The Economy
EU Expresses Concern Over Planned Tax Overhaul in the U.S.
The European Commission has sent a letter to U.S. Treasury Secretary Steven Mnuchin stating that a tax overhaul in the U.S. could hamper trade across the Atlantic. In addition, European banks have also expressed their concerns over the tax reform, saying that it could “distort financial markets in a major way.”
World Bank to Stop Financing Upstream Oil & Gas Projects After 2019
On Tuesday, the World Bank announced that it will no longer finance upstream oil and gas projects after 2019, save for some exceptions under special circumstances. This decision comes after French President Emmanuel Macron’s statement at a summit earlier today urging world leaders to step up in their fight against climate change.
The Markets
Oil Reaches $65 for First Time Since 2015
On Tuesday, Brent crude oil prices spiked over $65 a barrel for the first time since June 2015 following the shutdown of the Forties pipeline — United Kingdom’s biggest North Sea oil pipeline — because of a crack.
Unibail-Rodamco to Buy Westfield, Create $72 billion Shopping Group
In what would be the biggest property acquisition since 2013, French property giant Unibail-Rodamco announced today that it will buy U.S. and U.K. mall operator Westfield Corp. for approximately $16 billion or $7.55 per share — an 18% premium to Monday’s closing price. This merger would create a global leader in the retail property sector valued at $72 billion.
PepsiCo Makes Biggest Public Pre-Order for Tesla Semi Trucks
PepsiCo Inc. (NYSE:PEP) has reserved 100 of Tesla Inc. (NASDAQ:TSLA)’s new electric Semi-trucks in an attempt to reduce fuel costs and emissions. This is the largest known order for the Tesla Semi, which is expected to be in production by 2019.
Top Active Stocks
Boeing Co. (NYSE:BA) climbed to an all-time high of $290.80 on Tuesday as the company announced it would raise its quarterly dividend by 20% and replace its share buyback program.
Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM) and Bank of America (NYSE:BAC) went up by 3%, 1.2%, and 1.3% respectively on Tuesday as investors are feeling more bullish on financial stocks with the expectation that the Fed will raise interests shortly.
Proteostasis Therapeutics (NYSE:PTI) soared by over 160% on Tuesday following positive study results received from all three of the company’s cystic fibrosis pipeline programs.
Oasis Petroleum Inc. (NYSE:OAS) plummeted by 17.2% as the company announced it would buy 20,300 acres in the Delaware Basin at a premium price of $946 million. This deal could present a big risk to the company as the basin is an entirely different region from its main operation in the Bakken Shale.
Twenty-First Century Fox (NASDAQ:FOXA) climbed 1% as a deal to sell its entertainment business to Walt Disney Co. (NYSE:DIS) nears completion. On Monday, Comcast Corp. (NASDAQ:CMCSA) dropped its bid for Fox’s assets, leaving Disney in pole position to complete a deal.
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