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Morning Brief: Talks to avert shutdown stall over detention policies

Monday, February 11, 2019

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WHAT TO WATCH

Several events with market-moving potential will take place this week.

As the March 1 trade deal deadline nears, the U.S. and China continue to work towards a resolution. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer will be traveling to China for more trade-related talks.

Earnings season will continue with 60 S&P 500 companies gearing up to report this week. Coca-Cola (KO), Pepsi (PEP), Cisco (CSCO), Activision Blizzard (ATVI) and Under Armour (UAA) are some of the biggest names reporting this week.

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TOP NEWS

A border patrol agent keeps watch along the U.S.-Mexico border on January 25, 2019 near Calexico, California. (Photo by Scott Olson/Getty Images)

Talks to avert shutdown stall over detention policies: Bargainers clashed Sunday over whether to limit the number of migrants authorities can detain, tossing a new hurdle before negotiators hoping to strike a border security compromise for Congress to pass this coming week. The White House wouldn't rule out a renewed partial government shutdown if an agreement isn't reached. [Associated Press]

Daniel Loeb's Third Point exits Alibaba, Microsoft, and Netflix: Activist investor Daniel S. Loeb's hedge fund $17 billion Third Point LLC exited its positions in Alibaba (BABA), Microsoft (MSFT), and Netflix (NFLX) during the fourth quarter, according to the fund's latest 13-f filing. During the quarter, Third Point sold its 1.25 million shares of Netflix, 4.1 million shares of Microsoft, and 4.045 million shares of Chinese e-commerce giant Alibaba. [Yahoo Finance]

Brexit helped punch a hole in UK economic growth: UK economic growth slowed in the fourth quarter last year amid disruption to retail and industrial sectors borne from Brexit related and global slowdown fears, and the seasonal effect of Black Friday on retailers. The UK economy grew just 0.2% in the three months to December versus general consensus that economic growth would be at just 0.3% quarter-on-quarter and 1.4% year-on-year. [Yahoo Finance UK]

Apple iPhone shipments dive in China: Apple Inc.’s Chinese smartphone shipments plummeted an estimated 20% in 2018’s final quarter, underscoring the scale of the iPhone maker’s retreat in the world’s largest mobile device arena against local rivals like Huawei Technologies Co. The domestic market contracted 9.7% in the quarter, but Apple declined at about twice that pace, research firm IDC said in a report on Monday. [Bloomberg]

Euronext tries to beat Nasdaq with raised bid for Oslo Bors: Euronext NV stepped up its bidding war with Nasdaq Inc., unveiling a higher offer for Oslo Bors that values Norway’s main stock exchange at about $790 million. [Bloomberg]

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