Good morning! Here’s what you need to know in markets on Tuesday.
1. US Homeland Security Secretary Kirstjen Nielsen is reportedly being forced out of her position. Sources say Nielsen’s departure is expected as soon as this week.
2. The US Commerce Department has submitted draft recommendations to the White House on its investigation into whether to impose tariffs of up to 25% on imported cars and parts on national security grounds. The “Section 232” recommendations on ensuring a healthy US auto industry are undergoing an interagency review process and will be discussed on Tuesday.
3. Goldman Sachs “cheated” Malaysia over its dealings with state fund 1MDB which is the subject of corruption and money-laundering investigations, Prime Minister Mahathir Mohamad told CNBC in an interview aired on Tuesday.
4. The US, Russia, and China, among others, refused to sign on to a global cybersecurity pact. The Paris Call for Trust and Security in Cyberspace calls to create international laws for cybersecurity and warfare.
5. Shares in Asian suppliers and assemblers for Apple fell on Tuesday due to profit warnings that point to weakness in iPhone sales. Hon Hai Precision Industry, known as Foxconn, dropped more than 3%. Apple shares fell to their lowest in more than three months on Monday after three suppliers cut their iPhone forecasts. The Nasdaq and other big tech names slumped.
6. Canadian Prime Minister Justin Trudeau says Canadian intelligence has heard the recordings of Jamal Khashoggi’s killing. Turkish President Tayyip Erdogan said that the audio recordings had been given to the US, French, German, and British governments.
8. Hundreds of rocks rained down as tensions between Israel and Gaza heightened. The barrage of rocket fire comes after Israeli air strikes hit militant group Hamas’ television station and other targets.
9. North Korea is reportedly going forward with its ballistic missile program at 16 hidden bases. Satellite images suggest North Korea offered to dismantle a major launching site but still continued to bolster more than a dozen other sites.
10. Satellite photos of the California wildfires reveal their incredible destruction from space. As of Monday, three major wildfires — the Camp, Hill, and Woolsey fires— have killed dozens of people and scorched hundreds of thousands of acres of forests and infrastructure.