E.U. Leaders back Brexit deal

Kate Andrews, Columnist, City AM and Ryan Heath, Politico Europe give us the view from London and Brussels and discuss what's next for Brexit.

Posted: Nov 26, 2018 2:38 PM
Updated: Nov 26, 2018 2:38 PM

1. Even more shopping: The deals didn't stop on Black Friday. The action has now moved online, where retailers are offering deep discounts.

Cyber Monday is expected to be the largest online shopping day in history, generating a whopping $7.8 billion in sales, an increase of more than 17% from the previous year, according to Adobe Analytics.

Deloitte says shoppers will on average spend $170 more each on Cyber Monday compared to any day of the prior Black Friday weekend.

The sales are especially important for struggling retailers. But with nearly every company spending big on incentives like free shipping, retailers have to be careful not to let discounting harm their bottom line.

The situation is especially dire at Sears (SHLD). The iconic retailer plans to emerge from bankruptcy much smaller and profitable. But by next year, there's a very good chance the company will have vanished.

2. GM overhaul: A Canadian union says it has been notified by General Motors that the carmaker "will make a major announcement tomorrow that will impact its global operations."

Unifor said in a statement on Sunday that GM (GM) plans to shutter its plant in Oshawa, Ontario, as part of the overhaul.

The factory has been in operation since 1953. It currently produces the Cadillac XTS and Chevrolet Impala, as well as pickup trucks for Chevrolet and GMC.

GM offered buyouts to more than a third of its white collar staff in the United States in late October, a move designed to help its transition to self-driving vehicles and other new technologies.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

3. Pound unmoved: The Brexit deal negotiated by Prime Minister Theresa May was approved by EU leaders on Sunday. But the pound is little changed at $1.28. That's because the tallest hurdle is yet to come.

May must still push her deal through a divided UK parliament. If she fails, potential alternatives include crashing out of the European Union without a deal, a second referendum or a general election in Britain.

Neil Shearing, group chief economist at Capital Economics, said that it's unlikely that the deal approved this weekend in Brussels will be signed off by parliament.

"The fact that, with just four months to go until the United Kingdom is due to leave the European Union, there are at least five different ways in which Brexit could unfold, tells its own sorry story," he said.

4. Ghosn ousted: Mitsubishi Motors has followed Nissan in removing Carlos Ghosn as its chairman.

The Japanese carmaker's board of directors voted on Monday to oust the auto industry legend, who was arrested in Tokyo last week on suspicion of financial misconduct while serving as chairman of Nissan.

In a statement to the Tokyo stock exchange, Mitsubishi said that its board had appointed CEO Osamu Masuko as interim chairman.

The decision is the latest blow to an alliance Ghosn built between Mitsubishi (MMTOF), Nissan (NSANY) and France's Renault (RNSDF).

Ghosn retains his positions as CEO and chairman of Renault, but the French carmaker has asked other people to perform those roles on an interim basis.

5. Stocks rebound: Markets in Asia and Europe posted gains on Monday. Benchmark indexes in Hong Kong, London, Paris and Frankfurt each rose by more than 1% as US crude oil prices stabilized near $51.50.

US stock futures were also sharply higher, suggesting that markets will rebound from a thrashing last week that saw all three major US indexes tumble about 4%.

The price of bitcoin continues to swing wildly. At one point on Monday, the digital currency was trading below $3,500.

Markets Now newsletter: Get a global markets snapshot every afternoon. Sign up now!

6. Coming this week:
Monday — Cyber Monday
Tuesday — Cracker Barrel (CRBL) and Salesforce (CRM) earnings
Wednesday — J M Smucker (SJM), Box (BOX) and Tiffany (TIF) earnings; US GDP second estimate
Thursday — Dollar Tree (DLTR), Abercrombie & Fitch (ANF) and HP (HPQ) earnings; Fed notes released
Friday — G20 begins in Argentina

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 116617

Reported Deaths: 3283
CountyConfirmedDeaths
Hinds7987178
DeSoto713479
Harrison527284
Jackson462285
Rankin398286
Madison383794
Lee360080
Forrest306978
Jones295784
Washington259299
Lafayette251343
Lauderdale2485135
Lamar227138
Oktibbeha202854
Bolivar201977
Neshoba1854111
Lowndes180262
Panola170240
Leflore168787
Sunflower163449
Warren155156
Monroe152173
Pontotoc147920
Marshall145329
Lincoln141157
Pike139256
Copiah138136
Scott125729
Coahoma125437
Grenada122639
Yazoo122634
Simpson121749
Union119225
Tate117739
Leake115242
Holmes114960
Itawamba114825
Pearl River114560
Adams108944
Prentiss106920
Wayne102022
Alcorn101112
George99919
Covington97927
Marion95443
Tippah91323
Newton86927
Chickasaw85726
Hancock85028
Tallahatchie84526
Winston84421
Tishomingo81641
Attala79726
Clarke76151
Clay70021
Jasper69117
Walthall64027
Calhoun62612
Noxubee59917
Smith59616
Montgomery55223
Yalobusha54914
Claiborne53816
Tunica53517
Lawrence52514
Perry49823
Carroll49312
Greene47818
Stone47714
Humphreys44916
Amite42513
Quitman4206
Jefferson Davis41211
Webster37613
Benton3456
Wilkinson33820
Kemper32715
Sharkey28514
Jefferson27710
Franklin2463
Choctaw2086
Issaquena1074
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 159439

Reported Deaths: 2699
CountyConfirmedDeaths
Jefferson23443377
Mobile16934315
Tuscaloosa10414140
Montgomery10298197
Madison939496
Shelby743663
Baldwin669469
Lee655065
Calhoun462161
Marshall441150
Etowah431251
Morgan418235
Houston418034
DeKalb346129
Elmore322753
St. Clair299942
Limestone289330
Walker282392
Talladega267435
Cullman250824
Lauderdale231342
Jackson217515
Autauga207431
Franklin206131
Colbert204132
Russell19533
Blount194225
Chilton189332
Dallas187227
Coffee179511
Dale177251
Covington175529
Escambia173030
Clarke135317
Chambers135244
Pike134413
Tallapoosa133087
Marion109729
Barbour10339
Marengo102522
Butler101340
Winston93713
Geneva9167
Lawrence86132
Pickens86018
Bibb84314
Randolph82916
Hale77730
Clay74912
Washington74912
Cherokee74514
Henry7196
Lowndes71428
Bullock64917
Monroe64810
Crenshaw60930
Perry5936
Fayette58413
Cleburne5738
Wilcox57012
Conecuh56113
Macon53720
Lamar5065
Sumter47321
Choctaw39212
Greene34616
Coosa2053
Out of AL00
Unassigned00
Tupelo
Overcast
64° wxIcon
Hi: 74° Lo: 64°
Feels Like: 64°
Columbus
Overcast
66° wxIcon
Hi: 80° Lo: 69°
Feels Like: 66°
Oxford
Broken Clouds
61° wxIcon
Hi: 69° Lo: 58°
Feels Like: 61°
Starkville
Overcast
63° wxIcon
Hi: 73° Lo: 65°
Feels Like: 63°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather