Morning Brief: Big banks clear first Fed stress test

Friday, June 22, 2018

What to watch today

REUTERS/Leonhard Foeger/File Photo

Commodities markets will be alert on Friday with the latest meeting of OPEC set to take place in Vienna. In a note to clients last week, analysts at Bank of America Merrill Lynch said they expect OPEC to announce a modest increase to its oil production targets. On Thursday, the price of West Texas Intermediate crude oil settled at $65. A Reuters report on Thursday indicated that OPEC members were struggling to agree on by how much they’d raise production targets, with tensions appearing to develop around Iran’s agreeability to new production goals.

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Top news

Banks clear first hurdle in Fed’s toughest annual stress tests: The 35 largest U.S. banks have all cleared the first stage of an annual stress test, showing they would be able to maintain enough capital in an extreme recession to meet regulatory requirements, the Federal Reserve said on Thursday. [Reuters]

Some of the stuff you buy online is about to get more expensiveThe U.S. Supreme Court ruled on Thursday internet retailers can be required to collect sales taxes in states where they have no physical presence. With e-commerce accounting for about 9.5% of retail sales in the U.S., the decision may affect your next online order. If you’ve enjoyed some tax-free shopping online, you will likely have to pay more for those items. [Yahoo Finance]

US weighs resuming China talks, White House split:  Some White House officials are trying to restart talks with China to avoid a trade war before U.S. tariffs on Chinese products take effect July 6, three people familiar with the plans said, setting up a battle with others in the administration who favor a harder line. [Bloomberg]

Tesla to close a dozen solar facilities in nine statesElectric car maker Tesla Inc.’s (TSLA) move last week to cut 9% of its workforce will sharply downsize the residential solar business it bought two years ago in a controversial $2.6 billion deal, according to three internal company documents and seven current and former Tesla solar employees. [Reuters]

GM to build Chevrolet Blazer in Mexico: General Motors Co. (GM) is going ahead with its plan to manufacture the new Chevrolet Blazer SUV in Mexico, a spokesman for the automaker said on Thursday, despite criticism by U.S. President Donald Trump over making vehicles abroad. [Reuters]

NEW SERIES: Your next recession survival guide

For more of the latest news, go to Yahoo Finance

First lady Melania Trump arrives at Andrews Air Force Base, Md., Thursday, June 21, 2018, after visiting the Upbring New Hope Children Center run by the Lutheran Social Services of the South in McAllen, Texas. (AP Photo/Andrew Harnik)

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.