10 things you need to know in markets, November 2

Good morning! Here’s what you need to know in markets on Friday.

Apple
CEO Timothy Cook returns from a break in his testimony before the
Senate Homeland Security and Governmental Affairs Committee’s
Investigations Subcommittee about the company’s offshore profit
shifting and tax avoidance in the Dirksen Senate Office Building
on Capitol Hill May 21, 2013 in Washington, DC. A Congressional
report released Monday said that Apple, America’s most profitable
technology company, used a complex system of international
subsidiaries and tax avoidance efforts to shift at least $74
billion from the reach of the Internal Revenue Service between
2009 and 2012.
Chip Somodevilla/Getty
Images

1.
Stocks in Asia soared, with the Shanghai Composite Index rallying
2.7%, after US President Donald Trump
asked key officials to begin drafting potential terms of
a trade agreement with China. Trump is interested in
reaching an agreement on trade with Chinese President Xi Jinping
at the Group of 20 nations summit in Argentina.

2.
It’s nonfarm payroll day.

US job growth likely rebounded in October, with
wages expected to gain the most in 9-1/2 years, pointing to
further labor market tightening that could encourage the Federal
Reserve to raise interest rates again in December. Economists
predict that the unemployment rate is expected to stay at a
49-year low of 3.7%, while payrolls probably increased by 190,000
jobs.

3.
Apple said it will stop breaking out the number of iPhones,
iPads, and Macs it sells in each quarter. The
news comes after
Apple failed to hit Wall Street’s expectations for iPhone sales
in the most recent quarter, which sent the stock plummeting
more than 6% in after-hours trading.

4.
US President Donald Trump reportedly asked Heather Nauert,
the State Department spokeswoman, to replace Nikki Haley as the
US ambassador to the UN. Nauert has also been
rumored to top the president’s list of potential replacements for
the White House press secretary, Sarah Huckabee Sanders.

5.
Brexit campaign funder Arron Banks was referred to the National
Crime Agency for suspected offences in the run-up to the 2016 EU
referendum. Banks is accused of concealing the
true source of £8 million ($10.4 million) donated to the
referendum campaign.

6.
JPMorgan has no interest in buying Deutsche Bank.
“It would not make any sense,” CEO Jamie Dimon told the German
daily Handelsblatt. “If you only buy a company just to
consolidate it, it is almost impossible to do without killing the
patient.”

7.
BMW is expanding its car-sharing service DriveNow into five more
London boroughs as the carmaker overcomes some of
the barriers to operating across the city. BMW’s car club
has over 1 million users and 6,000 vehicles in several German
cities, Vienna, London, Copenhagen, Brussels, Milan, Helsinki and
Lisbon.

8. Chinese
President Xi Jinping has promised to cut taxes and for China’s
entrepreneurs. Chinese tech
stocks traded in the US also surged
Thursday after President
Trump said he had a good trade talk with Xi.

10.
Investors worth more than $700 billion are ramping up calls for a
Tesla board shakeup. Five of Tesla’s eight
directors reportedly have close ties to CEO Elon Musk despite
meeting the legal requirements for independence.