Morning Brief: Trump demands OPEC cut oil prices
Thursday, July 5, 2018
What to watch today
On Thursday, markets in the U.S. will re-open for a full trading day. But with a federal holiday landing in the middle of the week, however, volumes will likely remain light. Despite the holiday, it’s jobs week in America. Thursday comes with the ADP private payrolls report and the weekly jobless claims report before the market opens. After the open, we’ll get the ISM non-manufacturing index, which will give us an update on the health of the U.S.’s massive services job market. All of this will be a prelude to Friday’s June jobs.
Top news
Oil falls as Trump demands OPEC cut prices: Oil fell on Thursday after U.S. President Donald Trump demanded OPEC cut crude prices, but the market found some support from an Iranian threat to block shipments through the Strait of Hormuz. [Reuters]
In wake of death at HNA, Chairman Chen has to step up: For HNA Group Co. leader Chen Feng, the sudden death of his No. 2 raises the pressure for the Chinese tycoon to step up his involvement in fixing the finances of a group saddled with more than $90 billion in debt. The late Wang Jian, the junior of HNA’s two chairmen, died while sightseeing in a French village this week at a time the group was undertaking an urgent restructuring that’s already involved more than $16 billion in asset sales this year. [Bloomberg]
Glencore gives shares $1B buyback lift after US subpoena: Commodities trader and miner Glencore will buy back shares worth $1 billion in a move analysts said looked timed to soothe investor nerves just two days after a subpoena from U.S authorities rattled the stock. [Reuters]
Xiaomi IPO draws bids at 9.4% discount in grey market: Xiaomi Corp.’s debut is off to a bad start even before its shares officially start trading in Hong Kong on Monday. Some institutional investors saw bids as low as HK$15.40 on Thursday with no offers in grey-market trading, according to three people familiar with the matter. That’s 9.4% below the issue price. [Bloomberg]
Amazon is launching a holiday catalog: In a drive to win the business up for grabs after the demise of Toys R Us Inc., the online giant is going conventional with plans to publish a holiday toy catalog, according to people with knowledge of the strategy. The printed guide will be mailed to millions of U.S. households and handed out at Whole Foods Market locations, the grocery chain Amazon (AMZN) bought last year. [Bloomberg]
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