Good morning! Here’s what you need to know in markets on Friday.
1. Stocks in Asia soared, with the Shanghai Composite Index rallying 2.7%, after US President Donald Trump asked key officials to begin drafting potential terms of a trade agreement with China. Trump is interested in reaching an agreement on trade with Chinese President Xi Jinping at the Group of 20 nations summit in Argentina.
2. It’s nonfarm payroll day. US job growth likely rebounded in October, with wages expected to gain the most in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December. Economists predict that the unemployment rate is expected to stay at a 49-year low of 3.7%, while payrolls probably increased by 190,000 jobs.
3. Apple said it will stop breaking out the number of iPhones, iPads, and Macs it sells in each quarter. The news comes after Apple failed to hit Wall Street’s expectations for iPhone sales in the most recent quarter, which sent the stock plummeting more than 6% in after-hours trading.
4. US President Donald Trump reportedly asked Heather Nauert, the State Department spokeswoman, to replace Nikki Haley as the US ambassador to the UN. Nauert has also been rumored to top the president’s list of potential replacements for the White House press secretary, Sarah Huckabee Sanders.
5. Brexit campaign funder Arron Banks was referred to the National Crime Agency for suspected offences in the run-up to the 2016 EU referendum. Banks is accused of concealing the true source of £8 million ($10.4 million) donated to the referendum campaign.
6. JPMorgan has no interest in buying Deutsche Bank. “It would not make any sense,” CEO Jamie Dimon told the German daily Handelsblatt. “If you only buy a company just to consolidate it, it is almost impossible to do without killing the patient.”
7. BMW is expanding its car-sharing service DriveNow into five more London boroughs as the carmaker overcomes some of the barriers to operating across the city. BMW’s car club has over 1 million users and 6,000 vehicles in several German cities, Vienna, London, Copenhagen, Brussels, Milan, Helsinki and Lisbon.
8. Chinese President Xi Jinping has promised to cut taxes and for China’s entrepreneurs. Chinese tech stocks traded in the US also surged Thursday after President Trump said he had a good trade talk with Xi.
10. Investors worth more than $700 billion are ramping up calls for a Tesla board shakeup. Five of Tesla’s eight directors reportedly have close ties to CEO Elon Musk despite meeting the legal requirements for independence.