China deal hopes; Tesla's new SUV; Ted Baker founder out

The Shanghai Composite index surged about 3% on Monday morning to reach its highest level in nine months, while Hong Kong's Hang Seng index rose 1.5%. Both indexes gave up some of their gains later in the day. Japan's Nikkei, meanwhile, closed about 1% higher.

According to a report by the Wall Street Journal on Sunday, the United States and China are in the final stages of negotiating a deal that would see China reduce tariffs on a range of US goods if the Trump administration removes broad trade sanctions against Beijing.

Trump and Xi could reach a formal agreement at a potential meeting around March 27, the report said.

Major European markets also opened slightly higher, while US stock futures were pointing up.

2. Huawei's Canada lawsuit: Huawei's chief financial officer is taking on Canada over her arrest in Vancouver three months ago.

Meng Wangzhou has filed a civil lawsuit against the Canadian government alleging that she was unlawfully detained and questioned for three hours on December 1 before being made aware of her rights. She also claimed her luggage and electronic devices were searched before she was told she was under arrest.

Meng, who is the daughter of Huawei founder Ren Zhengfei, was detained by Canadian authorities at the request of the United States, which has indicted her on charges of bank fraud and sanctions evasion. The US government has formally requested Meng's extradition from Canada.

The detention of one of China's top tech executives at the request of the US government set off a political firestorm. In China, many viewed her arrest as a political move by the Trump administration to gain leverage in the clash between the two countries over trade and technology.

Huawei and Meng both deny the charges.

The Chinese tech executive is scheduled to appear in court on Wednesday in Vancouver, where she has been released on bail with restrictions on her freedom of movement.

3. Tesla's latest launch: Tesla (TSLA) will unveil its latest vehicle, the Model Y, in Los Angeles on March 14, CEO Elon Musk tweeted Sunday.

The electric SUV will cost about 10% more than Tesla's cheapest vehicle, the Model 3 sedan, he added.

Tesla revealed earlier in the week that it was finally selling a $35,000 version of the Model 3, something the company has long promised.

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4. Ted Baker CEO steps down: The CEO and founder of British luxury goods company Ted Baker resigned on Monday as the company continues to investigate allegations of inappropriate behavior.

Ray Kelvin has stepped down from his position with immediate effect, the company said in a statement Monday. He had been on a voluntary leave of absence since December following allegations of harassment, including "forced huggings" of staff members.

Ted Baker's stock price fell more than 2% in early London trading before swinging into positive territory. Kelvin denies all claims that he acted inappropriately toward employees.

5. Earnings: Salesforce (CRM) plans to release earnings after the close Monday.

6. Coming this week:
Monday — Salesforce (CRM) earnings
Tuesday — Target, Kohl's and Ross Stores (ROST) earnings, US ISM non-manufacturing index
Wednesday — Dollar Tree (DLTR) and Abercrombie & Fitch (ANF) earnings, Fed Beige Book
Thursday — Kroger, H&R Block (HRB), Costco earnings
Friday — US jobs report

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