Markets

U.S. threatens new sanctions, Turkey vows to respond

U.S. threatens new sanctions, Turkey vows to respond Qatar's royal court released a statement saying Al-Thani "issued directives that will see the State of Qatar to provide a host of economic projects, investments, and deposits" worth $15 billion to support the Turkish economy. The Turkish lira is trading under its fair market value, and its depreciation is expected to narrow the current account deficit in Turkey, according to the Washington-bas... [Full Article...]

Crude oil futures climb 1.46% on firm global cues

Crude oil futures climb 1.46% on firm global cues The drop in demand for OPEC crude means there will be less strain on other producers in making up for supply losses in Venezuela and Libya, and potentially in Iran as renewed US sanctions kick in. This was attributed to a weaker-than-expected demand in Latin America and the Middle East during the second quarter of the year. June's OPEC meeting ended with a commitment for just under 1 million b... [Full Article...]

Erdogan warns Trump: Turkey does not respond to threats

Erdogan warns Trump: Turkey does not respond to threats In response, President Trump tweeted in July, "The United States will impose large sanctions on Turkey for their longtime detainment of Pastor Andrew Brunson , a great Christian, family man and wonderful human being". According to a source in Erdogan's office, the two said they were pleased with the positive direction in their economic and trade ties and with the ongoing cooperation in the... [Full Article...]

Trump vows to impose tariffs on more Chinese goods

Trump vows to impose tariffs on more Chinese goods Washington has so far lined up an additional $200 billion in Chinese imports and last week Trump said he could raise tariffs on those products to 25 percent instead of the previously touted 10 percent. So far, despite the rhetoric, only $37bn worth of imports into China and the U.S. have actually been affected. The first tariffs were imposed in March and China responded in April. [Full Article...]

Snap sees users drop for first time in Q2; sales beat estimates

Snap sees users drop for first time in Q2; sales beat estimates Shares of Snap initially dropped, then jumped as high as $14.90 in extended trading following the report, after climbing less than 1 percent to $13.12 in NY. Analysts on average expected Snap to gain almost 2 million users in the second quarter from the first. Analysts had expected net losses of $0.17 per share in revenue of $251.19 million. [Full Article...]

Wall Street sees funding hurdle to Musk's plan to take Tesla private

Wall Street sees funding hurdle to Musk's plan to take Tesla private Musk's tweets caused a flurry of activity in financial markets. Tesla Inc.'s board confirmed it knew last week about Elon Musk's proposal to take the electric-car maker private, adding credence to the idea that this was more than a spur-of-the-moment whim from the notoriously impulsive billionaire. [Full Article...]

Facebook in talks with banks to expand customer service

Facebook in talks with banks to expand customer service US banks including JP Morgan Chase, Wells Fargo , Citigroup and US Bancorp have been asked to consider potential deals that would host bank customers on Facebook Messenger. The banks' primary concern with this partnership is, unsurprisingly, about data privacy . The Journal's report comes as Facebook has drawn increasing criticism over its privacy practices following revelations that poli... [Full Article...]

Musk Says He May Take Tesla Private, Shares Roar

Musk Says He May Take Tesla Private, Shares Roar Tesla has been publicly traded since 2010, and has seen its share price rise from just under $20 then to $360 at time of writing. Musk said he is considering taking the electric auto maker private. Musk owns almost 20 percent of the company. I think he's serious. Last month, he alleged "sabotage" at Tesla's operations by an employee, who responded by claiming to be a 'whistleblower'. [Full Article...]

Apple Is Now The World's First $1 Trillion-Worth Company

Apple Is Now The World's First $1 Trillion-Worth Company Apple generates billions from hardware sales: It had $29.9 billion in iPhone sales, up 20% year over year, for the June 30 quarter. Analysts polled by Bloomberg have an average price target of $212.79, which would translate to a market cap of $1.05 trillion. [Full Article...]

Facebook just had the worst day in stock market history

Facebook just had the worst day in stock market history Facebook shares have already been through a rollercoaster of ups and downs this year, with the biggest slump coming in April after it emerged data from tens of millions of users had been acquired by Cambridge Analytica . It was Facebook's lowest user growth rate ever. While privacy was an issue in Europe, politics played a role in North America, which is the company's most lucrative advertis... [Full Article...]

EU Announce a Truce in Trade War

EU Announce a Truce in Trade War He said Europe has agreed to increase purchases of U.S. liquefied natural gas and lower trade barriers to American soybeans, american farmers and the energy sector. He added that they would try to "resolve" steel and aluminium tariffs he imposed earlier this year and retaliatory duties the European Union levied in response. [Full Article...]

Trump’s auto tariffs would be a massive escalation of trade war

Trump’s auto tariffs would be a massive escalation of trade war European Commission President Jean-Claude Juncker is scheduled to meet Trump Wednesday in Washington , a last-ditch effort to convince him to hold off imposing punitive tariffs on European auto exports to the US. "I don't think there is enough money in the government to make anybody whole", Ebert said. Additionally, American goods shipped overseas are being slowed from reaching market by u... [Full Article...]

Trump Trade War- China vows to adopt countermeasures

Trump Trade War- China vows to adopt countermeasures Beijing also has filed a complaint in the World Trade Organization against the United States actions. Political leaders in agricultural states fear volatility in commodity markets as President Donald Trump contemplates additional new tariffs. [Full Article...]

Brexit vote: Government defeats EU customs union bid

Brexit vote: Government defeats EU customs union bid The vote also demonstrated the vital importance of the four or five Labour Brexiteers who have repeatedly defied their own party whip and voted with the government. Two top pro-Brexit ministers, Boris Johnson and David Davis , quit in protest last week, and a string of junior walkouts have followed suit - including two more officials on Monday. [Full Article...]

Ban on Chinas ZTE lifted

Ban on Chinas ZTE lifted The Commerce Department had said it would remove the ban after ZTE paid a $1 billion penalty and placed $400 million in a USA bank escrow account as part of a settlement reached last month. Shares of US suppliers Acacia Communications and Lumentum Holdings rose more than 3 percent on the news before ending less than 1 percent higher. The company, which employs some 80,000 people, got a limited... [Full Article...]

Trade War- US slaps more tariffs on $200b Chinese goods

Trade War- US slaps more tariffs on $200b Chinese goods While some USA companies and lawmakers have criticized Trump's tactics, Gao's statement was an unusually direct attempt to rouse domestic American opposition. The Chinese side insisted on not firing the first shot, and was forced into taking reciprocal countermeasures after the United States first started the trade war. [Full Article...]

Murdoch's Fox cleared for Sky takeover bid

Murdoch's Fox cleared for Sky takeover bid Comcast faces a deadline of Friday to put its offer to Sky shareholders. Britain finally cleared Rupert Murdoch to buy Sky on Thursday, removing the final obstacle to a head-to-head battle between Murdoch's Twenty-First Century Fox and USA rival Comcast for the European pay-TV prize. [Full Article...]

Oil drops 1.6%, settling at $72.94, after rise in United States crude stockpiles

Oil drops 1.6%, settling at $72.94, after rise in United States crude stockpiles The U.S. government plans to shut Iran's oil exports out of the market from November, demanding that all countries stop buying its oil. "If Trump continues to believe that OPEC are not doing enough, we would not rule out a SPR (Strategic Petroleum Reserve) release from the USA, or possibly even export restrictions on petroleum products", ING said , in a note. [Full Article...]

Hispanic Unemployment Falls to LOWEST LEVEL in US HISTORY — RECORD SMASHED

At the same time, the unemployment rate rose to 4 per cent from 3.8 per cent, the government said Friday, as more people began looking for a job and not all of them found one. "Consumer perceptions of the labor market also remain near multi-decade highs". It had declined for three months in a row. But retailers cut 21,600 jobs last month, after boosting payrolls by 25,100 in May. [Full Article...]

China says the "largest trade war in economic history" just began

China says the Beijing has vowed to immediately respond with an equal amount of tariffs of its own against USA autos , agricultural and other products, but it was unclear how swiftly the actions could escalate into an all-out trade war . The US trade deficit in goods with China ballooned to a record $375.2 billion a year ago, further stoking Trump's ire. As for the wider aspect, analysts expect this first... [Full Article...]