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Morning Brief: Trump's battle with Canada over NAFTA faces hurdles

Tuesday, September 4, 2018

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What to watch today

In the week ahead, investors will be greeted by a full slate of economic data to kick off September though Monday’s Labor Day holiday will make it just a four-day trading week for U.S. investors. The highlight this coming week will be the August jobs report due out Friday morning, which is expected to show the U.S. economy created 190,000 new jobs with the unemployment falling to 3.8%, which would match a post-crisis low.

Tuesday comes with the Markit U.S. manufacturing PMI report (54.5 expected; 54.5 previously); the Institute for Supply Management PMI (57.6 expected; 58.1 previously); July construction spending (+0.5% expected; -1.1% previously); and August auto sales (16.7 million vehicle annual pace expected; 16.68 million previously).

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Top news

REUTERS/Kevin Lamarque/File Photo

Trump’s fight with Canada over NAFTA faces new hurdles: President Donald Trump’s effort to force Canada into signing on to a new NAFTA on his terms is facing new hurdles thanks to growing opposition at home to his threat to proceed without the U.S.’s northern neighbor. The president has threatened to leave Canada out of a new trade deal already negotiated with Mexico, but without congressional support he lacks leverage to force Ottawa to make concessions in talks that are due to resume Wednesday. [Bloomberg]

Pfizer estimates Brexit costs at $100 million: The U.K.’s looming rupture with the EU threatens to slow goods at borders that are now wide open and force companies to duplicate regulatory efforts. Pfizer (PFE), the U.S.-based drug behemoth, said in an email that its costs stem from transferring product testing and licenses to other countries, changing clinical trial management procedures, and other preventive measures. [Bloomberg]

Ad giant WPP names CEO for post-Sorrell eraWPP (WPP) named company veteran Mark Read as its new CEO on Monday to steer the world’s biggest advertising company through a period of unprecedented change and following the acrimonious exit of its founder Martin Sorrell. [Reuters]

Nike features NFL’s Kaepernick in ‘Just Do It’ campaignNike Inc. (NKE) has chosen Colin Kaepernick, the first NFL player to kneel during the national anthem as a protest against racism, as one of the faces for advertisements commemorating the 30th anniversary of its “Just Do It” slogan, a move that could draw President Donald Trump’s ire. [Reuters]

Senate hearings to get underway on Trump Supreme Court pickWith Republicans hoping to move the Supreme Court to the right for years to come, a Senate committee is beginning hearings for President Donald Trump’s second nominee, Judge Brett Kavanaugh, to the court. [AP]

For more of the latest news, go to Yahoo Finance

A man wears a costume during the West Indian-American Carnival Day Parade in the Brooklyn borough of New York, U.S., September 3, 2018. REUTERS/Gabriela Bhaskar

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.