China says it had not heard about a telephone call to the US on trade: Morning Brief

Tuesday, August 27, 2019

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WHAT TO WATCH

Data measuring consumers’ assessments of economic conditions will take center stage Tuesday, at the end of a bruising month for markets as the U.S.-China trade war escalated further.

Economists broadly expect that the Conference Board’s consumer confidence index for August retreated from July’s 8-month high, “reflecting the effect a volatile stock market has on consumer sentiment,” Morgan Stanley analyst Ellen Zentner wrote in a note Friday.

The Conference Board’s index will likely show a reading of 129.0 for August, down from July’s reading of 135.7, according to consensus economists polled by Bloomberg.

Also, the S&P CoreLogic Case-Shiller home price index. The 20-city composite index – measuring home price gains across 20 major metropolitan areas – is expected to have risen just 2.30% in June, down from the 2.39% gain logged in May. Nationally, home prices are expected to have risen 3.3% year-over-year in July, down from a 3.43% annual gain in June.

Companies reporting quarterly earnings results Tuesday include the J.M. Smucker Company (SJM) before market open, along with the Hewlett Packard Enterprise Company (HPE) and Autodesk (ADSK) after market close.

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TOP NEWS

U.S. Trade Representative Robert Lighthizer, left, points at markers on the floor as he leads Chinese Vice Premier Liu, center, and Treasury Secretary Steven Mnuchin, right, to their position for a family photo at the Xijiao Conference Center in Shanghai on Wednesday, July 31, 2019. (AP Photo/Ng Han Guan, Pool)

China hopes U.S. can create conditions for trade talks: China's foreign ministry reiterated on Tuesday that it had not heard of any recent telephone call between the United States and China on trade, and said it hopes Washington can stop its wrong actions and create conditions for talks. [Reuters]

Britain finally going to make decision on Huawei 5G: The British government will make a decision on whether to allow Huawei equipment to be used in its 5G networks by December this year, according to UK digital minister Nicky Morgan. [Yahoo Finance UK]

Judge orders Johnson & Johnson to pay $572 million in opioid case: An Oklahoma judge on Monday found Johnson & Johnson (JNJ) and its subsidiaries helped fuel the state's opioid drug crisis and ordered the consumer products giant to pay $572 million to help abate the problem in the coming years. [AP]

Costco cuts short China debut after shoppers swamp store: Retailer Costco (COST) was forced to cut short the opening day of its inaugural mainland China outlet over safety worries Tuesday after huge crowds of bargain-hunters swamped the store in suburban Shanghai. [AFP]

Papa John's reportedly set to appoint Arby's president as CEO: Papa John's International Inc [PZZA] is set to name Rob Lynch as the pizza chain's new chief executive officer, Bloomberg reported late on Monday, barely 19 months after Steve Ritchie took over as top executive following a bitter board dispute. [Reuters]

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Editor’s Note: In observance of Labor Day, there will be no Morning Brief on Monday, September 2. When Morning Brief returns on Tuesday, September 3, it will look a little different. We hope you enjoy the change.

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