The Chinese yuan is falling; Novartis Agreement; Deadlock on Brexit


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The US decision comes despite the recent depreciation of the yuan and the intensification of the trade war between the two largest economies in the world.

President Donald Trump has promised to designate a Chinese currency manipulator during the 2016 campaign.

In the last six months, the yuan has fallen more than 9% against the dollar. And there are signs that the currency could still fall to 7 yuan for a dollar – a level not seen since the 2008 financial crisis.

2. Novartis Cancer Agreement: Novartis (NVS) is buying $ 2.1 billion worth of US Endocyte anticancer drug (ECYT), the Swiss pharmaceutical giant said on Thursday.

Endocyte develops targeted radiotherapy targeted at prostate cancer. Novartis shares rose 1.5% after the announcement.

Novartis announced last month the removal of approximately 2,000 jobs over the next four years, thus saving about $ 1 billion.

3. Deadlock on Brexit: Europe is stepping up preparations for a Brexit after another meeting between the European Union and the United Kingdom has ended in deadlock.

European leaders on Wednesday abandoned the planning of a special summit in November to conclude an agreement on Brexit due to lack of progress in the negotiations.

British Prime Minister Theresa May has presented "nothing new" in a presentation to European leaders at a critical meeting on Wednesday, announced the President of the European Parliament.

4. World Market Overview: US equity futures fell early Thursday.
European markets advanced while Asian equities closed lower.
The Dow Jones Industrial Average closed down 0.4% on Wednesday, while the S & P 500 and Nasdaq ended lower.

US oil futures dropped 0.3 percent to 69.55 dollars a barrel on Thursday morning, after plunging 3 percent Wednesday after a report by the Energy Information Administration showed an increase in stocks. crude in the United States.

5. Business and Economy: Blackstone (BX) and Philip Morris International (PM) plan to release their results before the market opens on Thursday. American Express (AXP), E * TRADE (ETFC) and PayPal (PYPL) cards will follow after the close.
Air France KLM shares (AFLYY) climbed more than 6% on Thursday, after the French media reported that management and unions were approaching a wage deal. The airline fought strikes last year and its shares have fallen 37% since January.
6. Coming this week:
Thursday – Benefits of American Express (AXP), Blackstone (BX), Bank of New York (BK), E * TRADE (ETFC) and PayPal (PYPL)
Friday – Profit from Procter & Gamble (PG), VF Corp (VFC) and State Street (STT)
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