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Stock market news: Opening bell, December 3, 2018



Trump Xi dinner
President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S.
President Donald Trump’s national security adviser John Bolton
and Chinese President Xi Jinping attend a working dinner after
the G20 leaders summit in Buenos Aires,


Here is what you need to know. 

  1. Trump and Xi declare trade truce
    In a
    meeting at the G20 in Buenos Aires, Argentina, on Saturday,
    President Donald Trump agreed to postpone new economic tariffs
    on Chinese imports by 90 days and Chinese President Xi Jinping
    said China would buy a “not yet agreed upon” amount of US
    agriculture, energy, and industrial products, and label
    Fentanyl a controlled substance, the AP reports.

  2. Global markets are ripping

    across China gained at least 2.5% and Germany’s DAX is higher
    by 2.38% after Trump and Xi agreed to a 90-day trade truce. The
    S&P 500 is set to open up 1.55% near 2,803.

  3. Oil is soaring

    West Texas Intermediate crude oil trades up
    4.4% at $52.95 a barrel, its highest in 10 days.

  4. Trump’s auto tariffs could take a $75 billion bite out of
    Europe’s economy

    25% tariff on European autos coming into the US would shave $75
    billion from growth in the eurozone next year, lowering its
    gross domestic production by 0.4 percentage points to 1.2%, a
    Barclays team led by Francois Cabau wrote in a recent note sent
    out to clients. 

  5. Qatar is quitting OPEC

    Qatar will leave the cartel on January 1 amid
    plans to raise its natural gas production, and as Saudi Arabia
    has cut trade and transport ties while it boycotts the country
    for its alleged support of terrorism and Iran.

  6. The US stands alone on climate

    The US
    was the only nation at the G20 not to reaffirm its commitment
    to the Paris climate accord, according to the AP.

  7. US markets are closed Wednesday in honor of George HW

    “We remember
    President Bush admiringly as a veteran who fought
    totalitarianism, a statesman who advocated for freedom, a
    leader who served his country, and an unabashedly dedicated
    family man,” said Stacey Cunningham, NYSE Group President,
    according to the Associated press. “He will be remembered for
    his decades of service to the nation and the world, and it is
    appropriate that the New York Stock Exchange closes on
    Wednesday, the National Day of Mourning, to honor President
    Bush’s enduring legacy.”

  8. Wall Street banks release their 2019 forecasts

    Business Insider rounded up Wall
    Street’s forecasts and investing advice for navigating the
    markets in 2019 — here’s what the pros are saying.

  9. Earnings reports trickle out

    The luxury-furniture maker RH reports after
    the closing bell.

  10. US economic data keeps coming

    Markit manufacturing and ISM Manufacturing
    will cross the wires at 9:45 a.m. ET and 10 a.m. ET
    respectively. US auto sales will be released throughout the
    day. The US 10-year yield is up 4 basis points at 3.03%.
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