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U.S. equity futures reopen lower, U.S.-China trade relations at new low ebb

U.S. equity futures reopen lower, U.S.-China trade relations at new low ebbWhite House spokeswoman Stephanie Grisham sought on Sunday to clarify comments from Trump, saying the president wished he had raised tariffs on Chinese goods even higher last week, even as Trump signaled he did not plan to follow through with a demand he tweeted on Friday that U.S. firms find ways to close operations in China.


Date : Sun, 25 Aug 2019 18:23:38 -0400

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S&P 500 Futures Slide as Traders Struggle to Price In Trade War

S&P 500 Futures Slide as Traders Struggle to Price In Trade War(Bloomberg) -- Equity futures tumbled as trading resumed Sunday, with investors struggling with the increasingly complex task of assessing the impact of an escalating trade war on the economy and corporate profits.September contracts on the S&P 500 fell 1.3% as of 6:21 p.m. in New York, while futures on the Nasdaq 100 dropped 1.5%. The swings followed a sell-off on Friday that sent benchmark gauges to their third 2%-plus plunge of August, now likely to be the second down month for equities of 2019.Shares are being swayed by events from before and during the weekend. Stocks plunged Friday after Trump warned of an unspecified response to China’s plan to slap new tariffs on $75 billion of U.S. goods. After markets closed, he said he’d hike existing tariffs, applied to about $250 billion in Chinese goods, to 30% from 25% as of Oct. 1. He also said a new round on $300 billion in goods will be taxed at 15%, up from 10%.“This is sort of the norm, in terms of what’s going on, a lot of the market activity has been geopolitically driven and the president escalating the trade war,” David Katz, chief investment officer at Matrix Asset Advisors in Westchester, New York. “But that’s unfortunately something investors are coming to live with. There’s nothing much one can do preemptively either way.”The U.S.-China back-and-forth blotted out comments by Federal Reserve Chairman Jerome Powell, who said the U.S. economy is in a favorable place but faces “significant risks,” reinforcing bets for another interest-rate cut.Moves in futures follow four straight down weeks that pushed the S&P 500 almost 6 percent below its record high set July 26. Volatility has surged in August, with more than half its sessions seeing swings of 1% or more, though U.S. shares still more than 20% above levels at the end of December.“There are a lot of investors or players who are away, and it’s easy to get this type of volatility because of that fact,” Walter “Bucky” Hellwig, a senior vice president at BB&T Wealth Management in Birmingham, Alabama, said by phone. “‘But it’s very disappointing to see the sell-off so dramatic at the start.”The S&P 500, which closed Friday at 2,847.11, has twice bounced back from violent drops in August. When the index fell to 2,844 in the month’s first few days, bulls sent the gauge 3.3% higher over the next three days. A virtually identical rally occurred again a week later when stocks fell to 2,840.Swings like those have frustrated anyone trying to chart a coherent course in the market. Reasons for anxiety are piling up. Yields on government bonds are sending grim signals about the economic future, with the 10-year Treasury yield hovering near 1.5%, while estimates for corporate profits have sagged. On Sunday, two top aides said Trump has the authority to force American companies to leave China, as he threatened on Twitter, yet whether he invokes those powers is another question.“For these events to unfold on the eve of one of the slowest trading weeks of the year creates market crash potential,” said Michael O’Rourke, JonesTrading’s chief market strategist. “Crowded complacent longs combined with illiquid trading, expensive valuations, narrow leadership, slowing earnings and an unparalleled peacetime policy uncertainty place markets in a dangerous position.”The sell-off has pushed the S&P 500 below a level that matches its high-water mark from January 2018, meaning people who bought back then, during the biggest rally of Trump’s presidency, remain stuck. Of greater interest to chart analysts, the index now sits just 7 points above lows set during earlier August plunges.Dip buyers stepped in when the S&P neared 2,840 twice before, fueled by optimism the economy is strong and the trade war resolvable. Whether they’ll be as confident after Trump tweeted that the U.S. would be “better off without“ China is an open question -- and they weren’t on Sunday.“Given the global slowdown has already taken hold and bordering on potential of a recession, this additional uncertainty is unwelcome to say the least,” said Nathan Thooft, Manulife Asset Management’s head of global asset allocation. “The reaction doesn’t surprise me. Investors are reacting to a legit escalation. With that said, there are offsets. Clearly this is even clearer evidence for the need for more monetary and fiscal accommodation.”Chart analysts are watching 2,820, twice an intraday low for the S&P 500 this month. If that’s breached, 2,800 becomes the line to watch, according to Frank Cappelleri, senior equity trader and market technician at Instinet LLC. It’s roughly the 200-day moving average that’s supported the gauge all year and also a spot where stocks peaked three times late last year.“It’s good that there are downside reference points that are clear to market technicians -- 2820, then 2800, June low, May low,” Cappelleri said by phone. “What’s not so great is all the uncertainty along the way.”\--With assistance from Sarah Ponczek.To contact the reporters on this story: Vildana Hajric in New York at [email protected];Elena Popina in New York at [email protected] contact the editors responsible for this story: Jeremy Herron at [email protected], Chris Nagi, Courtney DentchFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Date : Sun, 25 Aug 2019 18:23:06 -0400

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4 Reasons Target Soared to an All-Time High

4 Reasons Target Soared to an All-Time HighThe big-box retailer is firing on all cylinders and bulldozing the bears.


Date : Sun, 25 Aug 2019 18:15:00 -0400

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Should You Worry About Monadelphous Group Limited's (ASX:MND) CEO Salary Level?

Should You Worry About Monadelphous Group Limited's (ASX:MND) CEO Salary Level?Rob Velletri became the CEO of Monadelphous Group Limited (ASX:MND) in 2003. This analysis aims first to contrast CEO...


Date : Sun, 25 Aug 2019 18:09:57 -0400

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U.S. Stock Futures Tumble, Yen Gains on Trade War: Markets Wrap

U.S. Stock Futures Tumble, Yen Gains on Trade War: Markets Wrap(Bloomberg) -- U.S. equity futures tumbled while the yen and Treasury contracts climbed after the latest escalation in the Sino-American trade war. The yuan slumped and stocks looked headed for steep losses in Asia.Equity futures indicated losses of more than 2% in Tokyo and Hong Kong. S&P 500 futures fell more than 1% after sliding Friday, when President Donald Trump announced additional levies on Chinese imports and called for American companies to pull out of Asia’s largest economy after China said it would impose retaliatory tariffs on U.S. goods. Trump acknowledged having second thoughts on escalating the trade war, only for his top spokeswoman to clarify he meant he regretted not raising tariffs even more. The yen touched a fresh 2019 high against the greenback. The Aussie and kiwi dipped.The latest turn in the trade war comes during an already tumultuous August for financial markets amid concerns of slowing global economic growth. On Friday, Trump bumped existing tariffs on Chinese goods to 30% from 25% and planned duties to 15% from 10%. That followed retaliatory levies from China, which indicated it will follow through with tariffs on $75 billion of U.S. goods it announced Friday and fight the trade war to the end, according to an editorial in the state-run People’s Daily.“We view risks of further escalation as meaningful,” Chetan Ahya, chief economist at Morgan Stanley, wrote in a report Sunday. “If the U.S. raises tariffs on all imports from China to 25% and China makes a matching response with these measures staying in place for 4-6 months, we believe that the global economy will be in recession in 6-9 months.”Elsewhere, oil extended losses from Friday, when China announced tariffs on U.S. oil for the first time.Here are the main moves in markets:StocksFutures on the S&P 500 retreated 1.4% as of 7:02 a.m. in Tokyo. The underlying index sank 2.6% on Friday.Futures on Japan’s Nikkei 225 fell 2.6%.Hang Seng futures declined 2.4%.Futures on Australia’s S&P/ASX 200 Index lost 1.3%.CurrenciesThe yen rose 0.5% to 104.93 per dollar.The offshore yuan dropped 0.6% to 7.1752 per dollar.The euro gained less than 0.1% to $1.1148.The Aussie fell 0.3% to 67.38 U.S. cents.BondsFutures on 10-year Treasuries advanced about 0.4% to 131-14+. The yield on 10-year Treasuries fell seven basis points to 1.54% on Friday.CommoditiesWest Texas Intermediate crude fell 2.1% to $54.17 a barrel.Gold rose 0.6% to $1,536.27 an ounce.To contact the reporter on this story: Adam Haigh in Sydney at [email protected] contact the editors responsible for this story: Christopher Anstey at [email protected], Matthew G. Miller, Linus ChuaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Date : Sun, 25 Aug 2019 18:09:36 -0400

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Here's the biggest news you missed this weekend

Here's the biggest news you missed this weekendTrump drama at G7, Andrew Luck's retirement and Disney's big expo. Here's the weekend's top news.


Date : Sun, 25 Aug 2019 18:02:11 -0400

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How to Help Your Parents Retire Without Derailing Your Own Retirement

How to Help Your Parents Retire Without Derailing Your Own RetirementThe "sandwich generation" faces some unique financial challenges.


Date : Sun, 25 Aug 2019 18:01:00 -0400

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Placido Domingo gets standing ovation in Salzburg despite sexual harassment claims

Placido Domingo gets standing ovation in Salzburg despite sexual harassment claimsOpera legend Placido Domingo on Sunday received a standing ovation at the Salzburg Festival, his first performance since he was accused of sexually harassing women. "Triumph in Salzburg, standing ovation for Domingo despite the Me Too affair," a headline in the regional daily Kleine Zeitung said, following his performance in the Giuseppe Verdi opera "Luisa Miller" at the annual music and drama festival in Austria.


Date : Sun, 25 Aug 2019 17:57:11 -0400

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Did Domino's Pizza Enterprises's (ASX:DMP) Share Price Deserve to Gain 67%?

Did Domino's Pizza Enterprises's (ASX:DMP) Share Price Deserve to Gain 67%?When we invest, we're generally looking for stocks that outperform the market average. And the truth is, you can make...


Date : Sun, 25 Aug 2019 17:57:09 -0400

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The BitMEX Insurance Fund is up 50% since the beginning of 2019; holds more than $300 million

The BitMEX Insurance Fund is up 50% since the beginning of 2019; holds more than $300 millionThe BitMEX Insurance Fund has increased to holding over 31,300 bitcoins or approximately $314 million. This means the fund managed by the derivatives exchange BitMEX holds nearly 0.15% of the total supply of bitcoins.The post The BitMEX Insurance Fund is up 50% since the beginning of 2019; holds more than $300 million appeared first on The Block.


Date : Sun, 25 Aug 2019 17:53:05 -0400

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