Bloomberg “GM Falls Victim to Trump’s Trade War as Metal Prices Sink Profit.” General Motors Co. has become the highest-profile American company to fall victim to Donald Trump’s trade wars, cutting its profit forecast this year on surging prices for steel and aluminum. Adjusted earnings will drop to about $6 a share, down from a....
Bloomberg “Facebook Takes Historic Plunge as Scandals Finally Take a Toll.” The social-media goliath’s financial performance had previously seemed immune to fierce critiques of its content policies, its failure to safeguard private data, and its changing rules for advertisers. But on Wednesday Facebook reported sales and user growth numbers for the second quarter that fell....
Bloomberg “U.S. Growth Hits 4.1%, Fastest Since 2014, in Win for Trump.” The U.S. economy accelerated to a 4.1 percent pace of growth in the second quarter, the fastest since 2014, letting President Donald Trump claim a win for his policies even though expansion is projected to cool. The annualized rate of gains in gross....
Bloomberg “Tech Slide Deepens as Bonds Drop, Oil Breaches $70: Markets Wrap.” The biggest technology shares fell for a third day as investors showed signs of exhaustion with the sector amid a slew of corporate earnings. Government bonds declined ahead of key policy meetings from some of the world’s biggest central banks. The Nasdaq Composite....
Bloomberg “U.S., China Said to Seek to Restart Talks to Defuse Trade War.” The U.S. and China are trying to restart talks aimed at averting a full-blown trade war between the world’s two largest economies, two people familiar with the effort said. Representatives of U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He....
Bloomberg “China Slams U.S. ‘Blackmailing’ as Trump Weighs Higher Tariffs.” China warned the U.S. against «blackmailing and pressuring» it over trade as the Trump administration mulls trying to force officials back to the negotiating table through threats of even higher tariffs. President Donald Trump’s officials are considering more than doubling planned tariffs on $200 billion....
Bloomberg “Carney Hikes Rate in What May Be Final Pre-Brexit Push.” The Bank of England raised its benchmark interest rate to the highest level since 2009 in what may be its final blow against inflation before the U.K. leaves the European Union. Governor Mark Carney played down concerns that Brexit may be disorderly and said....
Bloomberg “China Plans Tariffs on $60 Billion of Imports to Counter Trump.” China announced a list of $60 billion worth of U.S. imports it plans to apply tariffs on should the Trump administration follow through with its latest trade threats. Duties ranging from 5 percent to 25 percent will be levied on 5,207 kinds of....
Bloomberg “U.S. Stocks Fluctuate as Dollar, Bonds Advance: Markets Wrap.” U.S. stocks fluctuated and the dollar climbed versus most of its major peers after China signaled it won’t flinch in a trade war. Major American equity averages failed to hold early gains in trading that was 17 percent lower than the 30-day average at this....
Bloomberg “Turkey’s Cratering Markets Stoke Speculation Over Extreme Measures.” Desperate measures are in the air in Turkey: trading rooms are awash with talk of a bailout by the International Monetary Fund and potential capital controls. But there’s a vacuum at the core. The central bank and government have been largely silent as the currency plummeted....
Bloomberg “U.S. Stocks Slip on Trade Concerns, Dollar Steady: Markets Wrap.” The rally in U.S. stocks faltered as China and America escalated their trade dispute with fresh tariffs. The dollar erased losses and Treasuries turned higher. The S&P 500 Index edged lower after a four-day advance as Washington and Beijing set dates for new levies....
Bloomberg “Stocks Mixed Amid Sanctions, Trade; Dollar Gains.” U.S. stocks hovered within striking distance of all-time highs, while Treasuries rose as investors weighed the latest salvos in the trade war with China and sanctions that torpedoed the Russian ruble. Oil held near a seven-week low. The S&P 500 Index swung between gains and losses about....
Bloomberg “Highest Core Inflation in Decade Flattens Real U.S. Wage Growth.” A gauge of U.S. consumer prices jumped by the most in a decade in July, eating into wage gains that have barely budged in the past four months and strengthening the case for the Federal Reserve to keep raising interest rates gradually. The core....
Bloomberg “U.S. Futures Pare Losses as Traders Weigh Turkey: Markets Wrap” U.S. stocks rose while European shares trimmed earlier losses as traders tried to assess how the economic crisis in Turkey could bleed into global markets. The dollar rose to the highest in more than a year, while developing-nation currencies slumped. The major U.S. equity....
Bloomberg “Tesla Go-Private Effort Advances With Board Panel to Study Offer.” Teslas Inc’s board formed a special committee to evaluate Elon Musk’s proposal to take the electric-car maker private, a day after the chief executive officer revealed more on who will advise him and help fund the potential deal. Independent directors Brad Buss, Robyn Denholm....