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E.U. Leaders back Brexit deal

Kate Andrews, Columnist, City AM and Ryan Heath, Politico Europe give us the view from London and Brussels and discuss what's next for Brexit.

Posted: Nov 26, 2018 2:18 PM
Updated: Nov 26, 2018 2:38 PM

1. Even more shopping: The deals didn't stop on Black Friday. The action has now moved online, where retailers are offering deep discounts.

Cyber Monday is expected to be the largest online shopping day in history, generating a whopping $7.8 billion in sales, an increase of more than 17% from the previous year, according to Adobe Analytics.

Deloitte says shoppers will on average spend $170 more each on Cyber Monday compared to any day of the prior Black Friday weekend.

The sales are especially important for struggling retailers. But with nearly every company spending big on incentives like free shipping, retailers have to be careful not to let discounting harm their bottom line.

The situation is especially dire at Sears (SHLD). The iconic retailer plans to emerge from bankruptcy much smaller and profitable. But by next year, there's a very good chance the company will have vanished.

2. GM overhaul: A Canadian union says it has been notified by General Motors that the carmaker "will make a major announcement tomorrow that will impact its global operations."

Unifor said in a statement on Sunday that GM (GM) plans to shutter its plant in Oshawa, Ontario, as part of the overhaul.

The factory has been in operation since 1953. It currently produces the Cadillac XTS and Chevrolet Impala, as well as pickup trucks for Chevrolet and GMC.

GM offered buyouts to more than a third of its white collar staff in the United States in late October, a move designed to help its transition to self-driving vehicles and other new technologies.

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3. Pound unmoved: The Brexit deal negotiated by Prime Minister Theresa May was approved by EU leaders on Sunday. But the pound is little changed at $1.28. That's because the tallest hurdle is yet to come.

May must still push her deal through a divided UK parliament. If she fails, potential alternatives include crashing out of the European Union without a deal, a second referendum or a general election in Britain.

Neil Shearing, group chief economist at Capital Economics, said that it's unlikely that the deal approved this weekend in Brussels will be signed off by parliament.

"The fact that, with just four months to go until the United Kingdom is due to leave the European Union, there are at least five different ways in which Brexit could unfold, tells its own sorry story," he said.

4. Ghosn ousted: Mitsubishi Motors has followed Nissan in removing Carlos Ghosn as its chairman.

The Japanese carmaker's board of directors voted on Monday to oust the auto industry legend, who was arrested in Tokyo last week on suspicion of financial misconduct while serving as chairman of Nissan.

In a statement to the Tokyo stock exchange, Mitsubishi said that its board had appointed CEO Osamu Masuko as interim chairman.

The decision is the latest blow to an alliance Ghosn built between Mitsubishi (MMTOF), Nissan (NSANY) and France's Renault (RNSDF).

Ghosn retains his positions as CEO and chairman of Renault, but the French carmaker has asked other people to perform those roles on an interim basis.

5. Stocks rebound: Markets in Asia and Europe posted gains on Monday. Benchmark indexes in Hong Kong, London, Paris and Frankfurt each rose by more than 1% as US crude oil prices stabilized near $51.50.

US stock futures were also sharply higher, suggesting that markets will rebound from a thrashing last week that saw all three major US indexes tumble about 4%.

The price of bitcoin continues to swing wildly. At one point on Monday, the digital currency was trading below $3,500.

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6. Coming this week:
Monday — Cyber Monday
Tuesday — Cracker Barrel (CRBL) and Salesforce (CRM) earnings
Wednesday — J M Smucker (SJM), Box (BOX) and Tiffany (TIF) earnings; US GDP second estimate
Thursday — Dollar Tree (DLTR), Abercrombie & Fitch (ANF) and HP (HPQ) earnings; Fed notes released
Friday — G20 begins in Argentina

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 142311

Reported Deaths: 2472
CountyConfirmedDeaths
Hennepin35484995
Ramsey14726372
Dakota10271139
Anoka9344155
Washington636273
Stearns625550
Scott360436
Olmsted340230
St. Louis325874
Wright273116
Clay252944
Nobles234318
Blue Earth21147
Carver18887
Sherburne183122
Kandiyohi18215
Rice170210
Mower154518
Winona133619
Chisago11562
Crow Wing114322
Benton103311
Lyon10306
Beltrami9618
Otter Tail9508
Waseca94510
Todd8967
Polk8364
Morrison8259
Steele8013
Itasca78817
Douglas7744
Nicollet77118
Freeborn7185
Le Sueur6646
Goodhue65111
Martin62618
Becker6214
McLeod6214
Isanti5995
Watonwan5824
Pine5770
Carlton5092
Chippewa4733
Mille Lacs44918
Hubbard4344
Cass4225
Wabasha4141
Dodge4130
Pipestone36617
Meeker3593
Rock3595
Brown3483
Roseau3300
Redwood29912
Yellow Medicine2986
Murray2973
Cottonwood2950
Fillmore2770
Renville27213
Sibley2663
Wadena2643
Faribault2520
Houston2381
Unassigned23853
Kanabec23710
Swift2252
Jackson2211
Pennington2181
Aitkin1982
Stevens1941
Lincoln1930
Koochiching1755
Pope1680
Big Stone1591
Marshall1511
Lac qui Parle1453
Wilkin1454
Clearwater1381
Norman1340
Lake1330
Mahnomen1292
Grant1054
Red Lake822
Traverse590
Kittson530
Lake of the Woods441
Cook190

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 122218

Reported Deaths: 1691
CountyConfirmedDeaths
Polk19732289
Woodbury743799
Linn6038133
Johnson602431
Black Hawk5974102
Dubuque550658
Scott487343
Story411118
Dallas357347
Pottawattamie337845
Sioux254417
Buena Vista230212
Marshall212236
Webster196015
Plymouth172831
Wapello158962
Clinton156228
Muscatine153958
Des Moines151611
Cerro Gordo150227
Crawford138714
Warren13137
Carroll120413
Jasper119734
Henry11245
Marion106811
Lee101312
Tama100538
Delaware82713
Dickinson7939
Wright7591
Boone7509
Mahaska73824
Bremer7199
Harrison69716
Washington69311
Jackson6853
Benton6482
Lyon5688
Clay5574
Louisa54415
Winnebago52119
Cedar5087
Winneshiek5079
Hardin5017
Jones5004
Kossuth4970
Clayton4923
Buchanan4875
Hamilton4825
Poweshiek47611
Floyd46211
Emmet45321
Iowa4429
Cass4233
Mills4233
Guthrie42015
Page4200
Cherokee4122
Sac4114
Butler4083
Fayette4064
Shelby4022
Allamakee3999
Franklin39518
Madison3743
Chickasaw3731
Hancock3676
Humboldt3593
Clarke3573
Grundy3406
Palo Alto3292
Calhoun3264
Osceola3020
Mitchell2961
Howard2879
Monroe27212
Union2645
Taylor2602
Jefferson2591
Appanoose2503
Monona2492
Pocahontas2442
Fremont2152
Lucas2136
Ida2122
Adair1971
Greene1930
Montgomery1907
Davis1884
Van Buren1882
Keokuk1731
Decatur1620
Audubon1601
Worth1470
Wayne1373
Ringgold992
Adams841
Unassigned60
Rochester
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Mason City
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Feels Like: 29°
Albert Lea
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