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Actor Helen Mirren poses with actor and singer Curtis Jackson "50 Cent" before the closing ceremony of the 57th Monte-Carlo Television Festival in Monaco, June 20, 2017.
REUTERS/Eric Gaillard

Good morning! Here's what you need to know in markets on Wednesday.

1. Theresa May will be forced to unveil a slimmed down and "humble" Queen's Speech on Wednesday after failing to secure the slimcaps support of the Democratic Unionist Party for her government.

Speaking ahead of the speech, May acknowledged that the election result was "not the one I hoped for," but she promised to "respond with humility and resolve to the message the electorate sent."

2. Travis Kalanick has stepped down as CEO of Uber after investors began revolting over legal and workplace scandals at the ride-hailing startup.

The New York Times reports that Kalanick's exit came under pressure after hours of drama involving Uber's investors, according to two people with knowledge of the situation.

3. US stocks traded well into the red on Tuesday, retreating from their record highs.

All three major indexes were in the red, with the tech-heavy Nasdaq leading the losses on a day packed with policy speak both monetary and fiscal.

4. Asian stocks are stalling in response.
Japan's Nikkei index is down 0.40% at the time of writing (6.30 a.m. BST/1.30 a.m. ET), while Hong Kong's Hang Seng is down 0.55%, and China's Shanghai Composite is down 0.13%.


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