Morning Brief: World's richest 1% have as much wealth as the bottom 50%

Tuesday, November 14, 2017

What to watch today

American small business and one of its biggest material suppliers will be in focus on Tuesday.

Earnings out of Home Depot (HD) will serve as a corporate highlight with the home-improvement retailer expected to report earnings per share of $1.82 on revenue of $24.5 billion with same-store sales expected to rise 5.7%, according to data from Bloomberg. TJ Maxx parent company TJX (TJX) is also set to report earnings on Tuesday.

The main economic highlight will be the NFIB’s latest reading on small business optimism, which has been one of the strongest economic readings since President Donald Trump’s surprise election win last November.

Investors will also keep an eye on shares of Buffalo Wild Wings (BWLD) on Tuesday as the stock was trading higher by 28% in after hours action on Monday after The Wall Street Journal reported that private equity firm Roark Capital made a bid to buy the company for over $150 per share, or more than $2.3 billion. Buffalo Wild Wings shares closed at $117.25 on Monday.

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Top news

Senate bill easing financial rules gains support: A bipartisan group of senators on Monday announced a deal on legislation to provide banks and credit unions relief from some of the stricter regulatory requirements approved after the 2008 financial crisis. [AP]

Goldman Sachs marks stake in Weinstein Co down to zero: Goldman Sachs’ move comes as the Weinstein Company looks for fresh financing after more than 50 women claimed that the movie studio’s former co-chairman Harvey Weinstein sexually harassed or assaulted them over the past three decades. [Reuters]

World’s richest 1% have as much wealth as bottom 50%: The world’s richest people have seen their share of the globe’s total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140 trillion, according to Credit Suisse’s global wealth report published on Tuesday. [The Guardian]

Fed chief on policy guidance: The U.S. Federal Reserve’s guidance about its likely future policy path is beneficial but should always be viewed as conditional on how the economy actually develops, Fed Chair Janet Yellen said on Tuesday. [Reuters]

Powell may push to change how Fed communicates:  Federal Reserve Chair nominee Jerome Powell has likened central bank communication to a popular Far Side cartoon. In the Fed’s case, investors focus on what policy makers say will happen with interest rates at their next meeting, and not on much else. [Bloomberg]

Amazon sells off China cloud assets: The sale takes place amid tightening regulation over online data that is creating a hurdle for technology firms operating in the world’s second-largest economy. [Reuters]

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