05Aug2019 Market Close: Wall Street Crashes As Yuan Slide Intensifies US-China Trade Dispute, DOW Closes Down 767 Points, WTI Crude Fall To 54.94, Gold Index Steady At 1462

U.S. Fed’s Brainard, George monitoring stock market rout

Federal Reserve officials said they were monitoring the U.S. stock market rout on Monday as they assess how renewed trade tensions between the United States and China may impact the economy and the course of monetary policy.

Wall St. sinks as yuan slide intensifies U.S.-China trade dispute

U.S. stocks tumbled on Monday, with the benchmark S&P 500 sliding more than 3%, as a fall in the yuan following U.S. President Donald Trump’s vow to impose additional tariffs on Chinese goods sparked fears of further escalation of the U.S.-China trade war.

Walmart faces pressure to stop gun sales after latest U.S. mass shootings

Walmart Inc said on Monday there has been no change in its policy on gun sales after two mass shootings over the weekend, including one at a Walmart store, left 31 people dead in Texas and Ohio.

New Media to buy USA Today-owner Gannett in $1.4 billion deal

Fortress Investment Group-backed New Media Investment Group said on Monday it will buy USA Today-owner Gannett Co in a $1.4 billion deal, combining two of the biggest U.S. daily newspapers.

Oil falls 3% as trade war concerns hit demand outlook

Global oil benchmark Brent futures fell more than 3% 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.

U.S. stocks drop most since December

U.S. stocks fell the most since December on Monday after China allowed its currency to weaken beyond a key threshold, signaling dimmer prospects for a de-escalation in U.S.-China trade tensions.

Stocks fall on trade worries as yuan sinks to a decade low

Stock markets around the world fell hard on Monday on fears that China’s willingness to let the yuan slide in response to the latest U.S. tariff threat could further aggravate trade-related tensions between the world’s two largest economies.

Tyson Foods hits record high after beating estimates, prepares for China profit boost

Tyson Foods Inc reported better-than-expected quarterly earnings on Monday and reaffirmed expectations it will profit from the spread of a fatal hog disease in China, sending shares to a record high.

Sports Direct buys fashion retailer Jack Wills for 12.75 million pounds

Britain’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.

John McAfee Has Some Questions About This Weekend’s Mass Shootings

With markets melting down on Monday in one of the biggest intraday point drops for the Dow in recent memory, bitcoin and crypto received an intense safe-haven bid, with the benchmark crypto token rallying nearly 10% intraday.

All the while, one of crypto’s most infamous voices chimed in: John McAfee, the cybersecurity pioneer and presidential candidate, chimed in to celebrate bitcoin’s safety bid, and raised a few questions about the series of deadly shootings that unfurled in the US over the weekend.

Amazingly, McAfee didn’t say much about markets, and instead instead raised some “fundamental questions” about acts of domestic terrorism.

4 Reasons To Expect Even More US-China Trade (And Currency) War Escalation

As we noted earlier when summarizing some of the more notable Wall Street reactions to China’s jarring trade war escalation, we highlighted the take of Morgan Stanley’s chief US public policy strategist, Michael Zezas, who said that he saw incentives for the U.S. to escalate quickly. Specifically, referring to the now viral chart of the circular dynamic of Trump-Powell interaction…

“Mom And Pop” Investors Crushed In ETF Rout

It’s not just institutional investors who, as we warned last weekend were massively bullish on stocks heading into the Fed rate cut and in fact had the longest net equity position in US equity futures going back to the financial crisis, are getting crushed today.

When Teslas Crash, They Come Here For Auction

SCA is one of the top insurance auto auction houses in the country, with 170 locations nationwide. SCA works with insurance companies, dealerships, rental car companies, independent sellers, and leasing companies to auction automobiles that have been in an accident.

The latest trend on SCA has been an increasing number of crashed Teslas, now reaching 284 listed at current auction. Most of the cars are Model S (127) and Model 3 (113), with about 42 Model X SUVs.

2018 TESLA MODEL 3 for Sale in PALMETTO, FL – 5YJ3E1EA6JF154401 – https://t.co/1r15iV9lM0 pic.twitter.com/7vbEtbTOkR

— SCA (@SupportSca) July 28, 2019

After reviewing Teslas listed at current auction, a bulk of them have minor fender benders, some have electrical issues, but most have been in fender benders that if it were a standard petrol engine automobile, would be easily fixable by a local dealership.

It seems that insurance companies are slapping salvage titles on crashed Teslas because it’s “near impossible to repair them, the authorities and Tesla will prevent them being put back on the roads,” said one Twitter user who was commenting on an SCA Twitter post of a newly listed crashed Tesla for auction.

The market for these junkers has collapsed.
It is near impossible to repair them, the authorities and Tesla will prevent them being put back on the roads.
The market for trashed spare parts has also dwindled.
Scrap value? of mingled and toxic parts?

Will revoking special status be good for Kashmir, India?

Will revoking special status be good for Kashmir, India?The challenge, now, will be to ensure that the ownership for such a move is taken by the state’s people.

FRDI, PSB reforms: Kotak’s to-do-list for govt

FRDI, PSB reforms: Kotak’s to-do-list for govtHe proposed changes to public sector banking, including reducing the number of state-run lenders to five.

It’s raining money for pvt weather forecasters

It’s raining money for pvt weather forecastersGlobal weather forecasting market will grow from $1.2 bn in 2016 to $2.7 bn by 2023, as per a report.

San Francisco airport bans plastic water bottle sales; McDonald’s warns thick paper straws can’t be recycled

Dispatches from the business of climate change.

Outside the Box: Democratic candidate in 2020 presidential election must be an authentic alternative to Trump

American electorate should think independently and realize their vote matters, writes Chris Edelson.

Outside the Box: There’s a lot more to the stock market’s slide than Trump and trade wars

Aging world spurs low rates, high debt, and financial instability, writes Ed Yardeni.