Written by Gary
The three major US benchmark indexes have finally trended upward from the morning negative opening (SPY +0.2%) after US President Trump lashed out at Canada and the European Union.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed today. The IPC is up 0.52% while the S&P 500 gains 0.19%. The Bovespa is off 1.64%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Trump vows to deal with ‘unfair trade’ ahead of tense G7 summitLA MALBAIE, Quebec (Reuters) – U.S. President Donald Trump lashed out at Canada and the European Union on Friday, setting the tone for a hostile Group of Seven summit and raising the specter of a trade war that has unnerved Washington’s top allies as well as investors. |
| Airbus clinches final deal to rescue Bombardier CSeries(Reuters) – European planemaker Airbus has finalized a rescue deal for Bombardier’s CSeries jet and is expected to flex its marketing and cost-cutting muscle to revive the loss-making Canadian venture. |
| Trade war fears, iPhone worries weigh on Wall Street(Reuters) – U.S. stock indexes dipped on Friday as fears over a trade war escalated ahead of the G7 summit in Canada and shares of Apple and its suppliers fell, following a report that the iPhone maker was planning to produce fewer phones this year. |
| Exclusive: Malaysia considering seeking return of Goldman Sachs’ 1MDB feesKUALA LUMPUR (Reuters) – Malaysia is considering asking the U.S. Department of Justice (DoJ) to get Goldman Sachs to return nearly $600 million in fees it earned from bonds raised for scandal-tainted 1Malaysia Development Berhad (1MDB), two sources familiar with the matter said on Friday. |
| China’s ZTE apologizes after paying ‘disastrous price’ in U.S. sanction caseHONG KONG/SHENZHEN, China (Reuters) – The chairman of ZTE Corp apologized to staff and customers on Friday after the Chinese technology firm agreed to pay a $1 billion fine to the United States to end a supplier ban that has crippled its business. |
| Verizon names tech chief as CEO, putting network over content(Reuters) – Verizon Communications Inc named chief technology officer Hans Vestberg as its new CEO beginning Aug. 1, surprising analysts and signaling the company’s priority is building the next-generation 5G wireless network, not expanding into media content. |
| Apple to make 20 percent fewer new model iPhones this year: Nikkei(Reuters) – Apple Inc expects to ship 80 million new model iPhones this year, down 20 percent from what it had planned at the same time last year, Japanese financial daily the Nikkei reported on Friday, citing industry sources. |
| VW says 250,000 cars could be delayed by new testing rulesBERLIN (Reuters) – Volkswagen said production of up to 250,000 cars from its group brands in the second half will be delayed because of effects from new mandatory lab tests for emissions and fuel economy. |
| Kia recalls 507,000 vehicles in U.S. for air bags that may not deployWASHINGTON (Reuters) – Kia Motors Corp said on Friday it is recalling more than 507,000 vehicles in the United States because an electronic glitch may prevent air bags from deploying in the event of a crash. |
| Justin Trudeau Accused Of Groping WomanAs it turns out, ensuring that your cabinet has an equal number of men and women for the first time in Canadian history doesn’t grant you immunity from your very own #MeToo moment. That’s right: Canadian Prime Minister Justin Trudeau, who has won widespread praise from the world’s liberals for his commitment to supporting intersectional feminism and multiculturalism, has been accused of a woman.
In an editorial published in the Creston Valley Advance back in 2000, a small paper in British Columbia, a woman recounts her experience of being groped by Trudeau, followed by an audacious apology where he admits that he wouldn’t have groped her if he knew she would report on the incident. Images of the editorial started circulating online earlier this week:
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| Average New Vehicle Auto Payment Hits Record High $523 Per MonthAuthored by Mick Shedlock via MishTalk, The average size of a loan for a new car in the U.S. set a record in the first quarter as did the average payment.
Database firm Experian notes U.S. Monthly Auto Payments Reach Record High in First Quarter. New vehicle loans averaged $31,455 The average monthly payment for a new vehicle hit at record $523/month Consumers are lengthening loan terms, with six years being the most common, to adjust to the higher costs and rising interest rates. Outstanding loan balances reached a record high of $1.108 trillion Loans for used vehicles reached $19,536, also a record |
| Greece Is No Longer The Ugliest PIIG In EuropeFor the first time since July 2007, Greece is no longer the ugliest PIIGS nation in Europe. The last week has seen Italy sell 5.5 billion euros worth of 183-day bills at an average yield of 1.213% (the worst since Feb 2013) and Greece sell 1.625 billion euros worth of 183-day bills at an average yield of 0.85% (near its lowest since Oct 2009); meaning that Italian short-dated debt is perceived as more risky than Greece for the first time in almost 11 years…
European traders are noting that the front page of Italy’s Corriere Della Sera is highlighting this historic moment for Italian risk… |
| How Altaba Could Do Alibaba a FavorThe U.S.-listed e-commerce giant has the chance to launch a share buyback that would help with its potential listing in China. |
| Why the Frozen-Food Aisle Is Hot Right NowSome savvy food makers are succeeding by refreshing old frozen food brands and taking smart steps to entice health-conscious shoppers. |
| Is Stitch Fix the Netflix of Fashion?The subscription clothing service has defied investor expectations by delivering solid growth. Next up: Stitch Fix for kids. |
| In One Chart: About those millennial homebuyers: they’re getting younger and youngerMillennials aren’t just buying homes, they’re doing it at ever-younger ages. |
| numberFire: Here are 10 players to watch at the 2018 World CupWhat does 2018 have in store? In order of group, here are 10 players to keep an eye on during this year’s FIFA World Cup. |
| London Markets: U.K. stocks slide as tensions flare up ahead of G-7 meetingU.K. blue-chip stocks slumped Friday, with investors preparing for what’s likely to be a tense gathering of leaders in the Group of Seven advanced economies in Quebec. |
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