Pound hits 2-year low as UK gov't says no-deal Brexit 'very real prospect': Morning Brief
Monday, July 29, 2019
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WHAT TO WATCH
Stocks are at record highs, but the market will face its moment of truth in a busy week ahead.
Despite recent signs of a solid U.S. economy, the Federal Reserve is expected to cut short-term interest rates for the first time in over a decade this week. The Federal Open Market Committee (FOMC) kicks off its two-day policy meeting Tuesday, and Fed Chair Jerome Powell will hold a press conference on Wednesday following the policy decision.
Following last week’s GDP data, market watchers will get a pulse on the U.S. labor market when the July jobs report is released Friday. Meanwhile, earnings season is raging on. Just over 40% of the S&P 500 companies have released results so far, and this week, another third of S&P is expected to release results.
Today’s biggest reports will come from Sanofi (SNY) before the market open, and AK Steel (AKS), Beyond Meat (BYND), Del Taco (TACO), NXP Semiconductors (NXPI) will report after the market close.
TOP NEWS
Pound hits 2-year low as UK gov't says no-deal Brexit 'very real prospect': The pound slid to a two-year low against the dollar on Monday after the government ramped up its preparations for a no-deal Brexit in October. Sterling (GBPUSD=X) was down 0.4% against the dollar, sinking to almost $1.30 as ministers in new UK prime minister Boris Johnson’s government said they were “turbo-charging” preparations for a radical rupture with the EU. [Yahoo Finance UK]
U.S.-China trade talks set to resume: Almost three months after their trade talks broke down in acrimony, Chinese and American negotiators meet again in Shanghai this week amid tempered expectations for breakthroughs in their year-long trade war. Two days of talks are scheduled to restart Tuesday. [Bloomberg]
China's economy weakened further in July, early indicators show: China’s economy continued to weaken in July, bolstering the case for greater policy support to shore up growth as talks over the trade dispute with the U.S continue. [Bloomberg]
Pfizer nears deal to combine off-patent drug unit with Mylan: Pfizer Inc. (PFE) plans to combine its off-patent business, which includes Lipitor cholesterol pills and male-impotence drug Viagra, with Mylan NV (MYL) and form a generic drug giant, according to people familiar with the matter. [Bloomberg]
Here's everything Trump has tweeted about the Fed: Over the last year, President Donald Trump has amped up his criticism of the Federal Reserve via his favorite megaphone: his Twitter account. His public berating of the central bank began only two months after his own nominee, Jerome Powell, became Fed chairman in February of 2018 and has only escalated since then. Yahoo Finance analyzed tweets mined through the Trump Twitter archive. [Yahoo Finance]
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