Written by Gary
Stocks across the globe are once again opening the week in the red as tough trade talk over the weekend weighed on investor sentiment. DOW futures set to open over 150 points lower.
Here is the current market situation from CNN Money | |
European markets are lower today with shares in France off the most. The CAC 40 is down 0.81% while London’s FTSE 100 is off 0.76% and Germany’s DAX is lower by 0.43%. |
METALS-Copper hits 3-month low as U.S., China trade tensions rumble
Retaliation for US tariffs kicked in on Sunday — taking aim at ketchup, whiskey, and soup
US Chamber of Commerce, the nation’s largest business group, attacks Trump on tariffs
Trump’s method for punishing Iran threatens to inflict pain at the US gas pump ahead of elections
5 reasons to buy Apple’s stock now from Citi, including back-to-school demand and services growth
Michael Cohen, Trump’s former personal lawyer, says he now puts ‘family and country first’
What Is Moving the Markets
Here are the headlines moving the markets. | |
Futures drop as global trade uncertainties persist(Reuters) – U.S. stock index futures were lower on the first trading day of the second half of this year, as worries of a trade war between the United States and other major economies did not let up. | |
Exclusive: Largest U.S. business group attacks Trump on tariffsWASHINGTON (Reuters) – The U.S. Chamber of Commerce, the nation’s largest business group and customarily a close ally of President Donald Trump’s Republican Party, is launching a campaign on Monday to oppose Trump’s trade tariff policies. | |
EU warns U.S. of major hit if car tariffs imposedBRUSSELS (Reuters) – The European Union has warned the United States that imposing import tariffs on cars and car parts would harm its own automotive industry and likely lead to counter-measures by its trading partners on $294 billion of U.S. exports. | |
Report of Trump bill rejecting WTO seen by trade experts as hot airGENEVA (Reuters) – U.S. President Donald Trump has ordered the drafting of legislation that would mean abandoning key disciplines agreed at the World Trade Organization, Axios news website reported late on Sunday, to a skeptical response from trade experts. | |
Investors seek cover as trade battles rattle world marketsLONDON (Reuters) – Investors have sharply increased their use of hedging strategies, signaling concerns that the intensifying trade battle between the United States and China might hit economies from Germany to South Korea. | |
Dell to buy out VMware tracking stock in move to go public again(Reuters) – Dell Technologies Inc said on Monday it would buy the tracking stock of VMware Inc in a cash and stock deal, taking a step closer to a return to the public market and ending a months-long review of its business. | |
Trump says Saudis must compensate for drop in Iran oil supplyBERKELEY HEIGHTS, N.J. (Reuters) – President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on U.S. ally Saudi Arabia to raise supplies to compensate for lower exports from Iran. | |
Exclusive: Tesla hits Model 3 manufacturing milestone, hours after deadline – factory sourcesSAN FRANCISCO (Reuters) – Tesla Inc nearly produced 5,000 Model 3 electric sedans in the last week of its second quarter, with the final car rolling off the assembly line on Sunday morning, several hours after the midnight goal set by Chief Executive Elon Musk, two workers at the factory told Reuters. | |
Nestle faces pressure to hasten change after new Third Point letterLONDON (Reuters) – Nestle faces greater pressure to speed up change after activist investor Third Point stepped up its criticism of the world’s largest food company. | |
Cohen Warns Trump He’ll “Put Family And Country First” In First Interview Since FBI RaidSince the FBI raided Trump attorney Michael Cohen’s home, office, and hotel room earlier this year, the press has speculated that the former Trump Organization attorney would turn state’s evidence against his former boss if it might help him get out from under possible bank fraud and campaign finance charges. Both Cohen and Trump had refused to comment on the rumors, until now… In his first interview since the raid, Cohen told ABC News’ George Stephanopoulos (President Bill Clinton’s former press secretary) that he would put his “family and country first” if prosecutors decide to file charges against him.
According to Stephanopoulos, Cohen disagreed with Trump’s criticism of federal prosecutors, and said that his family is “my first priority” in response to a question about what he would do if he had to choose between protecting himself and protecting President Trump. Stephanopoulos added that Cohen “did not praise” the president during their conversation. This from the man who once said that he’d “take a bullet” for Trump, a man he’d “do anything” to protect. ABC also pointed out that once Cohen’s new lead attorney, Guy Pet … | |
US Conducts Successful Field Test Of New Nuclear BombThe US Air Force completed two more tests of the B61-12 gravity nuclear bomb by dropping a dud (or “non-nuclear test assembly”) from a B-2 Spirit stealth bomber at the Tonopah Test Range in Nevada on June 9, as part of the multi-billion dollar project to extend the service life of the bomb, introduced in 1968, by another 20 years.
“The Department of Energy’s National Nuclear Security Administration (DOE/NNSA) and the US Air Force completed two non-nuclear system qualification flight tests of the B61-12 gravity bomb on June 9 at Tonopah Test Range in Nevada,” the Department of Energy announced in a statement. “These tests are the first such end-to-end qualification tests on a B-2A Spirit Bomber for the B61-12.”
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Comedian Who Prank-Called Trump Hires Stormy Daniels’ Lawyer Michael AvenattiStormy Daniels’ lawyer Michael Avenatti, who recently pivoted to represnting separated migrants or anything else that is in the news for at least 15 minutes, has found another client. It started when John Melendez, the comedian who prank called President Trump while the president was traveling on Air Force One, tweeted late Sunday night that the Secret Service had asked to meet with him early Monday morning, along with a plea for Avenatti to accompany him to the meeting. “I am meeting with the Secret Service tomorrow at 10 am. @MichaelAvenatti I need your help.”
Confirming that he had seen Melendez’s request, Avenatti retweeted him, then followed up with a jab at President Trump. Instead of “wasting time” holding Melendez accou … | |
Pfizer Hikes 100 Drug Prices Despite Trump’s Promise Of “Massive Cuts”Despite the fanfare with which the White House unveiled its “American Patients First” initiative earlier this year, it appears American pharmaceutical giants didn’t get the memo, and are still going ahead with their annual “price modifications.” As the Financial Times reports, Pfizer, the largest drug company in the US, has raised prices on 100 products. The price hikes were announce just weeks after President Trump claimed that US drug companies would soon announce “massive” voluntary price cuts. Pfizer’s decision “threatens to fuel the backlash over the soaring cost of medicines used in the US” as the price increases hit some of the company’s most popular drugs, including erectile-dysfunction drug “Viagra” (the “little blue pill”). The increases are effective as of July 1. In most cases, the increases are just over 9%, which is in line with the annual 10% price hikes adopted by most drug companies. Putting that number in context, core inflation printed at 2% last week. | |
Tariffs Aren’t China’s Strongest Weapon Against the U.S.China has yet to really deploy one of its most effective means of economic blackmail. | |
The Moneyist: I earn $13 per hour babysitting two boys, but their mother wants to hire another girl and pay me 50% my hourly rate‘Listen to your instincts. If you start now, you will hone those skills.’ | |
Capitol Report: Trump, Kim may hold talks in New York | Michael Cohen says he’ll put family, not president, firstPresident Donald Trump and North Korean leader Kim Jong Un may hold Round 2 in New York; Trump lawyer Michael Cohen says he’ll put his family, not the president, first; Sen. Charles Schumer calls for a ‘bipartisan majority’ to protect health care and abortion rights in the next Supreme Court battle; and more. | |
IPO market has busiest quarter in three years, with more deals on the wayThe IPO market just had its busiest quarter since 2015, and recent filing activity suggests that the pipeline remains robust. |
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