23May2019 Market Close: Wall Street Slammed By Global Growth Worries, DOW Closed Down 286 Points, Off Session Lows, Oil Prices Slid More Than 5%, US Dollar Climbs 0.1%

Global growth worries slam Wall St. as trade tensions persist

U.S. stocks slumped on Thursday as investors dumped shares of technology companies as well as businesses in cyclical sectors on fears that the escalating trade war between United States and China would stymie global economic growth.

Global shares slide on fear trade spat is now a tech cold war

World shares skidded further on Thursday and oil prices slid more than 5% as investors worried the China-U.S. trade spat was turning into a technology cold war between the world’s two largest economies, boosting the dollar and sending benchmark government debt yields down.

Oil plummets, on track for biggest weekly drop in 2019

Oil prices plunged on Thursday, losing about 5% as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months.

Exclusive: Chile’s Codelco set for copper output hit as key mine goes underground

Codelco’s giant Chuquicamata mine is set for a 40% drop in production over the next two years, an internal forecast seen by Reuters shows, pointing to the sharp challenge facing the world’s top copper miner as it scrambles to maintain output.

U.S., China exchange barbs over Huawei as trade tensions flare

The United States and China had a heated exchange on Thursday, with U.S. Secretary of State Mike Pompeo accusing Chinese telecom giant Huawei Technologies of lying about its ties to the government and Beijing saying Washington must end its “wrong actions” if it wanted trade talks to continue.

Trump administration announces $16 billion farm aid plan to offset trade war losses

The Trump administration on Thursday unveiled a $16 billion farm aid package to offset losses from a 10-month trade war with China and said payment rates to farmers would be determined by where they farm rather than what crops they grow.

U.S. tariffs on China to cost American households: NY Fed research

The newest round of U.S. tariffs on Chinese imports will cost the typical American household $831 annually, researchers said on Thursday, as the Trump administration came under growing political pressure over its trade war with China.

Rihanna launches new fashion brand in Paris with LVMH

Barbadian singer Rihanna has unveiled her new fashion brand with Louis Vuitton owner LVMH, a rare move by the French group to set up a label from scratch as it taps into soaring demand for celebrity collaborations in the luxury world.

Zara owner Inditex appoints new CEO in drive for digital growth

Zara owner Inditex said it would split its dual role of chief executive and chairman, leaving Pablo Isla to lead the company and appointing Carlos Crespo as new CEO in a sign of the importance of digital strategy in driving sales growth.

National Retail Federation Warns Trump’s Tariffs Could Be Devastating For Consumers

The National Retail Federation (NRF) has warned that President Trump’s escalating trade war with China could be devastating for consumers and lead to at least one million job losses.

The Trump administration raised tariffs on $200 billion of Chinese goods from 10 to 25% around ten days ago. This is “bad news for nearly every sector of the American economy — retail, farming, manufacturing, and technology,” the NRF report said. When tariffs are implemented, we have explained before, the importer on record (an American company) pays the tax to US Customs, then has two options: eat the extra costs or pass it along to consumers.

What About Dr. Copper?

Authored by Jeffrey Snider via Alhmabra Investments,

The FOMC hates the bond market. Hates everything about it, especially how it tells these Economists they don’t know what they are doing. Monetary policy being little more than a vanity project, that’s not going to work for the people practicing it.

OK, if you don’t like bonds then how about something else besides the stock market? Some independent corroboration of one side or the other.

One of the first prices to sniff out the end of Reflation #3 was copper. When the Communist authorities of China got together in the middle of October 2017 to discuss economic prospects, primarily, commodities particularly this one took note. The rest of the world was afire with inflation hysteria, yet curiously copper wouldn’t really budge in the wake of the 19th Communist Party Congress.

The same gathering in which Xi Jinping was forced to try and sell “quality” growth. Copper, one of the few along with Japanese banks, was like, what did he just say?

Facebook Removed A Record 2.2 Billion Fake Accounts In Q1

On one hand, Facebook – the world’s biggest social media company – represented that it has just under 2.4 billion monthly active users from across the globe.

Deutsche Bank Plans Cuts To US Equities Business: Reuters

When Deutsche Bank CEO Christian Sewing told Deutsche Bank shareholders at the bank’s annual general meeting this morning that he was prepared to make “tough cutbacks” at DB’s struggling investment bank, he wasn’t kidding.

Four sources familiar with the bank’s thinking reportedly told Reuters that the bank is planning serious cuts at its US equities business, including prime brokerage, cash trading and equity derivatives, to try and placate the bank’s frustrated shareholders. The bank’s rates-trading business is also earmarked for cuts.

Why Modi’s historic victory is good news for India’s GDP

Why Modi’s historic victory is good news for India’s GDPDespite hiccups, economic outlook looks positive for Modi, with GDP forecast to average around 7% per year.

Challenges that will test Modi govt 2.0

Challenges that will test Modi govt 2.0India may be the fastest-growing major economy in the world, but it confronts serious headwinds.

Amit Shah may reap big reward from BJP win

Amit Shah may reap big reward from BJP winNow his reward could be a top government post, probably home ministry, political analysts say.

Economic Report: U.S. manufacturing growth slumps to 9-year low in May as China trade tensions heat up

Faced with less demand from customers and a flareup in U.S.-China trade tensions, American businesses grew in May at the slowest pace since before President Trump was elected, a pair of new surveys shows.

Deep Dive: 20 retail stocks that have two key metrics going for them in the battle against Amazon

Costs are rising as brick-and-mortar players work to compete online with Amazon.

The Ratings Game: North Face parent VF Corp. to focus on environmental message as jeans spin-off takes effect

VF Corp. says it will focus on lifestyle branding around the outdoors now that the jeans spin-off, Kontoor Brands, is complete.