Good morning! Here’s what you need to know in markets on Tuesday.
1. The Dow jumped more than 350 points as Cyber Monday fever strikes US markets. Following recent heavy sell-offs, investors have waded back into the market on the biggest online-shopping day of the year. Asian markets were little changed, showing resilience despite US President Donald Trump’s comments that seemed to dim hopes of a trade truce with China.
2. President Donald Trump is ready to go all out in his China trade war. In an interview with The Wall Street Journal, Trump said he’s not afraid to slap duties on consumer goods like iPhones. He also said he expects to move ahead with raising tariffs on $US200 billion in Chinese imports to 25% from 10% currently.
3. China’s richest man has been outed as a member of the Chinese Communist Party. Jack Ma, the founder of Alibaba was outed by Chinese media, but the revelation shows how party loyalty trumps all with Xi Jinping’s China.
4. Standard Chartered is considering simplifying its structure as it looks to curb costs across its networks from Zambia to Macau, Bloomberg reported.
5.Tesla’s vehicle sales in China sank 70% last month from a year ago, the country’s passenger car association told Reuters on Tuesday, underscoring how the Sino-U.S. trade war is hurting the US electric carmaker.
6. The chief business officer of WhatsApp is leaving, the latest in a line of high-level departures at Facebook and its associated apps.
7. Just four months after Apple breached the $US1 trillion mark, the iPhone maker has all but lost its lead as Wall Street’s most valuable company and is on the verge of being replaced by Microsoft.
8.Cyber Monday has delivered a new record sales bonanza. New data indicates a record $US7.9 billion in sales.
9. Google has paid out $US1 billion for a business park next door to its Googleplex HQ. The deal is the latest big real-estate purchase by Google and parent company Alphabet where there are roughly 16,000 more employees than there were a year ago.
10.NASA has landed a robot on Mars. It’s called InSight and it may reveal as much about our own planet as the red one.