February 13, 2018 / 12:43 PM / in 4 months

Tuesday Morning Briefing

Good morning. Market bears are growling, Olympic athletes continue to battle and South Africa’s Zuma is given the sack.

Freestyle Skiing – Pyeongchang 2018 Winter Olympics – Men’s Moguls Final – Phoenix Snow Park – Pyeongchang, South Korea – February 12, 2018 - Daichi Hara of Japan competes. REUTERS/Issei Kato

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Highlights

Faith in the economy is reason to think this current stock market correction is unlikely to deepen into a full-blown bear market. That is the read of stock market strategists and other market watchers looking at past pullbacks of at least 10 percent on the S&P 500 and whether the benchmark index is likely to extend its decline to 20 percent, or bear market territory.  

Chloe Kim blew away the competition to win the women’s snowboard halfpipe gold at Pyeongchang’s Phoenix Snow Park today, the American teenager finishing well clear of China’s Liu Jiayu and compatriot Arielle Gold. However, not everyone was looking at the slopes; a normally obscure attraction is drawing curious crowds of visitors from the nearby Winter Olympics. South Korea’s port of Sinnam is home to Haesindang Park, better known as “Penis Park”, a monument to fertility, born from a legend about a virgin and fish. View more of our Winter Olympics coverage here.

U.S. President Donald Trump said he would push for a “reciprocal tax” against countries, including U.S. allies, that levy tariffs on American products, but officials did not provide details on how such a tax would be structured or what goods it would apply to. 

Trump’s daughter-in-law Vanessa Trump was taken to a New York hospital yesterday after she opened a piece of mail containing an unidentified white powder that was later determined to be non-hazardous, officials said. 

World

South Africa’s ruling party decided to sack Jacob Zuma as head of state, two sources said, after marathon talks over the fate of a leader whose scandal-plagued years in power darkened and divided Nelson Mandela’s post-apartheid ‘Rainbow Nation’. 

Two ethnic armed groups in Myanmar signed a ceasefire with the government, as leader Aung San Suu Kyi seeks to revive a stuttering peace process to end decades of conflict.  

North Korea’s leader said he wants to boost the “warm climate of reconciliation and dialogue” with South Korea after his high-level delegation returned from a visit to the South, as his foes reiterated the need to keep up maximum pressure and sanctions.

Business

The worst week in the U.S. stock market in two years and benchmark 10-year Treasury yields hitting four-year highs are prompting fund managers to rethink their allocation plans

PepsiCo’s sales topped Wall Street forecasts in the fourth quarter, led by higher demand at its Frito-Lay business that makes Doritos and Cheetos. The maker of Tropicana juices and Mountain Dew said on Tuesday revenue rose slightly to $19.53 billion in the quarter ended Dec. 30. Analysts on average had expected $19.39 billion, according to Thomson Reuters I/B/E/S.

Xerox’s plan to sell itself to Japan’s Fujifilm Holdings has come under further pressure with Carl Icahn and Darwin Deason urging fellow shareholders to oppose the $6.1 billion deal.  

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