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Stock market news: Opening bell, December 6, 2018



Mandarin duck Central Park
Mandarin duck flutters in Central Park in New


Here is what you need to know. 

  1. 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.

  2. 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.
  3. 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.

  4. 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.

  5. There’s a ‘deus ex machina’ that could save the markets from

    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.

  6. There are more details in Tesla’s bid for a Gigafactory in

    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.

  7. Clues suggest China was behind the huge Marriott

    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.

  8. There’s a simple reason people aren’t buying iPhones like they
    used to

    “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.
  9. 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

  10. 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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