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5 Things to know this morning - 11/10

Here are the top 5 things to know today

1. Samsung to permanently end production of Galaxy Note 7

Samsung Electronics said Tuesday that it would permanently discontinue production and sales of its problematic Galaxy Note 7 smartphone, pulling the plug on the ill-fated premium model.

Samsung said in a filing with South Korean regulators that it would permanently cease sales of the device, a day after it announced a temporary halt to production of the smartphones.

The move comes on a day when Samsung shares tumbled 8% in Seoul, its biggest one-day decline in eight years, amid increasing pressure after a new string of reported smartphone fires in the U.S.

 

2. Dollar jumps to 11-week high on bets of December Fed rate hike

The dollar rose against the yen and euro on Tuesday, as investors increased their bets on the Federal Reserve raising interest rates before the end of the year.

The U.S. dollar index, which measures the greenback's value against a basket of six major currencies, was up 0.3% at 97.20 early Tuesday. It rose to a session high of 97.25 earlier, the most since July 27.

Markets are currently pricing in around a 74% chance of a rate hike at December's meeting, according to Investing.com's Fed Rate Monitor Tool, up from 69% a day earlier and compared to 61% late last week.

 

3. Markets brace for Q3 earnings season

Third-quarter earnings season gets its unofficial start on Tuesday, with Alcoa due to report results before the opening bell. The aluminum maker is presenting its last quarterly earnings report as a single company before splitting into two publicly traded firms, Alcoa and Arconic, on November 1.

Analysts expect third-quarter earnings will show a 0.7% decline from a year ago, while revenue for the past quarter is expected to have increased 2.5%, which would be the first year-over-year sales increase for S&P 500 companies since the end of 2014.

 

4. 'Hard Brexit' could cost £66 billion a year: Times

British cabinet ministers are being warned that the Treasury could lose up to £66 billion annually in tax revenues under a "hard Brexit," according to leaked government papers seen by The Times.

That loss would be due to Britain’s exit from the European Union and reverting to World Trade Organization rules, which would result in a 9.5% drop in U.K. gross domestic product.

Sterling was down 0.5% at 1.2298 against the dollar, after falling to a daily low of 1.2279.

 

5. OPEC oil production rose to record highs in September

OPEC's oil production rose to record highs in September, the International Energy Agency said Tuesday, underscoring the challenges the group faces as it seeks to curtail its output.

In its closely-watched monthly report, the IEA said OPEC crude output rose by 160,000 barrels a day to a record 33.64 million barrels in September, due to increased production in Iran, Iraq, Libya and Nigeria.

OPEC reached an agreement to limit production to a range of 32.5 million to 33.0 million barrels per day in talks held on the sidelines of an energy conference in Algeria late last month. However, market analysts remained skeptical of the deal, pondering how such a plan would be implemented.

Brent was down 23 cents, or 0.43%, to $52.91 a barrel, while U.S. crude shed 16 cents, or 0.31%, to $51.19 a barrel, not far from the prior session's highs.

Crude prices rallied on Monday, with Brent climbing to a one-year high after Russian President Vladimir Putin said the country would support the Organization of the Petroleum Exporting Countries’ attempt to cut its collective output.

 

 

 

 

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