Morning Brief: Trump signals China tariff boost, could slap 10% tariff on iPhones

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Monday, November 26, 2018

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What to watch today

Attention will turn to the first of two very important speeches from the Federal Reserve this week. Vice Chairman Rich Clarida is scheduled to speak at The Clearing House and Bank Policy Institute 2018 Annual Conference in New York City.

On the economic data front, economists are expecting the FHFA house price index for the month of September to show +0.4% growth versus the +0.3% growth in the prior month. Additionally, data for the house price purchase index for Q3 will also be released.

And Salesforce.com (CRM) reports earnings after the bell. It is expected to report earnings of 50 cents per share on $3.73 billion revenue, according to analysts polled by Bloomberg.

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Top news

People look at iPhones at the World Trade Center Apple Store during a Black Friday sales event in Manhattan, New York City, U.S., November 23, 2018. REUTERS/Andrew Kelly
People look at iPhones at the World Trade Center Apple Store during a Black Friday sales event in Manhattan, New York City, U.S., November 23, 2018. REUTERS/Andrew Kelly

Trump expects to move ahead with boost on China tariffs: President Trump, days before a summit with China’s leader, said he expects to move ahead with boosting tariff levels on $200 billion of Chinese goods to 25%, calling it “highly unlikely” that he would accept Beijing’s request to hold off on the increase. Trump also suggested that the U.S. could slap 10% tariffs on iPhones and laptops imported from China. [The Wall Street Journal]

Trump slams Theresa May’s Brexit deal: President Donald Trump is the latest to criticize UK Prime Minister Theresa May’s trade deal. The president said that while her Brexit withdrawal agreement “sounds like a great deal for the EU,” it could threaten a U.S.-UK trade pact. [Yahoo Finance UK]

United Technologies to separate into 3 companies: United Technologies Corp (UTX) said it would separate into three companies consisting of its aerospace, elevators and building divisions, making it the latest industrial conglomerate to pursue such a break-up. The decision follows the completion this month of United Technologies’ $30 billion acquisition of avionics maker Rockwell Collins. [Reuters]

Why all eyes are on Powell and Clarida this week: This will be a critical week of Fedspeak for a central bank that hopes to wrap up its decade-long effort to return the U.S. economy to its natural growth rate. Federal Reserve Vice Chairman Richard Clarida will offer his economic outlook at an event in New York City Tuesday morning and on Wednesday, Fed Chair Jerome Powell may provide color on where rate hikes will stop so the economy is running at its longer-run neutral real rate. [Yahoo Finance]

Bitcoin approaching its worst ever slump: Bitcoin (BTC-USD) is having a terrible year. The cryptocurrency has fallen over 70% since January and is down by about 80% since its high of close to $20,000 in December 2017. Bitcoin’s decline in the last month has been stark, with the price down over 40%. [Yahoo Finance UK]

More from Yahoo Finance

Donald Trump cares a lot about the stock market

Facebook’s stock is deeply troubled

There’s a 30% chance of a recession in 2020, Morgan Stanley says

Apple defends App Store monopoly claim before Supreme Court

The 10 U.S. cities with the highest economic confidence

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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.

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