Morning Brief: Guggenheim weighs stake sale in its $250B asset manager

Thursday, June 21, 2018

What to watch today

On Thursday, investors will get a few pieces of economic data to digest with the weekly report on initial claims for unemployment insurance, the Philly Fed’s reading on manufacturing activity in June, and the FHFA’s April gauge of home prices set for release in the morning. And on the earnings side, the S&P 500 companies reporting earnings Thursday are expected to be Kroger (KR), Darden Restaurants (DRI), and Red Hat (RHT).

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REUTERS/Lucy Nicholson

Guggenheim weighs stake sale for $250B manager: Guggenheim Partners is exploring the sale of a stake in its $250 billion asset-management unit overseen by Scott Minerd, according to people familiar with the matter. Guggenheim Partners Investment Management has been in talks with global insurers, sovereign wealth funds and investment pools in Europe, the Middle East and Asia, the people said. The Wall Street Journal reported that the deal could involve Guggenheim taking on German insurer Munich Re’s asset management unit. [Bloomberg]

China-U.S. trade war hits Daimler profit: German luxury carmaker Daimler cut its 2018 profit forecast, blaming a trade war between China and the United States and stricter pollution targets, sparking fears of a wave of earnings downgrades across the industry. The company said that import tariffs on cars exported from the United States to China would hurt sales of its Mercedes-Benz cars, resulting in slightly lower earnings before interest and taxes (EBIT) this year. [Reuters]

This Chinese big data firm seeks a big NY IPO: Shenzhen-based data aggregation company Jiguang is planning an initial public offering in New York in the second half of this year, according to people familiar with the matter. The company is looking to raise $300 million, which could value it at between $1.5 billion and $2 billion, the people said. [The Wall Street Journal]

OPEC works toward deal: The odds of OPEC reaching an oil-production deal increased as Iran edged away from a threat to veto any agreement that would raise output and Saudi Arabia put forward a plan that would add about 600,000 barrels a day to the global market. At the end of a day of diplomatic back-and-forth in Vienna on Wednesday, delegates were increasingly positive that a deal would be reached at Friday’s meeting. [Bloomberg]

Instagram brings long-form video to 1 billion usersThe popular photo-sharing network unveiled IGTV, a new original content initiative that brings the ability for any Instagram user to record and explore longer-form video. All users will initially be able to record video up to 10 minutes, while select accounts with larger followings will be able to record video up to 60 minutes. [Yahoo Finance]

For more of the latest news, go to Yahoo Finance

Stuffed toy animals wrapped in aluminum foil representing migrant children separated from their families are displayed in protest in front of the United States embassy in Guatemala City, June 20, 2018. Bowing to pressure from anxious allies, President Donald Trump abruptly reversed himself Wednesday and signed an executive order halting his administration’s policy of separating children from their parents when they are detained illegally crossing the U.S. border. (AP Photo/Luis Soto)

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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.