Written by Gary
US equities futures flat as U.S.-China tariffs kick in (SPY -0.03%). Longest bull market on record is cracking as ‘artificial support’ fades, David Rosenberg warns.
Here is the current market situation from CNN Money | |
 | European markets are mixed today. The CAC 40 is up 0.11% while the FTSE 100 gains 0.06%. The DAX is off 0.04%. |
Stock futures flat as U.S.-China tariffs kick in
U.S. economy expected to slow, damaged by trade war: Reuters poll
Sears is closing 46 more stores — here’s where they are
US jobless claims fall as labor market holds firm despite trade tensions
Jobless claims fall slightly, cling near 49-year low
Dow, S&P 500 futures up less than 0.1%; Nasdaq-100 futures off 0.1%
Longest bull market on record is cracking as ‘artificial support’ fades, David Rosenberg warns
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Red tape, border delays if no Brexit deal, Britain warns firmsBritish companies trading with the European Union will face a tangle of red tape and possible delays at the border if the government fails to negotiate an exit deal before Britain leaves the bloc, official papers showed on Thursday. |
| Factbox: Reaction to the British government’s ‘no deal’ Brexit plansBritain on Thursday set out a series of notes detailing what could happen if it fails to reach a Brexit deal with the European Union, acknowledging that firms would face a tangle of red tape and possible delays at the border. |
| Factbox: Britain sets out plans for ‘no-deal’ BrexitBritain has published 25 so-called technical notices advising companies and people how to prepare for any disruption that might arise from a disorderly Brexit where there is no deal with the European Union. |
| Britons living in EU could lose access to UK bank accounts in no-deal BrexitBritons living in the European Union could lose access to their UK bank accounts and businesses on the continent could be cut off from investment banks in London if there is a no-deal Brexit, the British government said on Thursday. |
| Stock futures flat as U.S.-China tariffs kick inU.S. stock index futures were little changed on Thursday as the United States and China slapped 25 percent tariffs on $16 billion worth of each other’s goods, despite ongoing trade talks. |
| Volkswagen to invest $4 billion to build digital businesses, softwareVolkswagen will invest 3.5 billion euros ($4 billion) by 2025 to build digital businesses and products including a cloud computing-based platform to connect vehicles and customers to offer services such as car sharing. |
| Alibaba revenue beats on strength in e-commerce, cloud businessesAlibaba Group Holding Ltd , the world’s biggest online retailer, topped first-quarter revenue estimates on Thursday, driven by growth in its core e-commerce business. |
| U.S.-China tariffs, Trump woes weigh on world stocksWorld stocks came under pressure on Thursday as new tariffs took effect in the U.S./China trade war and markets speculated about U.S. President Donald Trump’s position following legal rulings against two former advisers. |
| Bayer sees no reason to re-evaluate Monsanto legal risksGerman drugmaker Bayer sees no reason to re-assess the legal risks from newly acquired Monsanto after the U.S. unit was ordered to pay damages in a lawsuit over alleged links between weed-killer glyphosate and cancer. |
| Trade War Escalates As US, China Slap Each Other With Fresh $16 BN In TariffsJust after midnight on Thursday EDT, the United States and China escalated their acrimonious trade war implementing punitive 25% tariffs on $16 billion worth of each other’s goods, even as mid-level officials from both sides resumed talks in Washington. China’s Commerce Ministry said Washington was “remaining obstinate” by implementing the latest tariffs, which kicked-in on both sides as scheduled at 12:01 p.m. in Beijing (0401 GMT). “China resolutely opposes this, and will continue to take necessary countermeasures,” it said in a brief statement on its website, adding that Beijing will file a complaint over the latest tariffs with the World Trade Organisation (WTO).
The U.S. will collect an additional 25 percent in duties on Chinese imports ranging from motorcycles to steam turbines and railway cars; the Chinese retaliation will see a similarly sized tax on items including coal, medical instruments, waste products, cars and buses, Bloomberg reports. Washington’s latest tariffs apply to 279 product categories including semiconductors, pl … |
| Rand Rebounds As South Africa Strikes Back At Trump: “Reminds Us Of Colonial Past”The rand has roundtripped – erasing overnight losses triggered by a Trump tweet – as South African authorities strike back at comments by the US President with regard the confiscation of white farmers’ land, and the rising violence against them.
As we noted last night, President Trump tweeted that he’s asked Secretary of State Mike Pompeo to look into “land farm seizures” and the “large scale killing of farmers” in South Africa after Fox News host Tucker Carlson aired a segment on the topic.
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| Credit Suisse Fires 2 Employees For Sexual AssaultCredit Suisse fired two male employees in London after uncovering new evidence during an investigation into a sexual assault, the FT reports, citing a person familiar with the internal review which was completed last week. According to the report, the bank – which yesterday froze $5 billion in Russian assets – has terminated the contract of the senior banker at the center of the 2010 incident, as well as a second manager who was found to have hampered the original probe. The bank said it was not naming either man to protect the identity of the victim. According to the report, the assault took place eight years ago when a group of staff went to a bar near Credit Suisse’s London office, “where the female banker was kissed and inappropriately touched by her senior colleague.” She reported the assault to the police at the time but no action was taken on the grounds of insufficient evidence. While the female victim eventually left the company, she said she was inspired by the #MeToo movement in January to send two letters to current chief executive Tidjane Thiam, urging him to look again at the case.
Since nearly a decade had passed before appropriate action was taken, Credit Suisse has made changes to its anti-harassment policies: going forward, conduct and ethics ombudswoman Anto … |
| Trump: “If I Ever Got Impeached, I Think The Market Would Crash”The US president is starting to sound uncharacteristically defensive in the aftermath of the Manafort and Cohen turmoil. Overnight, at 1am, a sleepless President Trump blasted out one of his signature tweets: “NO COLLUSION – RIGGED WITCH HUNT!” Blame it on the ambien?
But in a more tangible threat – one which some said is a classic from an Arab dictator playbook – President Trump said that if he ever got impeached, the stock market would crash and “everybody would be very poor.” In an interview with Fox and Friends’ Ainsley Earhardt that aired on Thursday, Trump was asked if he thought Democrats would move to file articles of impeachment should they take over control of the House and Senate come November. The president argued that he’s done a great job in office, despite the critical coverage in connection with the Cohen case and other controversies. “If I ever got impeached, I think the market would crash, I think everybody would be very poor. Because without this thinking [points to head] you would see, you would see numbers that you wouldn’t believe in reverse.” Watch the latest video at foxnews.com
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| H&M May Never Catch UpThe world’s second-largest fashion chain by sales has fallen behind as consumers have moved online. Despite a big decline, the stock hasn’t priced in the new reality. |
| Videogames’ Epic Shootout Coming This FallThis fall the industry will launch a series of major first-person shooters, while “Fortnite” is poised to begin a new season. That may prove to be a bit too much action for some game publishers. |
| Smucker Needs to Fix Peanut Butter and JellyFood company Smucker has made smart moves to adjust its portfolio, but without boosting its core brands the stock will keep struggling. |
| Key Words: Trump says the stock market would crash if he were to be impeachedPresident Donald Trump said that he believed that the stock market would crash if were to be impeached. |
| Economic Report: Jobless claims fall slightly, cling near 49-year lowInitial jobless claims, a tracker of sorts for layoffs in the U.S., fell slightly in mid-August and hovered near a 49-year low. New claims declined by 2,000 to 210,000. |
| Economic Report: Existing-home sales tumble to a 2½-year low as buyers give upSales of previously-owned homes fell for the fourth straight month and ran at the slowest pace since February as housing headwinds proved too much for would-be buyers. |
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