Here is what you need to know.
- Renault CEO Carlos Ghosn faces arrest in Japan as Nissan ousts him over financial misconduct. Nissan accused Ghosn and another board member of misrepresenting salaries “over many years” and Ghosn of using company assets for personal use.
- Apple CEO Tim Cook defends taking billions of dollars from Google to make it the default search engine on the iPhone. The comments come amid concerns that the partnership undermines Apple’s no-nonsense approach to privacy.
- Facebook comms staffers are reportedly fuming at COO Sheryl Sandberg after they were thrown under the bus over a smear campaign. Last week, a bombshell New York Times report exposed the company’s chaotic leadership, after which CEO Mark Zuckerberg blamed the company’s communications team.
- Bank of America Merrill Lynch says stocks are ripe for a “flash crash.” The firm outlines what final steps must occur for the market to be plunged into widespread chaos.
- One Wall Street strategist says the stock market is past the point of no return. Barry Bannister of Stifel says interest rates have moved past a threshold that was exceeded before the equity bear markets in 2000 and 2008 – and that it’s already too late for the Federal Reserve to act.
- China’s former top trade negotiator warns Beijing is hurting itself in Trump tariff battle. Long Yongtu on Sunday said China had been too politically driven in its talks so far and should take a more pragmatic approach focused on the economic realities of the trade war.
- Pessimism toward the Australian dollar is starting to lift. Speculative short positioning in the Australian dollar has reduced quite sharply in recent months, according to data from the US Commodity Futures Trading Commission.
- NASA will retire its new mega-rocket if SpaceX or Blue Origin can safely launch its own powerful rockets. NASA is building a super-heavy-lift rocket called the Space Launch System to send astronauts back to the moon.
- Stock markets around the world are trading mixed. The Shanghai Composite (+0.4%) declined in Asia, while Germany’s DAX (-0.1%) led mixed performance across Europe. The S&P 500 is set to open down 0.4% near 2,733.
- New US economic data is set to be released. The NAHB Housing Market Index will be released at 10 a.m. ET. The US 10-year yield down 4 basis points to 3.07%.
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