Morning Brief: Mexican Lopez Obrador wins historic election landslide for left

Monday, July 2, 2018

What to watch today

The week ahead will bring investors the beginning of July, the third quarter, and the second half of the year. It will also be a shortened week for investors, with U.S. equity markets open for a half day on Tuesday and closed on Wednesday for the 4th of July holiday.

The economics calendar, however, will still be quite busy with the monthly jobs report set for release on Friday, while key readings on the manufacturing sector and the minutes from the Federal Reserve’s latest meeting also set for release. The June jobs report is expected to show another strong month of job creation for the U.S. economy with the unemployment rate set to hold steady at an 18-year low of 3.8%.

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Top news

Mexico peso wobbles after leftist Lopez Obrador’s big win: Mexico’s peso whipsawed after leftist candidate Andres Manuel Lopez Obrador won Mexico’s presidential election on Sunday with a big margin that may herald a congressional majority. The win sets the stage for the most left-wing government in the country’s democratic history at a time of tense relations with the Trump administration. [Reuters]

Largest U.S. business group attacks Trump on tariffs: The U.S. Chamber of Commerce, the nation’s largest business group and customarily a close ally of President Donald Trump’s Republican Party, is launching a campaign on Monday to oppose Trump’s trade tariff policies. The new campaign, detailed first to Reuters, is an aggressive effort by the business lobbying giant. Using a state-by-state analysis, it argues that Trump is risking a global trade war that will hit the wallets of U.S. consumers. [Reuters]

Exclusive: Tesla hits Model 3 manufacturing milestone, hours after deadline: Tesla (TSLA) nearly produced 5,000 Model 3 electric sedans in the last week of its second quarter, with the final car rolling off the assembly line on Sunday morning, several hours after the midnight goal set by Chief Executive Elon Musk, two workers at the factory told Reuters. Musk said the company hit its target of 5,000 Model 3s in a week, according to an email sent to employees. “I think we just became a real car company,” Musk wrote. [Reuters]

Is Bitcoin Creator Writing a Book? Cryptic Note Indicates Yes: A cryptic message posted Friday at a website possibly linked to Satoshi Nakamoto, the pseudonym used by the person or people who released the original Bitcoin white paper in 2008 details the “first excerpt to a literary work consisting of two parts.” It promises to be “a short story if you will, with some of the most brought up questions and answers. I wanted the people and the facts to be known.” [Bloomberg]

LeBron James agrees to four-year, $154 million deal with Lakers: LeBron James is taking his talents to the Los Angeles Lakers. James has agreed to a four-year, $154 million deal with the team Sunday, according to Klutch Sports. The 33-year-old James is coming off a season in which he averaged 27.5 points per game with the Cleveland Cavaliers. James led Cleveland to the NBA Finals, but lost to the Golden State Warriors in four games. [Yahoo Sports]

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