Hours after British Prime Minister Theresa May announced a tentative deal charting the UK exit from the European Union and assuring the public that her Cabinet supported it, two key ministers abruptly quit her government in protest over the proposed pact. Their departure, and the exit of two other junior ministers, deals a serious blow to May, whose political survival is closely linked to Brexit.
US retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, likely driven by rebuilding efforts in areas devastated by Hurricane Florence. The value of overall sales increased 0.8 percent after a 0.1 percent decrease in the prior month.
Federal Reserve Chairman Jerome Powell said the US economy could face headwinds in the next two years due to several factors. Powell cited slowing global growth, the waning effect of tax cuts, federal spending increases and the potential delayed impact of rate hikes imposed by the Fed in recent months.
Oil prices steadied around $56 a barrel, after snapping a record run of declines. Concern over the prospect of an oversupplied market next year remains, despite OPEC’s message that it may cut crude output.