Friday, September 7, 2018
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What to watch today
At 8:30 a.m. ET, the August jobs report will be released by the Bureau of Labor Statistics and this report is expected to show August was another strong month for the U.S. labor market. Nonfarm payrolls are expected to rise by 194,000 in August with the unemployment rate forecast to fall to 3.8%, matching the post-crisis low seen in June. Average hourly earnings are expected to rise 0.2% over the prior month and 2.7% over the prior year.
Deutsche Bank top holder HNA plans exiting its stake: Deutsche Bank AG’s largest investor, China’s HNA Group Co., plans to exit its entire stake in the German lender, according to people briefed on the plan. The cash-strapped conglomerate, which most recently still held almost 8% of the voting rights, has started the disposal process as part of a government demand to focus on its airline business. [Bloomberg]
Wells Fargo to face DOJ probe of wholesale-banking unit: Wells Fargo & Co. (WFC) is facing a Department of Justice investigation into whether employees in the company’s wholesale-banking business improperly altered customer data, a person familiar with the matter said. [Bloomberg]
Elliott demands fresh revamp at Hyundai Motor Group: U.S. activist hedge fund Elliott Management made new proposals to restructure Hyundai Motor Group (HYMTF) on Friday, renewing pressure on the South Korean conglomerate months after forcing it to abandon its own plan. [Reuters]
Third Point aims to replace Campbell Soup’s board: Daniel Loeb’s Third Point LLC plans to launch a proxy fight to replace Campbell Soup Co.’s (CPB) entire board after the fund was underwhelmed by the company’s plan to sell two business units, said people familiar with the matter. [The Wall Street Journal]
Not happy with Amazon, Whole Foods workers push to unionize: Whole Foods employees are trying to unionize to fight for better benefits and improved corporate culture. The move comes one year after Amazon (AMZN) bought the grocery chain. On Thursday, some current and former Whole Foods employees sent out an email to call employees nationwide to act. [Yahoo Finance]
Musk smokes joint during live interview: Elon Musk’s bizarre behavior continues. The Tesla-founding billionaire took a drag during an appearance on the Joe Rogan Experience podcast, as well as swigging whisky from a tumbler. [Yahoo News UK]
For more of the latest news, go to Yahoo Finance
Yahoo Finance Originals
The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.