Investing.com -- U.S. President Joe Biden heads to Israel, while crude prices soar as a missile explosion on a Gaza hospital esclated tensions in the Middle East. The earnings season continues with results due from Netflix will also be in the spotlight after the carrier issued disappointing fourth-quarter guidance after the close Tuesday, with higher fuel costs and the suspension of Tel Aviv flights expected to weigh.
Netflix's crackdown on password-sharing is expected to have boosted subscribers by about 6 million in the third quarter, and investors will be looking to see whether this sets the stage for price increases in an attempt to further increase revenue. Morgan Stanley leads the way before the open, and the banking giant is likely to follow its peers in benefiting from rising net interest income, driven by higher interest rates and loan growth.China may have turned the corner, after data released earlier Wednesday showed that the Asian giant’s economy grew at a faster-than-expected pace in the third quarter from a year earlier.
Additionally, China's industrial output in September grew 4.5% from a year earlier, matching the pace in August, and retail sales rose 5.5% in September, accelerating from a 4.6% increase the month earlier. Non-payment would trigger cross defaults in other Country Garden bonds, likely prompting one of China's biggest corporate debt restructurings.Oil prices soared Wednesday after a deadly blast at a Gaza hospital heightened tensions in the Middle East, thwarting a U.S. diplomatic effort in the Israel-Hamas war.
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