- S&P 500 Futures Signal Rally Ebbing; Bonds Decline in Europe (BBG)
- Oil prices capped by doubts OPEC-led cut will end glut (Reuters)
- Fed Minutes to Be Parsed for Insight on Inflation, Jobs (WSJ)
- Trump keeping ‘open mind’ on pulling out of climate deal (Reuters)
- Trump Raises Prospect of Keeping Ties to His Firms (WSJ)
- Obama’s not-so-secret admirer: Donald Trump (Reuters)
- Facebook’s Fake News Crackdown: It’s Complicated (BBG)
- Iran warns of retaliation if U.S. breaches nuclear deal (Reuters)
- U.S. retailers push deals early as Black Friday loses focus (Reuters)
- For Department Stores, the Big Lure on Black Friday: $19.99 Boots (WSJ)
- How Apple Lost China to Two Unknown Local Smartphone Makers (BBG)
- Automakers seek to cut inventories with Black Friday, holiday promotions (Reuters)
- Xerox Overcharged Student Debtors, State Prosecutor Says (BBG)
- Wall Street’s Youngest Workers Not Worried About Robots (BBG)
- Brady Dougan Gets Back in the Game With $3 Billion Investment (WSJ)
- North Sea Oil Glut to Get Short-Term Relief as Flows Go East (BBG)
Overnight media Digest
WSJ
– Donald Trump indicated that he was unlikely to disentangle himself from his business empire as fully as he previously suggested, raising questions about potential conflicts of interest while president. on.wsj.com/2fDEkpZ
– The Dow Jones Industrial Average closed above 19000 for the first time, extending a stretch of milestones for major U.S. stock indexes. on.wsj.com/2gdNXiR
– A handful of doctors, many with close ties to John Kapoor’s Insys Therapeutics, are responsible for outsize levels of prescriptions for Subsys, a form of the opioid fentanyl. Officials in more than 15 jurisdictions are investigating Insys’ business practices. on.wsj.com/2gismTL
– As department stores gear up for the holiday shopping frenzy that unofficially gets underway this week, behind the scenes they have been locked in a battle with some big-name suppliers over rampant discounting. on.wsj.com/2gGBmGg
– President-elect Donald Trump is leaning toward asking former Massachusetts Gov. Mitt Romney to be his secretary of state, according to people familiar with the deliberations. on.wsj.com/2fCFDFI
– Former Credit Suisse Group AG Chief Executive Brady Dougan plans to launch a merchant bank in early 2017 and has lined up a $3 billion investment to seed the venture, according to people familiar with the matter. on.wsj.com/2f49ydK
– China is moving swiftly to capitalize in Asia on the apparent collapse of a landmark U.S.-backed Pacific trade agreement, saying it hopes now to conclude its own Asia-wide trade pact in a step to broaden its influence as priorities shift under a new administration in Washington. on.wsj.com/2gFYtkk
FT
* Britain’s finance minister will say on Wednesday that he is reducing a benefits squeeze for low-paid workers, but that fixing the public finances and improving productivity are the best ways to improve living standards.
* Companies would be given more breathing space to restructure their debts in times of crisis under a European Union draft law unveiled on Tuesday, inspired by U.S. insolvency rules and aimed at avoiding bankruptcies and saving jobs.
* Frank Field, the chair of the committee probing the collapse of BHS, has asked regulators whether it can see seize Philip Green’s assets including his yachts.
NYT
– President-elect Donald Trump said on Tuesday he had no intention of pressing for an investigation into Hillary Clinton’s use of a private email server or the financial operations of her family’s foundation. http://nyti.ms/2gA67M8
– Facebook has developed software to suppress posts from appearing in people’s news feeds in specific geographic areas, according to three current and former Facebook employees. The feature was created to help Facebook get into China, a market where the social network has been blocked. http://nyti.ms/2gA3iut
– A federal judge in Texas issued a nationwide injunction on Tuesday against an Obama administration regulation expanding by millions the number of workers who would be eligible for time-and-a-half overtime pay. The regulation was scheduled to take effect on Dec. 1. It would raise the salary limit below which workers automatically qualified for overtime pay to $47,476 from $23,660. http://nyti.ms/2gA5AKd
– George Soros says he will commit $10 million from his personal foundation to combat a rise in hate crimes that he linked to the “incendiary rhetoric” of President-elect Donald Trump’s campaign. He said he was “deeply troubled” by hundreds of reports of possible hate crimes since the election. http://nyti.ms/2gA6TJ6
Britain
The Times
Belgian industrial equipment supplier TVH Group NV launched a hostile bid for Lavendon Group Plc after its initial takeover approaches were rebuffed by the British company’s largest shareholder. http://bit.ly/2fPAL3c
There is “zero chance” of British Airways operating any new domestic flights from an expanded Heathrow, said the head of the airline’s parent company, International Consolidated Airlines Group SA. http://bit.ly/2fPEltT
The Guardian
Millions of families who are being charged hundreds of pounds by agencies to cover the supposed administrative costs of renting will be offered relief when the chancellor of the exchequer promises to ban letting fees. Philip Hammond will unveil the measure in the autumn statement on Wednesday alongside a 1.4 billion pounds ($1.74 billion) investment in affordable housing as he tries to deliver on Prime Minister Theresa May’s promise to help families who are “just about managing.” http://bit.ly/2g1guoY
Discount chains Aldi and Lidl have begun putting up the price of basic groceries, including milk and bananas, as the squeeze from the Brexit-driven fall in the value of the pound hits. http://bit.ly/2g1c9BU
The Telegraph
MPs have written to the Pensions Regulator to ask if assets owned by Philip Green, including his multi-million-pound super yacht, could be seized in order to pay the pensions of thousands of BHS workers. http://bit.ly/2fPAMDV
Hewden, the heavy machinery rental firm, has collapsed into administration after being hit by uncertainty following the EU referendum and after a desperate search for new funding failed. http://bit.ly/2g1fqRR
Sky News
Administrators to BHS have lodged a furious protest against a move to force them to begin liquidating the collapsed retailer within days, accusing its biggest creditor of jeopardising efforts to complete an orderly wind-down, according to a copy of a progress report obtained by Sky News. http://bit.ly/2g1czbH
The Independent
The UK government has reduced its stake in Lloyds Banking Group Plc to below 8 percent as it continues progress towards fully privatising the bailed-out lender. http://ind.pn/2g1cMM1
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