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.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -52.00 | | -24.00 | | -7.00 | | -0.20% | | -0.33% | | -0.25% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -182.96 | | -75.20 | | +10.37 | | 22,658.16 | | 2,486.42 | | 7,064.97 | | -0.80% | | -2.94% | | +0.15% | | | |
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| | | Biggest Winners | | Praxair Inc | +4.49% | | | | Textron Inc | +3.23% | | | | Cisco Systems Inc | +0.61% | | | | Alphabet Inc | +0.33% | | | Biggest Losers | | Gap Inc | -2.88% | | | | Freeport-McMoRan Inc | -1.45% | | | | Starbucks Corp | -0.90% | | | | Colgate-Palmolive Co | -0.87% | | | | | | | |
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| News: What you need to know about the markets | | | | | | | China's currency falls; Novartis deal; Oil prices slip | | By Ivana Kottasová, CNN Business | | | | 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. | | | | 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. | | | | | | | |
| | | | | | 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 | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $69.04 | -0.71 / -1.02% | | | Gold | $1,225.80 | -1.60 / -0.13% | | | 10-yr | 3.18% | +0.02 / +0.73% | | | Euro | $1.15 | +0.00 / +0.17% | | | |
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