5 things to start your day

[Bloomberg Markets]( [FOLLOW US [Facebook Share]]([Twitter Share]( [SUBSCRIBE [Subscribe]](  Forward Guidance  Trump to nominate Powell for Fed, Bank of England to hike rates for first time in a decade, and there's no such thing as a permanent tax cut. Powell Fed President Donald Trump plans to nominate Federal Reserve Governor [Jerome Powell]( as the next chair of the U.S. central bank, according to four people familiar with the decision. [Markets]( deem Powell as the [continuity candidate](, with his public pronouncements largely in line with [Janet Yellen’s policies](. Trump will make the formal announcement in the Rose Garden at 3 p.m. Eastern Time. BOE hike? The Bank of England is [widely expected]( to raise interest rates for the first time in over a decade when it announces its latest monetary-policy decision at 8:00 a.m. With only eight of the 60 economists polled by Bloomberg [expecting no change]( at today’s meeting, market reaction to a hike should be relatively muted. The broader question remains as to whether higher interest rates are what the [U.K. economy]( needs ahead of Brexit. Phase out The GOP tax plan is expected to be [unveiled later today](, with one Republican lawmaker familiar with the negotiations on the text of the document saying that the key corporate tax cut from 35 percent to 20 percent will be [phased out after a decade](. For individuals, there will be tax cuts for most, except for earners at the very top of the scale, with the [39.6 percent tax rate]( remaining. There’s also a plan to impose a tax of as much as 12 percent on multinational companies’ accumulated offshore earnings. Markets quiet Overnight, the MSCI Asia Pacific Index gained 0.2 percent, while Japan’s Topix index closed 0.4 percent higher, boosted by automakers ahead of a three-day weekend. In Europe, the Stoxx 600 Index was 0.1 percent lower at 5:45 a.m. amid mixed earnings results, with investors also braced for the BOE decision. S&P 500 futures [slipped 0.1 percent](, the 10-year Treasury yield was at 2.372 percent and gold was unchanged. Earnings Apple Inc. is due to release fourth-quarter earnings after the bell today, with investors likely to focus on any updates on iPhone X production delays. Tesla Inc. shares are [down about 6 percent]( in pre-market trading after the company pushed back its production schedule for the key Model 3 car in its results announcement yesterday. Facebook  Inc. shares are also [trading lower ahead of the open]( as the company’s guidance disappointed investors. Here's what you should read today - Shell takes Exxon’s [cash-flow crown](. - [Bitcoin]( surges past $7,000. - Canada to admit almost one million [new permanent residents](. - Americans are [renouncing citizenship]( at a record pace. - These are the [Russia ads]( that social-media companies are getting blasted for. - Brexit: Three [ways]( the U.K. could take it all back. - A Nokia [success story](. Yes, really. Sponsor content by Rutgers Business School There is a lot going on in Newark, home of Rutgers MBA program, ranked No. 1 in job placement by [Bloomberg](. Governor Christie, Senator Booker & Mayor Baraka stood shoulder to shoulder at Rutgers Business School to support Newark as New Jersey’s bid to be the site of “Amazon HQ2.” [Read story](.   And finally, here’s what Joe’s interested in this morning I guess because I work in the media, I have a strong interest in the industry landscape and the massive changes that we're seeing in business models. Last week, here, I talked about Omnicom, the advertising company, and how its stock is struggling. This week we got [earnings from WPP that told the same story](. As you can see on the chart below, there's never been a period up until now where WPP's stock was tumbling while the broader market was rallying. Advertising has for years been the ultimate cyclical business. But there seems to be two broad trends hitting the industry. One is obvious: the rise of Google and Facebook. They're taking a greater and greater share, and more companies are working directly with them. The other, slightly less obvious angle, is that many consumer-advertising stalwarts are buckling under pressure from many angles, including the surge in [niche brands]( that spring up overnight on online platforms with unlimited shelf space. As NYU professor of marketing Scott Galloway has put it, "[Don Draper has been drawn and quartered](" and that's clearly visible when you look at charts like this one.   Before it's here, it's on the Bloomberg Terminal Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. [Learn more.](   You received this message because you are subscribed to the Bloomberg Markets newsletter.   [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022