Trump in Asia; Tax cut worries; Brexit talks

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Premarket: 6 things to know before the bell – Nov. 10, 2017

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1. Trump in Asia: President Trump brought his hard-line economic nationalism to a meeting of Pacific Rim leaders on Friday.

“We are not going to let the United States be taken advantage of anymore,” Trump said at the Asia-Pacific Economic Cooperation summit in Vietnam.

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It’s a familiar message from Trump, who earlier this year withdrew from the Trans-Pacific Partnership — the landmark trade accord negotiated by the Obama administration.

The remaining 11 countries are trying to keep the gargantuan deal going even without the U.S.

2. Corporate tax cuts: Senate Republicans on Thursday unveiled the substance of their tax reform bill, one week after their House colleagues released their own legislation.

The bills contain significant differences that must be ironed out.

The Senate bill, for example, would reduce the corporate tax rate to 20%, but delay the implementation of the lower rate until after December 2018.

The Dow Jones industrial average reacted to the news by dropping over 100 points.

3. Brexit talks: Another round of Brexit negotiations is underway in Brussels, but little progress is expected.

Britain and the European Union remain at loggerheads over the divorce bill, citizens’ rights and what do do about the Irish border.

The two sides must make more progress on these issues before discussions pivot to their future trade relationship.

Business groups warn they need more clarity — and soon.

4. Global market overview: U.S. stock futures were lower. Markets in Europe and Asia were mixed.

The Dow and S&P 500 closed 0.4% lower on Thursday. The Nasdaq shed 0.6%.

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5. Earnings and economics: J. C. Penney (JCP) and ArcelorMittal (AMSYF) are set to release earnings before the opening bell on Friday.

The University of Michigan’s preliminary consumer sentiment index for November will be published at 2:00 p.m. ET.

Toshiba shares dropped more than 5% in Tokyo after media reports said the struggling Japanese conglomerate is considering raising $5.3 billion by issuing new shares.

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

6. Coming this week:

Friday — Consumer confidence survey

CNNMoney (London) First published November 10, 2017: 4:38 AM ET

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