same period in 2017.
The New York Stock Exchange-listed company will report its results after markets close.
Preliminary US GDP figures amid fresh tariffs
The US Department of Commerce posts its first estimate for the United States’ gross domestic product (GDP) figures today.
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Analysts expect the figures to show a modest pace of 1.9% Q3 growth – although given the uncertainty created by the US-China trade war it is especially difficult to make accurate predictions. US President Donald Trump’s latest round of tariffs on $112bn of Chinese imports triggered a $75bn tariff response from Beijing.
Gary Hufbauer of the Washington-based Peterson Institute for International Economics recently told the BBC: “The full-blown trade war, together with China’s retaliation in kind, could reduce potential US GDP growth in the short run by almost 1%.”
China recently reported 6% year-on-year GDP growth, the weakest pace for 27.5 years.
Smart meter roll-out delay inquiry
The UK government’s Business, Energy and Industrial Strategy committee will hear evidence on the lack of progress made installing domestic smart electricity meters.
Energy suppliers previously had until the end of 2020 to offer all households the option of having a smart meter installed. Last month the government pushed that deadline back to 2024 after energy suppliers warned the technology was not ready. The aim of smart meters is to have automatic readings that simplify the billing process and offer more flexible pricing.
The committee will question Climate Change Minister Lord Duncan, Ofgem executive director of consumers and markets Mary Starks and Department for Business, Energy and Industrial Strategy official Daron Walker. The evidence session will take place at 10am GMT in Porcullis House, London.