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Virtually the weekend! Right here is the most recent in trending:
Main restructuring: Verizon (VZ) will undertake its largest spherical of layoffs subsequent week, as its new CEO aggressively cuts prices and works to reverse buyer losses.
On the Hill: This is without doubt one of the adjustments that President Trump want to see made to Obamacare. Individually, the newly signed federal funding bundle will outlaw hemp THC merchandise.
Subsequent cease, Mars: Jeff Bezos’ Blue Origin (BORGN) launched NASA’s landmark Mars mission with its New Glenn rocket, and efficiently recovered its booster for the primary time.
The Trump administration plans to take away tariffs on sure items from 4 Latin American nations that aren’t produced within the U.S. The deliberate tariff reduction goals to deal with excessive meals costs and scale back grocery payments for shoppers at residence.
The small print: The White Home introduced agreements with Ecuador, Argentina, Guatemala and El Salvador to deepen bilateral commerce and funding. The 4 nations agreed to deal with a variety of non-tariff limitations for U.S. items and companies. Notably, Argentina opened its market to stay cattle from the U.S. and dedicated to permit market entry for U.S. poultry inside a 12 months. “The offers will assist U.S. farmers, ranchers, fishermen, small companies, and producers to extend U.S. exports to and develop enterprise alternatives with these buying and selling companions,” the White Home declared.
In return, bananas, espresso, beef, cocoa, and sure textile merchandise imported from these nations shall be exempt from tariffs, a senior U.S. official informed reporters. U.S. tariff charges on different imports from these nations stay the identical – 15% for Ecuador; and 10% for Argentina, Guatemala and El Salvador. The offers are anticipated to be signed inside roughly two weeks. The White Home expects U.S. retailers and wholesalers to move on any advantages to American shoppers.
Greater image: “Heightened political considerations about U.S. shoppers’ inflation perceptions appear to be main a drive to scale back the tariffs U.S. importers pay on meals merchandise,” stated Paul Donovan, UBS’ chief economist. “U.S. shoppers’ perception that they pay for tariffs is more likely to be bolstered by this stance.” Based on CPI knowledge, banana costs rose about 8% on common from January to September, whereas espresso acquired 15% costlier. U.S. beef costs hit document ranges resulting from long-term droughts, excessive feed prices, smaller herds, and powerful beef demand. (3 feedback)
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What else is going on…
Comcast, Netflix (NFLX) put together bids for Warner Bros. (WBD).
Bitcoin (BTC-USD) drops under $100K as market selloff intensifies.
Fed’s Kashkari didn’t again final price minimize, undecided on December.
October jobs report will not have unemployment price, Hassett says.
Ackman to host livestream to debate Fannie, Freddie proposal.
Robinhood (HOOD), Gopuff associate for brand new cash-delivery service.
Anavex (AVXL) tanks after Martin Shkreli says it is his subsequent brief.
Gilead (GILD) hits late-stage trial win for brand new one-pill HIV remedy.
Tariffs, not the Grinch, would possibly steal Christmas: Timber to get costlier.
A slice of historical past: Yum! (YUM) places Pizza Hut on the gross sales block.
At this time’s Markets
In Asia, Japan -1.8%. Hong Kong -1.9%. China -1%. India +0.1%.
In Europe, at noon, London -1.9%. Paris -1.5%. Frankfurt -1.6%.
Futures at 7:00, Dow -0.6%. S&P -0.8%. Nasdaq -1.2%. Crude +2% to $59.86. Gold -1% to $4,153.10. Bitcoin -6.6% to $96,123.
Ten-year Treasury Yield unchanged at 4.13%.
On The Calendar
Corporations reporting right now embody Quantum Computing (QUBT) and Bit Digital (BTBT).
See the total earnings calendar on Searching for Alpha, in addition to right now’s financial calendar.
