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Morning Brief: China's economy still slowing

Thursday, December 14, 2018

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WHAT TO WATCH TODAY

The U.S. Census Bureau will be releasing retail data. Economists polled by Bloomberg are expecting a jump of 0.1% for retail sales in November, after a 0.8% increase in October. Retail sales minus auto sales for November are expected to have increased by 0.2% from the 0.7% increase in October.

Read more

TOP NEWS

REUTERS/Kim Kyung-Hoon/Files
REUTERS/Kim Kyung-Hoon/Files

China's economy still slowing as policy makers form 2019 plans: Industrial production growth decelerated to 5.4%, below all 38 economists’ estimates. Retail sales — formerly a pillar of support for the economy — posted the weakest performance since May 2003, rising 8.1% from a year earlier. Chinese stocks fell along with the currency as data signaled a deepening slowdown. [Bloomberg]

Also: China says to halt additional tariffs on U.S.-made cars from Jan 1 [Reuters]

Trump inauguration spending under criminal investigation: Manhattan-based federal prosecutors are investigating whether some of the $107 million in donations to then-President elect Donald Trump 's inaugural committee were misspent, The Wall Street Journal reported. The investigation arose in part from the slew of materials seized in April raids on Trump's former personal lawyer, Michael Cohen, by federal prosecutors. [The Wall Street Journal]

Starbucks to roll out delivery in U.S. in early 2019: Coffee giant Starbucks (SBUX) will begin offering delivery at a quarter of its nearly 8,000 U.S.-based stores in early 2019 in partnership with Uber Eats, the company’s COO Roz Brewer announced. [Yahoo Finance]

Why Louis Vuitton's parent company bagged a hotel chain: Louis Vuitton’s parent company LVMH just bagged itself a deal on Friday, buying up the global hotel group Belmond for $2.6bn (£2.1bn) in cash.The luxury conglomerate has an established presence in high-end retail, alcoholic beverages and watches. [Yahoo Finance UK]

Costco margin dip overshadows sales beat, shares slide: Costco Wholesale Corp's (COST) gross margins fell in the first quarter, as the warehouse operator paid higher wages, ramped up investments in its online business and cut prices amid intense competition in the grocery industry. Costco shares were down 3.2% in extended trading on Thursday. [Reuters]

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