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Massive pullback in tech stocks a buying opportunity for some investors: 'We love seeing the panic' Top Wall Street investors pointed to rising rates and deteriorating trade talks between the U.S. and China as reason to stay away from tech, while others saw the worsening sell-off as an attractive entry point. Why tech is getting hit A large percentage of technology companies are considered growth investments on Wall Street, meaning that they generally do not pay dividends in favor of reinvesting any earnings to accelerate growth CNBC's Patti Domm and Tae Kim contributed reporting
ECB minutes highlight fears for growth from trade war Global trade tensions could slow euro zone growth further, and European Central ... High-frequency indicators had stabilized and remained at elevated levels, underlining the overall robustness of economic activity, chief economist Peter Praet told policymakers, according to the minutes ($1 = 0.8660 euros) Our Standards:The Thomson Reuters Trust Principles
ECB policymakers fear trade war hit on growth Although the effects on investment might have been limited so far, it was not certain that this would continue to be the case While underlying inflation remained muted, it was picking up Measures of longer term inflation expectations were still well anchored
Bitcoin Is No Safe Haven as Cryptocurrencies Join the Global Market Selloff Bitcoin, the largest digital currency, tumbled as much as 7% to the lowest since mid-August. There were no good spots for investors to hide in Thursday’s global market rout, as Bitcoin and other cryptocurrencies joined the selloff With the 2018 low of $5,800 being tested a number of times, our sights are set at that level for all further sell-offs, Rabaglia said
BMW to buy control of China venture in 'new era' for foreign carmakers Germany's BMW will pay 3.6 billion euros ($4.2 billion) to take control of ... Slideshow (3 Images) The rule changes have already helped Tesla Inc (TSLA.O) gain Beijing’s approval for a wholly-owned manufacturing and sales company in Shanghai, the first time a foreign carmaker will be able to establish a full presence in China without a partner
Here’s why oil prices are another worry for stock-market investors Despite recent weakness, the U.S. stock market remains one of the best-performing asset classes of 2018, but the uptrend that Wall Street has been enjoying could be halted by another asset class, which has seen even steeper gains this year. Late Tuesday, Dallas Federal Reserve President Rob Kaplan said he sees a risk of higher oil prices in coming years, adding that this was an issue the Fed was watching carefully Ryan Vlastelica Ryan Vlastelica is a markets reporter for MarketWatch and is based in New York We Want to Hear from You Join the conversation Comment
The next recession Toxic politics and constrained central banks could make the next downturn hard to escape The efficacy of QE is debated, but if that does not work, they could try more radical, untested approaches, such as giving money directly to individuals This week’s market volatility suggests time could be short The world should start preparing now for the next recession, while it still can
ASEAN growth forecasts take hits from trade war and market turmoil Survey of economists reveals fears for exports and currencies over long haul In Malaysia, the policies of Prime Minister Mahathir Mohamad are creating some headwinds This includes the decision to abolish the goods and services tax in June and to reintroduce a sales and services tax in September, as well as plans to review infrastructure projects For more details of the survey, including a full list of respondents, please visit the JCER website
Europe markets in CHAOS: Europe SLUMPS as FTSE 100 drops to new SIX-MONTH low EUROPEAN markets opened to heavy losses this morning on growing concerns of an escalating trade war between the US and China and ongoing tensions between Italy and the EU. The FTSE 100 hit a new six-month low at the start of trading, with the Footsie sinking by -121.99 points, or 1.7 percent – levels last seen back in April. The FTSE 100 sank by -121.99 points (Image: BLOOMBERG) The FTSE 100 hit a new six-month low (Image: BLOOMBERG) Markets in Asia also suffered, with Japan's benchmark Nikkei 225 losing 3.9 per cent – logging its biggest daily drop since March The announcement unnerved investors and sparked sharp swipes from EU chiefs, with the target being triple the previous goal for heavily indebted Rome
Why global markets are collapsing right now, and who you should blame for it A major correction in the asset markets has been building for a while. There has been 10 years of economic growth since the great financial crisis of 2008, and a bull market in stocks of pretty much the same length. But in a downturn, it will be very difficult to sell some of these stakes It cannot extract itself from the euro currency system without defaulting EM countries grow faster than the developed economies, and if that growth disappears then that will slow down the larger economies too
A market panic won’t and should not scare off U.S. investors: Josh Brown It could be a long day after Wednesday’s rout, so investors should buckle up. Our call of the day says there’s a good reason why investors won’t get panicked by this selloff. Bring it. Some say, he’s right, and the Fed needs to cool it, while Mohamed El-Erian says don’t count on a market rout derailing the Fed Barbara Kollmeyer Barbara Kollmeyer is an editor for MarketWatch in Madrid We Want to Hear from You Join the conversation Comment
Emerging markets just got wrecked, but technician says one country's stock market could rebound Emerging markets are in the middle of a meltdown. One of the worst hit of the emerging markets could see the biggest rebound. Long term investors can't afford not to own emerging market stocks: Strategist    15 Hours Ago | 03:32 Emerging markets are in the middle of a meltdown Mark Tepper, CEO and president of Strategic Wealth Partners, is placing his bets with one the largest stocks on Chinese markets
Months of anxiety for Wisconsin manufacturers amid trade war MEQUON, Wis. (AP) — The trade war between the United States and China has made for a nerve-wracking summer of uncertainty in Wisconsin for manufacturing companies vital to the state's economy. The Trump administration's thrust-and-parry trade moves with China and other countries have left a suburban Milwaukee company that makes levels bracing for an estimated $3.7 million increase in annual costs. About half of the levels the company sells are imported from China. The company is raising prices on the levels it sells to big box stores and has discussed moving some of its manufacturing from China to another country to avoid tariffs.
Dow Drops 257 Points Because...Everything Markets have been buffeted by rising rates, trade-war tensions, and pressures on corporate margins, to name just a few. The problem: They’re all interconnected. Text size 6:22 a.m. What does the Dow do after suffering its worst drop since February Analysts expect a positive round of earnings for Q3 but weaker compared to Q2 and Q1 which suggests that forward guidance and expectations for year-end results may also be on the bearish side
Breakingviews - BMW writes China JV owner manual for its rivals (Reuters Breakingviews) - BMW has drafted a Chinese JV owner manual for its riva... Without that, Evercore ISI analysts estimated Beijing’s tariff retaliation in the spat with Washington could cost BMW and compatriot Daimler $965 million and $765 million respectively It’s unclear when the money will change hands and whether the current price is guaranteed With markets in free fall they might wait a while longer
The World Is Quietly Decoupling From the US... And No One Is Paying Attention Blind faith in the U.S. dollar is perhaps one of the most crippling disabilities economists have in gauging our economic future. Historically speaking, fiat currencies are animals with very short lives, and world reserve currencies are even more prone to an early death. But, for some reason, the notion that the dollar is vulnerable at all to the same fate is deemed ridiculous by the mainstream. Russia dumps U.S. Treasuries but maintains close ties to the IMF and BIS, calling for a world currency system under the IMF’s control At least, that is the narrative I suspect future historians will repeat This switch could occur very quickly, like an avalanche
Foxconn's Sept revenue jumps, buoys hopes for solid sales at Apple Taiwan's Foxconn, a key Apple Inc supplier, reported a 30 percent jump in S... This time, the three biggest product lines in terms of month-on-month and annual increase comes in this order: consumer, computing, and communications, the official said, without elaborating what the categories consist of ($1 = 31.0890 Taiwan dollars) Our Standards:The Thomson Reuters Trust Principles
What China Is Really Doing With the Yuan China isn’t using its exchange rate as a tool in the trade war with the U.S. Instead, it’s trying to balance competing domestic priorities. Text size Is China deploying its exchange rate in the trade war The broad index targeted by policy makers has dropped only about 5% since April At the same time, investment abroad by rich Chinese is viewed as a potential threat, especially when those investments come with Western passports
Heidi Heitkamp fights to save Senate seat in North Dakota At the crossroads leading into Rutland, a tiny town in North Dakota, a big sign planted in a field illustrated why the Great Plains state has become one of the most closely watched battlegrounds in the November US midterm elections In the same way that Republicans are pouring money into Texas to help Ted Cruz defend his seat against a challenge from Beto O’Rourke, North Dakota has become ground zero for GOP spending in the midterms
UBS Chairman Weber says the worst thing you can do now is get out of the markets His comments come one day after the Dow posted its third largest fall of 2018. When I was in Davos the mood in the market was overly-optimistic, said before adding I think when I look at the markets now, people are on the other side, they are too pessimistic I think it is an overreaction to policy noise and policy noise is always short term, he said
Hong Kong stocks slump 3.5% as rout spreads from US through Asia BAIC Motor sinks as BMW plans to take majority stake in Brilliance joint venture This trade war is targeting technology, said Vicks Poon, head of investment advisory at Fubon Bank (Hong Kong) Also making their debuts, shares of auction house Tokyo Chuo Auction ended at HK$1.56, above their IPO price of HK$1.50, while Chinese developer DaFa Properties Group ended unchanged at HK$4.20
Global growth is 'probably not enough' to withstand a trade war, IMF's Christine Lagarde warns The global economy has hit a plateau and may not be strong enough to withstand rising trade tensions, IMF Managing Director Christine Lagarde said Thursday. The downward revisions mean that the global economy would grow by the same rate for three consecutive years starting 2017 China still claims developing status at the WTO, so it does not have to comply with some rules, such as favoring its own companies That's something we have been working on, he told reporters after the panel discussion
The Arrest Of A Chinese Spy Is Another Sign Of Mounting Tensions Over Economic Espionage The alleged spy, Yanjun Xu, would be the first operative of China's Ministry of State Security to face a US court. The US government and major private companies have long accused China of economic espionage stealing information from US companies that finds its way to Chinese companies that use it to better their competitive position The US Justice Department charged them last week in Pennsylvania with a variety of cybercrimes, including the hacking of Westinghouse Electric, the Organization for the Prohibition of Chemical Weapons, and the World Anti-Doping Agency, which regulates the use of banned drugs by international athletes
JPMorgan Earnings Could Put the Cost of Trump’s Trade War in Focus Could rising rates and a U.S.-China trade war hurt the bank’s bottom line? Also, what in the world will Jamie Dimon say this time? The Street expects the bank’s third quarter, which will be announced before the market opens Friday, to show EPS of $2.26, up 28.4% from $1.76 a year ago That would make it the most resilient of the universal banks Katzke analyzed, and assumes no cost reaction by the banks
Trump Called the Fed's Rate Hikes 'Crazy.' The Banking World Respectfully Disagrees IMF and central bank chiefs, as well as senior bankers, have rushed to defend the Federal Reserve and Jay Powell after Trump's comments. The Fed has announced it in advance, there are no surprises Standard Chartered (scbff) chairman Jose Vinals also told CNBC that central bank independence was a very important public good and that is something that should be cherished, in particular by political leaders
Trump’s tariffs take direct aim at Chinese stocks U.S. market is prepared for a trade fight with China, writes Ed Yardeni. A critically stated that Pence in effect had declared a New Cold War with China An alternative spin is that Pence was simply recognizing that China has launched an ever-expanding war against American interests We Want to Hear from You Join the conversation Comment
Battered by stormy markets, G24 urges big economies to stop trade war Finance ministers for developing nations in the Group of 24 whose economies have... U.S. President Donald Trump’s pursuit of a fairer deal for U.S. companies and farmers, and his dislike of multilateral trade agreements, has stoked a tariff war with China that has sent shivers through all their trading partners Our Standards:The Thomson Reuters Trust Principles
Citigroup Earnings Will Put CEO’s Fight Against Costs in the Spotlight Mike Corbat, CEO of Citigroup has promised to increase revenue while containing costs. The bank’s third-quarter earnings report, set to be released on Friday before the market opens, will show investors whether he is delivering. Yet expenses in the second quarter were 58% of revenue, far from the target of the low 50’s Corbat has set for the bank to hit by 2020 However, she says, those numbers don’t include the potential benefits of cost reductions, and cutting expenses has been a long-term focus of the bank
Exclusive: Reverse gear - China car dealers push for tax cut as... China's top auto dealers' association has asked the government to halv... CADA secretary general Xiao Zhengsan said the market might see a slight decline this year, but measures like promoting the rural car market or adjusting VAT for second-hand cars may bolster sales He did not comment on the purchase tax cut proposal Our Standards:The Thomson Reuters Trust Principles
China's paranoia and oppression in Xinjiang has a long history China finally admitted this week what had been widely reported: that it is interning thousands, if not hundreds of thousands, of people in "re-education camps" in the far-western region of Xinjiang. Uyghurs and other minorities complain of discrimination in employment and education, and corruption is rife within state-controlled industries that continue to dominate the local economy Parts of this article are based on extracts from James Griffiths' book, The Great Firewall of China: How to Build and Control an Alternative Version of the Internet
Stockmarket meltdown: IMF warns over trade war, Brexit and debt The FTSE 100 index opened another 1.3% down red this morning after a fall of 91.85 points yesterday to a six-month low of 7,145.74. The bloodbath emerged yesterday as the IMF delivered a gloomy assessment of the outlook for the global economy on Wednesday 'Whether we go beyond the brink I think is more an issue of how fast the Fed, and how insistent the Fed is, on having higher rates.’
Market Rout in Asia Suggests Another Day of Investor Losses Stocks in Asia and Europe followed Wall Street’s plunge amid worries of rising interest rates and worsening relations between Washington and Beijing. Washington officials also said on Wednesday they would more aggressively scrutinize corporate deals by foreign investors in the United States, in a move aimed primarily at China Gellerson for The New York Times In New Slap at China, U.S. Expands Power to Block Foreign Investments Doug Chayka A Future Where Everything Becomes a Computer Is as Creepy as You Feared David Paul Morris/Bloomberg Volkswagen, With a New U.S. Leader, Aims for a Revival Mark Davis/Getty Images for Fox Searchlight Pictures Peter Rice, Fox’s Un-Hollywood TV Boss, Is Getting More Say Over What You Watch Bryan Anselm for The New York Times CVS Health and Aetna $69 Billion Merger Is Approved With Conditions Trending Khashoggi’s Disappearance Puts Kushner’s Bet on Saudi Crown Prince at Risk Hurricane Michael Leaves Trail of Destruction as It Slams Florida’s Panhandle Trump’s Contradiction: Assailing ‘Left-Wing Mob’ as Crowd Chants ‘Lock Her Up’ Stocks Plunge, as Fresh Tensions With China Batter Tech Shares Naming Names, Turks Turn Up Heat on Saudis in Consulate Case Opinion: The ‘Greatest Hoax’ Strikes Florida Opinion: White Male Victimization Anxiety Opinion: Of Trump, Taylor Swift and the Cat Chinese Officer Is Extradited to U.S. to Face Charges of Economic Espionage Major Climate Report Describes a Strong Risk of Crisis as Early as 2040
Global markets are getting pounded as fear grips investors "Equity markets are locked in a sharp sell-off, with concern around how far yields will rise, warnings from the IMF about financial stability risks and continued trade tension all driving uncertainty," analysts at ANZ Bank wrote on Thursday. Warnings about global growth from the IMF, along with rising interest rates, contributed to the concerns Markets are not efficient and markets move in both directions and at times they overshoot in both directions, he told reporters on the sidelines of the IMF's annual meeting in Bali, Indonesia