The daily business briefing: December 7, 2020

Harold Maass

1.

Airbnb plans to raise the proposed price range of its initial public offering of stock, The Wall Street Journal reported Sunday, citing people familiar with the matter. The home-rental company is expected to hike the range to between $56 and $60 a share, from $44 to $50. The increase would give Airbnb a valuation as high as $42 billion, including the money it would raise in the IPO. Food-delivery company DoorDash is expected to price its IPO at the high end of its $90 to $95 range, which it already increased from the initial $75 to $85. That would give it a valuation of up to $36 billion. DoorDash is expected to make its market debut on Wednesday, a day before Airbnb. Together, the two IPOs would end a strong year for new issues in the U.S. [The Wall Street Journal]

2.

China released customs data on Monday showing a record $75.4 billion trade surplus in November. The increase came as exports surged 21.1 percent higher than in the same period last year thanks to strong demand from U.S. consumers. Exports to the United States jumped by 46 percent despite an ongoing trade war between the world's two largest economies. Total exports increased to $268 billion while imports rose by only 5 percent, to $192.6 billion. Chinese exporters have profited from the country's early reopening following coronavirus shutdowns. China's Communist Party declared the outbreak under control in March, when international competitors were just shutting down as they were hit by their first wave of infections. [The Associated Press]

3.

Chick-fil-A is suing major poultry producers it accuses of fixing prices. The leading U.S. chicken chain said in the lawsuit, which was filed Friday, that the chicken suppliers had unfairly inflated prices on billions of dollars' worth of chicken. Atlanta-based Chick-fil-A also said that the producers, including Tyson Foods, Pilgrim's Pride, Sanderson Farms, and Perdue Farms, worked together to cut production and push prices higher. A spokesman for Tyson said the company would defend itself against the allegations, which it called unfounded. Spokespeople for Perdue and Sanderson declined to comment. Together, the defendants in the lawsuit produce most of the 37 billion pounds of chicken consumed each year in the U.S. [The Wall Street Journal]

4.

The United Kingdom and the European Union started a final push for a post-Brexit deal on Sunday, but leading officials said significant "sticking points" remain. European Union sources told the BBC on Sunday that the two sides were getting closer to a deal on fishing, but a British government source said there had been "no breakthrough" on that front. European fishing communities that rely heavily on access to U.K. waters would suffer in a no-deal scenario. If the U.K. and the EU don't ratify a deal by the end of the year, both sides will be hit with border checks and taxes for goods they exchange. Ireland's foreign minister said it's "in everybody's interest" to hammer out an agreement. [BBC News]

5.

U.S. stock index futures fell early Monday after a record-setting Friday surge. Futures for the Dow Jones Industrial Average and the S&P 500 were down by 0.4 percent several hours before the opening bell. Nasdaq futures fell by 0.1 percent. The three main U.S. indexes all made solid gains on Friday despite disappointing employment data. The Labor Department reported that U.S. employers added 245,000 jobs in November, falling short of the 440,000 projected by economists polled by Dow Jones. Investors remain focused on news about coronavirus trends, vaccines, and talks in Congress about a new coronavirus relief package. [CNBC]

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It was written by: Pedro Cantisano, University of Nebraska Omaha.Read more: * COVID-19 is deadlier for black Brazilians, a legacy of structural racism that dates back to slavery * In Brazil’s raging pandemic, domestic workers fear for their lives – and their jobsPedro Cantisano does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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