Financial Daily Dose 11.22.2019 | Top Story: WeWork Cuts Nearly 20% of Global Workforce

workers' desk packed up

The first cuts from WeWork hit this week, and they’ll take the form of 2,400 employees around the world—some 20% of the struggling company’s workforce – NYTimes and WSJ and MarketWatch and CNBC

Chinese officials have invited American negotiators to participate in a new round of in-person talks “as both sides are struggling to strike a limited deal to help de-escalate tensions between the world’s two largest economies” – WSJ

With that in background in mind, former Treasury Secretary Hank Paulson is waving a big red flag over US/China trade talks, warning that if the countries don’t soon reach an agreement, there could be a decoupling of interests that would be disastrous for all involved – NYTimes and Bloomberg

On another trade front, talks between US Trade Rep Robert Lighthizer and House Speaker Nancy Pelosi led to some progress but no final deal on the stalled USMCA, “increasing the likelihood the deal won’t get a vote in Congress this year” – Bloomberg and NYTimes

Xerox has notified HP’s board of directors that it will go hostile and “take its $33 billion takeover bid to HP’s shareholders if the company doesn’t reconsider Xerox’s acquisition offer by Nov. 25” – WSJ

Elon’s been pretty quiet of late (for him), so the timing was just about right for Tesla to unveil its first pickup truck [the “Cybertruck”]—a splashy play by the electric car company to rival Ford’s best-selling F-150 line with something out of Blade Runner. All did not go as planned, and rather delightfully so – Bloomberg and NYTimes and WSJ and MarketWatch

Ray Dalio and his Bridgewater hedge fund are putting some serious cash behind the odds that major markets will dive substantially by next March – WSJ

Famed tuna canner Bumble Bee Foods has filed for bankruptcy “amid criminal fines and civil lawsuits stemming from a federal price-fixing case.” FCF Co. plans to acquire Bumble Bee as part of a bankruptcy section 363 sale – Bloomberg and Law360

The nearing finale for Libor, the troubled benchmark interbank offered rate “at the center of a manipulation scandal earlier this decade,” is creating substantial uncertainty for CME’s massive Eurodollar futures  market as it shifts to SOFR, the  “new benchmark interest rate that Fed officials are pushing as a replacement for Libor” – WSJ

We’re a week out from Black Friday, for those keeping track at home. Here’s some incentive to keep those credit cards in your pockets until then – NYTimes

Have a great weekend,

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