Here is what you need to know.
A top Republican says he won’t back Trump’s plan for huge tariffs. House Majority Leader Kevin McCarthy says he won’t support President-elect Donald Trump’s plan to impose a 35% tariff on companies that leave the United States.
There’s an unintended consequence of the Trump-Carrier jobs deal. Greg Hayes, the CEO of United Technologies, says the deal that has been hailed as a win for President-elect Trump will lead to automation and fewer jobs.
Eurozone GDP was in line. Data released by Eurostat showed the region’s economy grew 0.3% in the third quarter, matching the two preliminary readings. The euro is flat at 1.0765 against the dollar.
The Reserve Bank of Australia warned on growth. Australia’s central bank held its key interest rate at 1.50% and said that “some slowing in the year-ended growth rate is likely, before it picks up again.” The Australian dollar is down 0.4% at .7441 versus the dollar.
Britain is in a “lost decade.” Bank of England Governor Mark Carney said in a speech in Liverpool on Monday that stagnant wage and productivity growth means that Brits are no better off than they were before the 2008 financial crisis.
AOL’s Tim Armstrong thinks the Yahoo deal will close. Speaking at Business Insider’s IGNITION conference, AOL’s CEO said he is “cautiously optimistic” the deal will go through and that by the first quarter of next year there will be a better understanding of the company’s “viewpoint.”
Apple Watch sales are on pace to be the best ever. “Our data shows that Apple Watch is doing great and looks to be one of the most popular holiday gifts this year,” Tim Cook wrote in an email to Reuters. Cook’s comment pushes back against an IDC report released on Tuesday which suggested Apple Watch sales were down 71% from a year ago.
Stock markets around the world are mostly higher. Hong Kong’s Hang Seng (+0.8%) paced the advance in Asia and Spain’s IBEX (+0.7%) leads in Europe. The S&P 500 is set to open little changed near 2,205.
Earnings reporting remains light. AutoZone and Bank of Montreal report ahead of the opening bell while Dave and Busters releases its quarterly results after markets close.
US economic data flows. The trade balance is due out at 8:30 a.m. ET before both factory orders and durable goods orders are announced at 10 a.m. ET. The US 10-year yield is unchanged at 2.39%.