Morning Brief: China denies offering to cut US trade gap by $200B
Friday, May 18, 2018
What to watch today
The final day of the week will bring investors an empty economic calendar and earnings from just two members of the S&P 500 — Deere & Co. (DE) and Campbell’s Soup (CPB).
Wall Street analysts expect Deere to earn $3.31 per share on revenue of $9.8 billion, according to estimates from Bloomberg. Investors will also be interested in any commentary from the agricultural giant on the effect trade tensions between the U.S. and China are having, or are expected to have, on the company’s business.
Meanwhile, Campbell’s Soup should report earnings per share of $0.60 on revenue of $2.1 billion. Investors will also be looking for an update on its integration with Snyder’s-Lance, a deal the company completed in March.
Top news
China denies it offered package to slash U.S. trade gap by $200B: China denied on Friday that it had offered a package to slash the U.S. trade deficit by up to $200 billion, hours after it dropped an anti-dumping probe into U.S. sorghum imports in a conciliatory gesture as top officials meet in Washington. U.S. officials had said in Washington on Thursday that China was proposing trade concessions and increased purchases of American goods aimed at cutting the U.S. trade deficit with China by up to $200 billion a year. [Reuters]
Uber chief product officer to leave in latest executive departure: Uber Technologies Inc. Chief Product Officer Jeff Holden is leaving the ride-hailing company, the latest of more than a dozen senior executives to depart since last year. Holden oversaw Uber Elevate, the company’s flying car operation, which is now headed by Eric Allison. [Reuters]
Nafta countries ‘nowhere near close to a deal’: President Donald Trump’s Nafta negotiator said that the U.S., Canada and Mexico are “nowhere near close to a deal” to update the 24-year-old free-trade agreement as U.S. lawmakers warn that time is almost up to reach an agreement that can pass the current Congress. “There are gaping differences on intellectual property, agricultural market access, de minimis levels, energy, labor, rules of origin, geographical indications, and much more,” U.S. Trade Representative Robert Lighthizer said on Thursday in a statement. [Bloomberg]
PayPal to buy iZettle for $2.2B: PayPal Holdings Inc. (PYPL) is buying Swedish small-business platform iZettle for $2.2 billion to expand in Europe and Latin America and increase its presence in brick and mortar stores. The deal is the biggest ever for PayPal and will help it compete with Square Inc. (SQ), which made a name for itself by helping small businesses and food-truck vendors conduct credit card and mobile transactions. [Bloomberg]
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