Written by Gary
US stock markets mixed, mostly opened lower (SPY -0.2%). Investors wait patiently for Fed’s cut, and starting a week with trade talks and job report
Here is the current market situation from CNN Money | |
![]() | North and South American markets are mixed. The IPC is higher by 0.75%, while U.S.’s S&P 500 is off 0.20%. Shares in Brazil are unchanged with the Bovespa at 102,821.11. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
![]() | Pfizer to merge generics unit with Mylan; seeks to sharpen cancer focusDrugmaker Pfizer Inc has agreed to spin off its generic drugs business and combine it with Mylan , a move that leaves Pfizer with more profitable innovative drugs, including cancer drug Ibrance and pneumonia vaccine Prevnar. |
![]() | Pfizer in talks to transition EpiPen maker into generics spinoff: spokeswomanPfizer Inc is in talks to merge its contract manufacturer that produces Mylan’s EpiPen emergency allergy treatment into the new generics business it is creating by combining its older off-patent medicines unit with Mylan NV , a Pfizer spokeswoman said. |
![]() | Alphabet, Starbucks drive Wall Street to record high(This July 26 story fixes spelling of company name in paragraph 12) |
![]() | Wall Street eases from record highs as tech drags; Fed meeting eyedU.S. stocks retreated from record highs on Monday, weighed by technology shares ahead of high profile earnings including that of Apple, which will test the impact of trade tensions on global growth, ahead of the Federal Reserve’s policy-setting meeting. |
![]() | Sterling tumbles on hard Brexit worries; stocks slipThe British pound on Monday touched its lowest against the dollar since early 2017 after Prime Minister Boris Johnson’s government said it now assumed there would be a hard divorce from the EU, while stocks dipped globally after last week touching their highest in five months. |
![]() | Oil edges up on prospect of U.S. interest rate cutOil prices edged higher on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and worries about slower global economic growth. |
![]() | FINRA fines Citigroup for loose background checksThe Financial Industry Regulatory Authority said on Monday it has fined Citigroup’s Global Markets business $1.25 million for failing to perform proper background checks on thousands of employees between 2010 and 2017. |
![]() | Barclays, JP Morgan among banks facing UK class action over forex-riggingBarclays , JP Morgan , RBS , UBS and Citigroup are being sued by investors over allegations they rigged the global foreign exchange market, in a test of U.S.-style class actions in Britain. |
![]() | Exclusive: First big U.S. offshore wind project hits snag due to fishing-industry concernsTrump administration infighting is holding up approval of the first major U.S. offshore wind energy project, with agencies sparring over whether the proposal does enough to protect the fishing industry, according to interviews and agency documents. |
![]() | China’s Second Largest Auditor Accused Of Fabricating Data, Has IPOs HaltedFor some unexplained reason, investors naively believe that in a country where, by now everyone knows that all the official government data is fake and manipulated and goalseeked to serve specific political goals, the corporate data is somehow more accurate or credible. Hopefully that will now change, because as Shanghai’s Yicai Global reports, China’s securities regulator has suspended 43 IPOs and refinancings handled by the country’s second-largest accounting firm, including IPOs on the country’s new Star Market “Nasdaq-style” trading venue, as the company is probed for allegedly falsifying information. Ruihua Certified Public Accountants, which audits almost a third of all listed companies in China, has been implicated in a scandal involving the infamous chemical maker Kangde Xin Composite Material, which we profiled back in January when we noted that the bankrupt company was reporting cash 15 times greater than due debt, up until the moment it defaulted. Specifically, the accounting firm is accused of inflating profits by CNY11.9 billion (USD1.7 billion) from January 2015 to last December. As the CPA responsible for the company’s auditing all those years, Ruihua is also under scrutiny, the China Securities Regulatory Commission said in a statement on its website on July 26. The Zhangjiagang, Jiangsu province-based firm is also suspected of bumping up its operating income through fictitious sales, exaggerated operating costs and fictional expenses on research, development and sales according to Yicai. If found guilty, the company and its controllers will be issued with the maximum penalty and will be banned for life from the stock market, the CSRC added. |
![]() | Epstein Aside, Victoria’s Secret Faces Uphill Battle Selling Sexy In A #MeToo WorldVictoria’s Secret has more than just a Jeffrey Epstein problem. The four-decade-old lingerie retailer faces pressure to market to an ‘increasingly broadened’ definition of beauty – including ‘rubenesque’ women and transgender individuals who just want to feel sexy. The company is currently doing Jeffrey Epstein damage control – after Epstein’s two-decade-long reign as a “close confidant, financial manager, and right hand” to the CEO of Victoria’s Secret parent company – L Brands’ Leslie Wexner, according to Bloomberg. And while he wasn’t an employee of Victoria’s Secret, Epstein had a major impact on the lingerie company over the years. |
![]() | Cal Berkeley Removed From ‘2019 Best Colleges’ Rankings For Lying About AlumniAuthored by Adam Sabes via Campus Reform, The University of California-Berkeley has been taken off of the U.S. News 2019 Best Colleges rankings after U.S. News says it handed over incorrect alumni contributions data. |
![]() | Trump Slams Fed: “QT Was A Big Mistake” And “A Small Rate Cut Isn’t Enough”Update: President Trump simply won’t back down from bashing the Fed on Monday. In a series of two tweets sent just before the open, Trump alleged that the central bank “raised way too early and way too much” and that their “quantitative tightening” was “another big mistake.” And while the US is “doing very well” in terms of wealth creation, we could have done much better if the Fed hadn’t rushed to keep hiking rates. Unfortunately, slashing rates by 25 bp simply isn’t enough. “The Fed has made all of the wrong moves…a small rate cut isn’t enough, but we will win anyway!”
But will the Fed listen? Markets are increasing … |
![]() | Amazon’s next move could spell trouble for Zomato, SwiggyAmazon’s next move could spell trouble for Zomato, SwiggyAmazon is aiming to launch the new service delivering from restaurants ahead of festive season. |
![]() | Sebi has got a new plan to appease FPIsSebi has got a new plan to appease FPIsSebi called for meeting with HR Khan-led panel on easing the norms on Friday. |
![]() | Why investors should welcome crises in economyWhy investors should welcome crises in economyInvestors should welcome problems and crises in companies and sectors that they are invested in. |
![]() | Upgrade: ‘Why go back to the U.S.?’ This divorced retiree left L.A. for Mexico — where he found love and halved his cost of livingThe costs, health care, safety and lifestyle in Queretaro, Mexico. |
![]() | The Ratings Game: Wall Street is not exactly impressed with the Pfizer-Mylan dealEpiPen-maker Mylan NV is merging with Pfizer Inc.’s off-patent drugs business, and Wall Street is not fully on board. |
![]() | London Markets: British stocks enjoy best day in six months on pound collapse, merger buzzThe London Stock Exchange Group surged Monday after the exchange operator announced merger talks, with the takeover chatter buoying the market. |
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