Written by Gary
Dow flips from big gain to big loss after Trump announces more China tariffs (SPY -0.9%). Two-year US bond yield stages biggest single-day plunge since 2009 after Trump tariff vow.
The Market in Perspective
Here are the headlines moving the markets. | |
LSE’s $27 billion deal rehabilitates Refinitiv debtFinancial data firm Refinitiv’s $13.5 billion debt, once described as having some of the weakest-ever investor protections typical of the frothy peak of the credit cycle, is being rehabilitated by its $27 billion merger with the London Stock Exchange. | |
Beyond Meat’s secondary stock offering priced at $160 per shareMeat alternatives company Beyond Meat Inc said on Wednesday a secondary offering of 3.25 million new shares would be priced at $160 per share, an 18.6% discount to the stock’s closing price. | |
U.S. retailers blast new China tariffs, see boost in consumer pricesPresident Donald Trump’s threat to impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept. 1 will hit consumers at the start of the important back-to-school buying season, four large retail trade associations warned on Thursday. | |
Trump threatens new tariffs as U.S.-China trade tensions spike againU.S. President Donald Trump on Thursday moved to impose a 10% tariff on a remaining $300 billion list of Chinese imports starting Sept. 1, after U.S. and Chinese negotiators failed to kickstart trade talks between the world’s two largest economies. | |
Retail trade group says plan to impose new tariffs will raise prices, hurt jobsThe National Retail Federation, a top U.S. trade group, said President Donald Trump’s threat to impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept. 1, is a flawed strategy that will raise prices and hurt jobs. | |
Banks could reap $100 million in fees from LSE-Refinitiv dealA pool of ten investment banks working on the London Stock Exchange Group’s $27 billion purchase of financial-data business Refinitiv could reap advisory fees of up to $100 million, according to industry estimates. | |
FTC probes Facebook’s acquisition practices – WSJThe Federal Trade Commission is probing Facebook Inc to check if the social media company’s acquisitions were aimed at snapping up potential rivals before they could become a threat, according to the Wall Street Journal, citing people familiar with the matter. | |
Instant View: Trump announces new tariffs on ChinaU.S. President Donald Trump on Thursday moved to impose a 10% tariff on an additional $300 billion worth of Chinese imports starting Sept. 1, after U.S. and Chinese negotiators failed to kickstart trade talks between the world’s two largest economies. | |
Trump’s China tariffs rattle markets: stocks, oil tumbleU.S. President Donald Trump sent financial markets reeling on Thursday when he announced an additional 10% tariff on $300 billion in Chinese products would take effect next month. | |
Pentagon To Review $10 Billion Cloud Contract Which Trump Claims Favors AmazonOne of the most lucrative contract wins for Amazon’s AWS division suddenly appears to be on the rocks. The Pentagon’s $10 billion Joint Enterprise Defense Infrastructure (JEDI) cloud-computing contract is under review according to Bloomberg, following instructions from the new Defense Secretary Mark Esper after President Trump endorsed criticism that Amazon.com Inc. is being given an unfair advantage for the contract. Esper, who took over as Pentagon chief last week, is looking at the contract and “no decision will be made on the program until he has completed his examination,” Elissa Smith, a Defense Department spokeswoman, said in a statement Thursday. Following a July 10th report from the WSJ which exposed extensive conflicts of interest involving Amazon and the Pentagon, and validated skeptics – such as this site – who claimed that Bezos had muscled his way into one of the most lucrative government contracts in years thanks to kickbacks, Trump stunned tech companies, the Defense Department and lawmakers this month when he openly questioned whether the pending contract is being competitively bid. He said he’d heard complaints from companies such as Microsoft Corp., the No. 2 contender, and Oracle Corp., which was eliminated from the competition earlier this year. Both have correctly argued that the terms favored Amazon, whose founder, Jeff Bezos, is one of the president’s longtime nemeses. The project, which had been championed by former Defense Secretary Jim Mattis, was never supposed to be this controversial, and had a simple goal – to bring the Pentagon’s technology into the modern era. Instead it ended up a feeding frenzy for cl … | |
It Wasn’t Just Trump: Tariff Tweet Came After Review From Mnuchin, Mulvaney, Navarro And KudlowAs humorously pointed out earlier, any trader who stepped our for lunch around 1pm, was in shock when the came back following the Trump tweet which not only reignited the trade war with China, leaving the G-20 ceasefire in the trash heap of history, but also sent stocks plunging, with the Dow tumbling more than 500 points from its intraday highs. Which, naturally prompted question: was Trump again alone when he decided to send out a tweet that roiled every asset class, or was there more coordination this time? The answer comes from CNBC’s Eamon Javers, who tweets that far from unilateral, Trump’s tweet came “in the wake of an 11:30 meeting this morning at which President Trump got a report from Treasury Secretary Mnuchin and Trade Representative Robert Lighthizer on their meetings in Shanghai this week.”
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Mystery Online Nemesis Prompts SEC To Hire A “Reputation Management Expert”The U.S. Securities and Exchange Commission is finding it harder to brush off online attacks, especially from one unnammed online foe who has prompted the agency to go so far as to try and hire a reputation-management expert to improve its image, according to Bloomberg. The information comes from a July 22 job posting on a federal job site, which doesn’t name the mystery detractor by name. The person “isn’t a well-known executive like Musk or Cuban,” said someone familiar to the matter. The SEC has accused its mystery adversary of violating securities laws and “assailing agency officials online”, while purposefully taking steps to make sure that Google and other search engines picked up the critiques. The contractor’s duties will include monitoring content about employees in the SEC’s vaunted enforcement division on the web and removing anything that’s “false or harmful.” | |
Washington Post Says Trump’s Favorite Food (Hamburger) Has A “Russia Connection”Authored by Paul Joseph Watson via Summit News, Have we finally hit peak Trump Derangement Syndrome? | |
Two cos hold key to Punjab National Bank’s NPA resolution planTwo cos hold key to Punjab National Bank’s NPA resolution planPNB is banking on resolutions of Essar Steel and Bhushan Power & Steel for reduction of NPAs. | |
Can retail investors light up NBFCs’ Diwali?Can retail investors light up NBFCs’ Diwali?NBFCs could be preparing for a spurt in festive season demand for loans after a damp first half of the year. | |
More pain lies ahead for auto sectorMore pain lies ahead for auto sectorThe estimated drop in volumes is based on the sales performance of players like Maruti, M&M & Hyundai. | |
Bond Report: 2-year U.S. government bond yield stages biggest single-day plunge since 2009 after Trump tariff vowTreasury yields fall Thursday as traders react to soft economic data and Trump’s pledge to place tariffs on Chinese imports. | |
Cannabis Watch: Short sellers are increasing bets that cannabis stocks will fallShort sellers, or those betting stocks will fall, have steadily increased their exposure to the cannabis sector this year with short interest in the top 20 most shorted stocks climbing 78% to $1.89 billion, according to financial analytics firm S3 Partners. | |
Parents are spending hundreds, sometimes thousands, of dollars decorating their children’s college dorm roomsSome students have paid interior designers $2,000 to create dorm rooms with color-coordinated rugs and ottomans. |
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