Written by Gary
US stock market index futures have slipped this morning (SPY -0.2%). DOW is pointing for a triple-digit skid as G-7 leaders feud over trade.
Here is the current market situation from CNN Money | |
European markets are mixed. The CAC 40 is higher by 0.09%, while the DAX is leading the FTSE 100 lower. They are down 0.31% and 0.08% respectively. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
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. | |
World stocks dip as central bank talk, trade, dull risk appetiteLONDON (Reuters) – World stocks slipped on Friday as expectations that trade tensions will dominate this weekend’s summit of G7 countries and renewed talk of monetary tightening by major central banks weighed on risk sentiment. | |
Trump vows to ‘straighten out’ G7 trade ahead of tense meetingLA MALBAIE, Quebec (Reuters) – U.S. President Donald Trump lashed out at Canada and the European Union on Friday and said he plans to leave a meeting with leaders of the Group of Seven nations early as fears of a trade war ratcheted higher. | |
Verizon names former Ericsson chief to replace McAdam(Reuters) – Verizon Communications Inc named Chief Technology Officer and former Ericsson boss Hans Vestberg as its new Chief Executive on Friday, saying he will replace current CEO Lowell McAdam on Aug. 1. | |
Goal! Investors line up World Cup winners off the pitchLONDON (Reuters) – The soccer World Cup is a massive money-spinner and stock market players are busy picking brewers, betting firms, pub chains and sportswear brands that will benefit from the associated global spending surge. | |
Investors focusing on profit margins as rising prices, wages start to biteNEW YORK (Reuters) – For years U.S. inflation has been the dog that did not bark, but rising prices and wages are now showing signs of squeezing profit margins across corporate America, leading investors to punish companies whose results are deteriorating. | |
Airbus set to close deal for majority stake in Bombardier CSeries(Reuters) – Airbus SE is set to close a deal to take a controlling stake in Bombardier Inc’s CSeries jetliner program, effective July 1, the companies said on Friday, in a move expected to kickstart the European planemaker’s ability to put its marketing and cost-cutting muscle into the Canadian plane program. | |
Apple plans 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, the Nikkei reported on Friday, citing industry sources. | |
Frontrunning: June 8Trump vows to ‘straighten out’ G7 trade ahead of tense meeting (Reuters) With Kim, Trump trusts his gut over note cards (Reuters) First Argentina, Then Turkey, Brazil. Now South Africa Reels (BBG) These Are the Dealmakers Behind Trump and Kim (BBG) Trump Scorns ‘Unfair Trade’ at G-7, Maps Plan to Exit Early (BBG) China’s ZTE apologizes, pledges reboot after U.S. reprieve (Reuters) China’s $11 Trillion Bond Market Tested by Rising Defaults (BBG) Verizon CEO to Retire, Succeeded by a Newcomer (WSJ) The Economic Policy Proposals of Brazil’s Top Presidential Hopefuls (BBG) Inside Tesla’s Model 3 Factory (BB … | |
Bitcoin Buying Is On The Rise Again In VenezuelaAuthored by Ana Berman via CoinTelegraph.com, Venezuelans’ interest in buying Bitcoin has increased significantly over the last three months, Criptonoticias news outlet reports Wednesday, June 6, citing data from the LocalBitcoins exchange. Venezuela experienced its first cryptocurrency boom in early 2017, when a record volume of 805 bitcoins exchanged in a week was set. Venezuelan bolivar to Bitcoin exchange volume. Source: LocalBitcoins Following that, the level of interest towards crypto in Venezuela dropped, coinciding with a decline in trading volume to as low as 150 bitcoins bought per week. However, according to Criptonoticias, in early-to-mid 2018, Bitcoin investment surged once again in Venezuela, as evidenced by LocalBitcoins | |
Trump Moves 1,600 Immigrant Detainees To Federal Prisons As ICE Scrambles To Find SpacePresident Trump is again demonstrating he doesn’t need the cooperation of Congress to implement some of his core campaign promises, like securing America’s borders. Case in point: Reuters reports today that US authorities are transferring roughly 1,600 ICE detainees to federal prisons over the objections of immigration advocates and human-rights groups. The move is the first large-scale use of federal prisons to crack down on people entering the country illegally. Meanwhile, immigrants rights advocates are furious because these same facilities typically house some of the justice system’s most hardened criminals. US Penitentiary in Victorville, Calif. Five prisons will temporarily take in detainees who are awaiting civil immigration hearings – a group that could include asylum seekers – as ICE works on securing additional housing space. A prison in Victorville, Calif. will house 1,000 immigrants – the bulk of people being moved under the program. Other prisons include ones in Washington, Oregon, Arizona and Texas. The news comes after the Department of Homeland Security | |
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. | |
Money flows in 11 popular tech stocks suggest a contrarian signal is coming upMoney flows in the likes of Amazon, Netflix and Nvidia have reached very high levels, meaning there is too much risk in buying popular tech stocks today. | |
Caroline Baum: With G-7 united against his trade war, Trump is going it alonePresident Donald Trump has dismantled many of the international institutions that the U.S. once championed. Could the Group of Seven be next? | |
Bond Report: Treasury yields edge lower ahead of G-7 summitTreasury prices build on the previous day’s gains, pulling down yields, as investors await a meeting of Group of Seven leaders that could throw trade tensions between the U.S. and its allies into the spotlight. |
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