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March 03,2017 17:10

The CBO's findings on 'Trumpcare' are out. The Congressional Budget Office says the House GOP plan to replace Obamacare would shrink the federal budget deficit by more than $300 billion over the next decade and cause as many as 24 million people to ...



A
girl celebrating Holi, the Festival of Colors, in Mumbai,
India.
Reuters/Shailesh
Andrade

Here is what you need to know.

The CBO's findings on 'Trumpcare' are out. The
Congressional Budget Office says the House GOP plan to replace
Obamacare would shrink the federal budget deficit by more than
$300 billion over the next decade and cause as many as 24 million
people to lose their health insurance.

The Fed begins a 2-day meeting. Markets are pricing
in a 100% probability of a 25-basis-point interest-rate hike by
the US Federal Reserve when the meeting concludes Wednesday,
according to Bloomberg World Interest Rate Probability data.
Traders will be paying close attention to the Fed's dot plot, or
path for interest-rate hikes.

Brexit is coming. UK Prime Minister Theresa May has
been granted the power to trigger Article 50; however, she's not
expected to begin the formal process of the UK's exit from the
European Union until the end of the month. The British pound is
down 0.7% at 1.2131 versus the dollar.

China's retail sales grew at their slowest pace in 11
years. National Bureau of Statistics data released
Tuesday showed retail sales climbed 9.5% versus a year ago in
January and February, making for their smallest increase since
2006. Auto sales, however, were facing a tough comparison because
of last year's subsidy on new small-engine cars.

Bill
Ackman folds on Valeant. Ackman's Pershing Square
will sell its entire 27.2-million-share stake in Valeant, saying
in a statement: "At its current market value, the Valeant
position represented 1.5% to 3% of the various Pershing Square
funds; however, the investment required a disproportionately
large amount of time and resources. As a result, we elected to
sell our investment and realize a large tax loss which will
enable us to dedicate more time to our other portfolio companies
and new investment opportunities." Shares of Valeant are down
nearly 14% ahead of the opening bell.

Verizon tried to cut its Yahoo purchase price by $925
million. Verizon and Yahoo eventually agreed to
reduce the price to $4.48 billion, or $350 million less than the
original deal, Reuters says.

Toshiba missed its earnings deadline — again. Shares
of Toshiba slid 8% after the company missed the deadline to
report its third-quarter earnings. It was granted a one-month
extension, however, as it continues to iron out the problems at
its US nuclear unit, Reuters reports.

Volkswagen's core brand struggles. The German
automaker reported earnings from its VW brand of 1.9 billion
euros ($2.02 billion), down 11.1% versus a year ago, as it
continues to deal with the fallout from its emissions scandal.
Revenue for 2016 slipped 0.8% to 105.7 billion euros.
US economic data is light. PPI will be released
at 8:30 a.m. ET.
Stock markets around the world are mixed.
Japan's Nikkei (+0.1%) eked out a gain in Asia, and France's CAC
(-0.2%) lags in Europe. The S&P 500 is set to open little
changed near 2,373.

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