Economies . E two largest President Trump removed the threat of new tariffs supposed to go into effect suny. And he rolled back some others as well. But not all of them. M beijine promising to purchase american agriculturalg s. Its an event investors have been waiting for. While sedcks ral sharply yesterday on reports of agreement today they moved only slightly higher but enough forra relose on the nasdaq. The Dow Jones Industrial average added three points to 28135. The nasdaq was up 1 and the s p 500 was up just slightly. Both countries spoke about the phase one deal today. One offering up more details than the othe we have two reports tonight. Eunice yuan in beijing butbe at the at the white house. E after nearly three years of northbounding President Trump today hailing the first phase of a china trade deal as phenomenal. Iaaffectionately the farmers have going to have to buy larger tractors because it means a lot of business, a tremendous amount of business. The u. S. Says chio has agreed about 40 billion in additional purchases of agricultural pcessed products over the next two. Manufactured goods and energy. There are also provisions on intellectual property and , currency. In return chinese officials said the u. S. Committed to remove tariffs step by step. The rate on a round of tariffs that hit in september will be cut in half. An tariffs on toys and phones set for this weekend will be shelved. But the white house is keeping the rest of the tariffs as leverage. Tariffs will largely remain at 25 on 250 billion. And well use them for future negotiations on the phase 2 deal. Ambassador Bob Lighthizer, the lead u. S. Trade negotiator told reporters he expects ministers, not leaders of the two countries to sign the deal the first week of january insh gton. It will take effect 30 days after that. Thisas process seen many false starts before. As recently as President Trump touted a deal being reached before it was finished. Really shouldve it this time. This is a major development, large phase 1 deal. As for what happened the last countries had made notional the agreement but needed time to work out figures behind it. Even so, he said its wise to remain skeptal whether china can deliver. For nightly Business Report im Kayla Tausche in the chise have agreed to a phase 1 trade deal with the u. S. At a late night friday press briefing in beijing senior members ochinas negotiating team said that reaching a deal wouldenefit chin the u. S. And the world. The key highlight was that thei e did not commit to a u. S. Goods. Gure for purchases of which was a key demand of the trump administration. Instead they said china would buy more goods without a doubt but based on market needs. Other interesting points, the chinese said the u. S. Agreed to keep its promise to cancel tariffs step by step. Some existing levies anduture ones. And the ministers stressed both sides made compromises andit conts to have the deal appear unequal in the china. Pp itrs Police Department of work left to do. Today finalize and take other steps before deciding when and where signing the deal. Forbu nightlness report, eunice yuan in beiging. Michael farr jns us to talk re about trade and the markets. He is the president and ceo farr miller in washington. G wat to beh you. Does this deal get you in any way to look at the markets in a dierent way . If we have a deal, bill, i mean so much of this negotiation has been loosely promising to hold the football for Charlie Brown and Charlie Brownen on his back. And e up theres been a bit of that for markets. When you hear Bob Lighthizer who is an old friend say were there i like it better. What i like for stocks is it seems to remove more and more uncertainty even incrementally. It gives a more stable platform to theha negotiationss going to quiet some of the noise. And invesrs will be able to focus more on numbers, on earnings and what makes sfoks valuable. Michael would you step into some of thed names that suffe because of the length of the trade war . I think so, sue. But not necessarily with an idea that theyre going to rebound all tt quick because this still promising to be a long process. But i like to buy things when they are beaten up. For the very Good Companies thaf have ed, you know, you buy them when folks dont like them. You try and buy them when cheap. A lot of them have become less expensiv there is opportunity there and yes im looking at those. Youre getting phase now of a trade deal. You have the Federal Reserve which pretty much signalled this week theyre out of the picture for the foreseeable future and the stock market at alltime oo it too good to be true . Or what are young at into the greer here. Bill ive been doing this so long any time everything feels good i get more nervous. Yes at 17. 5 times aarnings stocnt cheap but not awful. Earnings growth for 2019 may be 1. 5 really. 17. 5 times earnings, the economy is doing okay. F theeral reserve says theyre on the sideline for a while. And we know in an Election Year the fed doesnt want to do anything. You get past april or d, fed is quiet, Interest Rates low. This is a b constructive,lish environment for stocks. So, yes, i think it could dont expect another 25 year but a positive year for 2020, yes, im reasonably bullish. All right. Michael farr with farr,r mil in washington always good to use michael. Great to see you happy holidays to everybody as my iend paul kangas i wish everybody the best of goodbyes. Very good. A handful economic grandmothers outlooks about growth. The fastest pace in six months oil prices meaning underlying pin flags pressuring remn muted. A separate report shows business inventories rose0. 2 lifted by stocks at retailers suggesting that Inventory Management could contribute to Economic Growth in the fourth quarter. But retail sales not a as strong as expected i novembe also rose 0. 2 but skmiss say the short fall may oe becauthe late thanksgiving. Which pushed the first big weekend of Holiday Spending into december. N his first Public Comments since the federal reser policy meeting this week the president of the new york said today ts years Interest Rates cuts positioned the economy for solid growth in 2020. The economy is it i a good place. Unemployment at 50year low. E economy is growing. Forming about p as well as we have seen in decades. Theeal issue is, how do we keep the economy strong . How do we keep inflation back to 2 . And then, you know, what are t risks and uncertainties out there. Williams said he does expect the economy to grow 2 annually the next couple years. Although much of the atteion today was onrade relations with china, the trade fight with europe is still brewing. Tonight we learn that the u. S. Is considering tariffs of upo 100 on european products that were previously absolved from such duties. Those products include things irish a scotch whiskey cognac. Spanish olive oilnd french cheese. And in the United KingdomBoris Johnson spent in day celebrating hisececisive on victory. He pledged to unite his country and move forward wit theuks exit from the European Union. Villam marks is in london for us ton. I am forming a new Boris Johnson came to power in downing street over the summer promising delivering brexit by the ebb of october whenket looke that wasnt possible he foughthrough a new election after five weeks of a n divisive campae ended up with a significant majority for largest since the 1980s. The his opponent led by Jeremy Corbyn saw the most disappointing results since the 40s and that loud johnson to hmove forward with divorce deal for the irlooking forward op the to when the uk will leave the en union. The next challenge for the Prime Minister is how he forms a trading relationship with theack largest trading partner, the European Union. Of pressuree amount to rush that through in terms of the negotiations to get approval from his own party a other members of the parliament here in the uk. And the challenge is he promised 2 do that by the of next year,0. If he tails to do that, investors, businesses, voters concerned about the possibility ny will have a hard brexit uk will leave the European Union o the end next year if interests no trade deal and return to wto terms something for the british economy. For nightly Business Report, im v. Llamarks out by 10 downing street in london. Time to look at upgrades and downgrades. Bristol myers squibb was upgraded to buy from hold at argue us. Citing the drug pipeline after the completion completed acquisition of celgene, the price target at 80. Ock fell to 63. 82. Snap group graded to outperform from market perform at jmp securities. He analyst citesbility to grow the user base appear attract advertisers. The pricet tar 20. The stock rose 4 to 15. 09. Regeneronupgraded to outperform from neutral at Credit Suisse also named a topic for 2020. The analyst cited sales of the compys mack laroue degeneration drug and price target is now an even 400. The stock rose1 o 376. 42 p haines brand downgraded to underperform at from neutral at bank of America Merril Lynch citing a slowdown of sales for e companys champion Athletic Apparel brand. Price target down to 13 and shares town5 to 14. 40. Still ahead, a ars long high stakes labor case and a big win for one of americas biggest mpanies. A long running labor union case has finally come to anend. And iwas a win for the Worlds Largest fast foodt restaur chain kate rodger that is the stories. A big win for mcdonalds ine the bige over the franchisee franchiser relations an how much responsibility franchiseders like the giant have over actions taken at franchise locations. Gh the neir Labor Relations board instructing a federal settlements to resolve complaints against mcdonalds and 29 franchisees in a case thatsnder way for three years. What do we want . Workers claimed they faced retaliation for participating in raiesalling for 15 an hour minimum wage a unions. The decision still has to be finalized. But it minas mcdalds escapes int Employer Liability which would hold corporations accountable for violations at franchise locations. The settlement places liability on franchisees. Mcdonalds like all franchisers such as fast Signs International puts together a brand, an entity, training, supply chain and everythin but the individual franchisees hire wsh fire make the pay e decisioncetera do all the management. To finally have some closure on thne vag of the expanded definition of joint employer i a really positive for fast finds and the entire franchise industry. Ay the International Franchise association that an expanded definition of the joint employer rule from 2015 has stifled growth and increasedin litigation a franchise businesses by 93 over that time period. It has reduced the addition an over 370,000 jobs in the five years. Actually eliminated about 33 billion of Economic Growth because of the uncertainty. Franchisers have been hesitant to grow and franchise really didnt know what was happening to their business. This is a very positive positive step forth franchising w a franchiser or franchisee. In a statement mcdonalds said in part the decision allows our franchisees and queues to move forward and resolve all ismatters without aon of wrong doing. Additionally current around formerye franchisee emp involved in the pierogs can now receive long overdue satisfaction o claims. For 15 and aon said it plansht to forcefully appeal. Adding the settlent agreement not valid. Mcdonalds is walking away with a get outf jail free after illegally retaliating against low paid workers fighting to paid enough to feedmilies. For nightly Business Report kate rogers. A surprise fda approval for surrepta where with he begin the market s. The biotech second trueing for smfrl dips trophy. Also already making the first fda approved for the disease pl now the only commercialized erapy. Shares soared 31 to 132. 05. The ceo of cat kate speed leaves her position ather less two years on the job. Same store sales at the handbag make are have been calling since kate spade was acquired by tap evidentiaryn 2017. Shares of tap evidentiary down 1. 5 to 25. 94. The department of justice is reportedly preparing legal action against live nation. According to the wall street journal officials are looking into allegations that the Live Entertainment company stride to tuesdaying ticket manafort nto subsidiary. Shares fell 7 on the news down to 64. 34. Quartey dividend by 2 . Ing its going to be payable february 3rd to o shareholder record as of january 10th. At ts dividend yield of cour is a healthy 5. 3 and plans to retire about 100 million worth of stock in the First Quarter of next year. The stock fell a fraction today to 38. 26. Its time for thema weekly et monitor. He likes three companies saying ustry leaderse i that could see strong earnings oowthr the next 12 months. Nick joins us, president of the new England Investment and retireme group. Nick, welcome, nice to have you here. Thank you very much forng hame. You say the basically have been innovative, transformed the business in many sattors. One of the reasons that you like it. Why else do you like it . Sure, i mean, they have exnsion of business in the Artificial Intelligence side of the business with their building that out. Also in addition to that the ecommerce side of the business has been lucrative and if you that came out today even theus older lineess such as acrobat and photo shop they are hitting the numbers for the company to be that large and producing those types of Revenue Growth thats fantastic. I think the train Going Forward should continue. Next you have is retail the furniture retailer now called rh its t old restoration hardware. What a year this company bh earnings and stockwise. Do y think they can keep up the momennto the new year. I think so, bill. Creativity and innovation is kicking in where rh decided to go intnd the brick mortar side of the business and they have some beautiful, large creative Gallery Stores really drawing in the public and creating a lot of r zz. Ample, just recently they came out with the ski home festyle store. Obviouy right in time for the winter season. I think really theyvedi erentiated themselves from see thatal retailer we and next we fish with jp morgan. And you make the point that it is basically executing to a gold the united e in states. And it has also had a nice oneyear gain. Yes. And you know, between the leadership of jamieim obviously over the years building the business to the Gold Standard that they are, even as large a jp morgan is, they are continuing to reinvent themselves. More rently theyre putting a thrust and drive towards the welt management side of the business where they the partnered with the chase locations on the advisory side of the business for the high net weather and ultrahigh net weather side of the bhiiness. And helps to not only increase revenue and also smooth out earnings in and w we see a slowdown in the traditional side of the business such as commercial banking and lending. For that reason we see good things for jp morgan. On that note, nick thanks for joining us. Nick jacamenta with the nulg investment and retirement group. And coming up getting away for the holiday this season, watch out for hidden fees on the hotel bill. We all pay them. And we all get annoyed when we do. Were talking about resort fees ich are added to the could have of your hotel room. And while theyre annoying to travelers they are a lucrative source of revenue for the industry. And they are expecte to go up. Seema modi has the details. Reporter as you prepare to travel for theholidays, watch out for the pesky resort fees that may be added onto your hotel bill at checkout. Hotels say the resort fee can range from 25 to 45 a nightiv covers aies or specific amenities such as free wifi or access to the its seen as an effective way for properties to collect more money fro customers without raising the room rate. Its been very challenging the last couple of years to push room rates higher. And one way that theyve been able to at least make profits higher is by tacking on the resort fees. Resort fees are quickly becoming a source of frustration for travelers who may not even be using any of the amenities included in the resort fee. Likeen complemry drinks at the bar, or a beach chair. And its not just hels and travel distinctions like the caribbean. Many hotels in cities ang implemenn urban fee. Rerch from Hospitality Firm skif shows increase in hotel fees in new york, chicago and los angeles charging fees even if any dont have a Swimming Pool and other amenities that resor fees are normally supposed to cover. Other guests complaint theyre often no not made aware of the fee when booking the hotel. Notice. S have taken earlier this year thege attorne ral in washington, d. C. And nebraska filed lawsuits against the two larst hotel operator. Marriott and hilton for not proper disclosing the fees. But experts dont see the fees going away any time soon. I think for many hotels its been quite successful. And its not just the revenue. It doesnt cost anymore employees to tack these fees on. And because of that, you have a high profit stream from them. According to sdr analytics for the fifth year in a roinious income including resort and cancellationees was the biggest source of growth at more than 11 . If fees continue to rise, experts caution that may push more travelers to off to stay at hotel. Term rental over a as people start to notice that more, yeah, if somhing that cosng more you may look at an alternative accmodati such a airbnb or the like. Depending where you stay there may be a way to get out of ying the resort fee. Travel Consulting Firm t process pg recommends booking hotels us awards or points andvi s clients to check in with the Hotel Manager to see if the resport fee can be taken off the bill if you a not planning to use the amenities or services it covers. For nightly Business Report, seema modi. And finally tonight they are called nonbank. Ban among other things. And there are a lot of them out there to choose from these days. Big and Small Tech Companies are business byering credit cards and savings accounts and other services. But aefore opening anount with one of them, its important to think about how you bank. Youre Senior Personal finance correspondent Sharon Epperson is here with tips on that how do they differ. They are called challenger fings from ntech, financi Technology Start ups your tech companies. And the purpose of them is to low you to have easier access to banking with a Branchless Bank wh digital nks, get Checking Account savings accounts and then o mostthe time but you have to check on this theyre partnerwood a federally insured fdic insured bank to assure thayou protection. But there are a number of companies doing this like chime that has 6. 5 million accounts to so, a Refinancing Company for Student Loans but now also has sof. Money and tmobile money and betterment. A lot of companies in the mix doing this. What arehe advantages if there are some for consumers . Well they are lower cost because they may not have overdraffe , no minimum balance, may not be may be higher rates that you did rowe can get on loansnd there and your savings accs andou then may have greater access to credit because artificial techlogy making it easier to get more access. And then the Specialized Services as well, whether checking or sayings, or Payment Options you want that spefic option, thats for you and its right on the phone. Disadvantages . What hapns when the lates go out for example. Exactly n human interaction. If you have an issue there is nothing you can do to talk about it. If if you want to go one place and get mortgage and credit card and checking thats not for you. Cause its a specialized offering. And then your data out there any timeomou dohing with Technology Like this, youre putting your data out there. You may be at greater risk. You need to think about this. Basically ask how do i want to bank and then decide which is best for you . As always, sharon eppers thank you. My pleasure. See you later. All right. Well, before we go, lets take a look at the days final numbers for the wall street and also the end of theweek. The dow added three points to finish a 28135. The nasdaq was up 17 to chose at a record and the s p 500 was up just slightly. All of the major averages were also higher for the week. Pulled it off on this friday the 13th. I was just going to say friday the 13th, but we still finish with record highs. Yes. And now fed behind us and a trade deal behind us. Yes. What will come next week. What wil come next week. What i was going to say that does it for us tonight im sue herera. Thanks for joining us. Imff bill gh. Have a great weekend. See you monday. See youonday. narratorfunding for this presentation is made possible by. Woman babbe language app that teaches real life conversations in a new language, like spanish, french, german, italian and more. Babbels 10 to 15 minute lessons are available as an app or online. Narrator funding was also provided by. The freeman foundation. By judy and peter blumkovler foundation. Pursuing solutions for americas neglected needs. And by contributions to this pbs station from viewers like you, thank you. Woman and now, bbc world news