- Reuters/Morris MacMatzen
Here is what you need to know.
The US embassy is opening in Jerusalem. Ivanka Trump, Jared Kushner, and other senior White House officials are in Jerusalem for the opening of the new US embassy, which is expected to take place at 4 p.m. local time (9 a.m. ET).
The stock market’s biggest bear explains why the next market crash will be one of the worst ever. John Hussman, the outspoken investor and former professor who has been predicting a stock market crash, argues one of the biggest problems plaguing the stock market is the high level of comfort felt by investors, and notes similar periods have historically preceded disaster.
Traders aren’t as bearish on the US dollar as they were a few months ago. “Funds were a net USD buyer of $US3.1 billion, turning from a net short into a long USD position of $US500 million,” Irene Cheung and Rini Sen, FX Strategists at ANZ Bank said.
Crypto is sliding ahead of Consensus 2018. Bitcoin cash, -7%, leads crypto lower as CoinDesk’s fourth annual blockchain conference, Consensus 2018, kicks off in New York.
Trump tells the Commerce Department to lift a trade ban on Chinese phone company ZTE. President Donald Trump has instructed the Commerce Department to help get Chinese telecommunications company ZTE “back into business” after the US government cut off access to its American suppliers.
Xerox abandons its deal with Fujifilm. Activist investors Carl Icahn and Darwin Deason have reached a settlement with Xerox that prevents its deal with Fujifilm and replaces its CEO and five directors, Reuters reports.
The man who called “The Big Short” says Deutsche Bank is a “problem bank.”“Deutsche Bank has real profitability issues… they’re probably under capitalized, I think they’re probably raising capital next year… it has to shrink dramatically,” hedge fund manager Steve Eisman told Bloomberg.
JPMorgan is making a big move into China. JPMorgan is setting up a new brokerage in China in which it would own a 51% stake – but it must first gain regulatory approval.
Tesla’s engineering head takes a leave of absence. Tesla Senior Vice President of Engineering Doug Field has taken a leave of absence from the company, Reuters says. The timing of his return is unknown.
Stock markets around the world are mixed. Hong Kong’s Hang Seng (+1.35%) led the gains in Asia and Germany’s DAX (-0.12%) trails in Europe. The S&P 500 is set to open up 0.34% near 2,737.