Morning Brief: Trump walked out on Kim after U.S. demands rejected

February 28, 2019 at 6:07 AM

Thursday, February 28, 2019

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WHAT TO WATCH

After a month-long delay, the U.S. Bureau of Economic Analysis (BEA) will finally release Q4 GDP data at 8:30 a.m. ET. The BEA will be combining the initial and second Q4 GDP reports in an attempt to catch up from the government shutdown.

The U.S. economy saw strong growth during 2018, but economists are projecting a slowdown during Q4. Economists polled by Bloomberg are expecting the economy to have grown at an annualized rate of 2.2% during the quarter, down from the 3.5% growth during Q3 and record 4.2% growth during Q2.

Notable earnings reports scheduled for today include Anheuser-Busch InBev (BUD), Crocs (CROX), J.C. Penney (JCP), JD.com (JD), NRG Energy (NRG), Pacific Gas & Electric (PCG) before market open; AMC Entertainment (AMC), Autodesk (ADSK), Gap (GPS), Marriott International (MAR), Nordstrom (JWN), Vmware (VMW), Workday (WDAY) after market close.

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TOP NEWS

President Donald Trump meets North Korean leader Kim Jong Un, Thursday, Feb. 28, 2019, in Hanoi. (AP Photo/ Evan Vucci)

Trump walked out on Kim after U.S. demands rejected: President Donald Trump said he walked out of his second summit with Kim Jong Un after the two leaders couldn’t agree on a deal to relieve North Korea of U.S. sanctions in exchange for Pyongyang giving up much of its nuclear weapons program. [Bloomberg]

4 dangers for Trump from Michael Cohen’s testimony: Michael Cohen’s congressional testimony regarding his former boss—President Trump—was gripping and, in ways, unprecedented. But did it reveal anything new? The answer is yes. [Yahoo Finance]

Also: Trump struggled to pay Stormy Daniels hush money [Yahoo Finance]

Government probes Fidelity over mutual-fund fees: The Labor Department is investigating Fidelity Investments over an obscure and confidential fee it imposes on some mutual funds, according to a person familiar with the inquiry. [The Wall Street Journal]

Starbucks' China rival Luckin Coffee taps 3 banks for U.S. IPO: Chinese startup Luckin Coffee, which has ambitions to overtake Starbucks at home this year, has tapped three banks including Credit Suisse to work on a U.S. IPO in 2019, said people with direct knowledge of the matter. [Reuters]

Square falls after reporting slower growth: Square (SQ) reported fourth-quarter earnings that beat analysts' expectations on Wednesday. Square reported adjusted earnings per share of 14 cents, a 6 cent bump from a year earlier.. But guidance for the first quarter and revenue growth were weaker than expected. Shares fell as much as 7% following Square's quarterly report. [CNBC]