Daily comment Nov 4
- Wall St opens higher on trade optimism
- Dow Jones at all-time high
- UAA -14.5% on DOJ, SEC probe
- MCD -2% CEO fired over relationship with employee
- Aramco to go public in Dec
- WTI +1.6%
- Under Armour (-14.5%) reported strong 3Q results but slashed its FY revenue outlook. More importantly, the Co. confirmed it is currently under investigation by federal authorities over its accounting practice. (https://on.wsj.com/34zjlhn)
- McDonalds (-2%): CEO Steve Easterbrook got fired over violating company’s policy by engaging in relationship with an employee. (https://cnb.cx/34rCXDP)
- Saudi Aramco finally decided to go public in December in a local exchange Tadawul. The prospect is expected to be released on 10 Nov. (https://reut.rs/2pEchRD)
- Fiat and Peugeot parent target to sign M&A agreement as soon as the beginning of December. (https://bit.ly/2JPvuqt)
- China is considering options of President Xi’ visit to the US in order to sign the first phase of trade deal. Earlier, US Commerce Secretary Wilbur Ross expressed optimism of reaching a “phase one” this month. (https://bloom.bg/2PMjb1K)
- Asian countries committed to signing a major Asia Pacific trade pact in 2020. The RCEP would lower tariffs in the region. India, however, said it would not support the deal. (https://cnb.cx/34urZ0y)
- WTI (+1.6%): Oil rose on trade hopes and last week upbeat economic data.
- Abu Dhabi plans to start trading Murban crude oil futures in the middle of 2020. (https://bloom.bg/2PRlLnr)
- Companies to report earnings today: Uber, Shake Shack, Hertz Global.