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10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell

10 things you need to know before the opening bell


Donald Trump

10 things you need to know before the opening bell

Brendan McDermid/Reuters Here’s what you need to know before the markets open. 1. The Fed bought debt in Warren Buffett’s Berkshire Hathaway, Coca-Cola, Walmart, and McDonald’s in its first spree of corporate bond-buying. The Fed bought $428 million worth of corporate bonds in its first foray into company debt as part of its response to…

10 things you need to know before the opening bell

The New York Stock ExchangeBrendan McDermid/Reuters

Here’s what you need to know before the markets open.

1. The Fed bought debt in Warren Buffett’s Berkshire Hathaway, Coca-Cola, Walmart, and McDonald’s in its first spree of corporate bond-buying. The Fed bought $428 million worth of corporate bonds in its first foray into company debt as part of its response to the coronavirus, snapping up debt in household names like Coca-Cola, AT&T, and Berkshire Hathaway in the process.

2. US shale oil giant Chesapeake Energy files for bankruptcy as the coronavirus crisis claims another energy victim. Chesapeake Energy filed for bankruptcy on Sunday, making it the biggest casualty among US energy giants as the coronavirus pandemic upends the oil industry

3. Global stocks are mixed as investors weigh COVID-19 deaths topping 500,000, and markets are hit with a ‘nervous calm’. In Asia, stocks are down. In Europe, stocks are up. In the US, futures are mixed and pointing to an open between -0.2 to 0.4%. 

4. Wirecard stock soars 185% in a dead cat bounce after its week from hell, but is still down 97% in 2020. The stricken German fintech’s stock is at around €3.18 on Monday, but was above €140 as recently as April.

5. Facebook has bent its hate speech and misinformation policies around Trump since before he was president, report says. An explosive new report from The Washington Post claims Facebook has weakened its hate speech and misinformation policies because of Donald Trump’s ascent to power.

6. LVMH-backed Australian swimsuit brand in administration due to virus. Seafolly Pty Ltd, an Australian swimsuit maker part-owned by French fashion giant LVMH Moet Hennessy Louis Vuitton SE , appointed administrators on Monday citing a sales downturn from the coronavirus, the latest casualty of the health crisis in the country’s retail sector

7. UK markets watchdog says Wirecard restrictions to stay for now. Britain’s Financial Conduct Authority on Monday said its restrictions on collapsed German payments company Wirecard will remain until its concerns have been satisfied.

8. Nokia wins Taiwan Mobile 5G contract worth $450 million. Finnish telecoms equipment maker Nokia Oyj said on Monday it has won a 5G contract worth about 400 million euros ($449.48 million) from Taiwan Mobile to build out the telecom operator’s next-generation network as the sole supplier.

9. Quarter earnings coming in. IHH Healthcare Bhd (1Q 20) and Micron Technology (3Q 20) earnings are due. 

10. Economic data releases today. The US Fed’s William speech and the US 3-Month Bill Auction are due. 

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Donald Trump

10 things you need to know before the opening bell

Here’s what you need to know before markets open. 1. Global stocks tumble as investors weigh Chinese GDP data, which beats estimates but ‘flatters to deceive’. China’s mainland benchmark index, the Shanghai Composite fell 4.5%, and Hong Kong’s Hang Seng fell 2.1%. 2. China’s economy grew faster than expected in the second quarter, the latest…

10 things you need to know before the opening bell

Here’s what you need to know before markets open.

1. Global stocks tumble as investors weigh Chinese GDP data, which beats estimates but ‘flatters to deceive’. China’s mainland benchmark index, the Shanghai Composite fell 4.5%, and Hong Kong’s Hang Seng fell 2.1%.

2. China’s economy grew faster than expected in the second quarter, the latest sign that it’s on course for the mythical V-shaped recovery. As the first country to face the coronavirus, China’s economic recovery is much further along than most nations in the Western world.

3. Twitter stock dives in pre-market after a widespread hack took control of major celebrities’ accounts including Bill Gates, Elon Musk, and Warren Buffett. The company said a “coordinated social engineering attack” had “successfully targeted” some employees who enabled access to hackers to its internal tools.

4. Bank of America beats second-quarter earnings estimates. The lender saw incomes in its global markets division increase by 81% in the quarter, while its overall revenues were $3.5 billion, well ahead of analyst expectations.

5. Morgan Stanley also beat expectations, seeing its trading revenues surge. The bank generated earnings per share of $1.96 in the second quarter, ahead of the $1.12 figure expected.

6. Warren Buffett and Charlie Munger were ‘sidelined in fear’ during the coronavirus crash, investor Bill Smead says. “It is unlikely they have been more scared by economic circumstances in my lifetime,” the long-time Berkshire Hathaway shareholder said.

7. Morgan Stanley unpacks 4 reasons why the ongoing tech boom won’t end like the 2000 dot-com crash — and shares how you can profit from future gains. Some investors are starting to sound the alarm for an impeding crash on steepening valuations. Michael J. Wilson isn’t buying into the fear.

8. Paul Andreola has a long track record of finding tiny stocks that deliver 10-times returns. He lays out the 4 criteria he looks for when seeking the next explosive pick.“It literally went from maybe averaging 10 to 15% a year to like 100, 120%,” Paul Andreola said in reference to his portfolio’s performance.

9. Earnings keep coming. Johnson & Johnson and Netflix are highlights.

10. On the data docket today. Continuing jobless claims and the 4-week-bill-auction are due.

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Donald Trump

10 things you need to know before the opening bell

Brendan McDermid/Reuters Here’s what you need to know before markets open. 1. Global stocks rise as investors digest the ECB’s huge new stimulus package and await US jobs data. Oil prices rose as the OPEC+ may end up meeting as soon as today after Thursday’s meeting got cancelled over compliance issues.  2. Investors pumped $22.5…

NYSE TradersBrendan McDermid/Reuters

Here’s what you need to know before markets open.

1. Global stocks rise as investors digest the ECB’s huge new stimulus package and await US jobs data. Oil prices rose as the OPEC+ may end up meeting as soon as today after Thursday’s meeting got cancelled over compliance issues. 

2. Investors pumped $22.5 billion into US bond funds in a single week — the highest amount since 2007. Bond markets seem to be attracting investors despite carrying higher risk compared to the safe haven money markets.

3. An investment adviser with historic ties to Warren Buffett likely scored a $900 million gain on Wayfair stock in less than 10 weeks. The manager of the Sequoia Fund, which was founded at Buffett’s request in 1970, doubled down on the e-commerce giant last quarter.

4. The Trump campaign cries censorship after Twitter removes a video about George Floyd on copyright grounds. Last year Twitter took down a meme of Trump’s attacking Joe Biden because it used a clip from Nickelback’s “Photograph.”

5. LinkedIn CEO apologizes after an internal meeting about racial inequality and bias was hit with ‘appalling’ comments from anonymous employees. LinkedIn released a report last year showing just 3.5 percent of its workforce was Black.

6. British Airways parent company considering legal challenge to UK quarantine rules. “We think it is irrational, we think it is disproportionate, and we are giving consideration to a legal challenge to this legislation,” said Willie Walsh, IAG’s CEO.

7. China says forcing Chinese firms off U.S. exchanges will harm U.S. A foreign ministry spokesman said forcing Chinese firms to retreat from U.S. stock exchanges would severely harm U.S. interests.

8. Singapore plans a coronavirus contact tracing device for all to wear. The country plans to soon launch a wearable device that, if successful, will be distributed to all of its 5.7 million residents.

9. Global stocks are up. In Europe, Germany’s DAX rose 1.4%, Britain’s FTSE 100 rose 1%, and the Euro Stoxx 50 rose 1.6%. In Asia, China’s Shanghai Composite rose 0.4%, Hong Kong’s Hang Seng rose 1.6%, and Japan’s Nikkei rose 0.7% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose fell between 0.2% and 1%.

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10. Economic data releases today. US Non-farm payrolls, Unemployment Rate, Baker Hughes US Oil Rig Count, and Consumer Credit Change are due for release.

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Donald Trump

10 things you need to know before the opening bell

Reuters / Brendan McDermid Here’s what you need to know before markets open. 1. Trump is reportedly considering a $1 trillion fresh infrastructure stimulus plan to rescue the US economy. Most of the money will go to roads and bridges, but money will also be directed to 5G wireless and infrastructure broadband, sources told Bloomberg.…

trader nyse celebrate happy fist bumpReuters / Brendan McDermid

Here’s what you need to know before markets open.

1. Trump is reportedly considering a $1 trillion fresh infrastructure stimulus plan to rescue the US economy. Most of the money will go to roads and bridges, but money will also be directed to 5G wireless and infrastructure broadband, sources told Bloomberg.

2. Global markets fly as Trump’s $1 trillion infrastructure plan puts a ‘rocket under stocks’ – and the Fed launches $250 billion of fresh stimulus. “The Federal Reserve became an accidental Lone Ranger overnight, riding in to rescue beleaguered financial markets,” an analyst said.

3.The IEA warns global oil demand will drop by $324 million a day in 2020, the biggest decline in history, before a rapid rebound in 2021. June estimates reckon that global demand for Brent oil will drop by 8.1 million barrels a day this year, equivalent to around $324 million at current prices.

4. Warren Buffett’s ‘chronic underperformance’ is frustrating investors and analysts. The famed investor and Berkshire Hathaway boss was cautious during the coronavirus sell-off, fueling fears that he missed out on the market rebound.

5. Apple just got hit with two EU antitrust probes into the App Store and Apple Pay. The investigations will focus on Apple Pay and the levy Apple imposes on in-app purchases through the App Store.

6. Fed chair  Powell is set to reiterate that the US faces a long economic recovery, and call for more fiscal support. On Tuesday, Powell is set to begin the first of two days of testimony before US lawmakers.

7. SoftBank-backed ride-hailing firm Grab is set to announce layoffs. Southeast Asian ride-hailing and payments firm Grab is set to announce layoffs on Tuesday.

8.Global stocks are sharply up. In Europe, Germany’s DAX rose 3%, Britain’s FTSE 100 rose 2.5%, and the Euro Stoxx 50 rose 2.8%. In Asia, China’s Shanghai Composite rose 1.4%, Hong Kong’s Hang Seng rose 2.4%, and Japan’s Nikkei rose 4.8% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose between 1% and 1.7%.

9. Earnings expected. Oracle and Ashtead are set to report their fourth-quarter results.

10. On the data docket today. US retail sales, the 52-Week Bill Auction, and Fed Reserve chairman Jerome Powell’s testimony are scheduled for today.

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Donald Trump

10 things you need to know before the opening bell

Brendan McDermid/Reuters Here’s what you need to know before the markets open. 1. Short-sellers have raked in more than $1.2 billion on Wirecard this week after the company’s dramatic share price plunge. Hedge funds have made more than $1 billion of profits in the past week as a result of betting against the scandal-ridden fintech firm Wirecard following…

10 things you need to know before the opening bell

The New York Stock ExchangeBrendan McDermid/Reuters

Here’s what you need to know before the markets open.

1. Short-sellers have raked in more than $1.2 billion on Wirecard this week after the company’s dramatic share price plunge. Hedge funds have made more than $1 billion of profits in the past week as a result of betting against the scandal-ridden fintech firm Wirecard following a tumultuous week in which it filed for insolvency and its former CEO was arrested.

2. A UCLA economist says it will take until early 2023 to restore the US economy and will need ‘all the king’s horses and all the king’s men.’ The US economy faces a rough and gradual comeback from its massive pandemic-induced decline, according to UCLA Anderson’s latest economic outlook. 

3. The market is probably a little ahead of itself’: BlackRock CEO Larry Fink warns investors are downplaying the pandemic threat. Investors are shrugging off a resurgence of coronavirus cases and underestimating the pandemic’s financial fallout, BlackRock CEO Larry Fink said on Thursday, according to CNBC.

4. Goldman Sachs and Wells Fargo slump in pre-market trading after the Fed caps dividends and bans buybacks. Bank stocks dropped in pre-market trading on Friday after the Federal Reserve announced fresh restrictions on dividends and share buybacks on Thursday.

5. US lenders, businesses brace for disclosure on small business pandemic aid. Americans will soon get a first full look at which businesses received $515 billion of taxpayer funds when the government, after initial resistance by President Donald Trump’s administration, releases borrower data for one of its highest-profile pandemic aid efforts.

6. Pharma giant Sanofi is reportedly considering up to 1,680 job cuts in Europe. Sanofi is considering cutting up to 1,680 jobs in Europe, two sources familiar with the matter said on Friday, as the French drugmaker outlined plans to reduce costs to staff representatives.

7. Amazon has reportedly bought self-driving-car startup Zoox for more than $1 billion. Amazon has reportedly bought self-driving taxi firm Zoox for more than $1 billion.

8. Stocks are mostly up. Stocks in Europe and Asia are up but some US futures are down. 

9. Earnings coming in. China Gas Holdings 4Q 2020 earnings is due. 

10. Economic data releases today. The US Baker Hughes Oil Rig count is due and the Michigan Consumer Sentiment Index is due. 

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Donald Trump

10 things you need to know before the opening bell

Reuters Here’s what you need to know before the markets open. 1. Global stocks march higher as coronavirus lockdowns ease and economic activity picks up. In Asia, Hong Kong’s Hang Seng was up 1.8%, the Nikkei 225 was up 2.6%, and the Shanghai Composite was up 1%. In Europe, the Dax is up 0.6%, the…

10 things you need to know before the opening bell

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020. REUTERS/Lucas JacksonReuters

Here’s what you need to know before the markets open.

1. Global stocks march higher as coronavirus lockdowns ease and economic activity picks up. In Asia, Hong Kong’s Hang Seng was up 1.8%, the Nikkei 225 was up 2.6%, and the Shanghai Composite was up 1%. In Europe, the Dax is up 0.6%, the FTSE 100 is up 0.9%, and the Euro Stoxx 50 is up 0.5%. In the US, futures underlying stocks are pointing to an increase of around 2% on all major indices, with the S&P 500 set to break above 3,000 for the first time since early March.

2. The New York Stock Exchange is set to reopen its iconic trading floor after a 2-month shutdown for the first time in 228 years. After a two-month precautionary closure, the New York Stock Exchange is ready to reopen its renowned trading floor on Tuesday.

3. Singapore is the latest nation to predict a devastating coronavirus recession as the pandemic ravages 2 of its biggest industries. Singapore’s economy could shrink by up to 7% as it appears to head for its worst recession since independence, the country’s trade ministry warned, making the south east Asian nation the latest to acknowledge the devastating economic impact of coronavirus.

4. 270 of Wall Street’s top trading staff spent 2 frantic weekends tidying up a huge pile of failed trades after the coronavirus-driven market chaos. With hugely increased trading volumes and volatility during early March, a large number of trades failed, pushing a US regulator to lead a large scale clean-up operation.

5. Armed with whistleblower tips, US SEC cracks down on coronavirus misconduct. The coronavirus outbreak and its economic fallout is proving to be a bonanza for whistleblower lawyers as the US securities regulator cracks down on a range of related misconduct from companies touting sham cures to misuse of federal aid.

6. The UK is reviewing Huawei’s role in its 5G network again, and it’s a new sign it could still cave to US pressure. The UK looks like it might cave to US pressure to ditch Huawei.

7. Palantir’s CEO claims its tech is used to target and kill terrorists. Alex Karp, CEO of data analytics firm Palantir, told Axios in an interview shared Monday that the company’s tech has been used by the US military to take out targets.

8. Coronavirus spreads in Brazil’s oilfields, as five offshore operators register cases. Norway’s Equinor ASA and Anglo-French firm Perenco are among at least five oil producers that have registered coronavirus cases among employees or contractors at facilities off the coast of Brazil, according to industry and regulatory sources.

9. First-quarter earnings coming in. Merck and Autozone are highlights.

10. Economic data releases today. The US Housing Price Index and Consumer Confidence data are due. 

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Donald Trump

10 things you need to know before the opening bell

Here’s what you need to know before the markets open.  1. The coronavirus pandemic is messing with how economic data is produced, and making it hard to work out how badly it’s hitting the global economy, the IMF says. COVID-19 is skewing economic data, meaning policymakers will struggle to correctly assess the damage done by…

10 things you need to know before the opening bell

Here’s what you need to know before the markets open. 

1. The coronavirus pandemic is messing with how economic data is produced, and making it hard to work out how badly it’s hitting the global economy, the IMF says. COVID-19 is skewing economic data, meaning policymakers will struggle to correctly assess the damage done by the pandemic and type of recovery needed, the International Monetary Fund said this week.

2. Global stocks fall as investors brace for Trump to hit China with a ‘bazooka’. Global stocks fell on Friday ahead of expected developments in US-China strains as President Trump promised “interesting” action on the world’s second-largest economy. Stocks in Asia were mixed, with China’s Shanghai up 0.2%, the Hang Seng was down 0.74% and the Nikkei 225 was up 0.18%. Stocks in Europe and US futures were all down. 

3. Japan backs nearly a third of $6.6 billion loans to Nissan. The Japanese government has guaranteed almost a third of the 713 billion yen ($6.65 billion) in loans Nissan  has secured from its main lenders to weather the COVID-19 pandemic, according to three people with knowledge of the plans. 

4. Ukraine expects $5 billion IMF loan approval on June 5, its prime minister says. Ukraine expects the International Monetary Fund to approve a $5 billion loan package at a board meeting and the first tranche of $1.9 billion to be disbursed the following day, Prime Minister Denys Shmygal told Reuters on Friday.

5. China’s Didi Chuxing raises over $500 million for autonomous driving unit. Transportation giant Didi Chuxing said on Friday it had completed a fundraising round of over $500 million for its autonomous driving subsidiary.

6. Twitter’s ex-CEO stepped up the Silicon Valley beef and attacked Facebook for being a hotbed of anti-vaxxer Bill Gates conspiracy theories. There’s an ongoing spat between Twitter and Facebook right now over whether social media platforms should fact-check politicians, after Twitter slapped warning and fact-check labels on President Trump’s recent tweets.

7. Russia’s Rosneft finds extended oil cuts painful, Reuters reports. Rosneft does not have enough crude oil to ship to buyers with which it has long-term supply deals, making it hard for the Russian company to continue with record oil cuts beyond June, four sources familiar with the matter told Reuters on Thursday.

8. The UK made just 197 cars last month, a drop of 99.7% as coronavirus tanks factory output. The UK produced only 197 cars this April, fall of almost 100% since April last year, in the latest sign that coronavirus has ravaged various manufacturing industries. 

9. First-quarter earnings coming in. Yamaha Motor and Pure Gold Price Club are due. 

10. Economic data releases today. US consumer price data, the Baker Hughes oil rig count, and Canadian GDP are highlights Friday.

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Donald Trump

10 things you need to know before the opening bell

Reuters Here’s what you need to know before the markets open. 5. ‘Lemon’ or not, Trump is stuck with Phase 1 China trade deal. Trump has little choice but to stick with the first phase of his China trade deal despite his anger at Beijing over the coronavirus pandemic, new Hong Kong security rules, and…

Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermidReuters

Here’s what you need to know before the markets open.

5. ‘Lemon’ or not, Trump is stuck with Phase 1 China trade deal. Trump has little choice but to stick with the first phase of his China trade deal despite his anger at Beijing over the coronavirus pandemic, new Hong Kong security rules, and dwindling hopes that China can meet US goods purchase targets.

8. Asian stocks are up. In Europe, Germany’s DAX fell 1.6%, Britain’s FTSE 100 rose 1%, and the Euro Stoxx 50 fell 1.4%. In Asia, China’s Shanghai Composite rose 2.2%, Hong Kong’s Hang Seng rose 3.3%, and Japan’s Nikkei rose 0.8% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fell between 0.1% and 0.5%.

10. It’s a big day for data. US Manufacturing PMI and the 3-month and 6-month bill auctions are on the agenda.

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Donald Trump

10 things you need to know before the opening bell

Here’s what you need to know before the markets open.1. Chinese stocks crash as Wuhan coronavirus fears rampage through markets. China’s benchmark stock index, the CSI 300, plunged as much as 9.1% on Monday — its worst opening in almost 13 years. 2. Warren Buffett could soon become the S&P 500’s most veteran CEO. The…

10 things you need to know before the opening bell

Here’s what you need to know before the markets open.

1. Chinese stocks crash as Wuhan coronavirus fears rampage through markets. China’s benchmark stock index, the CSI 300, plunged as much as 9.1% on Monday — its worst opening in almost 13 years.

2. Warren Buffett could soon become the S&P 500’s most veteran CEO. The current holder of the title, Les Wexner of L Brands, is reportedly in talks to resign amid intense scrutiny of his ties to Jeffrey Epstein and claims of misogyny at Victoria’s Secret.

3. Boris Johnson warns Brussels he would rather walk away without a trade deal than make Britain follow EU rules. The prime minister is set to declare that there is “no need” for the United Kingdom to sign up to EU rules and regulations in exchange for high levels of access to European markets.

4. The European Union is seeking an ambitious deal with Britain and demanding fairness. The EU wants zero tariffs and quotas as well as open and fair competition, according to the union’s draft mandate for negotiations.

5. China gas demand seen crumbling as virus threat spreads. Several LNG buyers in China told Reuters they are considering either delaying or cancelling cargoes.

6. Worldline’s $8.7 billion Ingenico deal to create European payments leader. The two French fintechs expect their merger to help them fend off competition.

7. Zero Hedge was banned from Twitter for Wuhan coronavirus misinformation. The financial blog was permanently suspended by the platform after it published an article identifying a Chinese scientist it claimed created the deadly Wuhan coronavirus.

8. Chinese stocks plunged while other markets were mixed. In China, the Shanghai Composite dropped 7.7% and the SZSE Component plunged 8.3%. Germany’s DAX and the Euro Stoxx 50 rose 0.2%, while Britain’s FTSE 100 rose 0.4%. US stocks are set to open higher with futures underlying the Dow Jones Industrial Average, S&P 500, and Nasdaq rising about 0.4%.

9. It’s a big day for data. Watch out for manufacturing PMI and figures on construction spending and business conditions.

10. Lots of earnings are on deck. Google’s parent company, Alphabet, is the highlight.

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Donald Trump

10 things you need to know before the opening bell

Here is what you need to know. 1. Gold soars to its highest price since 2013 as Trump and Iran escalate threats. Traders fled to safety as Trump doubled down on Iran threats while Iran abandoned a 2015 nuclear pact. Gold was up 1.7% in Monday trading in London.2. Trump doubled down on his threat to…

10 things you need to know before the opening bell

Here is what you need to know. 

1. Gold soars to its highest price since 2013 as Trump and Iran escalate threats. Traders fled to safety as Trump doubled down on Iran threats while Iran abandoned a 2015 nuclear pact. Gold was up 1.7% in Monday trading in London.

2. Trump doubled down on his threat to target cultural sites in Iran — an act that could be considered a war crime.

Trump has threatened to target Iranian cultural sites if Iran retaliates after the US killed General Qassem Soleimani in an airstrike.

3. Goldman Sachs says ‘gold is a better hedge than oil’ as Trump-Iran tensions heat up. As tensions between the US and Iran ratchet up, oil has spiked along with gold prices as traders fear energy supply disruptions and flock to haven assets.  

4. Iran would target US military personnel and bases to avenge Soleimani’s death, top Iranian general warns.

Maj. Gen. Hossein Dehghan told CNN Iran’s response to the US assassination of Qassem Soleimani “for sure will be military and against military sites.”

5. Boris Johnson warns Trump that targeting Iranian cultural sites would break international law. The United States’ European allies pile the pressure on Trump to step back from war with Iran and show “restraint and responsibility.”

6. Carlos Ghosn slipped out of Japan undetected because the crate he hid in was too big for a Japanese airport’s baggage scanners. Former Nissan CEO Carlos Ghosn fled Japan on December 29, reportedly concealed inside a crate for musical instruments. He is now in Beirut.

7. Golden Globes host Ricky Gervais roasted Apple for its ‘Chinese sweatshops’ in front of hordes of celebrities as Tim Cook watched from the audience. Gervais described Apple TV+ drama “The Morning Show” as “made by a company that runs sweatshops in China.”

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8. Stocks are slipping. US futures underlying the Dow (-0.5%), S&P 500 (-0.4%), and Nasdaq (-0.5%) are falling, pointing to a decline on the open. European stocks followed with the FTSE 100 (-0.8%), the DAX (-1.3%), and the Euro Stoxx 50 down (-0.9%). Asian stocks were under pressure with the Shanghai Composite flat, and the Nikkei (-1.9%) and Hang Seng (-0.8%) declining.

9. There’s no major earnings on the calendar today, though State Street is a highlight. 

10. It’s a light day for data. Markit PMI Composite is a highlight.


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Donald Trump

10 things you need to know before the opening bell

Koki Nagahama/Getty ImagesHere is what you need to know. 1. SoftBank’s $9.5 billion bailout of WeWork hits a hurdle as Japanese banks are worried about funding it. The tech conglomerate wants to partly finance its rescue of the coworking startup by borrowing $3 billion from Japan’s three biggest banks, but the trio have reached their…

10 things you need to know before the opening bell

Masayoshi SonKoki Nagahama/Getty Images

Here is what you need to know.

1. SoftBank’s $9.5 billion bailout of WeWork hits a hurdle as Japanese banks are worried about funding it. The tech conglomerate wants to partly finance its rescue of the coworking startup by borrowing $3 billion from Japan’s three biggest banks, but the trio have reached their internal lending limits to the company, according to Reuters.

2. China plans to lower import tariffs on frozen pork, avocados from January 1. The Asian nation will cut tariffs on more than 850 products in a bid to galvanize its slowing economy and offset the impact of its trade war with the United States.

3. Tesla has agreed to take a new $1.4 billion loan for its Shanghai factory. The electric-vehicle maker and a group of Chinese banks have struck a $1.4 billion, five-year loan facility for the automaker’s Shanghai plant, three sources told Reuters.

4. Bayer shares climb after US government’s backing in glyphosate lawsuit. The pharma giant’s shares touched a 14-month high after the Environmental Protection Agency and the Justice Department said a federal appeals court should reverse a $25 million verdict against the company in a case involving its Roundup weed killer.

5. JD.Com’s logistics unit taps banks for potential $8-$10 billion IPO. The Chinese e-commerce giant’s logistics unit has held early talks with banks about a potential overseas IPO at a valuation of at least $30 billion, two people told Reuters.

6. Trump has reportedly invited Boris Johnson to the US for a general election ‘victory tour,’ but Johnson is ‘reluctant’ to accept. The US president made the offer after the prime minister won a landslide victory in the UK’s general election this month, but Johnson is reportedly reluctant to visit while Trump is facing impeachment.

7. NMC Health launches independent review after short-seller attack. The UAE’s largest private healthcare provider wants to reassure investors after Muddy Waters questioned its finances last week.

8. Stocks are mixed. US futures underlying the Dow (+0.3%), S&P 500 (+0.5%), and Nasdaq (+0.4%) are up, pointing to a positive open. European stocks are mixed with the FTSE 100 (+0.5%) up, the DAX (-0.1%) down, and the Euro Stoxx 50 flat. Asian stocks were under pressure with the Shanghai Composite (-1.4%) down and the Nikkei and Hang Seng almost flat.

9. Some interesting earnings are coming out. Avanti Communications and Firebird Resources are the highlights.

10. It’s a busy day for data. The latest figures for new home sales and durable goods orders are slated for release.

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Donald Trump

10 things you need to know before the opening bell

Here is what you need to know.  1. Global stocks and the pound soar as euphoric traders cheer a US-China trade deal and a landslide UK election result. Britain’s FTSE 250 hit a new high on Friday, and Europe’s Stoxx 600 broke its intraday record. The pound held onto big gains. US futures are set to…

10 things you need to know before the opening bell

Boris Johnson

Here is what you need to know. 

1. Global stocks and the pound soar as euphoric traders cheer a US-China trade deal and a landslide UK election result. Britain’s FTSE 250 hit a new high on Friday, and Europe’s Stoxx 600 broke its intraday record. The pound held onto big gains. US futures are set to rally.

2. Trump agrees to slash China tariffs and scrap new duties — a sign there may be a huge climbdown in the trade war. The president could scrap tariffs on $160 billion of Chinese imports set to go live on Sunday, and halve existing duties on another $360 billion. Whether China agrees is another matter.

3. Apple has narrowly avoided a 15% tariff on the iPhone after Trump’s trade deal with China. The tariffs were set to come into force on December 15 – one analyst told BI they would have reduced iPhone demand by 6% to 8%.

4. Joe Biden and his allies are seizing on the left’s crushing defeat in the UK as proof that only a centrist can beat Trump. Centrists such as Biden will argue that the election has stark messages for Democrats, but progressives will draw totally different conclusions.

5. Jeremy Corbyn announces his resignation as Labour Party leader. Corbyn led the party to its worst defeat in nearly 100 years as Boris Johnson won a crushing majority.

6. Broker group warns of investor risks posed by US direct share-listing proposal. The SEC risks weakening investor protections if it allows companies to raise money in the public market through a direct listing without the support of underwriting banks, an influential broker group said.

7. Supreme Court justices set to tackle Trump financial records dispute. President Donald Trump’s fight to keep his personal financial records private reaches a new stage on Friday when US Supreme Court justices meet to consider up to three hotly-contested cases pitting Trump against congressional Democrats and a New York prosecutor.

8. Stocks are soaring. European stocks are soaring with the DAX (+1%) and the Euro Stoxx 50 (+1.2%) up. Asian stocks closed higher with the Nikkei (+2.6%) and Hang Seng (+2.7%) rising. US futures underlying the Dow,  S&P 500, and the Nasdaq are about 0.2% higher. 

9. There are no major earnings on the docket today

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10. There is some data released today. Import price index data and retail sales are due. 

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Donald Trump

10 things you need to know before the opening bell

GettyHere is what you need to know.  1. UK voters go to the polls today for an incredibly uncertain election which will decide the fate of Brexit. Prime Minister Boris Johnson is fighting to secure a majority for his Brexit plan with Labour’s Jeremy Corbyn promising a radical new agenda. 2. Saudi Aramco rallies again,…

10 things you need to know before the opening bell

Boris Johnson and Jeremy CorbynGetty

Here is what you need to know. 

1. UK voters go to the polls today for an incredibly uncertain election which will decide the fate of Brexit. Prime Minister Boris Johnson is fighting to secure a majority for his Brexit plan with Labour’s Jeremy Corbyn promising a radical new agenda.

2. Saudi Aramco rallies again, reaching a $2 trillion valuation on its second day of trading. Crown Prince Mohammad bin Salman had been seeking a $2 trillion valuation to fuel plans to diversify the Saudi economy. Aramco’s stock rallied 8.2% on Thursday after a 10% surge on its first day of trading Wednesday.

3. Goldman Sachs employees want to cancel a Nikki Haley interview after her Confederate flag comments. They asked the bank’s president to scrap an event with the former South Carolina governor and UN ambassador after she didn’t denounce the flag’s fans.

4. Short gold, hedge the US election, and buy equities — here are JPMorgan’s top trading themes for 2020. “Our risk-on stance is supported by the improvement in growth indicators over the past couple of months,” JPMorgan strategists said.

5. $200 million finance startup Curve faces complaints from customers who say they were handed corporate cards without knowing and ended up with extra charges. Curve has been handing out business accounts without warning. Customers have complained about a ‘lack of transparency’.

6. Delta predicts 2020 profit growth. Its CEO says more people turning to air travel.

7. The CEO of $24 billion Adyen oversaw Europe’s most successful recent tech IPO. Here’s why he’s still hiring builders and not optimizers.

8. Stocks are quiet on Thursday. US futures underlying the Dow (flat), S&P 500 (flat) and the Nasdaq (+0.1%) are muted. European stocks are rising marginally with the DAX (+0.1%) and the Euro Stoxx 50 (+0.1%) up. Asian stocks closed mixed with the Nikkei (+0.1%) and Hang Seng (+1.3%) rising but the Shanghai Composite (-0.3%) fell.

9. Today is a bumper earnings day. Adobe and Costco are the highlights. 

10. There is a stack of data on the docket today. Producer price index data and jobless claims are the key pieces.

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Donald Trump

10 things you need to know before the opening bell

Artyom IvanovTASS via Getty ImagesHere is what you need to know.  1. China threatens retaliation after the US House passed a bill supporting Hong Kong protesters. House lawmakers passed a bill yesterday which would mean that the US reviews how autonomous Hong Kong is each year, determining its trade policy. 2. SoftBank reportedly hired restructuring…

10 things you need to know before the opening bell

Trump in ChinaArtyom IvanovTASS via Getty Images

Here is what you need to know. 

1. China threatens retaliation after the US House passed a bill supporting Hong Kong protesters. House lawmakers passed a bill yesterday which would mean that the US reviews how autonomous Hong Kong is each year, determining its trade policy.

2. SoftBank reportedly hired restructuring and bankruptcy bankers to help revive WeWork. Houlihan Lokey, a bank known for its restructuring expertise, has been hired to assess loss-making practices, Bloomberg reported.

3. Bank of America beats Q3 Wall Street estimates as CEO focuses on costs in ‘moderately growing economy’. The bank beat estimates on its earnings per share and met estimates in income.

4. Boris Johnson will ask for Brexit to be delayed if he fails to agree a deal this week. The Brexit Secretary Stephen Barclay confirmed on Wednesday that the prime minister may have to write a letter requesting that Brexit is delayed.

5. WeWork’s IPO woes are bleeding into the biotech market — and health startups’ plans to go public now look dimmer. M&A bankers say the WeWork debacle is part of what’s weighing on health firms’ IPO plans.

6. Amazon’s massive investment in food delivery startup Deliveroo faces further delays thanks to a formal antitrust probe. Amazon led a $575 million investment into Deliveroo in May 2019.

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7. Facebook’s Libra cryptocurrency is in damage control mode after a quarter of its partners dropped out. Seven of the 28 original backers have bowed out including big names PayPal, Visa, Mastercard, and eBay.

8. Stocks are mixed today. US futures underlying the S&P 500 (-0.2%) and the Nasdaq (-0.3%) fell. In Europe, stocks are rising the DAX (+0.3%) is up as is the Euro Stoxx 50 (+0.2%). In Asia, stocks closed mixed with the Nikkei (+1.2%) rallying, as did the Hang Seng (+0.6%) but the Shanghai Composite (-0.4%) fell on close. 

9. There are lots of interesting earnings out. IBM is the highlight. 

10. There is a lot of data out later. The retail sales control group is in the spotlight. 

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Donald Trump

10 things you need to know before the opening bell

REUTERS/Hyungwon KangHere is what you need to know.  1. WeWork is reportedly rushing to get a new debt financing deal and it could run out of cash next month. The Financial Times reported that JPMorgan is rushing to complete a debt deal as soon as next week, to give WeWork time to restructure. 2. Oil prices…

10 things you need to know before the opening bell

China USREUTERS/Hyungwon Kang

Here is what you need to know. 

1. WeWork is reportedly rushing to get a new debt financing deal and it could run out of cash next month. The Financial Times reported that JPMorgan is rushing to complete a debt deal as soon as next week, to give WeWork time to restructure.

2. Oil prices are soaring on supply fears after an Iranian tanker was damaged by a suspected missile attack. Elsewhere in markets, US stocks are set to rally on Friday on hopes that a trade deal between the US and China is on the cards.

3. Brexit deal hopes surge as the EU welcomes ‘promising’ signs of compromise from Boris Johnson. The pound moved 0.6% higher on Friday after gaining on Thursday evening.

4. BP expects $2-$3 billion charge as it nears divestment target. The oil giant expects to hit its $10 billion disposal program by the end of 2019, almost one year ahead of schedule. However, it expects a $2-$3 billion charge in the third quarter.

5. Uber says the UK is seeking to classify the company as a transportation provider, potentially opening it up to new tax charges that could hamper its business. The company says it could face 20% VAT on gross booking fees — the amount passengers pay — or on its service fees charged to drivers.

6. A damning new report into the Boeing 737 Max slammed the FAA’s ‘inadequate awareness’ of the system blamed for 2 deadly crashes. Boeing is down 4% in London trading. 

7. WeWork CEO Adam Neumann is no longer a billionaire, Forbes says. His personal net worth dropped to $600 million which means his purported net worth has plummeted by $3.5 billion in just seven months. 

8. Stocks are edging higher on Friday. US futures underlying the S&P 500 (+0.9%) and the Nasdaq (+1.1%) are rising. In Europe, the DAX (+1.8%) rallied as did the Euro Stoxx 50 (+1.3%). In Asia, the Nikkei gained 1.2% on close, while the Shanghai Composite (+0.9%) and the Hang Seng (+2.4%) were both higher.

9. There are lots of interesting earnings out today. The highlight is First Republic Bank.

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10. There’s lots of data being released. Market watchers will be keeping an eye on the Michigan consumer sentiment index. 

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Donald Trump

10 things you need to know before the opening bell

REUTERS/Hyungwon KangHere is what you need to know.  1. The US looks like it may back down on China tariffs — just as Trump needs a win on trade. The Financial Times, citing sources familiar, said the US is considering a rollback on tariffs. 2. ‘We created a monster,’ SoftBank CEO Masayoshi Son reportedly said…

10 things you need to know before the opening bell

China USREUTERS/Hyungwon Kang

Here is what you need to know. 

1. The US looks like it may back down on China tariffs — just as Trump needs a win on trade. The Financial Times, citing sources familiar, said the US is considering a rollback on tariffs.

2. ‘We created a monster,’ SoftBank CEO Masayoshi Son reportedly said of WeWork. SoftBank is expected on Wednesday to impose stricter governance standards for dual-class structures after the WeWork troubles, the Financial Times said.

3. Boris Johnson’s Brexit trade deal with Trump would force the UK to accept food contaminated with maggots and rat hair, warns Jeremy Corbyn. Labour leader Jeremy Corbyn will warn Boris Johnson that his coveted trade deal with the United States would lower food standards in the UK.

4. Japan’s Rakuten said on Tuesday it expects to take a 103 billion yen ($947 million) loss in the latest quarter on its investment in US ride-hailing firm Lyft. Lyft shares have “fallen significantly” over the July-September period, Rakuten said in a statement to the Tokyo Stock Exchange.

5. The McDonald’s CEO fired over his relationship with a subordinate is keeping his post at Oxford University’s Centre for Corporate Reputation. Steve Easterbrook’s firing saw McDonald’s shares price take a dive, and also raised questions about its internal policies.

6. WeWork is reportedly cutting up to 25% of the staff at Meetup, the startup it bought for $200 million two years ago. The job cuts focused mostly on its engineering department, according to the report.

7. SoftBank says WeWork Japan can become profitable ‘in near future’. WeWork’s Japan unit could soon be making money, the Japanese partner of the US office-space sharing startup said on Tuesday, amid investor skepticism over the company’s prospects.

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8. Stocks are pushing upwards Tuesday. US futures underlying the S&P 500 (+0.2%) and the Nasdaq (+0.3%) are rising. European stocks are rising with the DAX (+0.3%) up as is the Euro Stoxx 50 (+0.1%). Asian stocks closed on the up, with the Nikkei (+1.76%) rallying as did the Shanghai Composite (+0.5%) and the Hang Seng (+0.5%).

9. There are some fascinating earnings out today. Paramount, Papa John’s, and Peloton are reporting. 

10. There is some important data out later. ISM non-manufacturing PMI is the standout.

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Donald Trump

10 things you need to know before the opening bell

Artyom IvanovTASS via Getty ImagesHere is what you need to know.  1. China threatens retaliation after the US House passed a bill supporting Hong Kong protesters. House lawmakers passed a bill yesterday which would mean that the US reviews how autonomous Hong Kong is each year, determining its trade policy. 2. SoftBank reportedly hired restructuring…

10 things you need to know before the opening bell

Trump in ChinaArtyom IvanovTASS via Getty Images

Here is what you need to know. 

1. China threatens retaliation after the US House passed a bill supporting Hong Kong protesters. House lawmakers passed a bill yesterday which would mean that the US reviews how autonomous Hong Kong is each year, determining its trade policy.

2. SoftBank reportedly hired restructuring and bankruptcy bankers to help revive WeWork. Houlihan Lokey, a bank known for its restructuring expertise, has been hired to assess loss-making practices, Bloomberg reported.

3. Bank of America beats Q3 Wall Street estimates as CEO focuses on costs in ‘moderately growing economy’. The bank beat estimates on its earnings per share and met estimates in income.

4. Boris Johnson will ask for Brexit to be delayed if he fails to agree a deal this week. The Brexit Secretary Stephen Barclay confirmed on Wednesday that the prime minister may have to write a letter requesting that Brexit is delayed.

5. WeWork’s IPO woes are bleeding into the biotech market — and health startups’ plans to go public now look dimmer. M&A bankers say the WeWork debacle is part of what’s weighing on health firms’ IPO plans.

6. Amazon’s massive investment in food delivery startup Deliveroo faces further delays thanks to a formal antitrust probe. Amazon led a $575 million investment into Deliveroo in May 2019.

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7. Facebook’s Libra cryptocurrency is in damage control mode after a quarter of its partners dropped out. Seven of the 28 original backers have bowed out including big names PayPal, Visa, Mastercard, and eBay.

8. Stocks are mixed today. US futures underlying the S&P 500 (-0.2%) and the Nasdaq (-0.3%) fell. In Europe, stocks are rising the DAX (+0.3%) is up as is the Euro Stoxx 50 (+0.2%). In Asia, stocks closed mixed with the Nikkei (+1.2%) rallying, as did the Hang Seng (+0.6%) but the Shanghai Composite (-0.4%) fell on close. 

9. There are lots of interesting earnings out. IBM is the highlight. 

10. There is a lot of data out later. The retail sales control group is in the spotlight. 

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Donald Trump

10 things you need to know before the opening bell

Here is what you need to know. 1. WeWork is reportedly favoring JPMorgan over SoftBank to bail out the buckling real-estate firm. JPMorgan Chase’s refinancing package would be roughly worth $5 billion, company insiders told Bloomberg.2. Boris Johnson is getting close to winning a majority for a Brexit deal. Pro-Brexit MPs fear that another parliamentary defeat…

10 things you need to know before the opening bell

Here is what you need to know. 

1. WeWork is reportedly favoring JPMorgan over SoftBank to bail out the buckling real-estate firm. JPMorgan Chase’s refinancing package would be roughly worth $5 billion, company insiders told Bloomberg.

2. Boris Johnson is getting close to winning a majority for a Brexit deal. Pro-Brexit MPs fear that another parliamentary defeat for a Brexit deal would tip the parliament in favour of calls for holding a second referendum.

3. WeWork is reportedly cutting 2,000 jobs as soon as this week, and the staff is turning on Adam Neumann. The job cuts equate to 13% of the company’s workforce, the Guardian reported on Tuesday.

4. The UK star fund manager Neil Woodford’s equity fund has been shut down. The fall from grace for Neil Woodford, once the UK’s best-known stock pickers, reached a climax on Tuesday after the fund was shuttered. 

5. BlackRock beat earnings expectations as technology services drive growth in a ‘volatile’ market. CEO Larry Fink said that clients have entrusted $350 million worth of new assets in the last year to the firm “technology services revenue.”

6. Wirecard shares are sinking after the Financial Times alleged the company inflated sales. Shares in Wirecard sank more than 20% in early trading on Tuesday after the newspaper published documents on the company’s accounting practices alleging an effort to inflate sales and profits, dealers said.

7. JPMorgan beats expectations in its third-quarter earnings with record revenue. The CEO said the company was resilient “despite a more challenging interest rate backdrop.”

8. Stocks are rising marginally on Tuesday. US futures underlying the S&P 500 (+0.4%) and the Nasdaq (+0.3%) are rising marginally. In Europe, the DAX (+0.5%) rose as did the Euro Stoxx 50 (+0.6%). In Asia stocks closed mixed with the Nikkei (+1.9%) rallying but the Shanghai Composite (-0.6%) as did the Hang Seng (-0.1%).

9. There is a stack of earnings out today. Goldman Sachs, Citigroup, Johnson & Johnson, Morgan Stanley and Wells Fargo are just some of those out today. 

10. Today is a quieter day for data. The highlight is the NY Empire State Manufacturing Index. 

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Donald Trump

10 things you need to know before the opening bell

REUTERS/Hyungwon KangHere is what you need to know.  1. Global stocks are dropping on trade-war worries after China reportedly wants more talks before signing Trump’s deal. Trump tweeted on Sunday that China has already begun increasing agricultural purchases from America, after the initial handshake agreement.  2. China exports slumped in September, as the effects of…

10 things you need to know before the opening bell

China USREUTERS/Hyungwon Kang

Here is what you need to know. 

1. Global stocks are dropping on trade-war worries after China reportedly wants more talks before signing Trump’s deal. Trump tweeted on Sunday that China has already begun increasing agricultural purchases from America, after the initial handshake agreement. 

2. China exports slumped in September, as the effects of the trade war takes its toll on the superpower. Goldman Sachs says “it is more likely than not” that December tariffs kick in, perhaps with a delay.

3. SoftBank could reportedly take control of WeWork at a valuation below $10 billion as the embattled office rental company seeks bailout options. WeWork is also working with JPMorgan on another option, lining up billions for a debt deal.

4.Boris Johnson is preparing for another Brexit delay under ‘all circumstances’ as talks with the EU stall. He has previously said he would rather “be dead in a ditch” than delay Brexit.

5. Facebook’s Libra faces a support test after big payment backers quit. Mastercard and Visa abandoned the Geneva-based Libra Association on Friday, as did eBay, fintech startup Stripe and payments company Mercado Pago.

6. WeWork has opened almost as many new locations in the last 3-1/2 months as it did in the whole first half of this year. Reuters said it’s likely accelerating the speed with which the office-sharing company is burning through cash as increasingly hard-nosed investors scrutinize its prospects for going public.

7. Economists Abhijit Banerjee, Esther Duflo, and Michael Kremer won the 2019 Nobel Economics Prize for creating an experimental approach to alleviating global poverty. “This year’s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty,” the academy said in statement.

8. Stocks are dropping on Monday. US futures underlying the S&P 500 (-0.4%) and the Nasdaq (-0.5%) are falling. European stocks also declined, with the DAX down (-0.7%) and the Euro Stoxx 50 (-0.8%). Asia bucked the trend as the Nikkei (+1.2%) bounced as did the Shanghai Composite (+1.2%) and the Hang Seng (+0.8%) 

9. Monday kicks off a major week for earnings. Today United Airlines, Domino’s Pizza, and Charles Schwab all release earnings on Monday. 

10. There’s no data out of the US on the Columbus Day holiday. European industrial production data was released this morning. 

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Donald Trump

10 things you need to know before the opening bell

REUTERS/Hyungwon KangHere is what you need to know.  1. Global stocks are dropping on trade-war worries after China reportedly wants more talks before signing Trump’s deal. Trump tweeted on Sunday that China has already begun increasing agricultural purchases from America, after the initial handshake agreement.  2. China exports slumped in September, as the effects of…

10 things you need to know before the opening bell

China USREUTERS/Hyungwon Kang

Here is what you need to know. 

1. Global stocks are dropping on trade-war worries after China reportedly wants more talks before signing Trump’s deal. Trump tweeted on Sunday that China has already begun increasing agricultural purchases from America, after the initial handshake agreement. 

2. China exports slumped in September, as the effects of the trade war takes its toll on the superpower. Goldman Sachs says “it is more likely than not” that December tariffs kick in, perhaps with a delay.

3. SoftBank could reportedly take control of WeWork at a valuation below $10 billion as the embattled office rental company seeks bailout options. WeWork is also working with JPMorgan on another option, lining up billions for a debt deal.

4.Boris Johnson is preparing for another Brexit delay under ‘all circumstances’ as talks with the EU stall. He has previously said he would rather “be dead in a ditch” than delay Brexit.

5. Facebook’s Libra faces a support test after big payment backers quit. Mastercard and Visa abandoned the Geneva-based Libra Association on Friday, as did eBay, fintech startup Stripe and payments company Mercado Pago.

6. WeWork has opened almost as many new locations in the last 3-1/2 months as it did in the whole first half of this year. Reuters said it’s likely accelerating the speed with which the office-sharing company is burning through cash as increasingly hard-nosed investors scrutinize its prospects for going public.

7. Economists Abhijit Banerjee, Esther Duflo, and Michael Kremer won the 2019 Nobel Economics Prize for creating an experimental approach to alleviating global poverty. “This year’s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty,” the academy said in statement.

8. Stocks are dropping on Monday. US futures underlying the S&P 500 (-0.4%) and the Nasdaq (-0.5%) are falling. European stocks also declined, with the DAX down (-0.7%) and the Euro Stoxx 50 (-0.8%). Asia bucked the trend as the Nikkei (+1.2%) bounced as did the Shanghai Composite (+1.2%) and the Hang Seng (+0.8%) 

9. Monday kicks off a major week for earnings. Today United Airlines, Domino’s Pizza, and Charles Schwab all release earnings on Monday. 

10. There’s no data out of the US on the Columbus Day holiday. European industrial production data was released this morning. 

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Donald Trump

10 things you need to know before the opening bell

Reuters/Carlos BarriaHere is what you need to know.  1. World stocks are treading water on Friday as traders awaited the release of a crucial monthly jobs report. The nonfarm payrolls number could provide some indication of whether the Federal Reserve will cut interest rates this month to boost the US economy. 2. Trump reportedly promised…

10 things you need to know before the opening bell

toyota factory worker alabamaReuters/Carlos Barria

Here is what you need to know. 

1. World stocks are treading water on Friday as traders awaited the release of a crucial monthly jobs report. The nonfarm payrolls number could provide some indication of whether the Federal Reserve will cut interest rates this month to boost the US economy.

2. Trump reportedly promised China’s president that he’d stay quiet on Hong Kong protests as long as trade war talks progressed. The US president has offered a muted response to the protests, despite global backlash over China’s encroachment in the semi-autonomous city.

3. Boris Johnson has one week to improve his Brexit plan or EU officials will refuse to even discuss it at a crunch summit. Michel Barnier, the EU’s chief Brexit negotiator, reportedly told ambassadors that the UK’s “meaningless” plan was “not operational in any way.”

4. The EU signaled it won’t retaliate after Trump said he’d slap Europe with $7.5 billion in tariffs. The EU says negotiation is a “preferred approach,” the Wall Street Journal reported.

5. BP CEO Bob Dudley, who steered the oil giant away from bankruptcy after the Deepwater Horizon spill, is stepping down. He will be succeeded by Bernard Looney, 49, the head of BP’s Upstream unit.

6. Malaysia’s finance minister on Friday said there are no talks with Goldman Sachs on the recovery of billions of dollars of state funds lost via the US bank’s former client 1Malaysia Development Bhd (1MDB). Malaysia filed criminal charges last year against Goldman Sachs over its role as underwriter and arranger of three bond sales that raised $6.5 billion for the now-defunct state investment fund.

7. Germany is planning to hike taxes on European, long-haul flights. The tax hikes, which would take effect from April 1, 2020, are part of a package of budget-neutral measures the government drafted last month aimed at protecting the climate and restoring its green credentials.

8. Stocks remain muted on Friday ahead of nonfarm payrolls. US futures underlying the S&P 500 (-0.4%) and the Nasdaq (-0.4%) are dropping. In Europe, the Dax (-0.1%) slid slightly but Euro Stoxx 50 (+0.1%) is up. Asia closed mixed, with the Nikkei up (+0.3%) and Hang Seng (-1.1%) down. Chinese markets were closed.

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9. There are lots of earnings out today. Italian soccer giant AS Roma is the pick of the bunch. 

10. Today is nonfarm payrolls day which is out at 8:30 a.m. EST. Fed Chair Jerome Powell will speak at 2 p.m.

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Donald Trump

10 things you need to know before the opening bell

REUTERS/Hyungwon KangHere is what you need to know.  1. WeWork is reportedly rushing to get a new debt financing deal and it could run out of cash next month. The Financial Times reported that JPMorgan is rushing to complete a debt deal as soon as next week, to give WeWork time to restructure. 2. Oil prices…

10 things you need to know before the opening bell

China USREUTERS/Hyungwon Kang

Here is what you need to know. 

1. WeWork is reportedly rushing to get a new debt financing deal and it could run out of cash next month. The Financial Times reported that JPMorgan is rushing to complete a debt deal as soon as next week, to give WeWork time to restructure.

2. Oil prices are soaring on supply fears after an Iranian tanker was damaged by a suspected missile attack. Elsewhere in markets, US stocks are set to rally on Friday on hopes that a trade deal between the US and China is on the cards.

3. Brexit deal hopes surge as the EU welcomes ‘promising’ signs of compromise from Boris Johnson. The pound moved 0.6% higher on Friday after gaining on Thursday evening.

4. BP expects $2-$3 billion charge as it nears divestment target. The oil giant expects to hit its $10 billion disposal program by the end of 2019, almost one year ahead of schedule. However, it expects a $2-$3 billion charge in the third quarter.

5. Uber says the UK is seeking to classify the company as a transportation provider, potentially opening it up to new tax charges that could hamper its business. The company says it could face 20% VAT on gross booking fees — the amount passengers pay — or on its service fees charged to drivers.

6. A damning new report into the Boeing 737 Max slammed the FAA’s ‘inadequate awareness’ of the system blamed for 2 deadly crashes. Boeing is down 4% in London trading. 

7. WeWork CEO Adam Neumann is no longer a billionaire, Forbes says. His personal net worth dropped to $600 million which means his purported net worth has plummeted by $3.5 billion in just seven months. 

8. Stocks are edging higher on Friday. US futures underlying the S&P 500 (+0.9%) and the Nasdaq (+1.1%) are rising. In Europe, the DAX (+1.8%) rallied as did the Euro Stoxx 50 (+1.3%). In Asia, the Nikkei gained 1.2% on close, while the Shanghai Composite (+0.9%) and the Hang Seng (+2.4%) were both higher.

9. There are lots of interesting earnings out today. The highlight is First Republic Bank.

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10. There’s lots of data being released. Market watchers will be keeping an eye on the Michigan consumer sentiment index. 

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