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Good morning. The U.K.’s two main candidates to be the next prime minister battled it out in a live television debate, a U.S. bill on Hong Kong could have wide implications and crude oil futures are dropping. Here’s what’s moving markets.

Leader Debate

In the first live television debate between opposition leaders, U.K. Prime Minister Boris Johnson just edged out a lead over Labour’s Jeremy Corbyn, according to a poll. But that’s being seen as a win for Corbyn, who was  expected to be beaten more comprehensively. Corbyn received applause and landed verbal punches on Johnson, who struggled to win over an audience that laughed and groaned as he tried to steer the topic back to Brexit. The pound edged lower following the spectacle. 

Democracy Bill

Washington angered Beijing by passing a bill aimed at supporting protesters in Hong Kong and warning China against a violent suppression of the demonstrations. That’s as protesters sought to ramp-up disruption on transport networks, while this week’s university siege is still not completely over. China responded to the U.S. by threatening to impose unspecified retaliation if the bill becomes law. That rebuke could hardly be more untimely for investors hoping a U.S.-China trade deal is nearing. 

Crude Tumbles

A tumble for crude oil futures on Tuesday could impact broader markets. Futures in New York slumped as much as 3.5% for their biggest drop since the end of September on a report saying American Petroleum Institute stockpiles rose by 5.95 million barrels last week, ahead of government figures due later today. A lack of progress on the trade war has also stoked concern around growth and the demand for energy, with the European benchmark, Brent crude, now down about 18% since April. 

Swedbank in Focus

Drama surrounding Nordic banks in the Baltic region continues amid a report saying U.S. authorities are investigating whether Swedbank AB allowed transactions that breached U.S. sanctions against Russia. Swedish public broadcaster SVT uncovered transactions concerning a Russian weapons maker and a company in Florida that produces guns based on the Russian design, according to a report. That comes after Swedish rival SEB AB said it’s terminated business with the vast majority of customers identified by SVT in an investigative piece on money laundering.

Coming Up…

European futures point lower ahead of earnings from and the Sage Group Plc, as well as B&Q DIY chain owner Kingfisher Plc.  Speaking of stocks, here’s Western Europe’s best-performing developed market equity index. Elsewhere, minutes from the Federal Reserve’s latest policy meeting tonight come just days after U.S. President Donald Trump met with the central bank’s boss to complain about interest rates he deems as too high. In emerging markets data, South African inflation is seen dipping slightly. 

What We’ve Been Reading

This is what’s caught our eye over the past 24 hours. 

  • Letters cited by SEC chairman weren’t what they seemed.
  • The mistake that cost a village its children.
  • Disney’s streaming push made Amazon its frenemy. 
  • Mysterious oxygen spike on Mars puzzles scientists.
  • Less than half of people in G7 nations at ease with female leaders.
  •  Mourinho in talks to replace Pochettino.
  • Winklevoss twins make first-ever acquisition.

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To contact the author of this story: Joe Easton in London at jeaston7@bloomberg.net

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net

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