REUTERS/Brandon Wade/File PhotoHere is what you need to know.
1. Google’s cofounders are stepping down from their leadership roles, but they’ll remain in control of the company. Sundar Pichai, the current CEO of Google is set to become the CEO of Alphabet.
2. Forget Trump’s rhetoric, phase one of a trade deal with China is reportedly close after all. Bloomberg reported that the US and China are close to an agreement on the specifics of tariff relief before they are set to rise on December 15.
3. Leaked document reveals US drug firms are pushing Trump to target the NHS after Brexit. Experts have warned that the NHS would be landed with a much bigger bill for medication if the UK agrees to a US trade deal.
4.OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year. OPEC+ has been curbing output since 2017 to counter oversupply as a result of booming output in the United States, which has become the world’s biggest producer and is not taking part in cuts.
5. Postmates is reportedly looking for a buyer — and WeWork’s IPO collapse could be the reason. The food-delivery startup, which is laying off employees and closing an office, was valued at $2.4 billion in September.
6. The Carpocalypse is here — automakers are set to cull 80,000 jobs in the next few years. A boom in electric cars, trade disputes, and Brexit have hurt sales and caused costs to rise.
7. PIMCO’s flagship hedge fund has lost more than 14% in 2019 — a rare stumble for the $3 billion credit strategy. The Global Credit Opportunity fund is managed by Dan Ivascyn and Jon Horne at Pacific Investment Management Company.
8. Stocks are rising on trade deal hopes. US futures underlying the Dow (0.6%), S&P 500 (+0.5%) and the Nasdaq (+0.7%) are rising. In Europe, stocks are jumping with the DAX (+1.2%) and Euro Stoxx 50 (+1.4%) rallying. Asian stocks closed in the red, with the Nikkei (-1.1%), Shanghai Composite (-0.2%) and the Hang Seng (-1.3%) dropping.
9. Today is a quieter day for earnings. DocuSign is the highlight.
10. There’s lots of data on the docket today. ISM-NY business conditions index is the standout.