China hints it won’t retaliate against newest U.S. tariffs: Morning Brief
Thursday, August 29, 2019
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WHAT TO WATCH
Markets await a host of key consumer indicators, including earnings reports from retailers like Best Buy (BBY) and updated second-quarter gross domestic product (GDP) figures.
For Best Buy, Wall Street is expecting earnings per share of 99 cents on sales of $9.56 billion. In the same quarter a year ago, Best Buy posted earnings of 91 cents per share on revenue of $9.38 billion. Analysts also await Best Buy’s quarterly comparable store sales figures, which tracks sales at stores open for at least one year. In Best Buy’s prior quarter, comparable store sales rose 1.1%. Meanwhile, U.S. comparable online sales stood at $1.31 billion, an increase of 14.5%. As of Wednesday's close, Best Buy shares are up roughly 30% so far this year, eclipsing the S&P 500’s (^GSPC) 15% gain during that time.
Other retailers, including Dollar Tree (DLTR), Dollar General (DG), Abercrombie & Fitch (ANF), Burlington Stores (BURL) and Ulta Beauty (ULTA), release quarterly financial results on Thursday.
TOP NEWS
China indicates it won’t retaliate against newest U.S. tariffs: China indicated that it wouldn’t immediately retaliate against the latest U.S. tariff increase announced by President Donald Trump last week, saying that it was more important to discuss removing the extra duties. [Bloomberg]
GOP senator seeks hearing on Fed after Dudley op-ed: A Republican member of the Senate Banking Committee called for the panel to hold a hearing on what he termed the danger that the Federal Reserve will meddle in the 2020 presidential election, a day after a former top central bank official suggested that the Fed resist interest-rate cuts that would aid Donald Trump. Senator Thom Tillis of North Carolina said Wednesday that he was “very disappointed” that New York Fed President Bill Dudley appeared to be “lobbying the Fed to use its authority as a political weapon against President Trump,” according to a statement.
Forever 21 prepares for potential bankruptcy filing: Forever 21 Inc. is preparing for a potential bankruptcy filing as the fashion retailer’s cash dwindles and turnaround options fade, according to people with knowledge of the plans. [Bloomberg]
Tesla rolls out insurance in California: Tesla Inc. (TSLA) said on Wednesday it was launching an insurance service designed to give drivers in California, its biggest market, lower rates because of safety features on its electric vehicles. [Reuters]
Carlyle to mulls US listing for Uber rival: Carlyle Group LP is considering a U.S. listing for Addison Lee after attempts to sell the London minicab company generated muted interest, according to people familiar with the matter. [Bloomberg]
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Editor’s Note: In observance of Labor Day, there will be no Morning Brief on Monday, September 2. When Morning Brief returns on Tuesday, September 3, it will look a little different. We hope you enjoy the change.
Correction: The headline of this Morning Brief was updated for accuracy.
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