MARKET REPORTS 

Trump Bans ‘Transactions’ With Chinese Owners of TikTok, WeChat

Reports emerged last week that former Apple CEO Steve Jobs gave the Federal Trade Commission (FTC) bad advice in the early 1990s regarding the launch of Apple’s first Mac computer. The technology giant “developed a badly flawed and confusing product that fed directly into commercial cyberattacks on PCs,” Jobs told FTC officials in a “Dear John” letter that was quoted by AFP this week. According to the account, Jobs argued in favor of Microsoft, which was then developing popular Windows operating systems. Like its popular rival, Apple computers were not…

Read More
EMERGING NEWS 

Australia’s Central Bank Lays Out Grim Scenario

There are bleak times ahead for Australia’s economy, with the Reserve Bank of Australia (RBA) warning the economy could slip into recession within six months amid looming trade tariffs. RBA governor Philip Lowe has issued a dire warning that a surge in the Australian dollar could trigger a collapse in exports, reviving a term which is normally reserved for the Great Depression of the 1930s. Speaking in an interview with the Financial Review, Lowe said the scenario was still possible in the event of an escalation of the dispute between…

Read More
MARKET REPORTS 

Asian Markets Skid as China-U.S. Trade Tensions Rise

Asian shares slipped Wednesday as a surprise increase in the tariffs planned on Chinese imports in June hammered investors’ hopes of a positive resolution to the simmering trade conflict. China has announced $16 billion in tariffs on 128 U.S. products in retaliation for U.S. tariffs enacted last month. It was unclear what percentage of the total had been registered and would follow last month’s 10 percent tariffs, but traders saw a 4-6 percent hit in trading around the world after a strong rally in the previous session. Australia’s S&P/ASX 200…

Read More
EMERGING NEWS 

Tencent Wants China’s Largest Live-Streaming Platforms to Merge, Reports Say

China’s largest live-streaming platforms Tencent and iQiyi are expected to merge, sources close to the companies told Bloomberg this week. The potential deal would value iQiyi at around $24 billion, and would see Tencent take a 40 percent stake in the platform. The two already co-own a large stake in each other’s operations. The merging of the two companies would help integrate their services as well as attract more users to the platforms, according to Bloomberg’s sources. iQiyi boasts more than 550 million users and has earned nearly $20 billion…

Read More
EMERGING NEWS 

Dow Gains as Stocks Look Past Dismal Jobs Data

U.S. stocks were mixed after a report showed the American unemployment rate unexpectedly rose in May, which undermined the U.S. economy’s job-creation momentum. However, strong gains for tech stocks offset weakness. Stocks ended mixed for a second straight session as jobs data released Thursday pointed to weaker economic growth. The report added to concerns about the impact of higher U.S. tariffs and tariffs imposed by other countries on U.S. products. Nevertheless, stocks did manage to inch higher amid solid gains for technology stocks. Benchmark indexes climbed 1 percent each as…

Read More
EMERGING NEWS 

The Treasury Aims to Sell $2 Trillion of Debt by Year-End. This Is the Game Plan

With the U.S. Treasury Department (T.S.D.) preparing to sell as much as $2 trillion of bonds in the second half of the year, President Donald Trump has appointed a team to oversee the auction process, making it clear the Treasury plans to embark on aggressive debt sales. For the U.S. public, the events leading up to Thursday’s Treasury auction will serve as an opportunity to weigh whether this month’s bond sales will result in rising interest rates, as they did last month. In May, the Treasury raised an astonishing $131…

Read More
MARKET REPORTS 

Tropical Storm Isaias batters East Coast, knocks out power for nearly 4 million

Tropical Storm Isaias slammed the U.S. East Coast on Tuesday, knocking out power to nearly 4 million homes and businesses and causing flash floods and strong winds. Isaias, the ninth tropical storm of the Atlantic hurricane season, did not yet have any immediate reports of damage in its path. The storm moved from North Carolina into New Jersey Tuesday, and was expected to bring heavy rain and storms, gusting winds and potentially dangerous rip currents along the East Coast. Electricity utilities in North Carolina, Virginia and South Carolina reported nearly…

Read More
MARKET REPORTS 

China services sector gauge drops off in July

The HSBC China services PMI hit 50.9 in June, a two-year low and down from the previous month’s 51.3, suggesting the industry contracted for the first time in almost four years in July. Reuters China’s services sector shrank in June for the first time in almost four years as exporters saw business weaken after a trade spat with the United States, a private survey showed. The HSBC China services PMI hit 50.9 in June, a two-year low and down from the previous month’s 51.3, suggesting the industry contracted for the…

Read More
MARKET REPORTS 

Consumer Sentiment Falls in Late July as Coronavirus Cases Rise and Federal Aid Gets Set to Expire

Lower consumer confidence levels are anticipated across the U.S. in July as consumers fret over federal spending cuts and rising rates. Many metropolitan regions of the country also stand to face increased hiring costs as business begins to feel more optimistic. Consumers will also brace for rising rates in July. According to the American Axle & Manufacturing Holdings, Inc. – June’s ASDA Future Trends Report, housing market conditions in July also reflect pessimism, especially among the auto-makers whose plants are located in parts of the country where autos produced by…

Read More
MARKET REPORTS 

AbbVie Beats Earnings Expectations but Stock Falls Anyway

AbbVie, a drug giant specializing in arthritis and HIV medicines, beat Wall Street analysts’ expectations for fiscal fourth-quarter earnings but its stock suffered a negative reaction. Following its earnings release, the stock was down as much as 2.6 percent in after-hours trading. The company’s fourth-quarter revenue was $7.97 billion, a 7 percent increase over the same period a year ago. Adjusted earnings were $1.03 per share, beating Wall Street’s expectations of $1.01 per share. The company benefited from growth in sales of its Arthritis franchise, made up of Humira, which…

Read More