European Commission head Jean-Claude Juncker agreed to additional assurances in an updated Brexit deal with British Prime Minister Theresa May on Monday, but warned UK lawmakers would not get a third chance to endorse it. Sterling, which had risen ahead of the talks between May and Juncker, extended gains in hopes the changes may be enough to sway rebellious British lawmakers who have threatened to vote down May’s plan again on Tuesday.
Boeing Co, the best performing Dow component this year by a wide margin, dropped 6.7 percent after many airlines grounded the company’s new 737 MAX 8 passenger jet. Helping markets gain ground was the heavyweight Dow component’s stock bouncing off its session lows, while the Dow Jones Airlines index reversed course to trade 0.34 percent higher.
More than 275 financial firms are moving a combined $1.2 trillion in assets and funds and thousands of staff from Britain to the European Union in readiness for Brexit at a cost of up to $4 billion, a report from a think tank said on Monday. UK lawmakers are due to vote on Tuesday on an EU divorce settlement. But with less than three weeks to go before Brexit day on March 29, it is still unclear whether the deal will be approved, whether departure from the EU will be delayed, or whether it will happen without agreement.
Economic reports will remain in focus in the week ahead, after data on Friday showed that U.S. job growth stalled in February, raising new concerns about the economy. January’s delayed retail sales figures, February’s inflation numbers and the latest report on durable goods orders all take on added significance, particularly after a recent batch of disappointing data showing that both consumers and businesses have pulled back.
Venezuela’s power supply remained patchy on Friday after the worst blackout in decades paralyzed most of the country, exacerbating hardship for millions of people already suffering from hyperinflation and widespread shortages of basic goods.
Major U.S. stock indexes fell Friday, putting them on pace for their worst week since December, as swelling concerns about slowing global and U.S. economic growth further hindered this year’s rally. Data showing a sharp slowdown in U.S. hiring growth last month rounded out a troubling week for investors that also coincided with the 10th anniversary of the bull market.
Trump administration officials have not made any new plans to send a team to China for face-to-face trade talks, but negotiators have made progress, White House trade adviser Clete Willems said at an event on Friday… “We’re talking to them (Chinese officials) every day, but no one’s got any trip plans,” Willems told reporters on the sidelines of a Georgetown Law School trade event in Washington. When asked about the prospect for future face-to-face meetings, Willems said “Maybe. But there are no plans right now.”