At a small US factory, Trump's trade war forces hard changes
10/29/2018, 4:21:20 PMPHILADELPHIA (AP) — Sitting in his office beside photos of grandchildren decked in Philadelphia Flyers jerseys, Christopher Scott shakes his head. Another email has come in from another supplier. It wants to raise prices to cover the cost of President Donald Trump's tariffs. For weeks, emails and letters have been arriving in a steady stream at Howard McCray, the small Philadelphia factory Scott runs with about 85 workers. It's mostly bad news. One supplier is charging more for shelving brackets, another for electrical switches, a third for wheeled castors. McCray needs those parts for the refrigerated display cases it produces for convenience stores and restaurants.
Many US Firms In China Eyeing Relocation As Trade War Bites: Survey
10/29/2018, 7:12:33 PMMore than 70 percent of U.S. firms operating in southern China are considering delaying further investment there and moving some or all of their manufacturing to other countries as the trade war bites into profits, a business survey showed on Monday. ✔ Both Washington and Beijing appear to be digging in for a long battle, though U.S. officials say President Donald Trump would go through with plans to meet Chinese President Xi Jinping at the G20 summit next month if it looked like the discussions would be positive
U.S. Companies in China Are Considering Relocating Manufacturing Due to Trade War Impacts
10/29/2018, 5:13:23 PMBut few plan to move production lines to North America, according to the survey. ✔ U.S. companies reported their strongest competitors came from Vietnam, Germany, and Japan, while Chinese companies reported competition coming from Vietnam, India, and Korea ✔ Top concerns included rising costs of goods sold, difficulties with procurement, and loss of sales
LAST CHANCE: Trump is readying tariffs on the final $257 billion worth of Chinese goods if talks to ease the trade war fail
10/29/2018, 7:05:41 PMThe US is reportedly preparing tariffs on all remaining Chinese goods if President Trump and Chinese President Xi Jinping's meeting doesn't go well. ✔ Trump and Xi could still avoid the escalation of trade war, Bloomberg said, if talks at the G20 meeting in Argentina at the end of November are productive ✔ The Dow Jones industrial average was down 110 points, or 0.45%, as of 2:50 pm ET, the tech-heavy Nasdaq was down 81 points, or just over 1.1%, and the S&P 500 was down 5 points, or 0.2%
Chinese chip maker Fujian Jinhua added to U.S. export ban
10/29/2018, 7:57:41 PMundefined ✔ Earlier in the year, the largest U.S. supplier of DRAM chips, Micron Technology Inc ✔ MU, -2.10% had some of its products blocked by a Chinese court, while Micron said it would take three or four quarters to adjust its supply chain to adjust to tariffs against China goods
U.S. plans more China tariffs if Trump-Xi meeting fails: Bloomberg
10/29/2018, 7:53:11 PMThe United States is preparing to announce tariffs on all remaining Chinese impo... ✔ (bloom.bg/2OUfGHv) Though final decisions have not been made, U.S. officials are preparing for such a scenario in case a planned Trump-Xi meeting yields no progress on the sidelines of a Group of 20 summit in Buenos Aires in November, according to the report ✔ Our Standards:The Thomson Reuters Trust Principles
So far, it doesn't look like the GOP tax law has prompted the investment boom Republicans promised
10/29/2018, 5:30:24 PMA survey from National Association for Business Economics showed 81% of US businesses haven't changed their investment plans due to the GOP tax law. ✔ A somewhat higher number of goods-producing firms have reported a boost from the TCJA, said Sara Rutledge, NABE's Business Conditions Survey Chair ✔ The latest wave of Trump's tariffs on roughly $250 billion worth of Chinese goods was imposed on September 24
World's robot builders hit by China's capital spending slowdown
10/29/2018, 6:52:20 PMFanuc, Mitsubishi and Kuka forced to downgrade earnings forecasts ✔ Chinese orders for Fanuc industrial robots have plunged ✔ Shuji Murakami, Yaskawa's executive vice president, said that Chinese companies are taking a wait-and-see approach to capital expenditure due to U.S.-China trade tensions as well as their deteriorated cash positions
U.S. autos rise on report China proposes slashing car purchase tax
10/29/2018, 4:27:07 PMShares of U.S. automakers rose on Monday after a report that China was consideri... ✔ (bloom.bg/2RgGRZy) The measure would apply to cars with engines no bigger than 1.6 liters, according to the report ✔ Separately Goldman Sachs upgraded Ford to buy, citing the company’s refreshed product lines globally and cost savings from strategic initiatives ✔ Our Standards:The Thomson Reuters Trust Principles
U.S. Economy Grows 3.5 Percent in Third Quarter
10/29/2018, 4:24:56 PMThe strong economic growth came amid an uptick in consumer spending, but some analysts see reason for concern ahead. ✔ [ VIEW: Political Cartoons of the Week ] Trade, which contributed 1.2 percent to second-quarter growth, tugged the third-quarter figure down 1.8 percent ✔ I think we will see a significant slowdown, in part because economic growth has been raised to an artificially high level by the tax cuts, Sung Won Sohn, chief economist at SS Economics, said to PBS News
T-Mobile selling the OnePlus 6T is a game-changer in the US
10/29/2018, 6:08:23 PMAnalysis: the deal that Huawei and Xiaomi couldn't make ✔ But the carrier’s investment is limited: T-Mobile is only selling the middle-specced $579 version of the phone (8GB of RAM/128GB of storage) in the glossy Mirror Black ✔ We’ll see whether that pays dividends for OnePlus, not to mention the companies that follow
Global stocks slide as investors remain cautious
10/29/2018, 7:40:26 PMAn early gain on Wall Street fizzled and sent global stocks lower on Monday as i... ✔ The index is down nearly 10 percent so far this month and has shed $6.7 trillion in market value since its January peak ✔ Europe’s autos sector .SXAP jumped 4.9 percent, its strongest day since August 2015, after a report that China was considering halving the tax on car purchases to boost demand for autos, which has suffered from a trade war and slowing economic growth ✔ Our Standards:The Thomson Reuters Trust Principles
Investors beware: Merkel’s tenure may extend three more years, but she’ll be a lame duck throughout
10/29/2018, 5:59:54 PMNeither investors nor Germany’s European partners should take lightly the fact that Angela Merkel will be leaving in December the chairmanship of the conservative CDU party she has led for 13 years ✔ Meanwhile, most German economists and many of its policy makers reckon the country is in need of major structural reforms that Merkel never implemented content enough to reap the fruits of the reforms that her SPD predecessor, Gerhard Schröder, enacted, at the price of his electoral defeat
Investors Beware: Angela Merkel Is a Lame Duck in Germany
10/29/2018, 7:56:34 PMAngela Merkel may well limp along as chancellor for the remaining three years of her mandate. But neither investors nor Germany’s European partners should take lightly the fact that she will be leaving the chairmanship of the party she has led for 13 years. ✔ And there are serious questions about whether its subpar banking system would be able to withstand the shock of another financial crisis ✔ Meanwhile, most German economists and many of its policy makers reckon the country is in need of major structural reforms that Merkel never implementedcontent enough to reap the fruits of the reforms that her SPD predecessor, Gerhard Schröder, enacted, at the price of his electoral defeat ✔ This article originally appeared on Financial News
US-China trade deal and market rally will happen by year-end, predicts investment strategist
10/29/2018, 7:45:00 PMState Street Global Advisors' Michael Arone expects an outline of a U.S.-China trade deal to help push the market higher into next year. ✔ In addition to the late-year bounce, Arone expects even more juice for the market next year from new fiscal policy ✔ That thesis breaks with the rest of Wall Street's thinking ✔ CNBC's Tom Franck, Fred Imbert and Stefanie Kratter contributed to this report
New UK digital services tax targets US tech groups
10/29/2018, 7:39:45 PMundefined ✔ The government has vowed to introduce dramatic changes to how large technology companies are taxed in an attempt to ensure internet giants pay their fair share following a series of controversies in the sector ✔ If approved, the new Spanish tax rate would be 3 per cent on the income derived from certain digital services by companies generating at least €750m in revenues globally and €3m of taxable revenues in Spain
China's OnePlus, Backed By Qualcomm And T-Mobile, Launches Smartphone In US
10/29/2018, 4:13:46 PMA five-year old Chinese smartphone company whose high-end products are little known outside a tech-savvy niche is entering the U.S. market on Monday with the backing of two key local allies: chipmaking giant Qualcomm and mobile operator T-Mobile. ✔ OnePlus is affiliated with OPPO, a Chinese smartphone-maker and a major force in mid-end phones, which are sold globally and cost about $300 ✔ (Reporting by Sijia Jiang; Editing by Gerry Doyle) -Reuters OnePlus mobile phones are seen on display during a press briefing in Mumbai, India, July 31, 2018
5 reasons to buy stocks now — and 5 reasons to run from the market
10/29/2018, 4:01:12 PMIs this a buying opportunity or the beginning of a crash? ✔ As the old saying goes, if you look around the poker table and can’t spot the sucker… it’s you ✔ All in all, stocks tend to move higher in the long term so perhaps investors should worry about being too late returning to the market rather than worry they are buying in again too soon
What the Midterms Will Mean for the Markets
10/29/2018, 4:12:24 PMWall Street policy pros discuss how the midterm elections may affect markets. ✔ Text size Americans head to the polls on Nov. 6 to elect the next Congress and scores of state and local officials ✔ The extremely narrow spreads between those and Treasuries have widened in recent weeks and prices have fallen ✔ Our holdings include AmerisourceBergen [ABC], Cardinal Health [CAH], and McKesson [MCK]
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