Harvey hits; New Uber CEO; Brexit talks
Posted August 28
1. Harvey hits: U.S. gasoline futures spiked 7% Sunday night after the storm ravaging the Gulf Coast forced the shutdown of at least 10 refineries near Houston and Corpus Christi.
Gasoline futures, which reflect wholesale prices charged to gas stations, are now at their highest level since July 2015. Analysts said it often takes about a week for such price swings to trickle down to drivers filling up at the pump.
The tropical storm hit southeastern Texas over the weekend. Rain and "catastrophic flooding" are expected to continue for days and mandatory evacuations have been issued for some low-lying areas.
2. Uber's new CEO: Expedia's Dara Khosrowshahi is set to become the next CEO of Uber, according to two sources close to the company.
The embattled ride-hailing startup has been without a CEO since founder and former CEO Travis Kalanick resigned in June after an investigation into the company's culture. He remains on Uber's board.
Khosrowshahi took the helm of Expedia when it spun out of InterActiveCorp's IAC Travel division in 2005. He previously served as IAC Travel's CEO, as well as IAC's chief financial officer.
3. Brexit talks resume: The third round of divorce talks between Britain and the European Union start in Brussels on Monday.
The clock is ticking, but the two sides haven't agreed key issues including the rights of EU citizens living in the U.K., the future of the border in Ireland and Britain's financial obligations to the bloc.
The opposition Labour Party has dialed up the pressure on Prime Minister Theresa May, making clear over the weekend that it wants the U.K. to remain in Europe's single market and customs union during a lengthy transition period after Brexit.
4. Global market overview: U.S. stock futures were pointing lower on Monday.
European markets opened in negative territory. Markets in the U.K. were closed for a holiday.
Asian markets ended the session mixed.
The Dow Jones industrial average closed 0.1% higher on Friday, while the S&P 500 added 0.2%. The Nasdaq shed 0.1%.
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5. Companies and economics: Shares in a listed arm of Dalian Wanda, the Chinese real estate and entertainment giant, closed 8.1% lower in Hong Kong on Monday. The company was forced to deny reports that its billionaire chairman, Wang Jianlin, was prevented from leaving China.
Central bankers gathered in Jackson Hole, Wyoming, last week steered away from major policy announcements. Fed chair Janet Yellen and European Central Bank boss Mario Draghi instead focused their remarks on regulation and free trade.
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6. Coming this week:
Monday -- Brexit talks resume; U.S. trade dataTuesday -- Best Buy earnings; U.S. consumer confidence report; French GDP data; Infosys investors callWednesday -- Second quarter U.S. GDP report (second estimate); Barnes & Noble earnings; U.S. crude inventories reportThursday -- Campbell Soup, lululemon athletica earnings; Personal income & spending report; Chinese manufacturing PMI; Eurozone unemployment and inflation reports; Canada GDP data; BRICS summit in China begins; India GDPFriday -- U.S. jobs report; NAFTA talks; The University of Michigan sentiment report