Written by Gary
US stock index futures were trading flat this morning (SPY -0.06%) as investor fears over Italy “issues’ subside, but have deepening concerns of an EU trade war.
Here is the current market situation from CNN Money
European markets finished mixed as of the most recent closing prices. The DAX gained 0.93% and the FTSE 100 rose 0.75%. The CAC 40 lost 0.20%.
Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.
What Is Moving the Markets
|Here are the headlines moving the markets.|
WASHINGTON/PARIS (Reuters) – Washington will announce plans to impose tariffs on EU steel and aluminum imports as early as Thursday, two sources said, while a magazine reported President Donald Trump was now focused on pushing German cars from the country.
(Reuters) – U.S. stock index futures were trading flat on Thursday as optimism over Italy trying to avoid a snap election was hampered by worries of a looming trade war with the European Union.
PARIS (Reuters) – Washington does not want a trade war with the European Union, but whether there is an escalation or not will depend on the EU, U.S. Commerce Secretary Wilbur Ross said in an interview published by daily Le Figaro on Thursday.
RIYADH (Reuters) – Saudi Arabia’s crown prince wants to build a mega-city with the latest robotics under his grand plan to reform the kingdom.
RANCHO PALOS VERDES, Calif. (Reuters) – Uber Technologies Inc [UBER.UL] is talking with Alphabet Inc’s autonomous driving unit Waymo about using its technology on Uber’s ride-hailing app, Uber Chief Executive Dara Khosrowshahi said on Wednesday, signaling a possible thaw in relations between the firms.
NORTH CHARLESTON, S.C. (Reuters) – A small group of workers at Boeing Co’s South Carolina jetliner factory is voting on Thursday on whether to form a “micro union,” despite efforts by Boeing to challenge the election.
LONDON (Reuters) – The aluminum empire of Russian magnate Oleg Deripaska is in close contact with the U.S. Treasury, but needs until mid-summer to come up with a plan to meet U.S. requirements to escape sanctions, the chairman of its holding company told Reuters.
TOKYO (Reuters) – Sony Corp’s new chief executive is embracing entertainment content, but for now appears to be steering clear of direct competition with tech giants such as Apple Inc and Netflix Inc .
(Reuters) – General Motors Co said on Thursday that Japan’s SoftBank Group Corp will invest $2.25 billion through its Vision Fund in GM Cruise Holdings LLC, the carmaker’s autonomous vehicle unit.
Step aside Tesla and Uber: there is a new-selfdriving cool kid in town.
On Thursday morning, tech-investing giant SoftBank Vision Fund, which over the past year has been spending money like the Swiss National Bank buying US stocks on tilt, announced it would will invest $2.25 billion in General Motors Co.’s driverless-car unit valuing it at $11.5 billion, creating a new start in the ongoing fierce battle by tech companies and startups to become the first to commercialize autonomous vehicles.
SoftBank Vision Fund will take a 19.6% stake in GM Cruise Holding
GM said that the fund, an affiliate of Japan’s SoftBank Group, will take a 19.6% stake in GM Cruise Holdings LLC, a newly formed entity primarily made up of Cruise Automation, the driverless-car developer that GM acquired in early 2016 for around $1 billion.
The Vision Fund’s investment will be staggered, coming in two tranches: an initial $900 million payment, and another of $1.35 billion once Cruise’s autonomous vehicles are ready for commercial deployment.
The deal will provide not only a major financial backer – a la what Uber tried to do with Warren Buffett and failed – but will also “afford GM increased flexibility with respect to ca …
Following on from his tweet yesterday, accusing ABC of a double standard in its decision to cancel the hit sitcom ‘Roseanne’ – after Roseanne Barr, who is a vocal Trump supporter, came under fire for a racist tweet she sent earlier in the week – where he exclaimed, “Bob Iger of ABC called Valerie Jarrett to let her know that ‘ABC does not tolerate comments like those’ made by Roseanne Barr. Gee, he never called President Donald J. Trump to apologize for the HORRIBLE statements made and said about me on ABC. Maybe I just didn’t get the call?”
President Trump has unleashed a more damning tweet this morning, demanding an apology from the Disney CEO: “Iger, where is my call of apology? You and ABC have offended millions of people…” and recalling more of the one of the biggest fake news stories of his presidency: “How is Brian Ross doing? He tanked the market with an ABC lie, yet no apology. Double Standard!”
Trump Is Planning to Impose EU Steel, Aluminum Tariffs (WSJ)
Europe will give determined response to any U.S. tariffs: Merkel (Reuters)
IFJ calls Russian journalist Babchenko affair ‘intolerable’ (Reuters)
Even a Strong Economy Might Not Save Spain’s Government (BBG)
Deutsche Bank’s U.S. Operations Deemed ‘Troubled’ by Fed (WSJ)
Soros View on Global Crisis Is ‘Ridiculous,’ Morgan Stanley CEO Says (BBG)
Why Wall Street Traders Aren’t Rejoicing (Yet) Over Volcker Rule (WSJ)
F.B.I. Official Wrote Secret Memo Fearing Trump Got a Cover Story for Comey Firing (NYT)
Harvey Weinstein and the Clinton Protection Racket (Coulter)
GM’s autonomous vehicle unit gets $2.25 billion funding from SoftBank (
In addition to the ongoing political turmoil in both Italy and Spain, today’s trifecta of risks is completed by the threat that President Trump will impose metal tariffs on Canada, Mexico and EU, according to reports in Washington Post. Overnight, Commerce Secretary Wilbur Ross said that US steel and aluminum tariffs on EU are to be announced before markets open or after markets close today, while CNBC added that the US plan to impose steel and aluminum tariffs on Canada, Mexico, and EU is ‘99.9%’ done and expected to come later this morning.
It gets worse: according to Germany’s, Wirtschaftswoche, Trump told French President Macron that he would block German premium cars from entering the US market (prompting some to muse that Porsches might actually hold their values).
As a result, the European Union – which had hoped to avoid this outcome – is now bracing for Trump to open another front in his confrontation with the bloc, as the EU’s top negotiator prepares for the U.S. to impose either tariffs or quotas on metals imports from America’s closest allies. As a reminder, back in March Trump slapped 25% tariffs on imported steel and 10% on aluminum, but granted a reprieve to the EU, Canada and Mexico until June 1 for further talks …
A little-noticed part of lawsuit says Redstone could sell a combined company and give up control.
WellCare’s planned acquisition of Meridian shows why small health insurers should bulk up.
Leading lights of the hedge fund world have gathered in Hong Kong to float their big bets on stocks at the annual Sohn conference. One of their biggest challenges: The local market’s setup.
Spending on consumer goods in April rose sharply for the second straight month, pointing to a pickup in the U.S. economy in the spring. Consumer spending jumped 0.6% in April.
There are many European ETFs designed to protect your portfolio in times of high volatility.
It’s the last day of May, and the S&P 500 looks on its way to notching a sizable monthly gain. Morgan Stanley CEO James Gorman is suggesting not worrying about Europe too much, providing our call of the day.
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