Global shares mixed…OPEC meeting virtually
TOKYO (AP) – Global shares are mixed on renewed caution despite a record high finish on Wall Street last week driven by hopes for a COVID-19 vaccine and relief for the global economy. European shares are down today, while benchmarks finished lower in Japan, South Korea, Australia and China. U.S. shares are set to decline as Dow futures drop 0.5% and S&P 500 futures fall 0.4%.
WASHINTON (AP) – President-elect Joe Biden is expected in the coming days to name several of his most senior economic advisers. The group includes liberal economists and policy specialists who established their credentials during the previous two Democratic administrations. Biden is placing a premium on diversity in his selection of Cabinet nominees and key advisers. Two expected to be named are former Fed chair Janet Yellen as treasury secretary and Neera Tanden to head the Office of Management and Budget. Yellen would be the first female treasury secretary. Tanden would be the first woman of color and the first South Asian woman to lead the agency that oversees the federal budget.
WASHINGTON (AP) – Congress is returning to Washington for one last attempt at deal-making this year. The only absolute must-do is preventing a government shutdown on Dec. 11. But lawmakers are also debating whether to deliver another round of coronavirus relief before President Donald Trump leaves office. A virus bill would provide funding for vaccines and testing, for reopening schools and for helping small businesses. But the parties remain divided on the details and the cost. Failure to pass a measure would push virus aid to the top of President-elect Joe Biden’s legislative agenda.
LONDON (AP) – Wireless carriers in the U.K. won’t be allowed to install Huawei equipment in their high-speed 5G networks after September next year. The British government made the announcement today as it hardened its line against the Chinese technology company. The deadline is part of a roadmap the British government is laying down to remove “high risk” equipment suppliers in draft legislation aimed at tightening telecommunications security requirements. Huawei declined to comment. It has previously denied the U.S. allegations and said Britain’s ban was politically motivated.
NEW YORK (AP) – Leaders of the OPEC cartel are meeting virtually to decide how much oil their countries should produce as the coronavirus stifles demand for fuel. They’re expected to extend production cuts into the new year in an effort to boost prices. It’s tricky to predict how much oil the world will need with coronavirus cases surging around the world. The industry has seen some hopeful signs, with several drug companies reporting promising results from coronavirus vaccine trials. But some experts warn that oil demand may never fully recover.