Here is what you need to know.
- Chinese stocks plunge into the weekend. The Shanghai Composite slumped 2.5% as investors worried about the trade war ahead of next week’s G20 meeting between presidents Donald Trump and Xi Jinping.
- Oil prices hit their lowest level in more than a year. West Texas Intermediate crude fell 4% to as low as $US51.73 a barrel despite Saudi Arabia’s proposed production cuts.
- Goldman Sachs is sued over the 1MDB scandal. In a civil suit, the Middle Eastern investment giant IPIC alleged “a massive, international conspiracy to embezzle billions of dollars.”
- Black Friday now officially starts on the Wednesday before Thanksgiving, but many retailers were unprepared.Companies including Walmart, GameStop, and Lululemon experienced technical difficulties online on Thursday.
- Facebook acknowledges hiring an opposition-research firm to smear George Soros. Facebook’s outgoing boss of policy and communications, Elliot Schrage, took the blame in a memo Wednesday after a New York Times investigation revealed ties to Definers.
- Carlos Ghosn is out as Nissan’s chairman. The auto executive was ousted following his arrest in Tokyo on Monday on charges of financial misconduct.
- Goldman Sachs uncovered a hedge-fund-investing strategy that’s beaten the stock market for the past 15 years. The firm has lists of stocks it thinks investors should be buying and dumping.
- GameStop is selling its AT&T Wireless stores for $US700 million. The company agreed to the sale to Prime Communications, turning its focus on the video game and collectibles industries.
- US stock futures are lower. Dow futures are down 132 points, or 0.54%, and S&P 500 futures are down 13 points, or 0.5%.
- The stock market closes early. Trading will conclude at 1 p.m. ET.
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