There is pretty much zilch on the economic or earnings front- which typically means we get bumped around in markets by sentiment – and possibly politics.
So over the weekend US president Donald Trump picked his Supreme Court nominee – the favourite – conservative leaning – Amy Coney Barrett . From a politics standpoint it all seems to be about Obamacare – or officially the Affordable Care Act. – the ACA was signed into law under Barrack Obama – and Trump has been trying to undo it since entering the white house.
From a markets perspective – the importance as I said in Friday’s day ahead is all about how it affects the chances of another stimulus deal. On that front – Democrats offered an olive branch of sort –a $2.2 trillion deal as a compromise with Republicans how had been looking at a more targeted 500 billion-$1 trillion package.
Separately in corporate news – Apple and Nikola probably have the spotlight. The European Commission is appealing the court case it lost against the iPhone-maker and Ireland and its so-called sweetheart tax deal there. That means Apple could still be on the hook for around $16 billion.
Electronic and hydrogen –truck maker Nikola – which lost 50% of its value last week – apparently bought the design for its truck from a third party. Looking in from the outside – this could be one of the worst corporate deals ever made by GM – I wonder if it even means some of the top brass from GM have to step aside – perhaps event CEO Mary Barra - for such poor judgement.
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