Morning Brief: Trump moves to block China Mobile's US entry on security concerns

Tuesday, July 3, 2018

What to watch today

On Tuesday, the biggest economic news will be the June report on auto sales, which is expected to show that sales during the month hit an annualized rate of 17 million vehicles. The May report on factory orders is also set for release in the morning.

And don’t forget that Tuesday will be a half-day in the U.S. equity market, with the New York Stock Exchange closing trading for the day at 1:00 p.m. ET. Bond markets will also be closing early, with that market settling at 2:00 p.m. ET.

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Top news

Trump moves to block China Mobile’s U.S. entry on security concerns: The U.S. government has moved to block China Mobile from offering services to the U.S. telecommunications market, recommending its application be rejected because the firm posed national security risks. China Mobile is the world’s largest telecom carrier with 899 million subscribers. The FCC should deny the state-owned China Mobile’s 2011 application to offer telecommunication services between the United States and other countries, the National Telecommunications and Information Administration said in a statement posted on its website. [Reuters]

Facebook says SEC, FBI probing Cambridge Analytica incident: Facebook (FB), already facing scrutiny from U.S. lawmakers and regulators over how a political consulting firm obtained personal information from users of the social network, is now being probed by more federal agencies focusing on the company’s disclosures about the incident. Facebook said that it’s cooperating with the SEC and FBI on their reviews of the data transfer to Cambridge Analytica, which worked on Donald Trump’s 2016 presidential campaign. [Bloomberg]

Tesla confirms chief engineer Doug Field is leavingTesla (TSLA) confirms that its chief engineer Doug Field, who took a break after Elon Musk took over production responsibilities during the ramping up of the Model 3 sedan, is leaving the company. “After almost five years at Tesla, Doug Field is moving on. We’d like to thank Doug for his hard work over the years and for everything he has done for Tesla,” the company said in an emailed statement. [Bloomberg]

Glencore unit gets U.S. subpoena on compliance with money-laundering laws: Commodities trader and miner Glencore Plc said a subsidiary had received a U.S. Department of Justice subpoena requesting documents and records on compliance with the Foreign Corrupt Practices Act and U.S. money-laundering statutes. The documents requested from subsidiary Glencore Ltd relate to the group’s business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present, Glencore said, adding it was reviewing the subpoena. [Reuters]

Iran issues oil warning as UAE says production can rise: Iran issued a new warning over Mideast oil supplies as the United Arab Emirates said on Tuesday it could increase its own production, the latest remarks to follow President Donald Trump’s demand for lower global energy prices. The comments by Iranian President Hassan Rouhani and the unexpected announcement by the UAE’s oil-rich capital Abu Dhabi came as U.S. benchmark crude traded around $75 a barrel. [Associated Press]

For more of the latest news, go to Yahoo Finance

A family member smiles after hearing the news that the missing 12 boys and their soccer coach have been found, in Mae Sai, Chiang Rai province, in northern Thailand, Monday, July 2, 2018. A Thai provincial governor says all 12 boys and their coach have been found alive in the cave where they went missing over a week ago in northern Thailand. (AP Photo/Sakchai Lalit)

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.

Morning Brief will resume Thursday, July 5, 2018. Have a happy Fourth of July!