WSJ City: What to Watch in the U.K. Budget, Akzo and Axalta End Talks, Uber Reveals Data Breach and Cover-up

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MUST READS FROM WSJ CITY

Chancellor Philip Hammond will present economic forecasts on Wednesday that are likely to point to a muted outlook for growth in 2018 against a backdrop of subdued investment and sluggish productivity. Here are five pointers on the U.K. budget.

Akzo Nobel and US rival Axalta Coating Systems said they have abandoned talks to merge after failing to agree on terms for the proposed tie-up.

Uber revealed it paid hackers $100,000 in an effort to conceal a data breach affecting 57 million accounts one year ago, a disclosure that adds to a string of scandals and legal problems for the world’s most highly valued startup.

J.P. Morgan chief executive Jamie Dimon has been clear on his views on bitcoin: he’s said that if any of the bank’s traders bought or sold bitcoin, he would “fire them in a second.” That hasn’t stopped the bank looking at ways to trade in the planned bitcoin futures market being opened by the CME Group, if regulators approve.

U.S. Federal regulators outlined their plans for dismantling Obama-era internet rules, setting up a major win for cable and wireless firms that provide most internet service.

The real-estate industry is taking its first steps in adopting cryptocurrencies and the technology that backs them in what could eventually produce important changes in the way property is bought and sold.

Terra Firma Capital Partners, the private equity firm set up by Guy Hands, is walking a tightrope as it seeks to raise its first fund in a decade. If the raise is successful, it would be one of the most remarkable comebacks in the history of the buyout industry, Private Equity News reports.

The dark days of the financial crisis cast a long shadow over a key stock-market measure, writes Richard Barley for Heard on the Street. The oft-cited cyclically adjusted price-earnings ratio for US stocks, calculated by economist Robert Shiller, stands at a level only seen before in 1929 and around the dot-com bubble.

IN THE PAPERS

Some Tory MPs are watching for Chancellor Philip Hammond to fail Wednesday as he presents his budget to the House of Commons. FT (£)

Negotiators are planning a Brexit divorce deal within three weeks, with the week beginning 4th December pencilled in for the start of trade talks. FT (£)

Concordia International faces a hefty fine for allegedly overcharging the NHS for a thyroid treatment drug, according to the Competition and Markets Authority. The Times (£)

U.K. retailers are looking to Black Friday to drive shopper spending following the biggest sales volume drop for more than four years last month. Reuters

The Polish parliament will on Wednesday start debate on a proposed overhaul of the country’s judiciary that has sparked condemnation and threats of sanctions from the EU. Bloomberg

The Netherlands has so far done quite well from Brexit, despite initial fears of an economic hit — gaining from its physical and cultural proximity to the U.K. Politico

Despite mass demonstrations across Zimbabwe, it was the 93-year-old president’s attempted purge of key rivals that sparked a well-coordinated military rebellion, an impeachment move and finally, his resignation. WSJ

MARKETS TODAY

European stocks opened cautiously higher on Wednesday after solid gains in Asia and the U.S.

The FTSE 100 rose 0.2% in early trading while Europe's Stoxx 600 index was up 0.1%.

The advance follows a tech-fuelled rally in overseas markets, with all three major indices on Wall Street notching fresh records. The Dow and S&P 500 gained 0.7% while the Nasdaq Composite rose 1.1%. Asian markets also saw broad gains, with benchmarks in Japan and Taiwan, which have major tech companies, closing higher. Hong Kong's Hang Seng topped 30000 for the first time in a decade.

COMING UP

Budget statement, EU consumer confidence, U.S. initial claims and durable goods.