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 3:16 PM
Updated: Nov 26, 2018 3:38 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

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 766351

Reported Deaths: 13965
CountyCasesDeaths
Marion1052671804
Lake568691028
Allen42858698
St. Joseph37286568
Hamilton37260426
Elkhart29729470
Tippecanoe23441230
Vanderburgh23153404
Porter19568327
Johnson18807391
Hendricks18059321
Madison13518345
Clark13502198
Vigo12817255
LaPorte12558224
Monroe12529178
Delaware11124198
Howard10654237
Kosciusko9751123
Hancock8734149
Bartholomew8256157
Warrick8053157
Floyd8005181
Grant7349181
Wayne7234201
Boone7173105
Morgan6904142
Marshall6329116
Dubois6270118
Cass6085111
Dearborn600078
Noble597890
Henry5944111
Jackson515677
Shelby509897
Lawrence4914127
Gibson461596
Montgomery457592
Clinton454555
DeKalb453685
Harrison452476
Whitley415345
Huntington414081
Steuben410260
Miami405073
Jasper400455
Knox388091
Putnam384662
Wabash368783
Adams352256
Ripley351071
Jefferson341586
White339354
Daviess3089100
Wells302781
Greene292985
Decatur291693
Fayette285864
Posey280935
Scott278758
LaGrange277172
Clay273148
Washington253537
Randolph247583
Jennings238649
Spencer237931
Fountain234850
Starke229959
Owen222259
Sullivan219543
Fulton207845
Jay202832
Carroll197122
Orange190956
Perry189739
Vermillion180044
Rush177327
Tipton172347
Franklin171935
Parke154816
Pike141434
Blackford137832
Pulaski123648
Newton123036
Benton109615
Brown105943
Crawford105516
Martin92515
Warren87715
Switzerland8328
Union73510
Ohio58311
Unassigned0428

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1122647

Reported Deaths: 20467
CountyCasesDeaths
Franklin1302911493
Cuyahoga1171502259
Hamilton823481259
Montgomery534491059
Summit488581014
Lucas43734832
Butler39936614
Stark33800937
Lorain25996509
Warren24896312
Mahoning22685612
Lake21457396
Clermont20368260
Delaware19120138
Licking16842227
Trumbull16786491
Fairfield16762207
Medina15832276
Greene15499254
Clark14339308
Portage13417218
Wood13338201
Allen12043245
Richland11726213
Miami10998228
Wayne9251227
Columbiana9196236
Muskingum9119137
Pickaway8738123
Tuscarawas8714254
Marion8703140
Erie8126166
Ashtabula7272179
Hancock7044134
Ross7012165
Geauga6948153
Scioto6679108
Belmont6210179
Lawrence5917104
Union590449
Jefferson5723162
Huron5630122
Sandusky5482130
Darke5436130
Seneca5376128
Washington5362111
Athens526560
Auglaize507087
Mercer490685
Shelby481297
Knox4609112
Madison447266
Ashland443198
Defiance438499
Fulton435775
Putnam4351104
Crawford4110111
Brown409662
Preble3946107
Logan391679
Clinton389266
Ottawa375581
Highland365068
Williams356478
Champaign348360
Guernsey330254
Jackson321254
Perry298350
Morrow294643
Fayette288250
Hardin279165
Henry276967
Coshocton272561
Holmes2725102
Van Wert251665
Adams249258
Gallia249250
Pike244637
Wyandot235257
Hocking222663
Carroll201249
Paulding179442
Meigs151040
Noble137739
Monroe137545
Harrison115238
Morgan111524
Vinton87217
Unassigned03
Fort Wayne
Clear
70° wxIcon
Hi: 88° Lo: 64°
Feels Like: 70°
Angola
Partly Cloudy
68° wxIcon
Hi: 85° Lo: 64°
Feels Like: 68°
Huntington
Partly Cloudy
69° wxIcon
Hi: 85° Lo: 62°
Feels Like: 69°
Decatur
Clear
70° wxIcon
Hi: 86° Lo: 63°
Feels Like: 70°
Van Wert
Clear
72° wxIcon
Hi: 88° Lo: 63°
Feels Like: 72°
It's a steamy Wednesday with scattered showers and thunderstorms arriving Wednesday night.
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