Here is what you need to know.
- Trump suspends tariffs on Mexican goods. “I am pleased to inform you that The United States of America has reached a signed agreement with Mexico,” President Donald Trump tweeted on Friday evening. “The Tariffs scheduled to be implemented by the U.S. on Monday, against Mexico, are hereby indefinitely suspended.”
- The UK secures a post-Brexit trade deal with South Korea. The deal, which is based on the European Union’s agreement with South Korea, keeps zero tariffs on South Korean exports such as auto parts and automobiles, Reuters reports, citing South Korea’ s Ministry of Trade.
- Potential Fed pick Judy Shelton speaks with Markets Insider. Shelton spoke with Markets Insider’s Gina Heeb about central-bank independence, a zero-inflation target, Trump, and more.
- Stanley Druckenmiller warns the US is headed for losses in its trade war with China. “I will go to my grave – you’re not going to tell me that protectionism is as good as free trade,” Druckenmiller said at a recent event hosted by the Economic Club of New York. “I just don’t believe it.”
- Raytheon and United Technologies announce deal to form a $US120 billion aerospace and defence giant. If approved, the deal would pay Raytheon shareholders 2.3348 shares in the combined group for each Raytheon share they own.
- An early Lyft investor explains why he chose it over Uber. Alexei Andreev, a cofounder of Autotech Ventures, says the Lyft cofounder John Zimmer’s focus on customer experience is why he opted to invest in Lyft over Uber.
- ‘X-Men’ has its worst opening weekend ever. “Dark Phoenix” had $US33 million of sales in its opening weekend, the lowest total ever for the Disney-owned franchise.
- Stocks are rallying. Hong Kong’s Hang Seng (+2.3%) led the gains in Asia, and Germany’s DAX (+0.8%) is out front in Europe. The S&P 500 is set to open up 0.4%.
- Earnings reporting is light. Casey’s General Stores reports after the closing bell.
- US economic data trickles out. Jolts Job Openings will be released at 10 a.m. ET. The US 10-year yield is up 6.1 basis points at 2.14%.
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