Yahoo Finance Trump and Xi set to meet at G20 to talk trade: Morning Brief
Friday, June 28, 2019
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WHAT TO WATCH
The highly-anticipated G20 summit kicks off today in Osaka, Japan.
All eyes are on U.S. President Donald Trump and Chinese President Xi Jinping as the two leaders prepare to meet for extended trade talks over a lunch meeting on Saturday. Ahead of Trump and Xi’s meeting, U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He are expected to meet, according to the Wall Street Journal. And, Xi is reportedly planning to attend the meeting with prepared terms for further trade negotiations.
In theory, if the trade discussions play out well at the G20 between Trump and Xi, that would put a pause on the looming tariffs set to go into effect on the remaining $300 billion worth of Chinese goods. However, on Thursday, Trump’s top economic advisor Larry Kudlow said in an interview with Fox News that no official agreements have been made, and the U.S. may green light the remaining tariffs.
Meanwhile, beer giant Constellation Brands (STZ) is the only major company to report earnings before the market opens. Analysts expect the company to report adjusted earnings of $2.05 per share on $2.07 billion of revenue, according to data compiled by Bloomberg.
TOP NEWS
Apple Chief Design Officer Jony Ive is leaving: Apple’s Chief Design Officer Jony Ive is stepping down from the tech giant. Ive confirmed the news himself in an interview with The Financial Times. Ive will be striking out on his own to create his own design firm called FromLove. He isn’t leaving Apple’s orbit entirely, though. In the interview Ive said that Apple (APPL) will be FromLove’s first client. [Yahoo Finance]
Food fights and racial divisions highlight Democratic debate: The front-runners of the crowded Democratic presidential contest jostled on Thursday night over issues of race relations and whether the time had come for a new generation of leaders. In heated exchanges on the second night of the primary's first head-to-head debates, lesser-known candidates trained their fire at former Vice President Joe Biden and prominent U.S. senators engaged in shouting matches. [Reuters]
Nike's Q4 earnings miss Wall Street's expectations: Nike (NKE) reported fiscal fourth-quarter earnings per share that missed consensus expectations, while posting stronger-than-expected sales results in North America and China. [Yahoo Finance]
Also: Nike shelves sneaker release after designer speaks out on Hong Kong [Yahoo Finance]
Luxury reseller The RealReal raises $300M in IPO: Online luxury reseller The RealReal Inc. raised $300 million in its U.S. initial public offering, pricing its shares above a targeted range. The RealReal sold 15 million shares for $20 each after marketing them for $17 to $19, according to a statement. The IPO values the company at about $1.6 billion based on the outstanding shares — excluding some restricted shares and options — listed in its filings. [Bloomberg]
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