Trump on TPP; Bank earnings; Volkswagen shakeup

1. TPP rethink: President Donald Trump has asked his advisers to investigate whether the United Stat...

Posted: Apr 13, 2018 11:29 AM
Updated: Apr 13, 2018 11:29 AM

1. TPP rethink: President Donald Trump has asked his advisers to investigate whether the United States should rejoin the Trans-Pacific Partnership, the giant trade deal spanning 11 countries that he ditched just days after taking office.

In a meeting Thursday, Trump asked his team to investigate "whether or not a better deal could be negotiated," the White House said.

Rejoining would be tricky -- experts say Trump's negotiating position is weaker now that the other 11 countries have moved on without the United States.

2. Big banks report: It's a big day for bank earnings.

JP Morgan, Wells Fargo, Citigroup and PNC are all slated to release their latest results before the bell.

Financial shares have rallied in anticipation of a strong earnings season, with Citigroup, Bank of America and Goldman Sachs closing nearly 3% higher on Thursday.

Investors will be looking for clues from the big banks about what they expect for the rest of 2018. More banks are scheduled to report next week.

3. Volkswagen shakeup: Shares in Volkswagen opened 1.3% higher after the company announced that CEO Matthias Mueller would be replaced by Herbert Diess.

The automaker is expected to say more about surprise management change at a press conference.

Volkswagen is the biggest auto manufacturer in the world by sales, delivering a record 10.7 million cars in 2017.

4. Global market overview: US stock futures were flat.

European markets opened mixed. UK stocks were lower, while markets in Germany and France advanced.

China markets posted losses, while stocks in Japan and Korea gained.

The Dow Jones industrial average closed 1.2% higher on Thursday. The S&P 500 gained 0.8% and the Nasdaq jumped 1%.

Oil futures jumped almost 1% after the International Energy Agency said a global oil glut is close to disappearing. OPEC and its allies had been working to reduce the surplus.

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5. Companies and economics: The US Department of Labor will release survey data on the jobs market at 10:00 a.m. ET on Friday.

A preliminary reading of the University of Michigan's index of consumer sentiment for April will be released at the same time.

China released its latest foreign trade data on Friday, revealing a small dip in exports. Economists said the decline is likely to be temporary.

London Stock Exchange Group appointed former Goldman Sachs banker David Schwimmer as its new chief executive officer.

The announcement marked the end of months-long boardroom battle that saw several high profile departures.

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6. Coming this week:
Friday -
Citi, JPMorgan, PNC, Wells Fargo earnings

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