Oil hit a multimonth low. According to Reuters:
Oil prices plunged to their lowest since late 2017 on Friday in choppy trading, weighed down by an emerging crude supply overhang and a darkening economic outlook.
To counter bulging supply, the Organization of the Petroleum Exporting Countries (OPEC) is expected to start withholding output after a meeting planned for Dec. 6.
The U.S. is trying to get other countries not to use a Chinese telecom company. According to The Wall Street Journal:
The U.S. government has initiated an extraordinary outreach campaign to foreign allies, trying to persuade wireless and internet providers in these countries to avoid telecommunications equipment from China’s Huawei Technologies Co., according to people familiar with the situation.
American officials have briefed their government counterparts and telecom executives in friendly countries where Huawei equipment is already in wide use, including Germany, Italy and Japan, about what they see as cybersecurity risks, these people said. The U.S. is also considering increasing financial aid for telecommunications development in countries that shun Chinese-made equipment, some of these people say.
FedEx Corp. (NYSE: FDX) will add 1,000 electric trucks to its fleet. According to The Wall Street Journal:
FedEx Corp. is adding 1,000 electric delivery vans to its fleet, a move aimed at tamping down emissions in parcel delivery operations as regulators push to rein in pollution from commercial vehicles.
The company said Tuesday it is buying 100 of the vans from Chanje Energy Inc., a subsidiary of FDG Electric Vehicles Ltd. , which manufactures the vehicles in Hangzhou, China. FedEx will lease the other 900 vans from Ryder System Inc., which also will provide support services for all the vehicles, the companies said Tuesday.
The trade war between the U.S. and China could last two years. According to CNBC:
Trade tensions between the U.S. and China could go into “a temporary hiatus” in the coming months, but would remain unresolved until the presidential elections in 2020, according to Standard Chartered Private Bank.
That’s because Washington’s decision to resolve tensions with Beijing will likely be driven by politics, said Steve Brice, chief investment strategist at Standard Chartered Private Bank. U.S. President Donald Trump will be seeking a second term in the White House during the 2020 presidential elections.