HSBC Quantum World-First, Pricey Stocks ‘New Normal’, Britain's Bitter Pill

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) HSBC Holdings said it’s achieved a world-first breakthrough in deploying quantum computing in financial markets, as a race intensifies among some of Wall Street’s biggest firms to embed the cutting-edge technology in their daily operations. (2) Intel has approached Apple about securing an investment in the ailing chipmaker, according to people familiar with the matter, part of efforts to bolster a business that’s now partially owned by the US government.

(3) US stocks are screamingly expensive when viewed from a historical perspective. But dig into the details, and the sky-high valuations may well be warranted, say strategists at Bank of America

(4) The US lowered tariffs on auto imports from the European Union to 15% retroactive to Aug. 1, cementing terms of the framework trade agreement the two sides struck almost two months ago

(5) Splits on the Bank of England policymaking committee were on full display on Wednesday after Governor Andrew Bailey said there was further to go on interest-rate cuts just hours before external member Megan Greene proposed “skipping” a cut in November.

(6) Russia plans to run a budget deficit for a fifth year as declining revenue and increased spending continue to put pressure on the government’s finances amid the Kremlin’s war on Ukraine.

(7) Global drugmakers including Merck, Eli Lilly and AstraZeneca are pausing or canceling investments in the UK while throwing barbs at the lack of competitiveness of its business environment

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