Fed meeting; China's exports surge; Musk's new boss

1. Fed meeting: The US Federal Reserve will announce the result of its two-day meeting...

Posted: Nov 8, 2018 12:13 PM
Updated: Nov 8, 2018 12:13 PM

1. Fed meeting: The US Federal Reserve will announce the result of its two-day meeting on Thursday.

Analysts say it's unlikely the policy meeting will produce any big surprises.

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The Fed is expected to stick to its plan to raise interest rates in December, and continue hiking rates gradually in 2019.

2. Tesla shuffle: Tesla (TSLA) announced late Wednesday that Australian telecoms executive Robyn Denholm will replace CEO Elon Musk as head of its board of directors, effective immediately.

Denholm, currently the chief financial officer of Australian telecommunications firm Telstra, is already a member of the Telsa board. She will join Tesla full time after serving a six-month notice period.

Musk was forced to step down as chairman of Tesla and pay a $20 million fine earlier this year to settle charges brought by the US Securities and Exchange Commission.

3. China's exports soar: China's vast export industry appears to be shrugging off the effects of the trade war with the United States, at least for now. Chinese exports surged 16% in October compared with the same month a year earlier, beating analyst forecasts.

The spike in exports was despite October being the first full month that US tariffs on $200 billion of Chinese goods were in effect. But economists say China isn't completely out of the woods yet, with those tariffs set to increase from 10% to 25% at the end of this year.

The surge in October could reflect people looking to beat the December tariff increase, and was helped by the fall in the value of the yuan against the dollar this year.

4. Global stock market overview: Asian markets were mixed on Thursday, while major markets in Europe opened about 0.3% higher before losing a little ground.

US futures were dipping after an impressive run Wednesday following the midterm elections. The Dow and S&P 500 both went up about 2% on Wednesday and the Nasdaq surged 2.6%, as investors cheered a result that saw Democrats take control of the House while Republicans retained the Senate.

A divided government will likely ensure that US economic policies remain unchanged.

5. Companies: Japanese conglomerate Toshiba (TOSBF) saw its stock jump nearly 13% in Tokyo Thursday after announcing a major restructuring plan that will see it sell major assets and cut 7,000 jobs over the next five years. Toshiba also plans to buy back up to 40% of its own shares.

AMC Entertainment (AMC), Disney (DIS) and Yelp (YELP) will report earnings after the close on Thursday.

6. Coming this week:

Thursday — AMC Entertainment (AMC), Activision Blizzard (ATVI), Crocs (CROX), Gannett (GCI), Walt Disney (DIS), Party City (PRTY), Discovery (DISCA), Dropbox (DBX), Hertz Global Holdings (HTZ), Yelp (YELP), FOMC meeting

Friday — E.W. Scripps Co. (SSP), McClatchy (MNI) earnings; consumer sentiment

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