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Stock market news: Opening bell, November 29, 2018



Saudi Arabia Crown Prince Mohammed bin Salman
Arabia’s Crown Prince Mohammed bin Salman arrives at Ministro
Pistarini in Buenos Aires.

Argentine G20/Handout

Here is what you need to know. 

  1. Powell says rates are ‘just below’ a neutral
    Speaking at the New York Economic Club on
    Wednesday, Fed Chairman Jerome Powell said there was “a great
    deal to like” about the US economy and that interest rates were
    getting close to a neutral level.  

  2. The Trump administration is looking into ways to raise tariffs
    on Chinese autos
    US Trade Representative
    Robert Lighthizer said Wednesday that he was examining ways to
    raise tariffs on Chinese autos to 40% — the same that China is
    charging on US-made vehicles, Reuters reports.   

  3. Oil drops below $50 for the first time in more than a
    West Texas Intermediate crude oil
    trades down 1.17% at $49.72 a barrel, its weakest since October
    2017, after a report showed US inventories continued to grow
    last week and as Russian President Vladimir Putin said current
    prices are “absolutely fine.”

  4. Deutsche Bank’s headquarters were raided
    bank’s offices in Frankfurt, Germany, were searched Thursday as
    part of an alleged money laundering probe linked to the 2016
    Panama Papers data leak. 

  5. Volvo’s $30 billion IPO is officially
    The Chinese-owned, Swedish automaker, on
    Thursday shelved its initial public offering after previously
    delaying it because of the trade war. 

  6. Saudi Arabia is buying Lockheed Martin’s missile-defense
    The kingdom has agreed to pay $15 billion
    for 44 Terminal High Altitude Area Defense (THAAD) launchers,
    missiles, and related equipment, Reuters reports, citing a
    Department of State spokesperson.  

  7. Facebook is expanding its local news feature

    Facebook’s “Today In,” which shows users news, posts, and
    events from their local area, will be expanded to more than 400
    cities across the US, the company announced Wednesday.
  8. Stock markets
    around the world are mixed
    China’s Shanghai
    Composite (-1.32%) led the losses in Asia and Britain’s FTSE
    (+0.6%) is out front in Europe. The S&P 500 is set to open
    down 0.41% near 2,732.
  9. Earnings
    keep coming
    Abercrombie & Fitch and Dollar
    Tree report ahead of the opening bell while GameStop, HP, and
    VMware release their quarterly results after markets close.

  10. US economic data is heavy
    Personal income and
    spending, PCE core prices, and initial claims will all cross
    the wires at 8:30 a.m. ET before pending home sales are
    released at 10 a.m. ET. The minutes from the Fed’s November
    meeting are due out at 2 p.m. ET. The US 10-year yield is down
    5 basis points at 3.01%. 
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