Tuesday, October 3, 2018

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What to watch today

On the economic data side, the services sector will be in focus with investors getting readings on Markit Economics and the Institute for Supply Management on activity in September in the non-manufacturing parts of the economy.

Both readings are expected to show accelerating activity in the services sector, with investors focused on signs of inflationary pressures hitting the U.S. economy in these reports.

Investors will also get their first look at the labor market in September, with data provider ADP releasing their monthly report on private payrolls growth, which is expected to show 184,000 jobs were created during the month, up from 163,000 in August.

Meanwhile. luxury carmaker Aston Martin had a disappointing debut on the London Stock Exchange Wednesday. And traders are awaiting for UK Prime Minister Theresa May speech addressing Brexit.

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Top news

NY tax department reviewing Trump family transactions: The New York State Department of Taxation and Finance said Tuesday that it is reviewing allegations made in a New York Times report that President Trump’s father transferred money to him and his siblings through complex tax arrangements. [The Wall Street Journal]

The real reason why Amazon is raising the minimum wage: Amazon is increasing the minimum wage for its full-time and temporary workers to $15 per hour. The decision comes at a time when the e-commerce giant has been under mounting pressure for low wages and draconian working conditions. Analysts see it as a good public relations move and believe the economics behind it makes sense, especially before another busy holiday hiring season. [Yahoo Finance]

Tencent Music files for Nasdaq IPO: Tencent Music Entertainment, which owns China’s most popular music apps, has filed for a U.S. IPO seeking funds to develop content and new services, in what is expected to be one of the biggest U.S. listings by a Chinese company this year. [Reuters]

Fed rethinks how to define a big bank: The Federal Reserve is developing new rules that would change how it defines a big bank and potentially lower regulatory costs for a broader number of financial institutions. [The Wall Street Journal]

Yahoo Finance Originals

Trump’s big strategy on trade: Rebranding

Al Gore rejects call to become Tesla’s chairman

How Abercrombie & Fitch CEO is saving the company

California could be ‘overreaching’ with new female board quota

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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.