Morning Brief: US imposes sanctions on Iran-linked currency exchange

Friday, May 11, 2018

What to watch today

It should be a relatively quiet day as global stock markets wrap up their best week since March and the yield curve flattens to its lowest level since 2007. There are no major earnings announcements on the calendar. On the economic data front, we’ll get the preliminary May reading on the consumer sentiment from the University of Michigan. Economists expect the headline index improved to 99.0 from 98.8 in April. All eyes will be on the report to see how consumers have internalized the steady stream of volatile headlines from the Washington.

Meanwhile, oil prices trade near 3 1/2 year highs. It’ll be interesting to see how the prospect for higher gasoline prices is impacting consumer sentiment.

Top news

Members of Iran’s Islamic Revolutionary Guard Corps (IRGC) Aerospace Force salute at an underground missile base. REUTERS/ via Reuters

US issues sanctions on Iran-linked currency exchange network: The Trump administration sanctioned nine Iranian citizens and companies on Thursday for allegedly operating a currency exchange network that — with the help of Iran’s Central Bank — transferred millions of U.S. dollars to Iran’s Islamic Revolutionary Guards Corps-Quds Force, the Treasury Department said. [Bloomberg]

Nvidia reveals crypto sales for first time: Nvidia Corp. (NVDA) revealed for the first time how much revenue it generated from chip sales to the cryptocurrency market — and said that figure will be much smaller in the second quarter. Demand from cryptocurrency miners was stronger-than-expected in the first quarter and translated into revenue of $289 million, Nvidia said Thursday on its earnings conference call. Crypto sales will probably fall by about two-thirds in the current fiscal quarter, the company said. [Bloomberg]

Amazon halts Google shopping ads: Inc. (AMZN) has stopped buying a popular type of Google (GOOG, GOOGL) ad, according to people familiar with the decision. The move deepens the rift between the technology titans and signals Amazon’s growing ambition in the digital advertising market. [Bloomberg]

Symantec plunges on internal investigation: Symantec Corp (SYMC) said on Thursday it was investigating concerns raised by a former employee and the cyber security company forecast full-year results below analysts’ estimates, sending its shares down nearly 20% in extended trading. [Reuters]

For more of the latest news, go to Yahoo Finance

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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.