Fed accepts all $6.1 bln in bids at 13-day repo operation

Dec 17 (Reuters) – The New York Federal Reserve on Tuesday accepted all $6.1 billion in bids from primary dealers at a 13-day repurchase agreement (repo) operation. For more details, see: here (Reporting by Karen Brettell; editing by Jason Neely)

U.S.-UK trade deal a priority for Washington: USTR

WASHINGTON (Reuters) – A trade deal between the United States and the United Kingdom is a priority for Washington and negotiations will be launched as soon as London agrees to its objectives, U.S. Trade Representative Robert Lighthizer said on Tuesday.

“For sure, the UK is a priority. As soon as they get their objectives agreed to, we’ll start talking,” he said in an interview with Fox Business Network.

Jabil’s stock soars toward 19-year high after earnings beat, raised outlook

Shares of Jabil Inc. JBL, +1.68% soared 8.9% toward a 19-year high in premarket trading Tuesday, after the contract manufacturer services company reported fiscal first-quarter results that beat expectations and raised its full-year profit outlook. Net income for the quarter to Nov. 30 fell to $40.4 million, or 26 cents a share, from $123.6 million, or 76 cents a share, in the year-ago period. Excluding non-recurring items, adjusted EPS was $1.05, above the FactSet consensus of 94 cents. Revenue rose to $7.51 billion from $6.51 billion, beating the FactSet consensus of $6.95 billion. For fiscal 2020, the company raised its adjusted EPS guidance to $3.60 from $3.45 and said revenue will be "in the neighborhood" of $26.7 billion, compared with the FactSet consensus of $26.2 billion. The stock, which is on track to open at the highest price seen during regular-session hours since November 2000, has run up 64% year to date through Monday, while the S&P 500 SPX, +0.71% has gained 27%.

Reliance Steel & Aluminum To Acquire Fry Steel Co. – Quick Facts

Reliance Steel & Aluminum Co. (RS) said Tuesday it has agreed to purchase all of the outstanding capital stock of Fry Steel Co., a general line and long bar distributor located in Santa Fe Springs, California. Financial terms of the transaction were not disclosed.

Los Angeles, California-based Reliance Steel noted that the acquisition fits within its strategy of acquiring high-margin businesses focused on specialty products. The acquisition also supports its customer and product diversification strategy.

founded in 1948, Fry Steel is family-owned for nearly 50 years. The company provides “in-stock” next day delivery through its proprietary fleet of trucks.

Fry Steel performs cutting services on its diverse product assortment of over 8,000 types and conditions of long bar product including stainless, alloy, aluminum, carbon, brass and bronze.

Reliance Steel expects the transaction to close in early 2020.

Fed accepts $52.65 bln at overnight repo operation

Dec 17 (Reuters) – The New York Federal Reserve on Tuesday accepted all $52.65 billion in bids from primary dealers at an overnight repurchase agreement (repo) operation. For more details, see: here (Reporting By Karen Brettell)

Sudan's transitional government completes 100 days in office

It has been 100 days since Sudan’s transitional government was sworn in after months of political turmoil that led to the removal of President Omar al-Bashir.

It has been 100 days since Sudan’s transitional government was sworn in after months of political turmoil that led to the removal of President Omar al-Bashir.

The man who took over as prime minister promised a government of professionals to fulfil the promises of the revolution that started in December 2018.

Al Jazeera’s Hiba Morgan looks at how the transitional government has fared in its first three months.

European Economics Preview: UK Unemployment Data Due

Unemployment data from the UK is due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, the European Automobile Manufacturers’ Association releases passenger car registrations data. Sales had increased 8.7 percent on a yearly basis in October.

At 4.00 am ET, foreign trade data from Italy’s Istat is due. The trade surplus is expected to rise to EUR 2.82 billion in October from EUR 2.77 billion in September.

At 4.30 am ET, the Office for National Statistics is scheduled to issue UK labor market data. The ILO jobless rate is forecast to rise to 3.9 percent in three months to October from 3.8 percent in three months to September.

Half an hour later, Eurostat releases euro area foreign trade data for October.

At 6.00 am ET, the Confederation of British Industry releases monthly Industrial Trends survey. The order book balance is forecast to rise slightly to 25 percent in December from -26 percent in November.

At 8.00 am ET, Hungary’s central bank is slated to announce its rate decision. The bank is expected to hold its key rate at 0.90 percent.

Boeing’s stock leads the Dow’s losers again, heads for 12th decline in 14 days

Boeing Co.’s stock BA, -0.76% fell 1.3% in morning trading Tuesday, to pace the Dow Jones Industrial Average’s DJIA, +0.15% decliners for a second straight day, after the aerospace and defense giant confirmed that it will halt production of 737 MAX aircraft. The stock’s $4.09 price decline of was acting as a 28-point drag on the Dow, which was up 37 points. Boeing’s stock was headed for the 12th decline over the past 14 sessions, and has lost 13.5% during that stretch. J.P. Morgan analyst Seth Seifman cut his price target to $370 from $400, but kept his rating at overweight, following Boeing’s announcement. "Boeing’s MAX announcement leaves many questions unanswered but that was probably inevitable, given the difficulty of forecasting how the aircraft will return," Seifman wrote in a note to clients. Earlier, Southwest Airlines Co. LUV, +0.88% extended the time that 737 MAX flights were removed from flight schedules by about a month to April 13. Boeing’s stock has slumped 16.0% over the past three months, while the Dow has gained 4.3%.