23May2019 Pre-Market Commentary: Wall Street Equity Futures Slip Sharply, DOW Off 230 Points, WTI Down To 60, US Dollar Climbing Along With Gold

Here is the current market situation from CNN Money

European markets are sharply lower today with shares in Germany off the most. The DAX is down 1.54% while France’s CAC 40 is off 1.54% and London’s FTSE 100 is lower by 1.21%.

China says U.S. needs to correct wrong actions to continue trade talks

The United States needs to correct its wrong actions if it wants to continue negotiations with China to end a damaging tariff war, China’s Commerce Ministry said on Thursday, adding that talks should be based on mutual respect.

U.S. aid program to use $16 billion to boost farmers, expand markets: USDA’s Perdue

U.S. President Donald Trump’s $16 billion aid program will help boost American farmers hit by the ongoing U.S.-China trade war, including market access programs, the U.S. agriculture secretary said in a television interview on Thursday.

China calls out U.S. ‘wrong actions’ as Huawei ban rattles supply chains

China said the United States needs to correct its “wrong actions” for trade talks to continue after it blacklisted Huawei, a blow that has rippled through global supply chains and battered tech shares as investors fear a technology cold war.

Pompeo says he believes more U.S. companies will cut ties with Huawei: CNBC

U.S. Secretary of State Mike Pompeo said on Thursday that China presents a real risk to U.S. national security and he believes more American companies will cut ties with Huawei Technologies

Nokian Tyres seeks to gain traction in North America with new factory

Finnish tire maker Nokian Tyres expects its new U.S. factory in Tennessee to help it double its sales in North America, especially by expanding its all-season tire sales in the region, the company said on Thursday.

Best Buy sees solid second quarter as tech services boost profit margin

Best Buy Co Inc forecast second-quarter sales and profit above estimates on Thursday, as more people signed up for the consumer electronics retailer’s subscription-based tech support services and shopped on its website and app.

Russia’s MTS weighs possible impact from U.S. move against Huawei

Russia’s biggest mobile phone operator MTS is evaluating the possible impact of U.S. sanctions against China’s Huawei Technologies Co Ltd, Chief Executive Officer Alexei Kornya said on Thursday.

DOJ’s Delrahim still open to Sprint-T-Mobile deal: CNBC

The U.S. Department of Justice’s antitrust chief, Makan Delrahim, is still open to T-Mobile US Inc’s $26 billion acquisition of smaller rival Sprint Corp, CNBC reported on Thursday.

Factbox: Global tech companies shun Huawei after U.S. ban

Global tech firms, including chip suppliers, are cutting ties with China’s Huawei Technologies Co Ltd after the U.S. government put the world’s largest telecom equipment maker on a trade blacklist citing national security concerns.

Nunes Urges Trump To Question Theresa May Over Spy Agencies’ Role In Steele Dossier

Via SaraCarter.com,

Ranking Republican of the House Intelligence Committee Devin Nunes sent a letter Wednesday to President Donald Trump, asking him to question British Prime Minister Theresa May about Great Britain’s role in the FBI’s investigation into the Trump campaign and Russia.

China Enraged After US Sails Two Destroyers Through Taiwan Strait

Just in case the “world tech and trade war I” was not enough to send US-China relations back decades, on Wednesday the US military sent two Navy destroyers through the Taiwan Strait in its latest transit through the sensitive waterway, “angering China” at a time of tense relations between the world’s two biggest economies.

While trade war between the two superpowers is raging, so far at least there have been no shooting incidents, and yet the US seems eager to provide just the right “excuse” for a trade war to become a “kinetic” one, as Taiwan is one of a growing number of flashpoints in the U.S.-China relationship, where in addition to the increasingly bitter trade war, China’s increasingly muscular military posture in the South China Sea has prompted the United States to conducts frequent freedom-of-navigation patrols.

Meanwhile, the voyage will be viewed by self-ruled Taiwan as a sign of support from the Trump administration amid growing friction between Taipei and Beijing, which views the island as a breakaway province and has vowed it will never let it become fully independent.

The transit was carried out by the destroyer Preble and the Navy oil tanker Walter S. Diehl, a U.S. military spokesman told Reuters.

China Responds: “Bannon Is Turning The US Into An Economic Fascist Country”

In an interview with the South China Morning Post earlier this week, former White House Chief Strategist Steve Bannon described himself as a “super hawk” when it comes to China – that was right after he advocated closing US financial markets to Chinese companies and claimed that destroying Huawei is more important than striking a trade deal.

Tesla Tumbles Below $185; Falls For 7th Day As Gene Munster Capitulates

It looks like it’ll be another stormy day in Longsville.

The Tesla “pain trade” continues, as yet another notable Tesla bull is capitulating. Following in the footsteps of Wedbush, Morgan Stanley and Citibank, all of whom offered dismal outlooks and price targets for Tesla in the past few days, Gene Munster of Loup Ventures, who has been defending the company non-stop over the last several years, has now issued a stern warning that he believes Tesla will miss its 2019 delivery target range, according to Bloomberg.

Munster cited shrinking sales in China and the ongoing trade war as the reason for his increasingly bearish commentary.

Munster cut his estimate for Tesla’s full year global car sales by about 10%, to 310,000 vehicles, versus the 360,000 vehicle target that the company put out back in March. Tesla shares are again lower in the pre-market session, trading below $185 for the first time since 2016, and poised to post their seventh straight day of losses. Tesla is down 27% over the last month and anyone who bought stock in the company’s recent equity offering is now suffering major losses.

Live: Modi’s Tsunami takes India by storm, BJP hits triple ton

Live: Modi’s Tsunami takes India by storm, BJP hits triple tonRahul Gandhi says he respects the poll verdict, will continue fight against BJP’s ideology

Modi wins big. Now the economy awaits

Modi wins big. Now the economy awaitsAnalysts will have many questions after this week’s euphoria in stock markets has calmed down.

Is it the end of caste politics in UP?

Is it the end of caste politics in UP?Modi created a class war that replaced caste war when he said, “My caste is the caste of the poor.”

Need to Know: Trade tensions could last well into the 2020 U.S. election campaign, says Nomura

Grab some popcorn and settle in for what could be a long summer, autumn, and winter of trade tensions, says Nomura, in our call of the day.

Economic Report: U.S. jobless claims dip to 211,000, hover near half-century low

The number of people who applied for unemployment benefits in Mid-May fell slightly and returned close to a half-century low, signaling that a muscular U.S. jobs market is still going strong. Initial jobless claims dipped by 1,000 to 211,000.

Currencies: British pound extends skid as Brexit plan unravels, intensifying calls for May’s ouster

The British pound adds to its losses against major rivals on Thursday, with some bears raising the remote possibility that U.K. Prime Minister Theresa May’s Brexit struggles could drag Britain’s currency to parity with the buck.