Morning Brief: Congress to grill Google CEO
Tuesday, December 11, 2018
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What to watch today
Google (GOOGL) CEO Sundar Pichai heads to Washington to testify before the House Judiciary Committee. Pichai is the latest tech executive to face Congress after being thrust into the spotlight in August after President Donald Trump slammed the company for potential bias on its search engine.
After being rescheduled twice, CBS (CBS) will be holding its annual shareholder meeting in New York City. This is the first shareholder meeting since former Chairman and CEO Les Moonves was ousted from his seat at the company following an investigation into sexual misconduct during his tenure.
On the economic data front, the Bureau of Labor Statistics will release the Producer Price Index (PPI) data for November. Economists polled by Bloomberg are expecting an unchanged reading for the month after seeing a +0.6% jump in October.
Top news
(AP Photo/Andy Wong, File)
China, U.S. officials engage on trade: Top Chinese and American trade officials spoke by phone, signaling that dialog between the two nations on trade issues is at least continuing despite a diplomatic row over the arrest of Huawei’s CFO. [Bloomberg]
Juncker warns May there is ‘no room whatsoever’ to change Brexit: Theresa May has set-off on a diplomatic blitz of Europe in a last ditch bid to improve the Brexit deal – but EU leaders have warned the prime minister she will not come away with any concessions. After postponing the ‘meaningful vote’ to avoid a humiliating defeat, embattled May is embarking on a whistle stop tour of European capitals to ask for help in getting the deal past MPs. [Yahoo Finance UK]
Why the Fed could surprise the world next week with no rate hike: Though it is still widely expected that the Federal Reserve will be raising interest rates at their Federal Open Market Committee (FOMC) meeting next week, Neil Dutta, head of economics at Renaissance Macro Research, argued that it’s not completely out of the question to skip a hike this month. [Yahoo Finance]
Tencent Music may price around midpoint in $1.2B IPO: Tencent Music Entertainment Group, China’s largest music-streaming service, is guiding potential investors that it could price its $1.2 billion U.S. initial public offering around the midpoint of a marketed range. Tencent Music will stop taking orders from Asian investors at the end of business Tuesday and at noon New York time for U.S. institutions. [Bloomberg]
Why China’s sales ban of Apple iPhones isn’t that bad: Qualcomm, (QCOM) Apple’s longtime opponent in court, announced it had won two preliminary injunctions against Apple. Apple was ordered to stop the sale and marketing of seven major iPhone models. Apple (AAPL) was informed of the injunctions granted by Fuzhou Intermediate People’s Court in China last week. And since then Apple sales in China has remained normal. [Yahoo Finance]
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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.
