Morning Brief: Saudi princes arrested as Trump visits Asia
Monday, November 6, 2017
What to watch today
After one of the busiest weeks of the year, which was highlighted by a mixed U.S. jobs report, better-than-expected Apple earnings and the nomination of a new Fed chair, investors this week will face a slower economics calendar and a more tame earnings schedule. There are no major economic reports scheduled for release on Monday. Meanwhile, online travel service Priceline.com (PCLN) announces earnings after the closing bell.
President Donald Trump’s ongoing trip to Asia will be watched by traders as he speaks to matters like trade deals and policy. News to watch into the start of the week were reports late Friday that Broadcom would unveil a bid to acquire Qualcomm, which would create a $200 billion chip giant. Reports late Saturday that Saudi Arabia had arrested 11 princes, current and former ministers, and billionaire Prince Al-Waleed bin Talal also bear watching.
The main economics highlights will come on Tuesday and Friday when the latest JOLTS report — which shows job openings in the U.S. — and a check on consumer sentiment are due out, respectively. Meanwhile, earnings highlights later in the week include results from Disney (DIS), Twenty-First Century Fox (FOXA), Marriott (MAR), MGM (MGM), Macy’s (M), Nordstrom (JWN), and Nvidia (NVDA).
Top finance news
Wilbur Ross says it’s ‘totally wrong’ that he did not disclose ties to Putin-linked firm: Leaked financial documents called “Paradise Papers” revealed that the commerce secretary had an interest in a shipping company, Navigator Holdings, which has ties to Russian President Vladimir Putin. [CNBC]
Offshore tax-haven reports stir call to slow pace of House bill: House Republicans should slow down their consideration of a tax-overhaul bill after investigative reports Sunday highlighted what journalists called offshore tax-avoidance by U.S. multinational companies including Apple Inc. and Nike Inc., advocates for tax fairness said. [Bloomberg]
NY Fed president set to retire amid changing of the guard: NY Fed President William Dudley, a key figure in the effort to manage the financial crisis and its aftermath, is expected to announce his retirement. [CNBC]
SoftBank raising stake in Sprint: Japanese internet and solar company SoftBank Group Corp. is raising its stake in Sprint Corp. after merger talks with T-Mobile collapsed, signaling its commitment to a turnaround at the U.S. wireless carrier. [AP]
Amazon discounts other sellers’ products as retail competition stiffens: The online retailer is cutting prices of products from third-party sellers on its website, moving beyond its more typical method of discounts on items it sells directly. [Reuters]
26 killed in Texas’ deadliest mass shooting: A man dressed in black tactical-style gear and armed with an assault rifle opened fire inside a church in a small South Texas community on Sunday. [AP]
Yahoo Finance Originals
Former Greek Finance Minister Varoufakis: ‘America doesn’t have a debt problem’
Trump’s tax bill is one tough sell
America badly needs more truckers
This is the world’s best airline (Hint: It’s not a U.S. carrier)
Microsoft Xbox One X review: A beast of a console at a steep price
—
Like what you just read? Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. And feel free to share it with a friend!
The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.
