- Reuters / Adrees Latif
Here is what you need to know.
Harvey is continuing to pummel Texas with ‘catastrophic,’ ‘unprecedented’ flooding. After making landfall in the Texas Gulf on Friday night, it’s expected to continue to dump rain on the region for days, though it’s now been downgraded from a hurricane to a tropical storm.
Oil prices are surging on Harvey as the storm brings refinery closings. Reuters reports that US gasoline futures are up nearly 7% to a two-year high in early trading, while an already weak dollar hit 16-month lows against a basket of currencies.
Uber has picked Expedia CEO Dara Khosrowshahi to be its new CEO. The company has not publicly announced the news, as Khosrowshahi hasn’t officially accepted the offer.
Gilead Sciences has agreed to buy the immunotherapy developer Kite Pharma. Reuters reports that it’s an all-cash deal valued at $11.9 billion, with Gilead paying $180 a share, a 29.4% premium over Kite’s Friday close.
Chinese regulators are preparing new regulations on digital coin offerings. They may ban initial coin offerings until the rules are in place as interest in the new fundraising channel grows rapidly in a regulatory gray area, according to Reuters, citing the financial magazine Caixin.
It’s getting less likely that Britain will actually secure a Brexit deal. Oxford Economics says the chance of a Brexit deal by March 2019 has fallen to 60%.
General Electric is shifting its digital strategy. Reuters says that the company wants its industrial software business to cut costs and lift profits next year and that the company is considering expanded partnerships and the possible sale of equity in the unit.
US economic data will be released. Monthly wholesale inventories will come out at 8:30 a.m. ET before the Dallas Fed releases its monthly manufacturing survey outlook at 10:30 a.m. ET.
Stock markets around the world are mixed. Japan’s Nikkei (-0.01%) was little changed in a quiet day in Asia, and the Euro Stoxx 50 (-0.24%) led slight losses across Europe. The S&P 500 is set to open up 0.06% near 2,444.
The Trump Organization was reportedly pursuing a deal in Moscow during the election. The Washington Post on Sunday reported on the deal, with it apparently falling apart in January 2016 because the Trump Organization did not have the land or permits to pursue it.