Opening Bell: 8.30.18

Trump juggling Nafta; More Eurozone chaos; BNP traders love hip-hop; Cocaine pineapples; and more!
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U.S.-Mexico Trade Pact Faces Scrutiny From Lawmakers at Home [WSJ]
In Mexico, the deal reached during negotiations to revamp the North American Free Trade Agreement will face a vote in a new Senate led by supporters of President-elect Andrés Manuel López Obrador, who has backed the accord and has urged its swift completion to ensure his term begins without the cloud of uncertainty currently hanging over regional economic relations.
“We have conditions to move this forward,” Martí Batres, a senator from the new ruling Morena party who was appointed Wednesday to head Mexico’s Senate, said in an interview. “I think we should all help to provide economic certainty, ratifying the agreements reached by our country’s government.”

eurofire

Nafta Talks to Continue as Trump Says They're on Track for Deal [Bloomberg]
Key U.S. and Canadian government figures met again Wednesday, book-ended by meetings of lower-level trade officials set to work through the night. Trump and Canadian Prime Minister Justin Trudeau signaled Wednesday an accord could be reached.
"We’re doing really well,” Trump told reporters at the White House. “They want to be part of the deal. And we gave till Friday and I think we’re probably on track.” Trudeau acknowledged the Friday deadline cited by Trump, said they were pushing toward it but will only sign the “right deal.”

Campbell Soup plans to sell international and fresh food businesses, shares fall more than 4% [CNBC]
The company is unwinding efforts by former CEO Denise Morrison to branch into healthier and more fresh foods to refocus on product lines it knows well — snacks, meals and beverages. Morrison's surprise departure was announced in May when the company said it was conducting a top-to-bottom review of its operations and holdings after releasing what executives called "unacceptable" earnings.
Shares of Campbell fell 4.3 percent in premarket trading.

Germany cools on Macron eurozone budget proposal [FT]
The tougher German line is bad news for Mr Macron, who has made a common pool of money for the single currency area a central plank of his EU policy.
The French president has argued for a permanent “fiscal capacity” that would be financed by national contributions and also — potentially — new EU taxes and levies. It would be used to foster growth and competitiveness in the currency bloc and to stabilise countries hit by economic shocks.

BNP traders used Salt-N-Pepa lyrics as code to rig rates [NYP]
When discussing one instance of rate-rigging in a messenger service, a trader evoked the lyrics of R&B singer Montell Jordan’s 1995 single. “This is how we do it here :-P,” the trader wrote.
“Push it real good,” another trader responded, in a reference to Salt-N-Pepa’s 1987 hit single.

China's ZTE posts 1.1 billion first-half loss on impact from U.S. supplier ban [Reuters]
The result compared with the 7 billion to 9 billion yuan net loss estimate disclosed last month, and the 2.3 billion yuan profit booked in the same period a year earlier.
Operating revenue in the first half fell 27.0 percent to 39.4 billion yuan.

Henry Arnhold, Patriarch of a Storied Banking Family, Dies at 96 [NYT]
Henry Arnhold, the last member of a generation of prominent German Jewish bankers who escaped Nazi persecution, re-established their family business in the New World and later helped rebuild Dresden after the fall of the Iron Curtain, died on Aug. 23 at his home in Manhattan. He was 96.
The cause was a heart attack, his son, John, said.

Pineapples filled with 67kg of cocaine seized at market in Madrid [Sky]
Cylinders of the narcotic were neatly slotted into the hollowed-out fruit skin and covered in yellow wax to look like pineapple flesh.
Police said the wax was also used to conceal "odours of the chemical products which the drug contains and avoid its detection".
Officers described the pineapples as: "Perfectly hollowed out and stuffed with compact cylinders," with each fruit containing 800-1,000g of cocaine.

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