SoftBank's mega IPO; Oil surges; Brexit hits the pound

1. SoftBank's IPO plans: SoftBank is gearing up for one of the world's biggest IPOs ever. T...

Posted: Nov 12, 2018 12:58 PM
Updated: Nov 12, 2018 12:58 PM

1. SoftBank's IPO plans: SoftBank is gearing up for one of the world's biggest IPOs ever. The Japanese company said Monday it plans to sell 2.4 trillion yen ($21 billion) worth of stock in its mobile telecoms unit.

SoftBank (SFTBY) will also have the option of selling another 240 billion yen ($2.1 billion) of shares if investor demand is strong. That would make the IPO bigger than $23 billion.

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SoftBank Group Corp

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Initial public offering

It would be the world's biggest listing since Alibaba (BABA) went public in New York in 2014. The listing is set to take place on the Tokyo Stock Exchange on December 19.

The IPO is a key part of CEO Masa Son's efforts to reposition SoftBank as a global tech investor.

2. Oil surges: Oil prices jumped early on Monday after Saudi Arabia said it would cut production next month.

Speaking at a conference in Abu Dhabi, Saudi energy minister Khalid Al Falih said the kingdom's oil output would fall by 500,000 barrels per day in December.

Members of the Organization of Petroleum Exporting Countries and its allies could reduce supply further next year.

"The consensus among all members is that we need to do whatever it takes to balance the market," Al Falih said. "If that means trimming supply by a million [barrels per day], we will do it."

Brent crude, the international benchmark, jumped as much as 2.4% to $71.80 per barrel. US crude futures were 1.6% higher, trading just above $61 per barrel.

Global oil prices tumbled into a bear market last week, down more than 20% from their peak. Fears of a global economic slowdown and a decision by the United States to allow some countries to keep buying Iranian crude oil following the reintroduction of sanctions have hit market sentiment.

3. Brexit troubles: The pound dropped as much as 1.2% against the dollar on Monday as Prime Minister Theresa May found herself under growing pressure over her plan for Brexit.

Boris Johnson, the former UK Foreign Secretary, said cabinet members ought to mutiny over the plan. Writing in the Daily Telegraph, he said May's plan would turn the United Kingdom into "a vassal state."

The warning came just two days after Boris' brother Jo Johnson, an opponent of Brexit, resigned from the UK government over Brexit. He said the 2016 referendum campaign was based on a "fantasy set of promises" that could not be delivered.

Britain is set to leave the European Union in March next year. A divorce agreement between the two sides has not yet been finalized, stoking fear among investors and businesses of a chaotic no-deal Brexit.

4. Global market overview: US stock futures were mixed early on Monday.

European markets opened mostly lower, except for London's FTSE 100, which got a boost from the weaker pound. The index contains many international conglomerates that benefit when the pound drops.

Stocks in Asia were mixed. Equities in China and Hong Kong were higher, while Korea and India recorded losses.

The Dow Jones industrial average closed 0.8% lower on Friday, but still ended the week 2.8% higher, its best week since March.

The S&P 500 was 1% lower on Friday, while the Nasdaq dropped 1.7%.

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5. Companies and economics: Eventbrite (EB) is set to report its latest result after the closing bell on Monday. The company is weathering a rough market for tech companies.

Alibaba (BABA) was trading lower premarket despite smashing the record for its online retail blitz known as Singles Day. China's biggest e-commerce company said sales topped $30 billion over a 24-hour period Sunday, soaring past last year's record of about $24 billion.

Diageo (DEO) said Monday it is selling a portfolio of 19 spirit brands to Sazerac for $550 million in order to focus on premium US brands. The stock was little changed after the announcement.

Shares in British American Tobacco (BTI) dropped 8.3% in London on Monday on reports that menthol cigarettes might be banned in the United States.

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6. Coming this week:

Monday — Eventbrite (EB) earnings; Markets open for Veterans Day
Tuesday — Aramark (ARMK), L Brands (LB), Childrens Place (PLCE), Home Depot (HD) and Tyson Foods (TSN) earnings
Wednesday — Blue Apron (APRN), Progressive (PGR), Cisco Systems (CSCO), Gap (GPS), and Macy's (M) earnings; Inflation numbers for October
Thursday — Nvidia (NVDA), Nordstrom (JWN), Walmart (WMT), and Manchester United (MANU) earnings; October retail sales
Friday — Williams-Sonoma (WSM) earnings

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 912370

Reported Deaths: 9506
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Hennepin1780492023
Ramsey736781043
Dakota67355574
Anoka63852570
Washington40349356
Stearns33475276
St. Louis29443403
Scott25842181
Wright25830216
Olmsted22258128
Sherburne18919126
Carver1661066
Clay12033104
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Chisago992378
Kandiyohi9800106
Otter Tail9758127
Benton9018125
Beltrami816094
Goodhue805597
Douglas7849100
Itasca769597
Mower731249
McLeod710983
Winona708657
Isanti697883
Steele682731
Morrison671579
Becker627174
Polk599484
Freeborn559646
Carlton543474
Mille Lacs529474
Lyon527261
Nobles524754
Nicollet521160
Pine512642
Cass500553
Todd490743
Brown469757
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Meeker431457
Martin385843
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Sibley251017
Kanabec248136
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Pope206710
Watonwan197420
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Rock177428
Koochiching176023
Swift172622
Stevens167011
Jackson160816
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Murray151811
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Cook3070

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Cases: 523052

Reported Deaths: 7289
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Polk80319799
Linn32142424
Scott26637292
Black Hawk21974378
Woodbury20490258
Johnson19778105
Dubuque18515241
Pottawattamie15890213
Dallas15320113
Story1380258
Warren8450104
Cerro Gordo7964123
Clinton7725114
Webster7326122
Des Moines7098105
Marshall669093
Unassigned66470
Muscatine6645117
Wapello6441144
Jasper619591
Sioux610177
Lee5908105
Marion557897
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Henry418655
Benton404859
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Washington391463
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Carroll367755
Mahaska365365
Crawford353747
Dickinson314655
Jackson307747
Buchanan305741
Clay295536
Delaware294654
Kossuth289077
Fayette286353
Hardin284353
Tama279777
Page272533
Wright266149
Cedar265527
Hamilton259857
Winneshiek258143
Floyd255449
Clayton244459
Poweshiek237243
Madison234525
Harrison234379
Cass233466
Butler232744
Iowa229634
Jefferson223043
Mills220930
Winnebago215938
Hancock214639
Cherokee211347
Lyon206142
Appanoose205357
Allamakee203955
Calhoun196919
Shelby196442
Union191141
Humboldt185130
Grundy183637
Franklin183029
Mitchell182043
Chickasaw178922
Emmet178246
Louisa176953
Sac171026
Guthrie168137
Montgomery161745
Clarke160829
Keokuk150839
Palo Alto150532
Howard146824
Monroe142739
Ida130141
Greene127517
Davis124625
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