Here is what you need to know.
- China sends Xi’s top economic adviser to talk trade. Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, made an unexpected appearance at trade talks in Beijing on Monday, Bloomberg says.
- Brexit estimated to cause $US1 trillion of assets to leave the UK for the EU. “The closer we get to 29 March without a deal, the more assets will be transferred and headcount hired locally or relocated,” said Omar Ali, the UK financial services leader at the consultancy EY, according to Reuters.
- Citi says ‘buy this latest dip.’ The bank says that its “Bear Market Checklist” shows only 3 1/2 of its 18 factors flashing a sell signal and that it will become more worried “when 7-8 factors are flagging caution.”
- One market pro explains why ‘tech is no longer special.’ The tech sector isn’t what it used to be, and the pain is just getting started, according to Vincent Deluard, a macro strategist at INTL FCStone.
- Sears is getting closer to liquidating. A rescue effort by the company’s chairman, Eddie Lampert, has so far fallen short, and Abacus Advisory Group has been tasked with selling the chain’s vast inventories of tools, appliances, and store fixtures if the bid fails, Reuters says.
- Tesla breaks ground at its Shanghai Gigafactory. “Looking forward to breaking ground on the @Tesla Shanghai Gigafactory today!” CEO Elon Musk tweeted early Monday.
- Marc Benioff wants to double his company’s sales by 2022. Salesforce CEO Marc Benioff told CNBC he’s targeting $US20 billion of sales by 2022, up from $US10.48 billion in 2018.
- Goldman Sachs likes these 13 stocks. The bank has released its list of the stocks it believes are most undervalued and will most likely rocket higher because of solid earnings.
- Global markets trade mixed. Japan’s Nikkei (+2.44%) led the gains in Asia and Britain’s FTSE (-0.53%) trailed in Europe. The S&P 500 was set to open down 0.28% near 2,525.
- US economic data is light. ISM nonmanufacturing will cross the wires at 10 a.m. ET. Meanwhile, factory orders were postponed because of the government shutdown. The US 10-year yield is down 2 basis points at 3.65%.
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