China's currency falls; Novartis deal; Oil prices slip

1. China's currency: The yuan hit its lowest level against the US dollar since January 2017...

Posted: Oct 18, 2018 11:58 AM
Updated: Oct 18, 2018 11:58 AM

1. China's currency: The yuan hit its lowest level against the US dollar since January 2017 in early trading in Asia, after the Trump administration decided not to label China a currency manipulator.

The decision by the United States comes in spite of the yuan's recent depreciation and the escalating trade war between the world's two biggest economies.

Banking, finance and investments

Business and industry sectors

Business, economy and trade

Companies

Company activities and management

Company earnings

Continents and regions

Economic indicators

Economy and economic indicators

Energy and utilities

Financial markets and investing

Financial performance and reports

Financial results

Financing and stock offering

Goldman Sachs

IBM

North America

Securities trading

Stock indexes

Stock markets

The Americas

United States

Utilities disruptions

Utilities industry

Asia

China

Currencies

East Asia

Exchange rates

Foreign-exchange markets

Money, banknotes and coins

International trade

Trade and development

Brexit

Europe

European Union

Government organizations - Intl

Northern Europe

United Kingdom

Pharmaceutical industry

Pharmaceuticals and biotechnology

Pharmaceuticals and prescription drugs

Novartis

Commodity markets

Energy and resources

Energy commodities

Energy economic indicators

Oil and gas industry

Oil prices

President Donald Trump promised to designate China currency manipulator during the 2016 campaign.

In the past six months, the yuan has dropped more than 9% against the dollar. And there are signs that the currency may fall further to 7 yuan per dollar — a level not seen since the 2008 financial crisis.

2. Novartis cancer deal: Novartis (NVS) is buying American cancer drug maker Endocyte (ECYT) for $2.1 billion, the Swiss pharmaceutical giant announced Thursday.

Endocyte is developing targeted radio therapies, focusing on prostate cancer. Shares in Novartis rose by 1.5% after the announcement.

Novartis said last month it would cut approximately 2,000 jobs in the next four years to save around $1 billion.

3. Brexit stalemate: Europe is stepping up preparations for a messy Brexit after yet another meeting between the European Union and the United Kingdom ended in a stalemate.

European leaders on Wednesday dropped plans for a special November summit to complete a Brexit deal because of a lack of progress in the negotiations.

British Prime Minister Theresa May offered "nothing new" in a presentation to EU leaders at a critical meeting on Wednesday, according to the head of the European Parliament.

4. Global market overview: US stock futures were pointing lower early on Thursday.

European markets were up, while equities in Asia ended the session mostly lower.

The Dow Jones industrial average closed 0.4% lower on Wednesday, while the S&P 500 and the Nasdaq finished flat.

US oil futures dropped 0.3% to $69.55 per barrel early on Thursday, after plunging 3% on Wednesday after a report from the Energy Information Administration showed an increase in US inventories of crude.

5. Companies and economics: Blackstone (BX) and Philip Morris International (PM) plan to release earnings before the open Thursday. American Express (AXP), E*TRADE (ETFC) and PayPal (PYPL) will follow after the close.

Shares in Air France KLM (AFLYY) shot up more than 6% on Thursday, after French media reported that management and unions are nearing a deal on pay. The airline has struggled with strikes in the past year and shares in the company have dropped by 37% since January.

6. Coming this week:
Thursday — American Express (AXP), Blackstone (BX), Bank of New York (BK), E*TRADE (ETFC) and PayPal (PYPL) earnings
Friday — Procter & Gamble (PG), VF Corp (VFC) and State Street (STT) earnings

Huntsville
Cloudy
57° wxIcon
Hi: 63° Lo: 55°
Feels Like: 57°
Florence
Cloudy
60° wxIcon
Hi: 61° Lo: 53°
Feels Like: 60°
Fayetteville
Cloudy
56° wxIcon
Hi: 60° Lo: 53°
Feels Like: 56°
Decatur
Cloudy
56° wxIcon
Hi: 63° Lo: 56°
Feels Like: 56°
Scottsboro
Cloudy
62° wxIcon
Hi: 66° Lo: 57°
Feels Like: 62°
WAAY Radar
WAAY WAAY-TV Cam
WAAY Temperatures

 

Alabama Coronavirus Cases

Cases: 530988

Reported Deaths: 10978
CountyCasesDeaths
Jefferson765291522
Mobile40971804
Madison34751503
Tuscaloosa25775452
Montgomery24329589
Shelby23431249
Baldwin21131308
Lee15884171
Calhoun14501314
Morgan14293279
Etowah13831353
Marshall12222223
Houston10567281
Elmore10061205
Limestone9960151
Cullman9664193
St. Clair9655243
Lauderdale9424241
DeKalb8830186
Talladega8223176
Walker7235277
Autauga6920108
Jackson6810112
Blount6660137
Colbert6298134
Coffee5511119
Dale4831111
Russell441138
Chilton4290112
Franklin425782
Covington4121118
Tallapoosa4027152
Escambia393376
Chambers3563123
Dallas3551151
Clarke351061
Marion3118101
Pike310877
Lawrence300298
Winston274472
Bibb260764
Geneva249977
Marengo249764
Pickens234461
Barbour230857
Hale222977
Butler215969
Fayette212362
Henry188744
Cherokee184845
Randolph180241
Monroe177440
Washington167339
Macon159150
Clay156256
Crenshaw152257
Cleburne148941
Lamar142535
Lowndes138853
Wilcox127130
Bullock123041
Conecuh110529
Perry107726
Coosa107228
Sumter104532
Greene92334
Choctaw60624
Out of AL00
Unassigned00

Tennessee Coronavirus Cases

Cases: 852841

Reported Deaths: 12255
CountyCasesDeaths
Shelby956561619
Davidson89355933
Knox50675635
Hamilton44280494
Rutherford43046434
Williamson28015217
Sumner24012349
Montgomery20255225
Wilson18804234
Out of TN1840797
Unassigned16998134
Sullivan16794294
Blount15490193
Bradley15032150
Washington14597245
Maury13499172
Sevier13391175
Putnam11396175
Madison11168242
Robertson9756131
Anderson8760172
Hamblen8610173
Greene7877155
Tipton7359103
Coffee6905121
Dickson6840110
Cumberland6734132
Carter6634158
Gibson6526146
McMinn650898
Bedford6506128
Roane6282105
Jefferson6211124
Loudon613069
Hawkins6077107
Lawrence593887
Monroe584095
Warren554881
Dyer5425106
Franklin515090
Fayette506877
Cheatham455355
Obion454196
Cocke450099
Lincoln435763
Rhea434875
Marshall419058
Campbell415463
Weakley412865
Giles3996100
Henderson378976
White364170
Macon361978
Carroll361683
Hardin357167
Hardeman352664
Lauderdale318944
Henry318576
Claiborne318273
Marion312347
Scott312345
Overton301161
Wayne296334
Hickman284046
McNairy282054
DeKalb279654
Smith277839
Haywood271162
Grainger262850
Morgan250139
Trousdale250122
Fentress241547
Johnson240739
Chester214351
Bledsoe214211
Polk207824
Unicoi203549
Crockett203248
Cannon192031
Union190734
Humphreys179927
Grundy179334
Lake170326
Sequatchie169829
Benton166540
Decatur158639
Lewis158126
Meigs139125
Stewart132528
Jackson132036
Clay110131
Houston109333
Perry106628
Moore101117
Van Buren84723
Pickett76024
Hancock58912

Community Events