Yahoo Finance Morning Brief: Mnuchin calls bank CEOs, gathers 'Plunge Protection Team'
Monday, December 24, 2018
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WHAT TO WATCH TODAY
Economic data for the week will be light due to the holidays and will “primarily serve to give forecasters a chance to tweak their projections for current quarter growth before the new year,” Brett Ryan, senior U.S. economist for Deutsche Bank, said in a note. Most economists are currently forecasting a slowdown in GDP for the fourth quarter, to about 2.5% from 3.4% in the third quarter.
The U.S. government partially shut down at the end of last week after Congress and President Donald Trump failed to come to a funding agreement for several major government agencies. Congress has already funded about three-quarters the government through September 2019, meaning departments including Defense, Veterans Affairs, Energy, Health and Human Services and Education will continue regular operations.
TOP NEWS
Mnuchin calls bankers, will convene 'Plunge Protection Team': U.S. President Donald Trump's Treasury Secretary Steve Mnuchin called top U.S. bankers on Sunday amid an ongoing rout on Wall Street and made plans to convene a call on Monday with the president's Working Group on Financial Markets, which includes officials from the Federal Reserve as well as the Securities and Exchange Commission. [Reuters]
Trump team says Powell’s job is safe: Tump administration officials moved to reassure financial markets that Federal Reserve Chairman Jerome Powell’s job is safe following a report that President Donald Trump has repeatedly discussed firing the central bank chief after last week’s Fed rate hike. [Bloomberg]
Euronext makes takeover offer for Oslo stock exchange: Euronext NV is making a 625 million-euro ($712 million) takeover offer for Norwegian stock exchange operator Oslo Bors VPS as consolidation accelerates among the world’s trading exchanges. [Bloomberg]
China reportedly considers crack down on forced tech transfers: China is reportedly considering a new law on foreign investment that would emphasize the illegality of forced tech transfers — the practice of which has been a major complaint from Washington amid the ongoing tariff battle between the world's two largest economies. [CNBC]
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