Thursday, November 29, 2018

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What to watch today

The highly-anticipated G20 summit kicks off in Argentina. While the leaders are expected to discuss a wide range of topics, climate change and trade will be the biggest topics during the two-day meeting. President Donald Trump and President Xi Jinping will take the spotlight as many are hoping the two leaders will be able to make meaningful progress toward a trade deal.

If little to no deal is reached, the implications for both the Chinese and American economies are big, according to HSBC. “The stakes in the U.S.-China dispute are well illustrated by the size of trade between them… Not only are consumers and producers in the two economies hit, but so are their third-country suppliers. Business sentiment and investment are also harmed.”

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Top news

Deutsche Bank offices raided: Roughly 170 criminal police officers, prosecutors and tax inspectors on Thursday searched six Deutsche Bank offices in and around Frankfurt on money laundering allegations, the Frankfurt public prosecutor’s office said in a statement. [Reuters]

The market now loves Jay Powell: On Wednesday, Federal Reserve Chair Jerome Powell spoke before the Economic Club of New York and the reaction from investors was practically exuberant. Stocks were higher across the board with the Dow rising more than 600 points while the S&P 500, Nasdaq, and Russell 2000 all gained more than 2.3%. Bonds also rallied, the dollar fell, and the overall market reaction was full-on risk-on. [Yahoo Finance]

Altria in talks to take minority stake in Juul: Tobacco company Altria Group Inc (MO) is in talks to take a minority stake of 20% to 40% in e-cigarette maker Juul Labs Inc, people familiar with the matter said on Wednesday. Big tobacco companies, including Marlboro-maker Altria, have been investing in e-cigarettes as U.S. smoking rates decline. [Reuters]

Oil slides below $50 for first time in a year: Oil dropped below $50 a barrel in New York for the first time in more than a year as traders fretted that OPEC won’t act decisively to clear a resurgent surplus in the global crude market. [Bloomberg]

Sears’s Lampert teams with Cyrus on possible takeover: Cyrus Capital Partners and a hedge fund run by Sears Holdings Corp. Chairman Eddie Lampert are preparing a potential joint takeover bid that would keep the bankrupt chain alive, according to people with knowledge of the matter. [Blooomberg]

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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.