Finance
Stock market news: Opening bell, December 6, 2018
Here is what you need to know.
Canada arrested Huawei’s CFO, and the US is seeking to
extradite her. Meng Wanzhou, CFO of the
Chinese technology company Huawei, was arrested on suspicion of
violating the US’s trade sanctions on Iran, adding a new
chapter to the US-China trade war.-
Stocks are getting rocked.
Hong Kong’s Hang Seng (-2.47%) led the losses
in Asia and Britain’s FTSE (-2.6%) trails in Europe. The
S&P 500 is set to open down 1.66% near 2,655. -
Bonds are rallying.
Buying has pushed the 10-year
yield down more than 2 basis points to 2.89%, but the yield
curve is slightly steeper with the 2-10-yr spread up to 13
basis points. -
Oil craters after Saudi Arabia proposes a smaller than expected
production cut.
West Texas Intermediate crude oil was down
more than 3% at $51.25 a barrel after Saudi energy minister
Khalid Al-Falih said cutting production by about 1 million
barrels a day should be “adequate,” Bloomberg reports. OPEC has
been considering cuts of up to 1.5 million bpd. -
There’s a ‘deus ex machina’ that could save the markets from
disaster.
The strong
US dollar needs to weaken in order to save the stock market,
and there are four ways that can happen, according to Vincent
Deluard, macro strategist at FCStone. -
There are more details in Tesla’s bid for a Gigafactory in
China.
The
state-owned Shanghai Construction Group is doing the bidding,
and at least one contractor has started buying materials for
the plant’s foundations, Reuters reports, citing sources and
documents it reviewed. -
Clues suggest China was behind the huge Marriott
hack.
Tools,
techniques, and procedures that have previously been used in
attacks by Chinese hackers were discovered by investigators
looking into the breach of up to 500 million customers in
Marriott’s Starwood reservation system, Reuters reports, citing
three people familiar with the matter. -
There’s a simple reason people aren’t buying iPhones like they
used to.
Apple
“continues to try to push toward these higher-price devices,
and we think that is continuing to cause a slowdown in the
replacement cycle,” Angelo Zino, senior equity analyst at CFRA,
told Business Insider, adding he doesn’t see that as a broader
warning for the state of the US consumer. -
Earnings
report picks up a bit.
Kroger reports ahead of the opening bell
while American Outdoor Brands, Broadcom, Lululemon, and Ulta
Beauty are set to release their quarterly results after markets
close. -
US economic data is heavy.
ADP Employment Change will cross the wires at
8:15 a.m. ET and initial claims is released at 8:30 a.m. ET.
Then at 9:45 a.m. ET, Markit services PMI will be released
before data concludes at 10 a.m. ET with ISM non-manufacturing,
factory orders, and durable goods orders.
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