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Investing.com -- Joe Biden signals no return to the status quo ante on China. Salesforce snaps up Slack for $27.7 billion. Stocks are set for a breather as the U.K. becomes the first western country to approve a Covid-19 vaccine. ADP release its private payrolls report for November. And oil wobbles while the Organisation of the Petroleum Exporting Countries (OPEC) bickers after another rise in U.S. inventories.
1. Biden will keep Trump’s tariffs on China for now
President-elect Joe Biden said he won’t immediately remove the tariffs on Chinese imports when he takes power in January, signalling that trade relations between the world’s two largest economies are likely to stay testy even after Donald Trump leaves the White House.
2. Salesforce snaps up Slack
Salesforce agreed to buy Slack for $27.7 billion in the second 11-digit mergers and acquisition (M&A) deal of the week, following on from S&P Global's $44 billion move for Information Handling Services (IHS) Markit Ltd.
The deal will strengthen Salesforce’s presence in the enterprise software market and aims squarely at providing tougher competition for Microsoft, whose Teams application has dented Slack’s sales growth since the latter floated last year.
3. Global stock rally cools, but metals party on
The rally in global stocks petered out overnight, after a blistering start to December fired by more encouraging news on the vaccine front. By morning in Europe, however, even the news that the U.K. had approved emergency use off the Pfizer/BioNTech Covid-19 vaccine wasn’t enough to sustain the move, and the benchmark Stoxx 600 fell 0.3% by late morning in Europe.
U.S. stocks are also touted to open lower, after both the S&P 500 and Nasdaq Composite closed at new record highs on Monday.
By 6:30 AM ET (1130 GMT), the Dow 30 futures contract was down 106 points or 0.4%, while S&P 500 futures and Nasdaq Futures were both down 0.2%.
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