Here is what you need to know.
Hurricane Florence nears landfall. The storm is expected to make landfall near Wilmington, North Carolina, with sustained winds of 90 miles per hour.
China says it will not ’surrender‘ in the trade war. „The Trump administration should not be mistaken that China will surrender to the US demands,“ an editorial in the state-run China Daily paper said on Friday. „It has enough fuel to drive its economy even if a trade war is prolonged.“
Bank of England head Mark Carney warns on a no-deal Brexit. Carney told Prime Minister Theresa May’s cabinet that a no-deal Brexit could cause housing prices to crash by as much as 35%, and unemployment to climb to double-digit percentages, according to several reports.
India, one of Iran’s last lifelines, will cut oil imports nearly in half. In the face of US sanctions, India will slash its oil imports from Iran by 45% to 360,000-370,000 barrels per day, Reuters says, citing sources.
Goldman Sachs announces major leadership shakeup. The investment bank named John Waldron, one of three co-heads of the investment banking division, to president and chief operating officer, effectively making him incoming CEO David Solomon’s No. 2, according to memos the firm sent to employees on Thursday. Goldman also named Stephen Scherr, the head of the consumer and commercial banking division, CFO, and CFO Marty Chavez as one of three co-heads of the securities division.
JPMorgan says trading revenues have dropped in the 3rd quarter. Speaking at an investor conference on Thursday, CFO Marriane Lake said revenues look like they will be down by a „mid-single“ digit percent, Reuters reports.
The Tesla of China shakes off its first ‚underperform‘ rating. Shares soared 75% on Thursday — one day after IPOing — despite Bernstein analyst Robin Zhu reportedly giving shares an „underperform“ rating and saying he thanks a capital raise is coming in the next 12 to 18 months.
Stock markets around the world are higher. Japan’s Nikkei (+1.2%) led the way higher in Asia and the Euro STOXX 50 (+0.2%) clings to gains in Europe. The S&P 500 is set to open up 0.14% near 2,908.
Earnings reports trickle out. Dave & Busters reports ahead of the opening bell.
US economic data flows. Retail sales and import/export prices will cross the wires at 8:30 a.m. ET while University of Michigan consumer confidence is due out at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.98%.
Source: Business insider