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Senin, 10 Juni 2019

Renault-Nissan Tensions Somehow Got Even Worse - Jalopnik

Illustration for article titled Renault-Nissan Tensions Somehow Got Even Worse — Photo: AP

Everything is falling apart for Renault-Nissan, more tariff threats, more Brexit fallout, more alleged corruption in the Trump administration, and bad reviews for Elon Musk as a boss. All this and more in The Morning Shift for Friday, June 10, 2019.

1st Gear: Renault-Nissan Tensions Get Even Tenser

As you may be aware, Nissan’s former chairman and CEO Carlos Ghosn is currently awaiting trial in Tokyo for a slew of corruption-related charges. One of the major issues brought to light by Ghosn’s arrest has been how Nissan’s corporate structure enabled his alleged malfeasance. At the very least, it’s clear there are, ahem, problems with Nissan’s corporate structure that allowed one person to wield so much power.

Which brings us to this weekend, when Renault, which had previously been supportive of Nissan’s internal reform efforts, notified the Japanese automaker that they will not, in fact, be voting for the governance reforms on the table, both Bloomberg and Reuters reported. This is a very big problem for Nissan, because such a move requires two-thirds of shareholders to vote in favor, and Renault owns 43 percent of Nissan. Without Renault’s support, the measure cannot pass.

What is Renault’s problem? They don’t think they have enough influence in the new governance structure, of course. From Reuters:

A Renault source said Senard’s letter was motivated by concern about Renault’s under-representation on the new Nissan board committees being introduced following the arrest of Ghosn, who is now awaiting trial and denies the financial misconduct charges against him.
“It’s not a final abstention, and Renault’s position can still change,” the source said. “As things stand, Renault has not been assured of appropriate committee representation as Nissan’s main shareholder.”
Renault had yet to receive specific details on the proposed composition of each of the committees, another source with knowledge of the issue told Reuters.

This is a lot of boring corporate governance stuff that will, if I had to guess, get sorted in the coming days and weeks. But the bigger picture here is Nissan was at the very least neutral and at the very worst did not support Renault’s proposed merger with FCA. Both Renault and FCA officially blamed the French government, which owns 15 percent of Renault, for the merger falling apart, but Nissan didn’t exactly help.

Bloomberg summarized the rift as such:

Nissan has long complained that the partnership with Renault is unbalanced, and that the French government’s outsize role at Renault, with board representation and extra voting rights, gives the state undue influence over the Japanese carmaker. Nissan owns a 15% stake in Renault, but with no voting rights, and has been seeking more power in the partnership rather than the “closer ties” sought openly by the French state and pursued first by Ghosn and later by Senard.

In short, even though their fates are all largely intertwined, nobody in this alliance thinks they have enough influence over anyone else.

2nd Gear: Trump Threatens Mexico With Tariffs Shortly After Cancelling Tariffs

I’m starting to think our Big Boy President only has one card to play:

President Donald Trump said on Monday the United States had signed another portion of an immigration and security deal with Mexico that would need to be ratified by Mexican lawmakers.
He did not provide details but threatened tariffs if Mexico’s Congress did not approve the plan.

This threat comes hours after the New York Times reported this deal has actually been in place for months, long before Trump first floated the idea of highly punitive tariffs with Mexico that would have severely impacted nearly every aspect of American commerce, very much including automakers and car-buyers.

As we wrote regarding fuel efficiency standards, big businesses care not so much about what regulations are, but that they are consistent. Especially in the context of multinational automakers with manufacturing plans extending years into the future, predictability is paramount. Whatever you think of Trump’s tariff threats and massive swings in federal regulatory standards, it is not predictable, and that’s bad for automakers.

3rd Gear: UK Car Production Is Tanking Thanks to Brexit

Earlier in the year, several automakers, including Mini, Rolls Royce, Vauxhall, and Land Rover, announced plans to temporarily shut down plants in Britain in anticipation of trade disruptions due to the country leaving the E.U. by March. That “British Exit,” if you will, got pushed back to October, but the plant closures were already in motion. Which resulted in this:

Car production in April fell 24% on the month, the biggest drop since records began in 1995, and the broader category of “transport equipment” showed its largest drop since 1974.

Is that bad?

4th Gear: DOT Secretary Awarding Projects to Help Husband’s Re-Election

The U.S. Department of Transportation head, Elaine Chao, is married to Senate majority leader Mitch McConnell. As it happens, Chao has created a “special path” for DOT projects in McConnell’s state of Kentucky to get funding, according to a POLITICO investigation:

The Transportation Department under Secretary Elaine Chao designated a special liaison to help with grant applications and other priorities from her husband Mitch McConnell’s state of Kentucky, paving the way for grants totaling at least $78 million for favored projects as McConnell prepared to campaign for reelection.
Chao’s aide Todd Inman, who stated in an email to McConnell’s Senate office that Chao had personally asked him to serve as an intermediary, helped advise the senator and local Kentucky officials on grants with special significance for McConnell — including a highway-improvement project in a McConnell political stronghold that had been twice rejected for previous grant applications.

This comes a week after the New York Times investigation detailed how Chao has used her cabinet position to elevate the standing of her family’s shipping company, which has donated millions of dollars to her husband’s campaign.

Surely there is someone else more qualified to run the country’s Department of Transportation who isn’t married to the Senate majority leader or the heiress to a massive shipping company, which is of course regulated by said Department of Transportation. Perhaps the better question: is there anyone less qualified?

5th Gear: Job Ratings Websites Are Souring on Tesla Too

Would I rely on a website like Glassdoor when considering a new employer? Probably not; its ratings are entirely anonymous and the site takes no measures to ensure the reviewer actually worked for—or indeed has any familiarity with—that company.

That being said, this Reuters article is still funny, because they found a new angle rather than the usual bearish market analysts or automotive safety experts to pile on Tesla:

At jobs site Glassdoor, Tesla’s overall company rating fell to 3.2 out of 5.0 stars based on reviews written in the first quarter from a high of 3.6 in 2017, according to historical data compiled by Glassdoor at Reuters’ request. The average rating of the nearly 1 million employers reviewed on the site is 3.4.

Like I said, I wouldn’t take any of this too seriously, at least out of the context of what we already know about working for Tesla, which is that it’s a highly volatile but potentially fulfilling work environment with a healthy dose of hero worship and cult-like atmosphere baked in.

Although, about that hero worship:

In the first quarter, Elon Musk’s CEO approval rating dropped to 52% from 90% in 2017.

Yikes.

Reverse: Trail of Doughnuts

Neutral: What’s the Renault-Nissan Endgame?

Does the latest news alter how you see this quarrel unfolding?

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2019-06-10 13:40:00Z
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Renault tells Nissan it will block governance overhaul - Nikkei Asian Review

PARIS/TOKYO (Financial Times) -- Renault has told Nissan it will block the Japanese company's plan to overhaul its troubled corporate governance, further inflaming the fraught relationship between the two alliance partners.

The decision - revealed in a letter from Jean-Dominique Senard, Renault's chairman, to Hiroto Saikawa, chief executive of Nissan, on Saturday - marks an abrupt reversal of policy, and threatens to destroy months of work by Nissan.

Mr Senard's letter was sent just two weeks before Nissan's annual meeting, where the company had hoped to vote through a long-overdue transition from having statutory auditors to a governance system of three committees covering nominations, remuneration and audit.

According to people familiar with the letter - which has not been made public - Mr Senard wrote that, as a 43 per cent shareholder in Nissan, Renault had decided to abstain from the vote, thereby denying the proposal the two-thirds majority it needs to pass.

People close to the Japanese carmaker condemned the move as "outrageous and irresponsible".

The three committee plan, for which Mr Senard had personally voted several times in his role as a Nissan board director, arose from months of self-examination following the arrest last November of Carlos Ghosn, previously chairman and chief executive of both companies.

During his tenure, Mr Ghosn had been attempting to make the automaker alliance "irreversible", angering many within Nissan who also feared the influence of the French state within the group. Relations between the two companies have long been fraught, but have come under intense pressure since Mr Ghosn's departure.

Mr Senard had looked to restart merger talks with Nissan shortly after taking over as head of Renault in an effort to stabilise the relationship. But, after being rebuffed once more, he turned instead to Fiat Chrysler. Nissan was only informed of the talks with FCA at the last minute, further undermining trust between the two sides.

FCA pulled its merger proposal after the French state, which owns 15 per cent of Renault, demanded more time to ensure Nissan supported a tie-up.

French government officials say their decision to delay was spurred in part by Nissan's board representatives at Renault indicating they would abstain rather than vote in favour of the deal. And while finance minister Bruno Le Maire has publicly backed Mr Senard, some French officials have said privately that he assured them Nissan backed the deal, accusing the 66 year old Renault boss of being naive.

People close to Nissan have speculated that Mr Senard's intervention may represent an attempt to gain leverage over its alliance partner - either in expectation that FCA may come back to the negotiating table, or because Mr Senard wants to revive merger talks with Nissan.

After Mr Ghosn's arrest, Nissan assembled a special panel to analyse governance failings and propose improvements. Its main recommendation was the immediate introduction of the three-committee system. The full Nissan board, which included Mr Senard, gave the idea its unanimous approval on May 15.

In Saturday's letter, said people familiar with its contents, Mr Senard justified the abrupt U-turn by arguing that the three committee system might somehow be used to reduce the influence of Renault as Nissan's largest shareholder.

People familiar with Mr Senard's thinking stressed that the letter was "a step but only a step" in the lead up to Nissan's AGM, and that Renault's position could change.

Those same people said that Renault was seeking to ensure its rights as a shareholder were maintained, adding that the French carmaker had concerns around the future composition of the committees and about how the powers of the board would be transferred to those committees.

"Senard clearly doesn't want this to be perceived as a declaration of war but as the start of a negotiation," said another person close to Renault.

Nissan and Renault declined to comment.

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June 10, 2019 at 06:10AM

Opening Bell: Stocks, Yields Jump On Averted Mexican Tariffs; Gold Slips - Investing.com

U.S. futures, European shares climb on end of Mexican tariff threat, higher expectation of Fed rate cut
Yields jump on easing trade headwind
Gold drops as dollar edges higher
Mexican peso rallies

Key Events

Global stocks and futures on the , and extended last week's climb this morning—the strongest since November—on speculation the Fed will move to shore up the economy after Friday's jobs report showed paltry and weak . Threats of escalating U.S. tariff measures against Mexico also eased, allowing investors to shrug off heightened trade headwinds.

Europe's edged higher for the fifth day out of six, though some exchanges, including Germany's, were closed for a holiday.

In the earlier Asian session, regional shares advanced after China’s beat expectations for the first time since the onset of the country's trade dispute with the U.S. China’s trade surplus leaped 78% to $417 billion last month. On an annual basis, the country’s grew 1.1%. On the other side of the equation, dropped 8.5%—much less than the market had feared.

Global Financial Affairs

S&P 500 Daily Chart

On Friday, U.S. equities advanced for the fourth straight day despite fresh data showing both nonfarm payrolls and average hourly wages dropped in May as the protracted effect of the U.S.-China trade war took a toll on the U.S. economy. The country added 75,000 new jobs last month, after a 224,000 advance in April. The figures exacerbated a broader pessimistic economic outlook after retail sales, factory output and home purchases readings all weakened this quarter, suggesting the U.S.'s record economic expansion had come to an end.

However, the expected from the Fed overshadowed the inherent economic weakness. Traders increased bets on the Fed funds futures, with practically priced in for July and a 70 basis point easing expected by the end of the year.

Technically, Friday’s session on the closed off its highs, after nearing May’s highs, which formed the right shoulder of a H&S top. If prices climb above 2,900, we can expect investors to take on the May 1 record at the 2,950 level. If prices fail to post higher, we might see them retesting the H&S neckline at the lower 2,800’s.

UST 10-Year Daily Chart

The forgone conclusion that the Fed will cut rates has stopped the Treasury yield from spiraling further. However, from a technical perspective, its range after it fell below the bottom of the descending channel suggests there is more pain to come. Overall, while the market didn’t expect yields to plunge, we have been warning about it since they double-topped in early December and fell below their medium-term uptrend line since mid 2016 later in the month.

DXY Daily Chart

The bounced back after hitting the uptrend line since September last year. However, it completed a double-top. Unless the price climbs back above 97.00, we can expect the uptrend line to break and the greenback to keep sliding along with the falling rates outlook.

Meanwhile, the USD has been weakening versus the for two reasons: Trump backing off from his threatened tariffs on Mexican goods and traders increasing bets on a Fed cut, which in turn lowers the dollar’s return rate.

Conversely, the buck strengthened against the after Bank of Japan Governor Haruhiko Kuroda said the central bank can deliver more stimulus if necessary.

Gold Daily Chart

In commodities markets, has been falling along with the dollar’s reawakening—after a growing consensus of coming rate cuts had pushed the USD lower last week. The cheaper dollar attracted dip buyers, weighing down on the price of the yellow metal.

From a technical standpoint, gold reached below the $1,350 levels—the Feb. 20 highs—forming a resistance and opening the potential of a double-top reversal, with a penetration of the April lows at $1,266.

pared gains that had been spurred by reports OPEC planned to continue curbing production as well as . U.S. drilling activity slowed, also contributing to oil's initial climb.

Up Ahead

ECB President Mario Draghi at a conference in Frankfurt on Wednesday.
Monthly figures, a key measure of U.S. inflation, are due on Wednesday.
The race to pick a successor to British Prime Minister Theresa May heats up on Thursday, with the first Conservative Party leadership ballot.
Also on Thursday, euro-area finance ministers meet in Luxembourg. On the agenda: financial penalties for Italy over its debt load and the euro-area budget.
U.S. and data on comes out on Friday
China also releases and on Friday.

Market Moves

Stocks

The U.K.’s increased 0.4% to the highest in more than five weeks.
The gained 0.9% to the highest in four weeks.
The advanced 1% to the highest in a month on the biggest gain in a week.

Currencies

The Dollar Index opened 0.18% higher and extended the climb to 0.32%.
The fell 0.2% to $1.1307.
The declined 0.2% to $1.2711, the largest decrease in more than a week.
The Japanese yen slid 0.4% to 108.63 per dollar, the weakest in more than a week on the biggest dip in two months.

Bonds

The yield on 10-year Treasurys gained four basis points to 2.13%.
Germany’s yield increased two basis points to -0.24%, the first advance in a week and the biggest increase in almost three weeks.
Britain’s yield fell one basis point to 0.836%, the lowest in almost three years.

Commodities

West Texas Intermediate crude increased 0.4% to $54.22 a barrel, the highest in more than a week.
Gold dropped 1% to $1,327.74 an ounce, the first retreat in almost two weeks and the largest decrease in two months.

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June 10, 2019 at 05:41PM

Oil Market: US-Mexico tariffs lifted, OPEC supply cuts in focus - CNBC

Shell Oil's drilling rig Polar Pioneer in Port Angeles, Wash., on May 12, 2015.

Jason Redmond | Reuters

Oil prices were steady on Monday as U.S.-China trade tensions continued to threaten demand for oil, but tight crude supply and the swift end to a trade dispute between Mexico and the United States offered support.

Front-month Brent crude futures, the international benchmark for oil prices, were at $63.42 at 0850 GMT, 13 cents, or 0.21%, above Friday's close.

U.S. West Texas Intermediate (WTI) crude futures were at at $54.19 per barrel, up 20 cents, or 0.37%.

A deal between the United States and Mexico to combat illegal migration from Central America late last week removed the threat of U.S. tariffs on goods imported from Mexico, buoying markets on Monday.

But analysts said there were still concerns about the health of the global economy with no signs of an end in sight to the United States' trade war with China.

Harry Tchilinguirian, global oil strategist at BNP Paribas, told the Reuters Global Oil Forum that the U.S. and China accounted for around three-quarters of annual global oil demand growth in 2018.

"If Sino-U.S. relations do not improve, the spot price of oil, in our view, will remain depressed," he said.

China's crude oil imports slipped to around 40.23 million tonnes in May, down from an all-time high of 43.73 million tonnes in April, customs data showed on Monday, due to a drop in Iranian imports caused by U.S. sanctions and refinery maintenance.

Barclays bank, in a note, said over the past week or so its economists had revised down their GDP growth outlook for the U.S., China, India and Brazil - countries which account for more than three-quarters of their oil demand growth assumptions for this year.

"The revisions imply a 300,000 barrel per day reduction in our current global oil demand outlook of 1.3 million barrels per day year-on-year for this year," the British bank said.

Crude prices were supported by comments by OPEC's biggest producer Saudi Arabia on Friday that the group was close to agreeing an extension to supply cuts.

OPEC and some non-members, including Russia, known collectively as "OPEC+", have withheld supplies since the start of the year to prop up prices.

Saudi Energy Minister Khalid al-Falih said on Monday that Russia was the only oil exporter still undecided on the need to extend the output deal, as Moscow considers whether further cuts could allow the United States to take Russian market share.

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June 10, 2019 at 08:20AM

United Technologies, Raytheon agree to blockbuster defense deal - BNNBloomberg.ca

United Technologies Corp. (UTX.N) agreed to buy Raytheon Co. (RTN.N) in an all-stock deal, forming an aerospace and defense giant with US$74 billion in sales in one of the industry’s biggest transactions ever.

The new entity will be called Raytheon Technologies Corp. when the deal closes in the first half of 2020, after United Technologies completes the separation of its Otis elevator and Carrier air-conditioner businesses, the companies said in a statement Sunday. While billed as a merger of equals, current United Technologies shareholders will own most of the company after the transaction, which has an equity value of $86 billion, according to data compiled by Bloomberg.

The combination “will define the future of aerospace and defense,” United Technologies Chief Executive Officer Greg Hayes said in the statement. The bigger company will combine United Technologies’ Pratt & Whitney F-35 fighter jet engines with Raytheon’s Patriot missile-defense products and expertise in areas such as radars, munitions and cybersecurity.

Both companies’ shares stand to benefit because of the potential synergies, which could free up capital that may be deployed, Jefferies wrote in a note.

In pre-market trading, United Technologies rose 6.5 per cent to US$140.70, while Raytheon was 2.8 per cent higher at US$191.16. Each advanced more than 20 per cent this year through June 7, in line with a Standard & Poor’s index of aerospace and defense manufacturers.

What Bloomberg Intelligence Says

“It’s largely a diversification play to build an absolute behemoth aerospace and defense contractor.”

--Douglas Rothacker, aerospace, defense analystClick here to view the piece

United Technologies makes both commercial and military engines, while Raytheon is focused most on defense, according to Rothacker.

Hayes will hold the CEO job in the combined organization, while Raytheon CEO Thomas Kennedy will become the executive chairman. Hayes will ascend to both roles three years after the deal closes.

Under terms, Raytheon shareowners will receive 2.3348 shares in the combined company for each Raytheon share they hold. When the dust settles, shareholders of United Technologies will own approximately 57 per cent of the new firm on a fully diluted basis while Raytheon’s will own approximately 43 per cent. Raytheon will contribute seven of the 15 board positions, including the lead director.

United Technologies isn’t paying a premium for Raytheon, taking into account the separation of the Otis and Carrier businesses, according to a person familiar with the matter, who asked not to be identified because the information is private. A conference call is scheduled for Monday morning.

Hayes Vision

The blockbuster deal caps a dramatic revamp of United Technologies under Hayes, who took the reins at the industrial conglomerate in 2014 with a vow to pursue big transactions. Along with last year’s US$23 billion acquisition of aircraft-parts supplier Rockwell Collins, the Raytheon deal remakes United Technologies as an aerospace giant with products including not only jet engines and missiles but other items like cockpit electronics and radars.

Greater heft would enhance the ability of United Technologies to withstand cost pressures from customers such as Boeing Co. and Airbus SE, said Rothacker, the Bloomberg analyst. Another crucial customer is the U.S. Department of Defense.

“Aerospace suppliers have been, and will continue to be, under immense pressure from Boeing and Airbus to cut costs,” he said. “We’ve seen consolidation in the sector as a way to counter these pricing and competitive pressures, and also to diversify to add revenue streams.”

Another wildcard in winning approval for the deal: the U.S. Department of Defense.

Hayes spurned a merger offer from Honeywell International Inc. in 2016, saying the deal undervalued his company and would face customer opposition. At the time, Wall Street analysts anticipated resistance from the Pentagon, as well as planemakers.

“We don’t expect DoD to raise strong objections to the deal,” though there may be small divestitures where there’s overlap with businesses picked up with the Rockwell Collins purchase, analyst Byron Callan of Capital Alpha Partners wrote in a note Sunday. Some of that overlap may not be readily apparent because programs are classified, he wrote.

Financial Outlook

The companies will have combined debt of about US$26 billion when the deal closes, with about US$24 billion of that coming from United Technologies, the companies said in their statement. There is no change to the 2019 financial outlook for either company.

The companies said they expect to return US$18 billion to US$20 billion to shareholders in the first 36 months after the merger and to see about US$1 billion in annual cost savings by the fourth year.

The headquarters will be in the Boston area; currently United Technologies is based on Farmington, Connecticut, while Raytheon’s headquarters is in Waltham, Massachusetts.

Citigroup Inc. was Raytheon’s financial adviser, with RBC Capital Markets LLC providing a fairness opinion and Shearman & Sterling LLP serving as its legal adviser. On the United Technologies side, Morgan Stanley, Evercore and Goldman Sachs Group Inc. were the financial advisers and Wachtell, Lipton, Rosen & Katz provided legal services.

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June 10, 2019 at 04:06AM

Salesforce is buying data visualization company Tableau for $15.7B in all-stock deal - TechCrunch

On the heels of Google buying analytics startup Looker last week for $2.6 billion, Salesforce today announced a huge piece of news in a bid to step up its own work in data visualization and (more generally) tools to help enterprises make sense of the sea of data that they use and amass: Salesforce is buying Tableau for $15.7 billion in an all-stock deal.

The latter is publicly traded and this deal will involve shares of Tableau Class A and Class B common stock getting exchanged for 1.103 shares of Salesforce common stock, the company said, and so the $15.7 billion figure is the enterprise value of the transaction, based on the average price of Salesforce’s shares as of June 7, 2019.

This is a huge jump on Tableau’s last market cap: it was valued at $10.79 billion at close of trading Friday, according to figures on Google Finance. (Also: trading has halted on its stock in light of this news.)

The two boards have already approved the deal, Salesforce notes. The two companies’ management teams will be hosting a conference call at 8am Eastern and I’ll listen in to that as well to get more details.

This is a huge deal for Salesforce as it continues to diversify beyond CRM software and into deeper layers of analytics.

The company reportedly worked hard to — but ultimately missed out on — buying LinkedIn (which Microsoft picked up instead), and while there isn’t a whole lot in common between LinkedIn and Tableau, this deal is also about extending engagement with the customers that Salesforce already has.

This also looks like a move designed to help bulk up against Google’s move to buy Looker, announced last week, although I’d argue that analytics is a big enough area that all major tech companies that are courting enterprises are getting their ducks in a row in terms of squaring up to stronger strategies (and products) in this area. It’s unclear whether (and if) the two deals were made in response to each other.

“We are bringing together the world’s #1 CRM with the #1 analytics platform. Tableau helps people see and understand data, and Salesforce helps people engage and understand customers. It’s truly the best of both worlds for our customers–bringing together two critical platforms that every customer needs to understand their world,” said Marc Benioff, Chairman and co-CEO, Salesforce, in a statement. “I’m thrilled to welcome Adam and his team to Salesforce.”

Tableau has about 86,000 business customers including Charles Schwab, Verizon (which owns TC), Schneider Electric, Southwest and Netflix. Salesforce said it will operate independently and under its own brand post-acquisition. It will also remain headquartered in Seattle, WA, headed by CEO Adam Selipsky along with others on the current leadership team.

That’s not to say, though, that the two will not be working together: on the contrary, Salesforce is already talking up the possibilities of expanding what the company is already doing with its Einstein platform (launched back in 2016, Einstein is the home of all of Salesforce’s AI-based initiatives); and with “Customer 360”, which is the company’s product and take on omnichannel sales and marketing. The latter is an obvious and complementary product home, given that one huge aspect of Tableau’s service is to provide “big picture” insights.

“Joining forces with Salesforce will enhance our ability to help people everywhere see and understand data,” said Selipsky. “As part of the world’s #1 CRM company, Tableau’s intuitive and powerful analytics will enable millions more people to discover actionable insights across their entire organizations. I’m delighted that our companies share very similar cultures and a relentless focus on customer success. I look forward to working together in support of our customers and communities.”

“Salesforce’s incredible success has always been based on anticipating the needs of our customers and providing them the solutions they need to grow their businesses,” said Keith Block, co-CEO, Salesforce. “Data is the foundation of every digital transformation, and the addition of Tableau will accelerate our ability to deliver customer success by enabling a truly unified and powerful view across all of a customer’s data.”

More to come as we learn it. Refresh for updates.

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2019-06-10 11:08:49Z
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United Technologies, Raytheon to create $120B defense giant: Morning Brief - Yahoo Finance

Monday, June 10, 2019

Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe

WHAT TO WATCH

This week’s economic data and the ongoing trade war will be the focal points for market watchers.

Futures for all three of the major indices are up Monday after President Donald Trump announced on Friday evening that the U.S. and Mexico reached a deal. Dow futures (YM=F) were more than 200 points higher after the announcement. Trump said in a series of tweets that he would not be imposing a 5% tariff on Mexican goods, and additional details on the deal will be announced at an appropriate time.

Read more

TOP NEWS

This combination of file pictures created on June 9, 2019 shows the Raytheon logo on a building in Annapolis Junction, Maryland, on March 11, 2019 and the United Technologies logo at the factory of United Technologies-owned Carrier, in Indianapolis, Indiana on January 10, 2018. (Photo credit JIM WATSON,NOVA SAFO/AFP/Getty Images)

United Technologies, Raytheon to create $120B giant: United Technologies Corp. (UTX) agreed on Sunday to combine its aerospace business with U.S. contractor Raytheon Co. (RTN) and create a new company worth about $121 billion, in what would be the sector's biggest ever merger. [Reuters]

China exports grow, but import slump: China's exports unexpectedly returned to growth in May despite higher U.S. tariffs, but imports fell the most in nearly three years in a further sign of weak domestic demand that could prompt Beijing to step up stimulus measures. [Reuters]

UK economy shrinks in April, in biggest fall since 2016: The UK economy shrank by 0.4% in April in its biggest contraction since March 2016, new data from the Office for National Statistics (ONS) shows. [Yahoo Finance UK]

New bipartisan bills threaten Chinese IPOs and Chinese companies listed in the U.S.: American stock exchanges have emerged as the latest battleground in the ongoing political fight between the U.S. and China. Republican and Democratic lawmakers on Capitol Hill have aggressively moved forward with legislation that increases oversight for more than $1 trillion worth of U.S.-listed Chinese companies, putting stocks like Alibaba (BABA) in the spotlight and future listings on these exchanges in question. [Yahoo Finance]

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2019-06-10 10:20:00Z
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