Here are five things you must know for Monday, Nov. 6:
1. -- U.S. stock futures traded mixed on Monday, Nov. 6, oil prices rose and shares in Asia were mixed as Donald Trump talked tough on trade during his visit to Japan on his five-country tour of Asia.
Trump complained Monday that Japan had been "winning" for decades and rebuked the current relationship, saying the trade deals were "not fair and not open." The Associated Press reported that the president told a group of American and Japanese business leaders that he wanted to reshape the trade relationship between the two countries.
The economic calendar in the U.S. on Monday is light but New York Federal Reserve Bank President William Dudley will speak on "Lessons from the Financial Crisis" at a luncheon at the Economic Club of New York at 12:10 p.m. ET. Reports said Dudley could announce his retirement as early as this week.
Dudley became president of the New York Fed in January 2009 when he replaced Timothy F. Geithner, who left to become treasury secretary in the Obama administration.
The next president of the New York Fed also will take Dudley's place as the vice chairman and a permanent voting member of the Federal Open Market Committee, the Fed's policy-setting body, the New York Times noted.
Earnings reports are expected Monday from CVS Health Corp. (CVS) - Get Report , Avis Budget Group Inc. (CAR) - Get Report , Michael Kors Holdings Ltd (KORS) , Mylan NV (MYL) - Get Report , Weight Watchers International Inc. (WTW) - Get Report , AMC Entertainment Holdings Inc. (AMC) - Get Report , Priceline Group Inc. (PCLN) , BroadSoft Inc. (BSFT) and GoDaddy Inc. (GDDY) - Get Report .
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2. -- Oil prices hit two-year highs following a weekend purge by Saudi Arabia's crown prince of his political rivals and the arrest of what was essentially the country's best-known international investor -- Prince Alwaleed bin Talal.
Brent crude, the global benchmark, rose 0.7% to $62.51 a barrel, the highest since July 2015, following the weekend's news, which included not only the arrest of Prince Alwaleed but also the ouster of Prince Miteb in Abdullah as head of Saudi Arabia's powerful National Guard.
Crown Prince Mohammed bin Salman could be using the purge to tighten his grip on power both at home and in the broader Gulf region following his elevation by King Salman earlier this year.
3. -- Shares of Sprint Corp. (S) - Get Report slumped 11.2% in premarket trading on Monday after merger talks with T-Mobile US Inc. (TMUS) - Get Report were called off and even as its majority owner, Softbank Group Corp. (SFTBY) , said it would increase its stake in the U.S. carrier.
Sprint and T-Mobile officially called off merger talks on Saturday, Nov. 4, saying they were "were unable to find mutually agreeable terms."
Softbank said on Sunday, Nov. 5, that it intends to increase its stake in Sprint. Softbank already owns 82.87% of Sprint, according to FactSet, and said that it doesn't intend to increase its stake to more than 85%.
Broadcom's offer consists of $60 in cash and $10 in stock for each of Qualcomm's nearly 1.5 billion shares. A deal would be the largest ever in tech. Broadcom has reportedly been working on a deal for months.
Earlier deal chatter suggested Broadcom would offer Qualcomm $103 billion, but that the deal would be funded 75% by cash.
Qualcomm stock surged over 12% by the market close Friday, Nov. 3 amid speculation of a deal. Shares closed at $61.81. In premarket action Monday, Qualcomm shares gained 3.4% to $63.90. Broadcom stock gained 5.5% to $273.63 by the market close Friday.
5. -- Newly leaked documents show that Commerce Secretary Wilbur Ross has a stake in a company that does business with a gas producer partly owned by the son-in-law of Russian President Vladimir Putin, the Associated Press reported.
According to records obtained by the International Consortium of Investigative Journalists, Ross is an investor in Navigator Holdings, a shipping giant that counts Russian gas and petrochemical producer Sibur among its major customers. Putin's son-in-law, Kirill Shamalov, once owned more than 20% of the company, but now holds a much smaller stake, according to the AP.
Commerce Department spokesman James Rockas said Ross "never met" Shamalov and has generally supported the Trump administration's sanctions against Russia, according to the ICIJ report. Rockas added that Ross has withdrawn from matters related to transoceanic shipping vessels and has met the "highest ethical standards," the AP reported.
This has been updated to include details of Broadcomm's bid for Qualcomm.
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