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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 12:28 PM
Updated: Nov 26, 2018 12:38 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

Oregon Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 43793

Reported Deaths: 673
CountyConfirmedDeaths
Multnomah9502166
Marion6024109
Washington599178
Umatilla343545
Clackamas326766
Lane246727
Malheur194938
Jackson17967
Deschutes118513
Yamhill101315
Linn84515
Polk66815
Jefferson60710
Morrow5517
Lincoln51813
Union4842
Benton4636
Klamath4223
Douglas3688
Wasco34916
Hood River2841
Columbia2711
Josephine2703
Coos2601
Clatsop2480
Baker1403
Crook1132
Tillamook740
Curry581
Wallowa492
Lake430
Harney350
Sherman200
Grant120
Gilliam110
Wheeler10
Unassigned00

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 923648

Reported Deaths: 17559
CountyConfirmedDeaths
Los Angeles3050707044
Riverside675521306
San Bernardino641311073
Orange594421468
San Diego55898885
Kern34114420
Fresno31195439
Sacramento25882499
Santa Clara24665404
Alameda23636463
San Joaquin21988492
Contra Costa18877243
Stanislaus17814400
Tulare17730291
Ventura14409166
Imperial13023338
San Francisco12277145
Monterey1153892
San Mateo11278159
Santa Barbara9886126
Sonoma9601136
Merced9588155
Kings848683
Solano758676
Marin7107127
Madera506676
Placer429059
San Luis Obispo424032
Yolo325060
Butte313453
Santa Cruz284825
Shasta199931
Napa199816
Sutter188912
San Benito144915
El Dorado13684
Yuba133810
Mendocino115421
Tehama9219
Lassen7711
Lake70216
Glenn6793
Nevada6328
Humboldt56910
Colusa5536
Calaveras34721
Amador33716
Tuolumne2855
Inyo24015
Siskiyou2140
Mono1822
Del Norte1801
Mariposa812
Plumas760
Modoc450
Trinity280
Sierra60
Alpine40
Unassigned00
Medford
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