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

stocks: So, stocks rallied, according to Market Watch. This week, Trump backs off those same tariffs. Investors obviously like that. Investors apparently like that, too. Josh Brown of Ritholtz Wealth Management, please explain. Stocks again are rallying. (news.financializer.com). As reported in the news.

news: That certainly appears to be the judgment of the U.S. stock market in the wake of Friday's May jobs report, according to Market Watch. Far from plummeting, as one might imagine the stock market would do in the wake of that news, it rallied with the Dow Industrials DJIA, -0.05% tacking on 263 points and the S&P 500 SPX, -0.03% rising more than 1%. Counterintuitive, to be sure. CHAPEL HILL, N.C. Market Watch A recession is imminent That's just fake news. But not particularly unusual. The study, The Stock Market's Reaction to Unemployment News Why Bad News Is Usually Good for Stocks, was published in the Journal of Finance in 2005. In fact, according to a ground-breaking academic study a number of years ago, the market's behavior Friday is precisely what you would expect when it's not concerned about a recession but instead about interest rates. (news.financializer.com). As reported in the news.

trade war: The US unilaterally lifted tariffs on Chinese imports and upgraded the trade war into a technology war, according to Global Times China. It not only undermines bilateral economic interests and the global industrial chain, but also brings huge challenges to the world's technological advances and human development. The US has pushed a negotiation that was approaching cooperative equilibrium back to a prisoner's dilemma that could harm both sides. China has held its bottom line and stands on three issues including completely canceling the tariffs, a reasonable purchasing amount and safeguarding the country's core interests and dignity. The accusation of China's forced technology transfer made in the report lacks professional and substantial evidence. The US' use of the Section 301 investigation report as evidence for punitive tariffs on China is unsound. (news.financializer.com). As reported in the news.

transport output: Simon Thorp thesimonthorp This morning's GDP and manufacturing data out of the UK shows the impact of prolonged Brexit uncertainty, according to The Independent. GDP had the biggest monthly drop since 2016, while manufacturing output saw the largest decline since 2002. Car manufacturing slumped by 24%, while transport output suffered its biggest monthly fall since 1974. June 10, 2019Rob Kent-Smith of the Office for National Statistics blamed car shutdowns and the unwinding of some Brexit stockpiling GDP growth showed some weakening across the latest 3 months, with the economy shrinking in the month of April mainly due to a dramatic fall in car production, with uncertainty ahead of the UK's original EU departure date leading to planned shutdowns. The construction sector also had a bad month, down 0.4%, while service sector was flat.UK GDP by sector Economists fear that the UK economy will continue to struggle. There was also widespread weakness across manufacturing in April, as the boost from the early completion of orders ahead of the UK's original EU departure date has faded. (news.financializer.com). As reported in the news.

chip: While he's been able to deal with some matters by executive order the travel ban national emergency the wall and intimidation and stonewalling any type of congressional oversight whatsoever other issues have remained frustratingly out of his control, according to The Independent. At the top of the list of things that grind his gears is the Federal Reserve and his anger that the central bank won't ignore everything it knows about monetary policy and simply do the bidding of a guy who filed for bankruptcy at least four times and managed to lose more than 1 billion in a decade. Photo by Chip Somodevilla/Getty Images Chip Somodevilla Donald Trump has a well-documented thing for dictators, which seemingly has to do with his longing for absolute power and his annoyance that, currently, the United States is still a democracy and he can't do things like force the media to report it as fact that he's a style icon who invented the hamburger. That aggravation has thus far manifested in Trump calling the Fed crazy and loco ; claiming the central bank has taken unnecessary and destructive actions i.e. raising interest rates to ensure the economy doesn't overheat thanks to his ill-timed tax cuts ; tweeting that the only problem our economy has is the Fed ; and demanding that the independent organization immediately cut rates on his behalf. The head of the Fed in China is President Xi, Trump fumed during a phone interview. And now that his ill-advised trade wars are officially hurting the economy, he's extra angry that when he screams jump, Fed chief Jerome Powell doesn't respond how high, your majesty, and did I mention you look sensational today Speaking to CNBC on Monday, Trump continued his attack on the Fed, whining that it doesn't listen to him and bemoaning the fact that Chinese president Xi Jinping gets to do whatever he pleases with his economy. (news.financializer.com). As reported in the news.

market insiderread: Market Insiderread more Corporate executives are fearing a recession in 2020, Duke survey... Some 48.1% now see negative growth by the second quarter of 2020, according to the Duke survey, according to Xinhua China. Economyread more Police fire tear gas on protesters as confrontation turns violent... Hong Kong police fired tear gas on Wednesday with large crowds of protesters gathering around the local legislature as lawmakers postponed debate on proposed legal changes... China Politicsread more Etsy, up more than 100% in a year, has more room to run, charts... Etsy shares are popping this month, and the charts indicate that the rally should continue into the summer. Market Insiderread more Soft inflation data on Wednesday could spark more speculation for... Consumer price inflation was expected to have increased at a pace of 1.9% in May, slower than in April and below the Federal Reserve's 2% target. Trading Nationread more Most millionaires support a tax on wealth above 50 million, CNBC...A majority of millionaires support Sen. Wealthread moreA second analyst in as many days downgrades Beyond Meat Bernstein downgraded shares of Beyond Meat on valuation concerns, joining J.P. Morgan as the latest Wall Street analyst to cool on the red hot IPO. Investingread more This branchless bank quadrupled its customer base to 4 million in... Big banks have talked about the threat from tech-powered upstarts for years, but it's only recently that online banks like Chime have begun to make inroads. Elizabeth Warren's proposed tax on large wealth, according to the CNBC Millionaire survey. (news.financializer.com). As reported in the news.

powerhouse rail: The north doesn't just need its fair share of investment but also substantial new devolved powers, building on the growing success of devolution in Greater Manchester, he said, according to The Guardian. In the power up the north collaboration on Monday, the news organisations demanded that the government Commit funding immediately to make northern powerhouse rail a national priority. Along with dozens of regional politicians and business leaders, papers including the Manchester Evening News, Liverpool Echo, Sheffield Star and Newcastle Journal, demanded a fundamental shift in decision-making out of London, giving devolved powers and self-determination to people in the north . Andy Burnham, the mayor of Greater Manchester, described it as a watershed moment. Overhaul the region's road and rail network as part of a wider environmental plan, with devolved funding and powers. Make additional investment available for the north's schools, colleges and universities to boost skills training. Put its full weight behind a bespoke industrial strategy for the north of England to enable every sector of the economy, from manufacturing to farming, to flourish. (news.financializer.com). As reported in the news.

susanna reid: During a live link to ITV's Lorraine from Good Morning Britain, where McVey appeared as a guest on Monday, Susanna Reid said Do you remember Esther McVey from her GMTV days Kelly glossed over the question, shook her head and said curtly Yeah, yes I do, according to The Guardian. OK, coming up after half past eight Facebook Twitter Pinterest Piers Morgan then asked Kelly So you got on with Esther then, Lorraine The presenter replied I don't remember love, I don't remember at all, it was an awful long time ago. McVey, who is considered a long shot to become the next prime minister, was previously a television presenter who at one point hosted GMTV in the 1990s alongside Kelly, a mid-morning TV stalwart known for her genial demeanour. This year, Kelly won a landmark tax case after arguing she is a theatrical agent playing a friendly, chatty and fun personality called Lorraine Kelly, rather than appearing as herself. Morgan went on to joke that if looks could kill, she'd be six feet under and added that he would love to hear the backstory . Asked about the exchange at her press conference later, McVey said We used to share a dressing room, and she used to do the programme afterwards. However, this upbeat persona appeared to have deserted her when the topic of McVey was mentioned. (news.financializer.com). As reported in the news.

tax haven: The money came through a vehicle run by Goldman Sachs in the Cayman Islands, a tax haven that guarantees corporate secrecy, according to The Guardian. Kushner, who is married to Trump's elder daughter Ivanka, kept a stake in Cadre after joining the administration, while selling other assets. Investment has flowed from overseas to the company, Cadre, while Kushner works as an international envoy for the US, according to corporate filings and interviews. His holding is now valued at up to 50m, according to his financial disclosure documents. It will cause people to wonder whether he is being improperly influenced, said Jessica Tillipman, a lecturer at George Washington University law school, who teaches government ethics and anti-corruption laws. Cadre's foreign funding could create hidden conflicts of interest for Kushner as he performs his work for the US government, according to some ethics experts, who raised concerns over the lack of transparency around the investments. (news.financializer.com). As reported in the news.

tax package: The government is locked in negotiations with the Centre Alliance, as it prepares to put its 158 billion tax package before federal parliament in three weeks time, according to Nine News Australia. It needs the support of four of the six crossbenchers to legislate the tax relief. To improve your experience update it here News National Senate crossbenchers wanting power prices action stand in way of Government's income tax cuts plan By AAP9 41am Jun 11, 2019Facebook Tweet MailA critical pair of Senate crossbenchers are demanding action on rising power prices, before supporting the coalition government's signature income tax cuts. A raft of Senate crossbenchers are standing in the way of the Coalitiin passing its proposed income tax cuts plan, with demands for action on power prices. He has been briefed by the Reserve Bank of Australia, Treasury officials and the consumer watchdog, but remains unconvinced the tax cuts are in the economy's best interests. AAP Centre Alliance senator Rex Patrick wants to give tax cuts to Australian workers but is concerned a softening economy might leave the country unable to afford the 10-year plan without cutting essential services. (news.financializer.com). As reported in the news.

energy sector: President Xi also attended the 23rd St, according to Global Times China. Petersburg International Economic Forum, which discussed the key topic of Creating a Sustainable Development Agenda. The decision was made at a meeting between visiting Chinese President Xi Jinping and Russian President Vladimir Putin. Generally speaking, it is the common wish of both China and Russia to pursue sustainable development. Meanwhile, China's economic restructuring will eliminate excessive production capacity in the domestic market, which will also contribute to global sustainable development. The Russian economy is facing the challenges of structural transformation, which requires the country to reduce dependence on its energy sector and to achieve a more sustainable development pattern. (news.financializer.com). As reported in the news.

home prices: Surging home prices and rising income inequality are reducing migration and leaving some Americans left behind in stagnant communities, according to a research paper published in June, according to Market Watch. Even worse, those dynamics feed on themselves, making the problem more intractable. America has fallen and it can't get up. Despite America's history as a beacon of opportunity, upward mobility, and shifting frontiers, the United States' status as the global poster child of dynamic labor mobility is waning, write the researchers in a paper published by the International Monetary Fund. That discourages workers from leaving low-cost areas with fewer opportunities for more productive ones with brighter prospects the kind of mobility that best supports economic opportunity and vibrancy. The paper's authors use Census data on migration, the Zillow Home Value Database and income data from the Census and Labor departments to make their case, that a steep decline in interstate migration it halved between 1980 and 2016 can be attributed to what they call increasing differences in house prices. (news.financializer.com). As reported in the news.

hyundai group: The group was attending a joint course run by Harvard and the University of Zurich, in collaboration with the World Economic Forum, called Impact Investing for the Next Generation, according to The Japan Times. In this context, that generation means the heirs to some of capitalism's greatest fortunes. Three things united them they were young, they wanted to do good and they were all staggeringly wealthy. Participants had to pass an interview before paying up to 12,000 for a week of classes in the U.S. and Switzerland, not including airfares and board. Alumni include Chung Kyungsun, grandson of Hyundai Group's founder, and Antonis Schwarz, who came into his fortune aged 16 when the drugmaker his grandfather founded was sold for 4.4 billion 5 billion . The graduates represent a quiet insurgency among the world's wealthy millennials. A more intensive related course costs 58,000. ; The program has barely been advertised since its founding in 2015 and word is spread through old-money networks and among European royalty. (news.financializer.com). As reported in the news.

indo-pacific strategy: Amid an escalating trade conflict between China and the US, US President Donald Trump's administration is determined to invest more resources in implementing the Indo-Pacific Strategy, especially in the field of security, which has not only alarmed Beijing, but also unsettled most countries in the region, according to Global Times China. The Pentagon's description of China in the IPSR is a clich - accusing China of being a revisionist power and of seeking Indo-Pacific regional hegemony in the near-term and, ultimately global preeminence in the long term. On the same day, US Acting Defense Secretary Patrick Shanahan explained the main points of this report when he spoke at the 18th Shangri-La Dialogue in Singapore which was held between May 31 and June 2. Such arbitrary and malicious accusations have become part of the new US narrative on China. First, the Pentagon is intensively preparing for a war against China. Yet the report also reveals some disturbing trends in US policy on China. (news.financializer.com). As reported in the news.

market prices: Go-go growth companies have been stock investor favorites for the past decade for several reasons, including ready access to cheap capital, slower global growth, and their ability to disrupt and then dominate traditional market structures, according to Market Watch. The old market adage is proving true when growth is abundant, the market prices it like water. More to the point, value investors nowadays understandably feel they'll have to live a long time before they're vindicated. When growth is scarce, the market prices it like diamonds. Jonathan Burton INVESTING NEWS & TRENDS Stock bulls are telling themselves a lot of lies about this market The U.S. market is extremely overvalued now by almost any measure, writes Mark Hulbert. Read more about growth stocks vs. value stocks, plus, check out warnings about the U.S. market's current valuation and the signs of a coming recession, and how this could affect your money. (news.financializer.com). As reported in the news.

market value: Unless the negotiations break down, a deal is expected to be announced in the coming days, a source close to the matter told the Journal, according to The Japan Times. Raytheon did not respond Sunday to queries from AFP. A spokeswoman for UTC, Michele Quintaglie, said she had no comment. The Wall Street Journal revealed on Saturday, citing an anonymous source, that talks have been underway between the two pillars of the aeronautics and defense industries worldwide. ; The merger, which would take place solely through an exchange of shares, would create an enterprise with a market value of 168 billion. Raytheon is best known for its Patriot air defense systems, which gained fame during the first Gulf War, and its Tomahawk cruise missiles, often the first weapons fired from U.S. Navy ships in recent conflicts. This merger among equals, according to the Journal, would be carried out at the same time as United Technologies spins off its nondefense and aerospace enterprises, including such holdings as Otis elevators and Carrier air-conditioning and building systems. United Technologies is a big player in the aeronautics industry with its Pratt and Whitney engines, which are used in civil and military aircraft, including the F-35 multirole fighter, considered one of the most advanced combat aircraft in the world. (news.financializer.com). As reported in the news.

mortgage: The 30-year fixed-rate mortgage averaged 3.82% in the May 30 week, down from 3.99%, Freddie Mac said Thursday, according to Market Watch. It was the lowest level since September 2017 for the popular product, and its sixth-straight weekly decline. Rates for home loans slid as investors snatched up bonds in the wake of an intensifying global trade war. The 15-year fixed-rate mortgage averaged 3.28%, down from 3.46%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.52%, down eight basis points. When bond prices rise, yields fall. Fixed-rate mortgages follow the path of the 10-year U.S. Treasury note TMUBMUSD10Y, 0.20% . Investors are flocking to bonds as trade war worries wallop markets and the end of the economic cycle appears to be drawing nearer. (news.financializer.com). As reported in the news.

brexit: Mr Johnson is one of 11 lawmakers vying to run the world's fifth-largest economy after Mrs May resigned as leader of the governing Conservatives on Friday local time having failed to unite parliament or the country behind her Brexit plan, according to Nine News Australia. Britain is mired in its deepest political crisis in decades over how, when and whether it should leave the EU a decision that will fall to Mrs May's successor and affect both its future role on the world stage and prosperity for generations to come. To improve your experience update it here News World Chief Brexiteer Boris Johnson baulks at 71 billion European Union exit cost By AAP5 58am Jun 10, Johnson, the favourite to succeed Theresa May as Britain's prime minister, says he will withhold payment of the country's EU exit bill to try and get a better deal a move that drew an immediate rebuke from France. Leading Brexiteer Boris Johnson says he will withhold an already agreed 71 billion Brexit payment until the EU gives the UK better withdrawal terms. I think our friends and partners need to understand that the money is going to be retained until such time as we have greater clarity about the way forward, Mr Johnson told the Sunday Times. AP As the contest to replace Mrs May gathered pace Sunday, Mr Johnson made his first major intervention, targeting the large pro-Brexit wing of his Conservative Party with a promise to take a hard line with Brussels over the terms of Britain's exit. (news.financializer.com). As reported in the news.

fully-packed: Xinhua With a burst of applause at the fully-packed Malachite Room of the Kremlin, visiting Chinese President Xi Jinping and his Russian counterpart, Vladimir Putin, signed a joint statement in person on elevating bilateral ties to a comprehensive strategic partnership of coordination for a new era, according to Xinhua China. The document was signed Wednesday after a meeting between the two heads of state during Xi's visit to Russia at a time when the two countries are celebrating the 70th anniversary of their diplomatic ties. Xi Jinping held talks with Vladimir Putin at the Kremlin in Moscow on Wednesday. Observers believe that the upgrading of China-Russia relations heralds not only more win-win cooperation between the two giant neighbors but also more contributions to global development and stability. Therefore, said the statement, the two sides will closely coordinate with each other in aligning their development strategies, expand mutually beneficial cooperation in trade and investment, and further expand bilateral ties overall. Convergence of Interests The joint statement said that the goal of such a new kind of partnership is for both sides to give more support to each other as they pursue their own development paths, preserve respective core interests, and protect sovereignty and territorial integrity. (news.financializer.com). As reported in the news.

korean despot: But the nuclear fulminations were only bluff, and Trump soon began to exchange endearments with the chubby North Korean despot, having been told that he might qualify for the Nobel peace prize, according to The Guardian. The world didn't end after all, and the anticlimax has forced Wolff, in this new account of later developments, to think again about the Trump show's genre. Then, capitalising on Trump's threats to Kim Jong-un, Michael Wolff's Fire and Fury prospectively upgraded it to a war movie. Siege reclassifies the hapless administration as a comic opera, calls the president a clown, and makes his rants and tantrums sound absurd not alarming. Yet this is not the siege of Mafeking, let alone that of Leningrad. To keep us quaking, Wolff gives his gossipy narrative a militarised title we are asked to imagine Trump holed up in the White House as his enemies, armed with subpoenas, close in. (news.financializer.com). As reported in the news.

nhs patients: Nottingham University Hospitals NHS trust NUH has been handed a 320m contract to run the centre for the next five years after a bitter legal battle between Circle and the NHS. Circle has run the centre since it opened in 2008 as one of the independent treatment centres ISTCs that the last Labour government set up to reduce the number of NHS patients waiting for non-urgent treatment, according to The Independent. Labour was accused of privatising part of the NHS because Circle was among a number of private companies that were put in charge of ISTCs and allowed to make a profit from them. Circle is losing the contract it has held for 11 years to run the Nottingham NHS Treatment Centre, which provides 240,000 operations and checkups a year. Other firms, notably Care UK and Ramsay Health Care, still run centres elsewhere in England. It said bringing the service into the NHS would significantly benefit patients . However, there are concerns that thousands of people who are waiting to be seen at the Nottingham centre, including cancer patients, will face delays once NUH takes over the contract on 29 July because it will not be in a position to provide the full range of services immediately. Rushcliffe NHS clinical commissioning group, the NHS body that awarded the contract on behalf of a group of CCGs, decided to give it to NUH despite legal threats by Circle. (news.financializer.com). As reported in the news.

photo ic: The railway bridge will be able to double from the current volume if we carry out join planning, for instance, in this year or the next year, Alexey Grom, president of pan-Eurasian railway company United Transport and Logistics Company Eurasian Rail Alliance UTLC ERA told the Global Times over the weekend, according to Global Times China. UTLC ERA is a state-owned, joint-stock company registered in Moscow and co-owned by partners Russian Railways, the National Union Belarusian Railway and Kazakhstan Temir Zholy, the national railway company of Kazakhstan. Photo IC The volume of a railway link between China and the EU can be doubled or more with improved communication among parties involved in the signature project, a key Russian executive involved in the train service said. The dynamics of our railway transit transportation could be better than the way it is planned at the moment. UTLC ERA works with the China Railway Express CR Express also known as the Belt and Road on rail, once containers leave the Chinese or EU borders. The capacity is much wider than the current volumes, Grom said. (news.financializer.com). As reported in the news.

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wto members: Improving the organization's system for resolving disputes was one of the issues raised at the meeting in Tsukuba, Ibaraki Prefecture, according to The Japan Times. We agree that action is necessary regarding the functioning of the dispute settlement system consistent with the rules as negotiated by the WTO members, the statement said. We will work constructively with other WTO members to undertake necessary WTO reform with a sense of urgency, the statement said. ; Hiroshige Seko, minister of economy, trade and industry, said that it is significant that specifics concerning WTO reform were included in a G20 ministerial statement for the first time. Foreign Minister Taro Kono said it was a big feat for Japan, which places importance on this issue, that the need to address the system was explicitly mentioned in the statement. The body dealt Japan a setback earlier this year when it overturned an earlier decision against South Korea's ban on imports introduced in the wake of the 2011 Fukushima nuclear disaster of some fish products from Japan. Tokyo argues that the organization's appellate body, which makes final judgments, does not effectively settle disputes and has called for change. (news.financializer.com). As reported in the news.

trade deal: The blows to diplomatic relations between the two countries follow the collapse of trade talks last month, according to CNN. Trade negotiations have been indefinitely suspended since President Donald Trumpescalated tariffs on all Chinese imports over Beijing's failure to keep previously held commitments as part of a trade deal. Beijing has advised its citizens in recent days not to visit or study in the United States, potentially hitting universities and tourist destinations, and it admonished remarks this week by Secretary of State Mike Pompeo commemorating the 30th anniversary of the Tiananmen Square massacre. China has responded with its own set of penalties on US goods, which went into effect last week. Now he's trying to break the laws of economic gravity. Trump defied the laws of politics. (news.financializer.com). As reported in the news.