Here is what you need to know.
- The US and China are getting close to a trade deal.The world’s two largest economies are in the “final stage” of negotiations, The Wall Street Journal says.
- The US hits the debt ceiling. The Treasury can use “extraordinary measures” to prevent a breach for the next few months.
- MMT could cause one big problem for financial markets.Modern Monetary Theory says countries that control their own money supply don’t need to worry about taxes or borrowing to spend, but Torsten Sløk, Deutsche Bank’s chief international economist, says implementing such a plan would pull dollars out of risky assets.
- China’s super rich are losing faith. Just over one-third of China’s super rich are “very confident” about the future of their country’s economy, according to a survey of the Hurun Report’s survey of 465 super rich Chinese citizens.
- Huawei is suing Canada. The Chinese tech firm Huawei is suing Canada, its border agency, and the Canadian police, saying its CFO, Meng Wanzhou, was detained, searched, and questioned before being told she was under arrest, the Associated Press reports.
- Lyft’s IPO filing has some unanswered questions.The ride-sharing company Lyft on Friday filed paperwork for its initial public offering, but failed to answer three important questions about its future.
- Tesla picks a date for to unveil its SUV.The electric-car maker will unveil its Model Y SUV on March 14 in Los Angeles.
- Stock markets around the world were higher. China’s Shanghai Composite (+1.12%) led the gains in Asia and Britain’s FTSE (+0.53%) was out front in Europe. The S&P 500 was set to open up 0.26% near 2,811.
- Earnings reporting slows down. Salesforce releases its quarterly results after the closing bell.
- US economic data trickles out. Construction spending will cross the wires at 10 a.m. ET. The US 10-year yield is down 1.1 basis points at 2.74%.
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