Written by Gary
Dow plummets 700 points as US-China trade war escalates (SPY -2.7%). Gold soars 2% as trade worries trigger flight to safety. Is this a buying opportunity?
Here is the current market situation from CNN Money | |
 | North and South American markets are sharply lower today with shares in U.S. off the most. The S&P 500 is down 2.69% while Brazil’s Bovespa is off 1.91% and Mexico’s IPC is lower by 1.51%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Sports Direct buys fashion retailer Jack Wills for 12.75 million poundsBritain’s Sports Direct International Plc has bought clothing retailer Jack Wills for 12.75 million pounds ($15.51 million), the Mike Ashley-led company said on Monday. |
| U.S. services sector slows; orders hit three-year lowU.S. services sector activity slowed in July as new orders dropped to their lowest level in three years, suggesting the economy lost further momentum early in the third quarter. |
| Takeaway.com and Just Eat agree merger termsAmsterdam-based Takeaway.com and British rival Just Eat have finalised the terms of their deal to create a global food delivery company that can rival Uber Eats as the largest outside China. |
| Oil falls as trade war concerns hit demand outlookOil prices fell on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers. |
| Tesco to cut 4,500 jobs in Metro restructuringBritish supermarket chain Tesco is cutting about 4,500 jobs from its Metro stores to improve the efficiency of a format that is increasingly used by customers daily rather than for a traditional weekly shop. |
| Wall Street slumps as yuan slide intensifies trade angstWall Street’s main indexes fell sharply on Monday, with the Dow Jones Industrial Average tumbling more than 500 points, as China’s willingness to let the yuan slide in response to the latest U.S. tariff threat fanned fears that it could further aggravate an ongoing trade war. |
| Stocks sink on trade fears as yuan slumps to a decade lowStock markets around the world fell hard and the Chinese yuan weakened to an 11-year low on Monday as fears of an escalation in the U.S.-China trade war jolted financial markets. |
| Markets brace for volatility surge as currencies enter trade warChina’s decision to let its yuan plunge through a previously sacrosanct level means a tit-for-tat trade conflict could morph into a currency war, injecting volatility into long-dormant foreign exchanges and piling pressure on world markets. |
| Walmart says no change in company firearms sales policy since El Paso shootingWalmart Inc , the largest firearms retailer in the country, said on Monday there has been no change in company policy on firearms sales after two mass shootings over the weekend. |
| Meanwhile… At The Democratic Socialists Of America ConferenceThe Democratic Socialists of America National Convention was held this weekend in Atlanta, “Solidarity forever”
Except – as we note below – if you use gendered language, mumble, wear ‘heavy’ scents, or misuse doors??!! |
| Oil Price Correction Triggers Shale MeltdownAuthored by Nick Cunningham via OilPrice.com, It was a rough week for the U.S. shale industry. |
| Kashmir On Lockdown: India Strips Muslim-Majority Region Of Autonomy, Troops Move InIn a dramatic escalation following a worsening crisis, which over the weekend saw intensive shelling along the Line of Control (LoC) that separates Indian-controlled and Pakistani-controlled parts of Kashmir, New Delhi has revoked the key constitutional article which gives Indian-administered Kashmir special status. The unprecedented move signals India is willing to take greater military action in the disputed border region, which is virtually guaranteed to not only spark severe local unrest, but put India and Pakistan on a direct collision course for war. Specifically, Article 370 is legally and historically what assured a high degree autonomy for Indian administered Muslim-majority state, enshrined in the constitution, which the majority of inhabitants there see as justifying remaining part of India. |
| Snyder: China Is Extremely Angry, And Now Considers The United States To Be Enemy #1Authored by Michael Snyder via The Economic Collapse blog, Have relations between the United States and China finally reached the point of no return? At this moment, it would be difficult to overstate how angry the Chinese are with the United States. |
| FPIs exit: Govt swings into action, to hold talks on super-rich taxFPIs exit: Govt swings into action, to hold talks on super-rich tax”I am quite open to hear them out what they (FPIs) have to say,” the FM said. |
| China hits back at US with Yuan, Dow sinksChina hits back at US with Yuan, Dow sinksChina let the yuan breach the key 7 per dollar level for the first time in more than a decade. |
| Article 370: Thriller that kept all guessingArticle 370: Thriller that kept all guessingThe Modi government’s revocation of Article 370 had all the makings of a blockbuster. |
| July 2019 Conference Board Employment Index ImprovedWritten by Steven Hansen The Conference Board’s Employment Trends Index – which forecasts employment for the next 6 months declined with the author’s saying “In the coming months, we expect job growth to remain solid”.
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| This mother took her family on a $2,200 vacation to Disney World — for freeThis will be the third vacation Maegan Bagley will take that hasn’t cost her one red cent, and her second to Disney World. |
| Cars.com stock battered as review yields no deal and guidance falls short of estimatesCars.com Inc. shares tumbled 34% Monday after the digital marketplace for car sales said its board has completed a strategic review without receiving any actionable bids and will now work to execute a plan to drive growth. |
| The Margin: Trump asks God’s blessing on shooting victims in … ToledoTrump’s prepared speech mistakenly referred to Toledo, not Dayton, as the location of one of the two deadly mass shootings over the weekend. Joe Biden didn’t get it right either. |
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