financializer news A weblog highlighting financial topics making news in the international media.

trade tariffs: Gold for August delivery on Comex GCM19, 0.50% rose 80 cents, or nearly 0.1%, to settle at 1,328.70 an ounce after spending much of the session struggling for direction, according to Market Watch. The settlement was the highest since Feb. 25, according to Fact Set data. Gold has climbed this week, largely on the back of more tension between the U.S. and other countries over trade and tariffs along with expectations for lower interest rates as bond yields have fallen sharply. Futures for the yellow metal have now posted gains for five consecutive sessions, the longest since a similar streak ended on Jan. 31. The U.S. stock market gained in Tuesday trade, but investors remained skittish with no apparent progress made on the trade policy front and May data on U.S. manufacturing released Monday revealing the slowest pace of expansion in 2 years. July silver SIN19, 0.80% added 2.9 cents, or 0.2%, to 14.769 an ounce, after rising 1.2% on Monday. (news.financializer.com). As reported in the news.

interest rates: Louis Federal Reserve President James Bullard, who said Monday that U.S. interest rates may be too high given trade tensions something financial markets have been screaming about, according to Market Watch. Note, on Tuesday Australia became the first developed central bank to cut rates in 2019, citing, yep, global trade jitters. We can maybe thank St. Onto our call of the day from billionaire investor Stanley Druckenmiller, who is also pretty convinced the Fed is going to cut rates, maybe even to zero. When the Trump tweet went out, I went from 93% invested to net flat and bought a bunch of Treasurys, Druckenmiller told Scott Bessent, founder and chief investment officer of Key Square Capital Management at the Economic Club of New York. The famed manager says he has been buying Treasury bonds, and seems to be preaching caution to equity investors amid trade-war threats. (news.financializer.com). As reported in the news.

level bitcoin: Other major cryptocurrencies, including ethereum and ripple, also experienced significant losses, dropping in value by around 7 per cent over the last 24 hours, according to The Independent. ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 We'll tell you what's true. Bitcoin's price crashed by 700 in under an hour on Tuesday morning but managed to settle at around 7,950. You can form your own view. Subscribe now The month of May had been bitcoin's best month since August 2017 and many cryptocurrency analysts predicted it could go on to reach highs above the 20,000 level bitcoin reached in late 2017. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. (news.financializer.com). As reported in the news.

pitch tuesday: Biden proposes covering the taxpayer costs by repealing the corporate tax cuts that President Donald Trump signed in 2017, while eliminating existing subsidies to the fossil fuel companies. ; Biden's plan a mix of tax incentives, federal spending, new regulation and more aggressive foreign policy on climate issues comes as he pushes back on rivals' assertions that his environmental agenda isn't bold enough, according to The Japan Times. Climate activists largely praised his pitch Tuesday, although some said the Democrats' 2020 front-runner still hasn't gone far enough to challenge the fossil fuel industry. The former vice president calls for 1.7 trillion in federal spending over 10 years, with the rest of the investments coming from the private sector. His proposal calls the Green New Deal pushed by some Democrats on Capitol Hill a crucial outline but stops short of some of its timelines for weaning the U.S. economy off power from fossil fuels, even as he promises a clean energy revolution nationwide and internationally. Biden also joined many of his Democratic primary opponents in pledging not to accept campaign contributions from the fossil fuel industry and promising to keep the U.S. in the United Nations climate agreement signed in 2015 while he was vice president under President Barack Obama. I will lead America and the world, not only to confront the crisis in front us but to seize the opportunity it presents, Biden says in a campaign video posted online, warning that failure to act threatens the livability of our planet and will accelerate natural disasters that are already happening. (news.financializer.com). As reported in the news.

woodford: The fund shrunk by 600m in just the last month, including 187m withdrawn by customers with the rest made up by the tumbling value of its investments, according to The Independent. A request to withdraw 250m by Kent County Council led to all withdrawals to be suspended on Monday for at least four weeks to protect investors, Mr Woodford's firm said. Britain's most high-profile stockpicker, Mr Woodford has seen his main fund shrink from 10.2bn to 3.7bn after a long run of poor performance. ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 We'll tell you what's true. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. You can form your own view. (news.financializer.com). As reported in the news.

fund: The pledge comes on top of a promise by the Green family and Arcadia, which owns Topshop, Topman, Dorothy Perkins, Wallis, Burton, Miss Selfridge and Evans, to put 360m into the pension over three years, according to The Guardian. The regulator, Arcadia's pension fund trustees and the pension protection fund, which acts as a lifeboat for collapsed companies savings schemes, said the package was sufficient to have secured their backing. Arcadia Group has handed security over additional property assets to the fund in response to a demand from the Pensions Regulator that the former billionaire inject another 50m to fill the group's pension black hole. The Pensions Regulator said We recognise that the best support for any pension scheme is a trading employer and we feel the CVA company voluntary arrangement proposals now provide the right balance between security for the pension schemes and the chance of sustainability for the company. Ian Grabiner, the chief executive of Arcadia said We hope that the landlords and other creditors will follow suit and we can get the company back on a strong footing in all the markets where we trade. The trustees said the deal materially enhances the security of the benefits of the 9,500 Pension Scheme members and provided the best outcome achievable. (news.financializer.com). As reported in the news.

racehorse winx: The Prime Minister didn't turn up at Buckingham Palace empty handed, bringing a gift with him to give to Her Majesty, according to Nine News Australia. In a tartan bag was a book on racehorse Winx by Andrew Rule, that had been signed by the horses's owners. To improve your experience update it here Cricket World Cup Australia v West meets the Queen and gives her special gift By AAP9 51am Jun 5, Minister Scott Morrison has met with the Queen during his trip to London, which has been somewhat overshadowed by Donald Trump's state visit. Scott Morrison and his wife Jenny met with the Queen at Buckingham Palace. AAP The Queen, a huge fan of horse racing, looked pleaded as she greeted Mr Morrison and his wife Jenny. AAP It is Morrison's first visit to the United Kingdom as prime minister. (news.financializer.com). As reported in the news.

reserve chair: The report's gloomy findings were echoed in a speech on Tuesday by the US Federal Reserve chair, Jerome Powell, who pledged to take appropriate measures to protect the US economy from the impact of trade wars, according to The Guardian. In what was widely seen as a hint that the Fed could cut interest rates in the coming months if the US economy cools, Powell told a monetary policy conference in Chicago that the central bank was closely monitoring the implications of ongoing trade disputes. The Washington-based lender to developing world countries said in its half-yearly global health check that spiralling political uncertainty was to blame for a slowdown in trade and a collapse in investment spending that will push down GDP growth to 2.6% this year before inching up to 2.7% in 2020 . The decision by the Trump administration to impose higher tariffson Chinese imports and prolonged Brexit uncertainty were among a string of events to increase the World Bank's policy uncertainty index to a record high. He said We don't know how or when these issues will be resolved. Stock markets tumbled last month as traders began to fear an escalation in Washington's tit-for-tat with Beijing over import tariffs. As always, we will act as appropriate to sustain the expansion. (news.financializer.com). As reported in the news.

rights: Eastern, Hunt introduced the segment by negatively describing the laws as a rollback of abortion rights rather than giving it a more positive description of an expansion of rights for unborn babies as she also updated viewers that the last abortion clinic in Missouri may close in the near future This week, Louisiana joined the growing wave of states to roll back abortion rights after Democratic Governor John Bel Edwards signed a bill that will ban abortions as early as six weeks into pregnancy, according to MSNBC. She soon added that, if the clinic in Missouri closes, it will be the first state in this country without access to an abortion clinic since 1974. At 8 35 p.m. Hunt then brought aboard Wen, and began by asking her if she is confident or concerned about how the court fight will go in Missouri, leading Wen to claim that there is a state of emergency about women's health in the U.S. because of the new abortion restrictions, and fretted that Missouri women might have to travel outside the state for something that should be a right. Without pushing back on Wen's negative view of abortion laws, Hunt followed up So there are nine states that have passed significant anti-abortion legislation in 2019. Even though there is risk in having an abortion, Wen called the restrictions a public health threat that is endangering women's lives. (news.financializer.com). As reported in the news.

ucl academics: All university leaders encounter hostility, but few can have attracted quite as much as Arthur, according to The Guardian. Some UCL academics feel such a frenzy of hatred against him that they would prefer a blind, three-legged elephant as provost and that judgment, in a privately circulated note last year, came from his press officer since departed . He's been a disaster, one academic tells me. For the past six years, Michael Arthur, the softly spoken son of a cabinet-maker and a probation service assistant, who went to a state comprehensive in Harlow, Essex, has presided over this success story as UCL's provost vice-chancellor . But he has not achieved Bentham's goal of the greatest happiness among UCL's 6,500 academic and research staff. This was once an egalitarian, collaborative place. The whole ethos has changed. It has become a Stalinist institution. (news.financializer.com). As reported in the news.

cellphones spectacles: But it turns out all is not well in the rotting kingdom not a metaphor for Brexit . It seems that much of the solid waste put out for recycling is not being recycled, according to Global Times China. Either because waste companies are not doing their jobs properly, or they are overwhelmed by the amount of trash, or because consumers are not sorting out garbage properly. I even took some old cellphones and spectacles back from China, because I knew I could take them to charity shops, who could recycle them for money. Non-recyclables, tossed carelessly in with the recyclables makes the whole lot useless. Now countries are starting to kick out their foreign trash mountains. And this poorly sorted garbage has apparently been finding its way to Asia. (news.financializer.com). As reported in the news.

downside: At this point, the S&P 500 Index SPX, 2.14% has a clearly defined 1-2, i ii downside in place and has indeed begun to follow through to that downside, according to Market Watch. So it looks like a crash in progress, and we will soon see if the heart of the third wave down will take hold. And with the U.S. stock market having dropped through its trapdoor, this week's price action will tell us if we are in crash mode. But since the setup on the chart is akin to the crash-like setups from fall 2018, in January 2016, in August 2015 and in August 2011, with it most resembling the market action of early 2016, we need to start seeing the market exhibit panic to the downside to be much more certain. This means that the market must break down strongly through this support early this week to maintain its structure as the heart of a third wave down. Caption outside of wrapper for normal article images As you can see from the attached five-minute chart, the S&P 500 is now hovering over the 2,735-40-point region, wherein we could only have an a-b-c structure off the recent highs labeled as alt a in yellow if it holds as support. (news.financializer.com). As reported in the news.

attorney: It loses nearly 500,000 viewers for her first episode following the release of Attorney General Barr's letter, according to MSNBC. The news comes after the Vanity Fair report that the New York Times didn't want its reporters appearing on Maddow's show, because she was too far left.MSNBC's The Rachel Maddow Show has been hit with a serious one-two punch. All market data delayed 20 1 day ago Rachel Maddow's credibility and ratings at a low ebb following Mueller findings, critics say By Brian Flood Fox The Rachel Maddow Show' gets hit with one-two punchMSNBC's The Rachel Maddow Show' gets hit with one-two punch. One day after finishing May with its worst ratings since Donald Trump took office, the lefty pundit's eponymous program faced a Vanity Fair bombshell report that the New York Times didn't want its reporters appearing on Maddow's show, not because her ratings were down, but because she was too far left, even for them. You don't get tainted just by appearing on the show but it's better to err on the side of trying to maintain objectivity and caution. The New York Times had reportedly blocked its reporters from appearing on Maddow because the program is too partisan, with one insider from the Grey Lady's newsroom agreeing, telling Fox News it rubs off on any journalist who is too closely aligned to the far left.NEW YORK TIMES BANS REPORTERS FROM CNN'S DON LEMON, MSNBC'S MADDOW SHOWS FOR BEING ' ' REPORT I do think Maddow, and others on MSNBC, have very strong opinions that affect their ability to tell stories in an accurate way sometimes, the source said. (news.financializer.com). As reported in the news.

business war: The series of actions over the weekend means that China's 'long march' has begun, Iris Pang, an economist with ING said in a research note Monday, according to CNN. It means that the trade war has not only become a technology war but also a broad-based business war. China on Sunday said it will not back down in a trade fight with the United States, two days after signaling it could blacklist foreign companies from its huge market. There will be more retaliation actions from China, especially for the technology sector, she added. The Shanghai Composite declined 0.3%, while Hong Kong's Hang Seng shed 0.1%. Read More In Europe, benchmark indexes in London and Paris were down 1% in early trading. Tokyo's Nikkei recovered slightly from a rough opening to close down 0.9% on Monday. (news.financializer.com). As reported in the news.

eva-marie persson: Eva-Marie Persson, Sweden's deputy director of public prosecutions, said she has not decided whether to appeal, according to Nine News Australia. I will also issue a European Investigation Order in order to interview Julian Assange, Persson said on Monday, adding that she has not picked a possible date for the questioning in England. To improve your experience update it here News World Assange won't be extradited to Sweden By AAP6 13am Jun 4, founder Julian Assange should not be extradited to Sweden for a revived rape investigation, but should still be questioned in the case while he is imprisoned in Britain, a Swedish court has ruled,The ruling by the Uppsala District Court does not mean the preliminary investigation must be abandoned, only that Assange does not face extradition to Sweden any time soon. Assange's lawyer in Sweden, Per E. Samuelsson, said his client would be happy, we are happy to learn he won't be extradited to Sweden. He was immediately arrested by British police and is currently serving a 50-week sentence for jumping bail in 2012. The 47-year-old Assange was evicted on April 11 from the Ecuadorian embassy in London, where he had been holed up with political asylum since 2012. (news.financializer.com). As reported in the news.

gdp growth: The company expects to drive above GDP growth through disciplined innovation, a relentless focus on ROIC, and a best-in-class cost structure, according to The Independent. With these priorities, combined with active portfolio management and a commitment to capital returns, DuPont will remain intently focused on delivering value for our shareholders. DuPont common stock begins regular way trading today on the New York Stock Exchange NYSE under the ticker symbol DD. The new DuPont launches today with leading market positions in four core markets and strong geographic, customer and end-market diversification, said Ed Breen, executive chairman of DuPont. DuPont is uniquely positioned to leverage its balanced portfolio, deep customer relationships, R&D expertise, and competitive operating model to win in the marketplace and drive value for all its stakeholders, Marc Doyle, CEO of DuPont, added. DuPont has a presence in more than 70 countries, with headquarters in Wilmington, DE, and operates approximately 170 manufacturing sites, more than 10 global R&D centers and 10 global innovation centers. The company is differentiated by its materials, ingredients and solutions expertise aligned with attractive, high-growth market trends particularly health and wellness, advanced mobility, connectivity and sustainability where our customer-driven innovation and value-added solutions play a transformational role. (news.financializer.com). As reported in the news.

masahiko yamaguchi: They pointed to signs of unjustified panic in the country's equities slump, creating opportunities to buy low, according to Global Times China. But even optimists highlighted the persistent cash hoarding and slack governance that have long scared investors away. Companies from the Land of the Rising Sun dominated pitches at Hong Kong's Sohn Conference on Thursday. Prime Minister Shinzo Abe's promises of reform - efforts to push local firms to boost profitability, put their balance sheets to work and be more responsive to shareholders - have tantalized foreign funds, including activists who took positions in troubled giants like Toshiba. Masahiko Yamaguchi of York Capital Management pointed out that foreign holdings of Japanese shares have steadily fallen in recent years to slightly over 5 trillion yen 46 billion a quarter of what they held in 2015. But their interest has not been widely shared. (news.financializer.com). As reported in the news.

horizons housing: And, now, those of us who oppose Brexit and economic nationalism generally face the challenge to say how we would improve the functioning of an economy damaged by the financial crisis and then, again, by Brexit, according to The Independent. Good economic management will be more critical than ever. What Britain needs to prosper socially and financially in the 2020s is a longer-term strategy for sustainable growth which addresses the country's deep failings in respect of skills, short-term financial horizons and housing. In the late 1960s and 1970s Britain suffered from stagflation rates of inflation well above historic trends and occasionally reaching double figures leading to a balance of payments crisis under a fixed exchange rate system combined with slow growth relative to developed-country comparators. The Blair/Brown era of Labour government cemented this transformation. What followed was a revolution in policy terms which came to be known as Thatcherism with similar reactions elsewhere, notably the US a fundamental switch from state ownership and controls to much greater faith in private ownership and market freedom and with it, toleration of greater inequalities ; independence for central banks to control inflation; fiscal rules to stop the build-up of unsustainable deficits and debt; and full-blooded engagement with an open globalised economy through trade, financial markets, international investment and to a degree migration. (news.financializer.com). As reported in the news.

nasdaq declines: How did major benchmarks fare The Nasdaq Composite Index COMP, 2.65% dropped 120.13 points, or 1.6%, to 7,333.02 to finish in correction territory, defined as an index closing at least 10% below its recent peak, which for the Nasdaq was a record finish of 8,164 hit on May 3, according to Market Watch. The S&P 500 index SPX, 2.14% slid 7.61 points, or 0.3%, to 2,744.45 while the Dow Jones Industrial Average DJIA, 2.06% made a comeback to erase a more than 100-point deficit to edge up 4.74 points to 24,819.78. The selloff in tech names comes as the yield on a key bond benchmark fell to a 20-month low, deepening a yield-curve inversion that has accurately predicted economic recessions in the past. See Dow, Nasdaq declines belie bullish market breadth data What drove the market The Wall Street Journal reported Friday afternoon that the Justice Department is preparing to investigate Google parent Alphabet Inc. That news was followed by a Reuters report that the Justice Department now has sole jurisdiction for a possible antitrust probe of iPhone maker Apple Inc. GOOG, 1.62%GOOGL, 1.52% for potential violations of antitrust regulations. (news.financializer.com). As reported in the news.

nick hillman: Ms Wong, who described her degree as a Mickey Mouse qualification when she launched legal action against the university, has been paid 15,000 and 46,000 towards her legal costs, according to The Independent. ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 We'll tell you what's true. Pok Wong, who graduated from Anglia Ruskin University in 2013 with a first in international business strategy, claimed the university had fraudulently misrepresented the course and career prospects. You can form your own view. Subscribe now Nick Hillman, director of the Higher Education Policy Institute Hepi think tank, told The Independent it was likely that more claims of a similar nature would be made following her success. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. (news.financializer.com). As reported in the news.

honiara yesterday: Mr Morrison is the first Australian prime minister to visit the Solomons in a decade, according to Nine News Australia. He and his wife Jenny arrived in Honiara yesterday, ahead of travelling to the UK and Singapore over the next week with a packed agenda. To improve your experience update it here News National Morrison announces 250m grants program for the Solomon Islands on first visit by an Australian PM in a decade By AAP8 11pm Jun 3, Morrison is set to announce a 250 million grants program for the Solomon Islands and an easier path for islanders to get work in Australia. Australian Prime Minister Scott Morrison meets with Solomon Islands Prime Minister Manasseh Sogavare in Honiara. In the Pacific, stepping up is all about showing up, Mr Morrison said. AAP His focus will be renewing ties with old friends on his first trip overseas since being re-elected after the coalition's unexpected May 18 poll win. (news.financializer.com). As reported in the news.

increases support: During the last few years a number of pension schemes have taken action to protect their members from the risks associated with climate breakdown by reducing their exposure to companies with reserves of coal, oil and gas, according to The Guardian. Some have pulled all of their funds out of these companies, while others have chosen to apply a positive tilt that increases support for businesses identified as vital to combating the climate crisis, such as those working on renewable energy, while at the same time reducing investment in firms that are heavy carbon emitters, have fossil fuel reserves or are not making the sorts of changes needed to meet emission reduction targets. The pensions minister, Guy Opperman, is due to tell a conference that pension and investment managers must do the right thing and take their environmental and social responsibilities seriously to help combat the climate emergency. In April, the Guardian revealed that parliament's pension fund trustees were to reconsider the rules of their investments to take account of the risks posed by the climate emergency. However, Opperman is due to tell an Association of British Insurers conference on long-term saving The financial risks from climate change are too important to ignore. Meanwhile, rules taking effect in October will require UK pension fund trustees to set out how they take account of financially material considerations, including climate change . Ministers have previously stated that it was government policy not to direct the investment decisions or strategies of pension scheme trustees. (news.financializer.com). As reported in the news.

investors woodford: The suspension only affects the single fund, which has been the most popular among retail investors, according to The Guardian. Woodford's Income Focus Fund and Patient Capital Trust will continue trading. A statement on the investment manager's website said dealings in Woodford Equity Income Fund were suspended after an increased level of redemptions . It said the move intended to protect investors and give Woodford time to sell off investments, including in private companies. The City watchdog the Financial Conduct Authority said The FCA is aware of this situation and in contact with the firms involved to ensure that actions undertaken are in the best interests of all the fund's investors. The sudden outflows have helped slash the total value of the fund from 4.3bn on 1 May to 3.7bn by the end of May, according to data from ratings agency Morningstar. Woodford's equity income fund has shrunk by 600m in one month, including at least 187m worth of redemptions and the rest represented by a fall in the value of the fund's investments. (news.financializer.com). As reported in the news.

u.s: However, such rejoicing may be misplaced, at best, and dangerously deluded, at worst, according to MSNBC. Who are these liberal icons taking a stand on behalf of Assange They included Sens. Understandably, many long-time supporters of Julian Assange have seized on these condemnations as a chink of light in the darkness of the U.S. Government's decade-long pursuit of the trailblazing publisher, as a hopeful sign that, finally, it might be possible to move defense of Julian Assange into the mainstream. Bernie Sanders D-Vt. So, let's take each of them, one by one. Elizabeth Warren, D-Mass. and Ron Wyden D-Ore. . They also included journalists such as Alan Rusbridger, former editor of the Guardian; Masha Gessen of the New Yorker; MSNBC host Rachel Maddow; and the editorial boards of the New York Times and the Washington Post. (news.financializer.com). As reported in the news.

microsoft corp: Salient Trust Company Lta who had been investing in Microsoft Corp for a number of months, seems to be less bullish one the 947.74 billion market cap company, according to MSNBC. The stock decreased 1.63% or 2.05 during the last trading session, reaching 123.68. The institutional investor held 234,616 shares of the prepackaged software company at the end of 2018Q4, valued at 23.83M, down from 288,238 at the end of the previous reported quarter. About 26.65 million shares traded or 8.59% up from the average. It has outperformed by 16.53% the S&P500. Microsoft Corporation MSFT has risen 20.90% since June 3, 2018 and is uptrending. (news.financializer.com). As reported in the news.

rayong province: The Thai unit's annual capacity for the product is 140,000 tons after its latest expansion in 2012, according to the company, according to The Japan Times. Demand for polypropylene compounds is growing each year since it can be used to help reduce the weight of automobiles in such vehicle components as bumpers and instrument panels among other parts, the company said. Grand Siam Composites Co., its joint venture with a local partner, plans to increase production capacity of polypropylene compounds at a plant in Rayong province, southeast of Bangkok, by 13,000 tons a year with an investment of around 1 billion, the company said Friday. ; Construction is scheduled to be completed in May 2020 and operations will start the following month, it said. The local unit was established in 1996 and is owned 45.2 percent by Mitsui Chemicals and 46.2 percent by SCG Chemicals Co. under the Siam Cement Group. The company's global output capacity of polypropylene compounds will total 1.12 million tons annually in the year to March 2021, with Asia accounting for 630,000 tons, or 56 percent of the total, it said. Mitsui Chemicals also plans to ramp up production capacity for the same compounds in India by 12,000 tons per year in October 2020, according to the company. (news.financializer.com). As reported in the news.