Scott suspends U.S. presidential campaign | China buys more U.S. soybeans | Japanese yen at 1-year low — Equities today: Asian and European markets were mixed in overnight trading. U.S. Dow opened around 50 points lower. European stocks rose. Health firms were among the strongest performers, with Novo Nordisk rallying almost 4% after a study backed the use of Wegovy, its blockbuster weight-loss drug, to cut heart attacks and deaths in obesity patients. In Asia, Japan flat. Hong Kong +1.6%.
— Japanese yen has weakened, reaching a one-year low of around 152 per dollar, as investors anticipate U.S. inflation data and listen for comments from Federal Reserve officials this week. Last week, hawkish statements from U.S. policymakers had a negative impact on the markets. Fed Chair Jerome Powell expressed uncertainty about the central bank's efforts to control inflation, which contrasted with the Bank of Japan's commitment to maintaining accommodating monetary policies.
Mosaic notes that excess inventories in Brazil, a major agricultural player, have been fully depleted, setting the stage for stronger sales and profits into 2024. Mosaic reported that its shipments of potash and phosphate to meet the demand from North American farmers during the spring planting season were the highest in five years.
Some House GOP appropriators preferred a clean stopgap without multiple deadlines to buy more time, while others believe January would be a more realistic deadline. Passing the CR will likely require Democratic votes, as some Republicans have expressed unwillingness to support it. House Speaker Mike Johnson said on Sunday he “will not allow end-of-year megabus spending packages to continue under my leadership.
— Congress plans oversight hearings on financial regulators, antitrust, and GSA. Both chambers of Congress have scheduled oversight hearings involving financial regulators, the Department of Justice's Antitrust Division, and the General Services Administration .
Of note: Yellen clarified that the Chinese firms involved in this matter are private entities, and she did not suggest that the Chinese government was aware of or complicit in these activities.