E.U. Leaders back Brexit deal

Kate Andrews, Columnist, City AM and Ryan Heath, Politico Europe give us the view from London and Brussels and discuss what's next for Brexit.

Posted: Nov 26, 2018 3:13 PM
Updated: Nov 26, 2018 3:38 PM

1. Even more shopping: The deals didn't stop on Black Friday. The action has now moved online, where retailers are offering deep discounts.

Cyber Monday is expected to be the largest online shopping day in history, generating a whopping $7.8 billion in sales, an increase of more than 17% from the previous year, according to Adobe Analytics.

Deloitte says shoppers will on average spend $170 more each on Cyber Monday compared to any day of the prior Black Friday weekend.

The sales are especially important for struggling retailers. But with nearly every company spending big on incentives like free shipping, retailers have to be careful not to let discounting harm their bottom line.

The situation is especially dire at Sears (SHLD). The iconic retailer plans to emerge from bankruptcy much smaller and profitable. But by next year, there's a very good chance the company will have vanished.

2. GM overhaul: A Canadian union says it has been notified by General Motors that the carmaker "will make a major announcement tomorrow that will impact its global operations."

Unifor said in a statement on Sunday that GM (GM) plans to shutter its plant in Oshawa, Ontario, as part of the overhaul.

The factory has been in operation since 1953. It currently produces the Cadillac XTS and Chevrolet Impala, as well as pickup trucks for Chevrolet and GMC.

GM offered buyouts to more than a third of its white collar staff in the United States in late October, a move designed to help its transition to self-driving vehicles and other new technologies.

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3. Pound unmoved: The Brexit deal negotiated by Prime Minister Theresa May was approved by EU leaders on Sunday. But the pound is little changed at $1.28. That's because the tallest hurdle is yet to come.

May must still push her deal through a divided UK parliament. If she fails, potential alternatives include crashing out of the European Union without a deal, a second referendum or a general election in Britain.

Neil Shearing, group chief economist at Capital Economics, said that it's unlikely that the deal approved this weekend in Brussels will be signed off by parliament.

"The fact that, with just four months to go until the United Kingdom is due to leave the European Union, there are at least five different ways in which Brexit could unfold, tells its own sorry story," he said.

4. Ghosn ousted: Mitsubishi Motors has followed Nissan in removing Carlos Ghosn as its chairman.

The Japanese carmaker's board of directors voted on Monday to oust the auto industry legend, who was arrested in Tokyo last week on suspicion of financial misconduct while serving as chairman of Nissan.

In a statement to the Tokyo stock exchange, Mitsubishi said that its board had appointed CEO Osamu Masuko as interim chairman.

The decision is the latest blow to an alliance Ghosn built between Mitsubishi (MMTOF), Nissan (NSANY) and France's Renault (RNSDF).

Ghosn retains his positions as CEO and chairman of Renault, but the French carmaker has asked other people to perform those roles on an interim basis.

5. Stocks rebound: Markets in Asia and Europe posted gains on Monday. Benchmark indexes in Hong Kong, London, Paris and Frankfurt each rose by more than 1% as US crude oil prices stabilized near $51.50.

US stock futures were also sharply higher, suggesting that markets will rebound from a thrashing last week that saw all three major US indexes tumble about 4%.

The price of bitcoin continues to swing wildly. At one point on Monday, the digital currency was trading below $3,500.

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6. Coming this week:
Monday — Cyber Monday
Tuesday — Cracker Barrel (CRBL) and Salesforce (CRM) earnings
Wednesday — J M Smucker (SJM), Box (BOX) and Tiffany (TIF) earnings; US GDP second estimate
Thursday — Dollar Tree (DLTR), Abercrombie & Fitch (ANF) and HP (HPQ) earnings; Fed notes released
Friday — G20 begins in Argentina

Indiana Coronavirus Cases

(Widget updates once daily at 8 p.m. ET)

Confirmed Cases: 33558

Reported Deaths: 2110
CountyConfirmedDeaths
Marion9616571
Lake3538185
Cass15897
Allen145168
St. Joseph124834
Elkhart116328
Hendricks116171
Hamilton115693
Johnson1093108
Madison58559
Porter51627
Bartholomew50034
Clark49241
LaPorte42423
Howard39526
Tippecanoe3903
Jackson3791
Delaware37736
Shelby36822
Hancock32728
Floyd31839
Boone30935
Morgan27824
Vanderburgh2652
Montgomery23517
White2318
Decatur22431
Clinton2231
Noble21121
Grant20621
Harrison19221
Dubois1923
Henry16910
Greene16824
Monroe16612
Warrick16628
Dearborn16621
Vigo1648
Lawrence15423
Miami1411
Putnam1367
Jennings1304
Orange12522
Scott1193
Kosciusko1111
Franklin1098
Ripley1086
Carroll922
Marshall901
Daviess8516
Steuben812
Newton7710
Wayne776
Fayette767
Wabash762
LaGrange712
Jasper651
Washington521
Jay500
Fulton481
Clay471
Rush462
Randolph463
Pulaski460
Jefferson431
Whitley393
Starke363
Sullivan341
Owen341
Brown331
DeKalb331
Perry310
Benton300
Knox290
Wells280
Huntington272
Tipton251
Crawford240
Blackford242
Fountain202
Switzerland200
Spencer191
Parke170
Posey160
Gibson142
Adams131
Ohio130
Warren121
Martin110
Vermillion100
Union80
Pike60
Unassigned0164

Illinois Coronavirus Cases

(Widget updates once daily at 7 p.m. CT)

Confirmed Cases: 117455

Reported Deaths: 5270
CountyConfirmedDeaths
Cook762663570
Lake8063287
DuPage7543362
Kane6188170
Will5442269
Winnebago215654
McHenry151471
St. Clair109179
Kankakee87144
Kendall76919
Rock Island64624
Champaign6177
Madison56558
Boone42817
DeKalb3924
Sangamon34629
Jackson26810
Randolph2674
McLean21713
Peoria2128
Ogle2023
Stephenson1992
Macon19519
Clinton18117
Union1519
LaSalle14713
Whiteside13512
Iroquois1314
Coles12514
Unassigned1250
Out of IL1191
Warren1130
Jefferson10116
Knox970
Grundy952
Monroe9411
McDonough878
Lee791
Cass710
Tazewell714
Henry680
Williamson642
Pulaski510
Marion500
Jasper457
Macoupin452
Adams441
Perry420
Montgomery391
Vermilion391
Morgan351
Christian334
Jo Daviess320
Livingston322
Douglas260
Menard210
Fayette203
Ford201
Jersey201
Woodford192
Mason180
Washington180
Mercer170
Hancock160
Shelby161
Bureau151
Carroll142
Bond121
Franklin120
Piatt120
Schuyler120
Clark110
Crawford110
Fulton110
Moultrie110
Brown100
Cumberland100
Logan100
Wayne91
Alexander80
Henderson80
Effingham71
Johnson70
Massac70
Saline70
Greene50
Marshall50
De Witt40
Lawrence40
Richland30
Stark30
Clay20
Edwards20
Gallatin20
Hamilton20
Wabash20
White20
Calhoun10
Edgar10
Hardin10
Pike10
Pope10
Putnam10
Terre Haute
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A wonderful Saturday with sunshine expected!
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