Trade truce; OPEC shrinks; Unilever bets on India

1. Markets cheer trade truce: Global markets were rallying early on Monday after the United...

Posted: Dec 3, 2018 1:15 PM
Updated: Dec 3, 2018 1:15 PM

1. Markets cheer trade truce: Global markets were rallying early on Monday after the United States and China reached a truce in their trade conflict.

President Donald Trump and Chinese President Xi Jinping agreed at the G20 to hold off on imposing further tariffs for the time being. Trump said in a tweet Monday that China would also cut tariffs on cars made in the United States.

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Kit Juckes, a strategist at Societe Generale, said that doubts about the substance of the agreement would persist, but "a truce is definitely better than an escalation of hostilities."

US stock futures were firmly higher, indicating Wall Street could open with gains of up to 2%.

European markets advanced between 1.6% and 2.7% in early trading. Benchmark indexes in Asia rallied, with Shanghai and Hong Kong adding roughly 2.5%.

Shares in European carmakers including Volkswagen (VLKAF), BMW (BAMXF) and Daimler (DDAIF), the owner of Mercedes, surged on hopes of reduced global trade tensions.

Oil prices jumped as much as 5% thanks to the improved economic outlook, as well as signs that Russia and Saudi Arabia are willing to continue cooperating on crude production cuts.

2. OPEC defection: The small, gas-rich state of Qatar says it will leave the OPEC on January 1 after nearly 60 years of membership.

The country's state oil company, Qatar Petroleum, made the announcement in a series of tweets.

Saad Sherida Al-Kaabi, the country's minister of state for energy affairs, was quoted in one of the tweets saying that Qatar wanted to focus on increasing its natural gas production.

For a year and a half, Qatar has been under an economic embargo by some of its neighbors including OPEC's de facto leader, Saudi Arabia. In response, Qatar increased its gas production, the mainstay of its economy, last year.

It will be the first Middle Eastern country to pull out of the cartel, which only deals with crude oil production.

Qatar's contribution has been marginal compared to some of OPEC's biggest producers like Saudi Arabia and Iraq. It pumps about 600,000 barrels a day of the almost 25 million barrels a day from all cartel members.

3. Unilever bets on India: Unilever is buying the health food and drinks business of GlaxoSmithKline in India, Bangladesh and 20 other mostly Asian markets.

Unilever will pay €3.3 billion ($3.7 billion) in cash and shares for the portfolio, which includes the malted milk drinks Horlicks and Boost. Both brands are popular in India.

Shares in Unilever (UL) gained around 0.5% after the announcement. GlaxoSmithKline (GSK) was trading 1% higher.

4. Friday markets overview: The Dow, S&P 500 and the Nasdaq all closed 0.8% higher on Friday. The Nasdaq notched its best week since December 2011 and the Dow turned in its biggest weekly rally since the week of the 2016 presidential election

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5. Companies and economics: The Institute for Supply Management will release its November ISM index at 10 am ET.

UBS (UBS) became the first foreign bank to be allowed to take control of its business in China, beating Wall Street rivals in the crucial market. The Swiss bank said it had received approval from Chinese authorities to increase its stake in its securities joint venture in the country to 51% from just under 25%.

6. Coming this week:

Monday — ISM data
Tuesday — Bank of Montreal (BMO), Dollar General (DG) and Restoration Hardware (RH) earnings
WednesdayUS financial markets closed for national day of mourning in honor of former President George H.W. Bush
Thursday — OPEC meeting, Kroger (KR), Ulta (ULTA) and Broadcom (AVGO) earnings; Trial for government's appeal of AT&T-Time Warner deal begins
Friday — US jobs report

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 268672

Reported Deaths: 5917
CountyCasesDeaths
DeSoto17928195
Hinds17030337
Harrison14510212
Rankin11315223
Jackson11054193
Lee9109147
Madison8663171
Jones6853120
Forrest6260125
Lauderdale6161196
Lowndes5582123
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Lamar508765
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Union360165
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Sunflower294277
Tate281862
Alcorn274055
Pike272984
Itawamba271263
Scott264055
Yazoo258456
Prentiss255454
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Tippah251551
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Leake238967
Marion228274
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George206440
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Clay168637
Tallahatchie158035
Stone153625
Clarke148762
Calhoun142022
Smith131926
Yalobusha124935
Walthall115438
Greene114929
Noxubee114526
Montgomery112936
Lawrence107917
Carroll106922
Perry105931
Amite102727
Webster98024
Claiborne90125
Tunica89621
Jefferson Davis89330
Benton86923
Humphreys85625
Kemper81220
Quitman7169
Franklin71017
Choctaw64013
Wilkinson60125
Jefferson57321
Sharkey45717
Issaquena1616
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Alabama Coronavirus Cases

Cases: 445909

Reported Deaths: 6896
CountyCasesDeaths
Jefferson651891049
Mobile32138590
Madison28596223
Tuscaloosa21703276
Montgomery20220336
Shelby19584138
Baldwin17496216
Lee13378109
Morgan12741145
Etowah12196189
Calhoun11626228
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Houston9097168
Limestone842481
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Lauderdale7986112
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Talladega6552112
Walker6068184
Jackson605649
Colbert560194
Blount551794
Autauga544065
Coffee470569
Dale415186
Franklin378150
Russell362816
Chilton348079
Covington344681
Escambia342244
Tallapoosa3184109
Dallas314197
Chambers308575
Clarke307339
Pike267735
Lawrence256958
Marion255763
Winston235243
Bibb224751
Geneva214747
Marengo212031
Pickens201831
Barbour188240
Hale187444
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Butler175960
Cherokee167433
Henry161325
Monroe153521
Randolph148236
Washington144027
Clay131050
Crenshaw126245
Macon124337
Cleburne123627
Lamar121324
Lowndes117636
Wilcox109422
Bullock105829
Perry100518
Conecuh98222
Sumter90828
Greene78323
Coosa64619
Choctaw52224
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