Morning Brief: Gearing up for the world's biggest single shopping day

What to watch today

Coming up is the biggest single shopping day on the planet. No, not Black Friday. We’re talking about Singles Day, the mega retail event coined by Chinese e-commerce behemoth Alibaba. The event is estimated to generate $24 billion in sales; Black Friday sees about a quarter of that amount.

In the U.S., we’ll see the University of Michigan’s preliminary report on consumer sentiment for the month of November. In October, the headline index hit a 13-year high of 100.7. Economists estimate this measure ticked up to 100.9. The report will be released at 10 a.m. ET.

On the earnings front, department store chain J.C. Penney (JCP) announces quarterly results before stock markets open for trading in the U.S.

Top news

Dueling tax overhauls struggle to pass a key red ink test: Republican tax writers in the House and Senate scoured the U.S. tax code Thursday and shook the couch cushions for loose change, as one member put it, in an all-day struggle to find ways to pay for the deep tax cuts their leaders and President Donald Trump have promised. [Bloomberg]

China widens foreign access to its giant financial sector: China will raise foreign ownership limits in financial firms in a step granting access to a tantalizing multi-trillion dollar financial services market, as the world’s second-biggest economy seeks to position itself as a major global finance hub. [Reuters]

Facebook, Twitter, Alphabet to provide data on energy market manipulation: Officials at the technology companies said in telephone conversations they will turn over information to Congress on Russian entities purchasing ads that may have been used to manipulate U.S. energy markets “soon,” according to the chairman of the House Science Committee. [Bloomberg]

Trump scraps meeting with Putin: President Donald Trump will not meet formally with Russian President Vladimir Putin at an Asia-Pacific summit in Vietnam this week due to a scheduling conflict, the White House said Friday, amid U.S. concerns that the meeting wouldn’t create genuine progress on key issues. [Bloomberg]

Yahoo Finance Originals

Mnuchin: We are looking ‘very carefully’ at bitcoin

Mnuchin: Corporate tax cuts are about bringing jobs back to the US

Adidas US CEO: ‘Our brand is getting hotter’

More people than ever have access to $75/mo Obamacare

How Anjali Sud became Vimeo’s CEO at 34 years old

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