Written by Gary
Global stocks fall on dimming prospects for sharp U.S. rate cut (SPY -0.6%). Apple slips, hopes of sharp rate cut fade.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Wall Street drops as Apple slumps, Fed eyedU.S. stocks fell on Monday as Apple Inc shares dropped following a broker downgrade and investors continued to weigh chances of an aggressive interest rate cut by the Federal Reserve later this month. |
| SunTrust to stop financing private U.S. prison operatorsSunTrust Banks Inc will stop financing operators of private prisons and immigration holding facilities, it said on Monday, becoming the latest lender to distance itself from a sector associated with the Trump administration’s policies. |
| Russia’s Ural Airlines plans to get first Boeing-737 MAX in December: InterfaxRussian airline Ural Airlines plans to receive the first of 14 previously ordered Boeing-737 MAX aircraft for leasing in December, Interfax news agency reported, citing its chief executive Sergei Skuratov. |
| Juror urges U.S. judge to uphold $80 million Roundup verdict against BayerA juror who was part of a panel that delivered an $80 million award against Bayer AG after finding that its glyphosate-based weed killer Roundup caused a man’s cancer has urged the presiding judge to uphold the decision. |
| Global stocks fall on dimming prospects for sharp U.S. rate cutStocks around the world fell on Monday after strong U.S. job gains tempered expectations the Federal Reserve will deliver a large interest rate cut at the end of July. |
| Oil steadies as demand worries offset Iran’s new nuclear threatsOil prices steadied on Monday as tensions over Iran’s nuclear program countered concerns about whether slowing global economic growth would hit oil demand. |
| Financier Epstein pleads not guilty to U.S. sex trafficking charges involving girlsAmerican financier Jeffrey Epstein pleaded not guilty on Monday to charges of sex trafficking as prosecutors accused him of luring dozens of girls as young as 14 to his luxury homes in New York and Florida and paying them for sex acts. |
| Facebook not invited to White House social media summit: companyFacebook Inc said on Monday that it had not been invited to a White House summit on social media being held later this week. |
| Big axe falls as Deutsche Bank to lay off 18,000 in $8.3 billion ‘reinvention’By Tom Sims, Paulina Duran, Sumeet Chatterjee and Matt Scuffham |
| iDowngrade Sparks Tech-Stock Slide As Dollar, Gold, Bonds FlatlineJay Powell rehearsing his testimony to Congress… The biggest market news, on a slow news day ahead of Powell’s testimony to Congress, was the downgrade of AAPL – which for once actually sparked some selling (down over 2% and back below $200)… |
| Luongo: Epstein’s Arrest Tells Me Trump Is Now Out For BloodAuthored by Tom Luongo,
Serial pederast Jeffrey Epstein is going to be arrested again. The big questions are why? And why now? |
| US Soccer Fans Shout ‘F**k Trump’ And ‘Equal Pay’ After World Cup WinFollowing the United States’ 2-0 victory over the Netherlands in the final match of the Women’s World Cup on Sunday, a group of American soccer fans in France changed “Fuck Trump” during a live television broadcast by Fox News.
Meanwhile, chants of “equal pay” could be heard from the stands in Lyon, France, as a crowd booed FIFA President Gianni Infantino over the disparity in pay between male and female soccer players.
Let’s take a look at the numbers (via the Federalist Papers). “When the United States Women’s Team defeated Japan in the 2015 World Cup the entire tournament generated around $37 million in revenue and the players were paid 13 percent. In the 2010 Men’s World Cup in South Africa the tournament generated around $4 billion in revenue and the men were paid 9 percent. The most recent Men’s World Cup … |
| Consumer Credit Hits All Time High As Credit Card Debt SurgesTwo months after an unexpectedly poor March consumer credit print, when just $10.3 billion (since revised to $10.9 billion) in revolving and non-revolving debt was created to fund another month of US purchases on credit, moments ago the Fed reported that in May, things went back to normal, as total consumer credit jumped by $17.1 billion – just shy of April’s $17.5 billion – the highest since November’s $21.6 billion, and to a new all time high in consumer credit of $4.088 trillion, which in turn was up 5.2% from a year earlier, rising roughly twice as fast as overall GDP. |
| After hostile takeover, Mindtree is seeing tussle for the top jobAfter hostile takeover, Mindtree is seeing tussle for the top jobDebashis Chatterjee and Rajeev Mehta are the front-runners to become firm’s CEO. |
| Trai refuses to budge on 5G spectrum pricingTrai refuses to budge on 5G spectrum pricingTrai said that no guarantee can be given about sale of all the spectrum put to auction. |
| Why draft education policy lacks meritWhy draft education policy lacks meritThe draft policy amits many problems, suggests solutions, but is remarkably sanguine about implementation. |
| The Ratings Game: Apple ‘fundamental deterioration’ to last into 2020, analyst predictsApple Inc.’s iPhone business could disappoint in the next upgrade cycle, following a massive flop for the iPhone XS over the past few months. |
| The U.S. Women’s World Cup-winning soccer team will earn just 18 cents on the dollar compared to menViewers for the Women’s World Cup tournament could eventually exceed 1 billion people. |
| Bond Report: Treasury yields tick lower as traders gear up for inflation data, Powell testimonyTreasury yields fall Monday as investors look ahead to June’s consumer prices data and Federal Reserve Chairman Jerome Powell’s testimony on the economic outlook later this week. |
Summary of Economic Releases this Week
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