Samsung trial; Brexit hits consumers; Marriott earnings

Posted August 7

1. Samsung boss faces jail time: Prosecutors in South Korea's "trial of the century" have demanded a 12-year jail term for the country's highest profile business leader, Lee Jae-yong.

Lee, the de-facto leader of Samsung, is facing charges of bribery and perjury. He is accused of playing a key role in the corruption scandal that led to the ouster of former President Park Geun-hye.

Samsung shares trading in Seoul were down 0.3% on Monday.

2. Consumers hit by Brexit: U.K. consumer spending fell for a third consecutive month in July, according to a new report by Markit for Visa.

Spending on transportation, communication, footwear and clothing took the biggest hit.

British consumers are feeling the squeeze of higher prices and uncertainty over the country's exit from the European Union.

Britain's impending departure the EU caused a steep drop in the value of the pound, leading to higher import prices and rising inflation.

The pound was trading at $1.30 early Monday morning, 13% lower than the day of the Brexit referendum in June 2016.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

3. Global market overview: U.S. stock futures were higher on Monday, pointing to another day of gains on Wall Street.

CNNMoney's Fear & Greed Index is firmly in greed territory.

The Dow Jones industrial average closed up 0.3% on Friday, while the S&P 500 and the Nasdaq both gained 0.2%.

European markets were mixed early on Monday, while Asian markets ended the session mostly higher.

4. Earnings and economics: Marriott is set to release earnings after the close on Monday. The stock is up 27% so far this year.

CBS is also scheduled to report after the closing bell.

German industrial production fell 1.1% in June compared to the previous month, reversing almost all of the gains made in May. Still, the German economy is expected to grow strongly this year.

Download CNN MoneyStream for up-to-the-minute market data and news

5. Coming this week:

Monday -- Marriott and CBS earnings Tuesday -- Disney, CVS, Michael Kors, Ralph Lauren report earnings; Chinese and German foreign trade dataWednesday -- American crude inventories data; U.S. productivity report; Mylan, 21st Century Fox earnings; Chinese inflation reportThursday -- Snap, Blue Apron, NVIDIA, Macy's, Nordstrom, News Corp, and Kohl's report earningsFriday -- U.S. inflation report; J. C. Penney earnings


Please with your account to comment on this story. You also will need a Facebook account to comment.

Oldest First
View all