Written by Gary
Stocks slide as Huawei fallout drags down Qualcomm (SPY -0.7%).
The Market in Perspective
| Here are the headlines moving the markets. | |
 | T-Mobile’s deal for Sprint gets big boost from FCC chiefT-Mobile US Inc’s $26 billion acquisition of rival Sprint Corp won the support of the head of the Federal Communications Commission on Monday, in a big step toward the deal’s approval. |
| Wall St. slides as Huawei fallout slams tech stocksU.S. stocks slid on Monday as the White House’s restrictions on Chinese telecom equipment company Huawei Technologies Co Ltd weighed on the technology sector and raised concerns that the move would further inflame trade tensions between the United States and China. |
| DOJ leans against approving T-Mobile’s takeover of Sprint: BloombergThe U.S. Department of Justice is leaning against approving T-Mobile US Inc’s proposed takeover of Sprint Corp as the remedies proposed by the companies do not resolve antitrust concerns, Bloomberg reported on Monday, citing a person familiar with the review. |
| Deutsche Bank staff flagged Trump, Kushner transactions for watchdog: NYTimesAnti-money laundering specialists at Deutsche Bank AG recommended in 2016 and 2017 that multiple transactions involving entities controlled by U.S. President Donald Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog, the New York Times reported on Sunday. |
| Deutsche Bank denies report it prevented Trump transactions being flaggedDeutsche Bank denied a report that said some of its executives rejected the advice of the bank’s own anti-money laundering specialists and prevented some transactions involving entities controlled by President Donald Trump and his son-in-law, Jared Kushner, being filed with the government. |
| Global stocks slide as worries about Huawei fallout mountGlobal equity markets fell on Monday as a U.S. crackdown on China’s Huawei Technologies led chipmaker stocks in Europe and on Wall Street to slide on fears of a widening trade war, while the dollar was steady ahead of fresh insight on the Federal Reserve policies. |
| Nike, Under Armour, among others, urge Trump to remove footwear from tariff listU.S. footwear companies, including Nike Inc and Under Armour, on Monday urged U.S. President Donald Trump to remove footwear from the proposed tariffs list on goods imported from China. |
| Daimler plans to cut administration costs by 20%: HandelsblattIncoming Daimler boss Ola Kaellenius is working on a cost cut program to reach profit margin targets which are threatened by global trade woes and ramp up issues at factories, Handelsblatt reported, citing company sources. |
| Ford Motor Co to cut 10% of white-collar jobs as part of global restructuringFord Motor Co said on Monday it will eliminate about 10% of its global salaried workforce, cutting about 7,000 jobs by the end of August as part of its larger restructuring in a move that will save the No. 2 automaker $600 million annually. |
| Tech Wrecks, Semis Slammed As Trump’s Trade Turmoil Hammers HuaweiIt just got real in the trade war… China started ugly but was rescued back to merely unattractive… |
| “The Markets Implications Are Enormous”: Trade War With China Is Not About Trade But About GeopoliticsForget soybeans, auto imports, iPhones, crude oil, and cheap Chinese gadgets. Also forget tariffs, duties, and subsidies. Even forget weapons. The real reason behind the US-China “trade” war has little to do with actual trade, and everything to do with what China’s president, Xi Jinping, said when he visited a memory chip plant in the city of Wuhan in early 2018. In a white lab coat, he made an unexpectedly sentimental remark, comparing a computer chip to a human heart: “No matter how big a person is, he or she can never be strong without a sound and strong heart”. Because – as we explained last December – what is really at the basis of the ongoing civilizational conflict between the US and China, a feud which many say has gradually devolved into a new cold war if few top politicians are willing to call it for what it is, are China’s ambitions to be a leader in next-generation technology, such as artificial intelligence, which rest on whether or not it can design and manufacture cutting-edge chips, and is why Xi has pledged at least $150 billion to build up the sector. China’s plan has alarmed the US, and chips, or semiconductors, have become the central battlefield in the trade war between the two countries. And it is a battle in which China has a very visible Achilles heel. But what if the “trade”conflict with China is about more than even technological development? If, as Bank of America assumes, the US-China trade war is about geopolitics and not just economics, the as the bank notes, the “implications for markets are enormous.” Below are several excerpts from BofA commodity and derivative strategist Francisco Blanch on the true implications of what is shaping up as the biggest civilizational conflict in modern history, which is coming at a time when “America is not as great as it used to be” |
| DOJ Gives McGahn Immunity From Nadler SubpoenaThe Department of Justice has given former White House Counsel Don McGahn immunity from having to testify in front of Congress amid allegations that President Trump instructed McGahn to shut down the Mueller probe. |
| Is Joe Biden The Democrats’ “Tranquilizer”?Authored by James Howard Kunstler via Kunstler.com, A mental health assessment of the Democratic Party suggests that identity politics had lately turned into an identity crisis. Years of staying woke finally produced hallucinations and violent outbursts. It was time to medicate the patient. Enter, stage right, the Tranquilizer, smiling Uncle Joe Biden, the perfect agent to quell an acute case of adolescent rebellion. |
| NITI Aayog boss speaks on revving up the economic engineNITI Aayog boss speaks on revving up the economic engineIt is incumbent upon us to get the NBFC and the HFC sector back on its feet, says the NITI Aayog boss. |
| Inside RBI’s blueprint for the NBFC rescueInside RBI’s blueprint for the NBFC rescueTo get a better grip on the situation, the RBI is looking at the bad asset data made available by NBFCs. |
| How 2019 changed India’s electoral politicsHow 2019 changed India’s electoral politicsWhat once appeared to be unchallenged assumptions in Indian politics have now been altered. |
| This is the biggest Saudi IPO in almost five years — and the first to allow U.S. investors to put money in directlyArabian Centres is the country’s largest shopping mall developer. |
| Abortion bans are spurring donations to Planned Parenthood, the National Organization for Women, and morePro-choice groups have seen their base energized after restrictive abortion laws were passed in Alabama and Missouri. |
| Trump Today: President directs McGahn to defy subpoena as he blasts Deutsche Bank reportPresident Donald Trump on Monday directed former White House Counsel Don McGahn to defy a congressional subpoena, as he slammed a New York Times report about Deutsche Bank transactions involving himself and son-in-law Jared Kushner. |
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