1) President Trump has imposed tariffs on metal from Brazil and Argentina in response to currency manipulation which hurt American farmers. The tariffs is on steel and aluminum imports. Additionally, Trump has called on America’s central bank to take action to prevent other countries from devaluing their currencies. Brazil and Argentina had been exempt from tariffs imposed in March 2018.
2) The factory sector in the U.S. shrank again in November, the fourth straight month as new order volumes slid back to around their lowest level since 2012. The index of national factory activity fell to 48.1, a reading below the expectations of 49.2, a reading above 50 indicates expansion while below indicates contraction.
3) The auto makers Nissan Motor Co., Renault SA and Mitsubishi Motors Corp. have formed an alliance in the form of a new company to do research and development of advance automotive technologies. The new venture also aims to strengthen the alliance which has been worn thin since the arrest and ouster of former supremo Carlos Ghosn. The formal plans will be announced in January.
4) Stock market closings for – 2 DEC 19:
Dow 27,783.04 down 268.37
Nasdaq 8,567.99 down 97.48
S&P 500 3,113.87 down 27.11
10 Year Yield: up at 1.84%
Oil: unchanged at $55.42