Tuesday, June 26, 2018
What to watch today
As markets will look to bounce back from Monday’s sell-off, investors will be greeted on Tuesday by a few pieces of economic data with just a couple of notable earnings reports mixed in. In the morning home price data from S&P/Case-Shiller, the Richmond Fed’s manufacturing index, and The Conference Board’s consumer confidence reading for June will all be released. And on the earnings side, notable companies reporting results include homebuilder Lennar (LEN) and Sonic (SONC).
(AP Photo/John Minchillo, File)
GE plans to divest health care unit: General Electric Co. (GE) said it plans to spin off its health care business and unload ownership in its oil services company Baker Hughes. The story was first broken by the Wall Street Journal reported on Tuesday. [Reuters]
Trump officials send mixed signals: Conflicting signals from the Trump administration over proposed restrictions on foreign investment in U.S. technology companies, along with news that recently imposed import tariffs are starting to disrupt supply chains, sent global stock markets tumbling on Monday. [Reuters]
Trump to hit refiners with a biofuels boost: Refiners would have to blend 19.88 billion gallons of biofuels into petroleum next year under an administration proposal set to be unveiled Tuesday, as President Donald Trump tries to strike a balance between two competing constituencies. The Environmental Protection Agency is set to maintain a 15 billion gallon quota for conventional renewable fuels such as corn-based ethanol, even as it gives a modest 3.1% increase to overall biofuel-blending requirements in the proposal. [Bloomberg]
Andreessen Horowitz taps first female general partner: Venture capital giant Andreessen Horowitz has tapped Katie Haun as its first female general partner. In her new role, Haun will be a leader of the firm’s newly formed $300 million cryptocurrency fund. With Haun’s appointment, Andreessen Horowitz becomes the latest venture capital firm to add more female talent as the industry faces backlash for its largely male demographics.
Billionaire trio grabs a slice of Xiaomi’s IPO: China’s richest people are buying into Xiaomi Corp.’s imminent Hong Kong initial public offering, conferring their imprimatur on the world’s biggest coming-out party in two years. Former CK Hutchison Holdings Ltd. Chairman Li Ka-shing, known in the former British colony as “superman” for his business acumen, plans to invest $30 million for an unknown slice of the Chinese smartphone maker, according to people familiar with the matter. Alibaba founder Jack Ma and Tencent Chairman Pony Ma — the country’s two richest persons — have also agreed to take stakes in Xiaomi, said the people, who asked not to be identified discussing personal investments. [Bloomberg]
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