1. Daimler and Geely team up: Daimler has teamed up with Geely to transform its Smart brand into an electric carmaker focused on China’s vast market.
Under the agreement announced Thursday, the next generation of Smart cars will be assembled at a plant in China with sales starting in 2022.
Prior to that, Daimler will continue to produce Smart cars at plants in France and Slovenia.
“Our smallest vehicle still has huge potential — in China and beyond. Geely is the right partner to take advantage of these opportunities,” Daimle CEO Dieter Zetsche wrote in a blog post.
Geely (GELYF) and Daimler will each own 50% of the global joint venture. The financial terms of the deal were not disclosed. Daimler said no jobs would be lost as a result of the agreement.
1. Paris Air Show: All eyes are on Boeing as the Paris Air Show kicks off Monday.
UK lawmakers considered eight alternatives to the government’s Brexit plan on Wednesday and rejected each of them. Attempts to reach a consensus in parliament will continue Monday.
The only plan that came close to a majority was a proposal that Britain would remain within a permanent customs union with the European Union. It was rejected by eight votes — 272 votes to 264.
Prime Minister Theresa May is continuing to push for her plan, which lawmakers have already rejected twice. She’s now offered to resign in exchange for support for the deal.
2. Tariff hearings begin: Companies and trade groups are about to get their say on the wisdom of US tariffs on an additional $300 billion worth of Chinese exports.
Bayer, which acquired Monsanto last year, said it would appeal the verdict. The case is the first to be tried in federal court. About 11,000 similar cases are pending at the federal or state level.
Shares in Bayer (BAYRY), which dropped 10% after the initial verdict last week, dipped a further 1.6% Thursday in Frankfurt.
4. Lyft going public: Ride-hailing firm Lyft is driving towards its debut listing on the Nasdaq on Friday.
The company raised its pricing target to $70 to $72 per share on Wednesday, valuing the company at more than $23 billion. Lyft initially predicted a range of between $62 and $68 a share.
Lyft’s debut on the stock exchange is the first of a number of big tech IPOs expected this year. The company expects to raise as much as $2.4 billion through the sale of stock.
3. Markets rise: Global stocks are starting off the week on a positive note.
7. Earnings bonanza: 3M (MMM), Bristol-Myers (BMY), Comcast (CMCSA), Hershey Foods (HSY), Hess (HES), Raytheon (RTN), Southwest Air (LUV), UPS (UPS) and Xerox (XRX) will release earnings before the open.
The final estimate of US fourth quarter GDP will be released at 8:30 a.m. ET.
4. Coming this week:
Monday: Paris Air Show, US Treasury foreign ownership report
Tuesday: Adobe earnings, US housing starts, US Senate hearing on tariffs
Wednesday: Fed decision and press conference, earnings from Oracle (ORCL) and Barnes & Noble (BKS)
Thursday: US leading indicators, Bank of England rate decision, earnings from Kroger (KR) and Red Hat (RHT)
Friday: US existing home sales, Markit flash US manufacturing PMI