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Hong Kong airport authority cancels all flights: Morning Brief

Monday, August 12, 2019

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WHAT TO WATCH

After a turbulent week for stocks, the markets are facing another potentially volatile week as the trade war and key economic data take centerstage.

First and foremost, investors will be monitoring any additional escalations or developments regarding the U.S.-China trade war and currency war. In addition, market watchers will also be paying attention to key economic data being released this week that could provide some insight into the current state of the economy. CPI inflation data for July is scheduled to be released Tuesday, and July retail sales data will be released Thursday.

Meanwhile, earnings season has slowed down significantly with over 90% of the S&P 500’s market cap having already released results. This week chipmakers Nvidia (NVDA) and Applied Materials (AMAT), retail behemoth Walmart (WMT), department stores JCPenney (JCP) and Macy’s (M) will report quarterly results.

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TOP NEWS

Travelers crowd at the departure hall of the Hong Kong International Airport, Monday, Aug. 12, 2019. One of the world's busiest airports canceled all flights after thousands of Hong Kong pro-democracy protesters crowded into the main terminal Monday afternoon. (AP Photo/Vincent Thian)

Hong Kong airport authority cancels all flights: Hong Kong's Airport Authority has cancelled all flights not yet checked in by Monday afternoon, the agency said, as anti-government protesters peacefully demonstrated at the airport for a fourth day. [Reuters]

Also: Cathay Pacific shares tank as it bows to China to sack staff over Hong Kong protests [Yahoo Finance UK]

Saudis to buy Reliance oil refining stake for $15B: The world’s biggest crude producer will soon own a part of the world’s biggest oil refinery. Saudi Aramco will buy a 20% stake in the oil-to-chemicals business of India’s Reliance Industries Ltd., including the 1.24 million barrels-a-day Jamnagar refining complex on the country’s west coast, Reliance Chairman Mukesh Ambani said at the company’s annual general meeting in Mumbai. [Bloomberg]

Also: Saudi's huge secretive oil company unveils earnings amid IPO talk reignition [Yahoo Finance UK]

CBS and Viacom trying to hammer out deal: The boards of CBS Corp. (CBS) and Viacom Inc. (VIA) negotiated late into the night, trying to hash out a price for the long-awaited merger, according to people familiar with the matter. The companies were aiming to strike a deal late Sunday in time to announce a merger by Monday, although the timing could slip into Tuesday. [Bloomberg]

Jeffrey Epstein, awaiting sex charges, commits suicide in federal custody: Jeffrey Epstein, the 66-year-old financier awaiting trial on multiple sex trafficking charges, committed suicide in federal custody early Saturday morning, punctuating the stunning downfall of a wealthy investor with friends in high places. [Yahoo Finance]

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