Here is what you need to know.
Inflationary pressures are stirring in China. Data released on Friday by China’s National Bureau of Statistics showed consumer prices jumped 2.3% year-over-year in November, up sharply from the 0.1% YoY gain seen in October. Pork, a staple of the Chinese diet, saw prices climb 5.6% YoY.
South Korea’s president has been impeached. President Park Geun-hye has been stripped of her power and prime minister Hwang Kyo-ahn will take over until South Korea’s highest court makes a final ruling, Reuters reports. The Korean won ended weaker by 0.6% at 1165.93 per dollar.
The UK’s trade deficit narrowed. The deficit narrowed to 3.8 billion pounds ($4.7 billion) in October as exports increased by 2 billion pounds and imports decreased by 1.8 billion pounds, according to data from the Office for National Statistics. The British pound is up 0.2% at 1.2609 versus the dollar.
Here comes the 3rd biggest US IPO of the year. The annuity provider will raise $1.08 billion as shares price at $40, or the midpoint of the $38 to $42 range. Shares will trade under the ticker ‘ATH.’
Time is reportedly trying to sell itself. The publisher of People, Fortune, and Sports Illustrated magazines has hired Morgan Stanley and Bank of America to field takeover offers, the Wall Street Journal reports.
Goldman Sachs is up about 30% since the election. Shares of the investment bank hit a post-financial crisis high on Thursday as traders continue to price in the impact of a Trump presidency. Goldman is about 2.5% below its record high set in 2007.
Restoration Hardware slashes its outlook. The high-end furniture retailer expects full-year adjusted EPS of $1.19 to $1.29, down from $1.60 to $1.80 as slow holiday sales weigh. Shares were down as much as 19% in after-hours trade.
Samsung is going to supply semiconductor chips to Tesla. A report from South Korea’s Electronic Times says Samsung will make the chips for the self-driving features in Tesla vehicles.
Stock markets around the world are higher. Japan’s Nikkei (+1.2%) hit its best level in a year as it paced the advance in Asia and Spain’s IBEX (+2.1%) leads the gains in Europe. The S&P 500 is set to open little changed near 2.245.
US economic data flows. University of Michigan consumer confidence will be released at 10 a.m. ET and the Baker Hughes rig count will cross the wires at 1 p.m. ET. The US 10-year yield is up 3 basis points at 2.44%.
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