Dow futures rise as oil prices surge on tanker incident in the Gulf of Oman

U.S. stock index futures were slightly higher Thursday, after President Donald Trump declined to set a deadline on levying tariffs on another $325 billion of Chinese goods. Oil prices pared some of their recent losses on Thursday, following a sharp sell-off in the previous session. Crude futures tumbled as much as 4% on Wednesday, slipping to near five-month lows amid continued increases in U.S. crude stockpiles and concerns about lower demand growth. Oil prices rebounded more than 2% Thursday m


U.S. stock index futures were slightly higher Thursday, after President Donald Trump declined to set a deadline on levying tariffs on another $325 billion of Chinese goods. Oil prices pared some of their recent losses on Thursday, following a sharp sell-off in the previous session. Crude futures tumbled as much as 4% on Wednesday, slipping to near five-month lows amid continued increases in U.S. crude stockpiles and concerns about lower demand growth. Oil prices rebounded more than 2% Thursday m
Dow futures rise as oil prices surge on tanker incident in the Gulf of Oman Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: sam meredith
Keywords: news, cnbc, companies, amid, oman, crude, surge, latest, dow, tanker, rise, gulf, morning, prices, oil, trade, recent, incident, futures, tariffs, slightly


Dow futures rise as oil prices surge on tanker incident in the Gulf of Oman

U.S. stock index futures were slightly higher Thursday, after President Donald Trump declined to set a deadline on levying tariffs on another $325 billion of Chinese goods.

Around 6 a.m. ET, Dow futures indicated a positive open of more than 60 points. Futures on the S&P and Nasdaq were both seen slightly higher.

Oil prices pared some of their recent losses on Thursday, following a sharp sell-off in the previous session. Crude futures tumbled as much as 4% on Wednesday, slipping to near five-month lows amid continued increases in U.S. crude stockpiles and concerns about lower demand growth.

Oil prices rebounded more than 2% Thursday morning amid reports of a tanker incident in the Gulf of Oman.

International benchmark Brent crude traded at around $61.58 during early morning deals, up nearly 3%, while U.S. West Texas Intermediate (WTI) stood at $52.38, up more than 2%.

On the data front, import prices for May and the latest weekly jobless claims figures will both be released at around 8:30 a.m. ET.

Broadcom is expected to report its latest quarterly earnings results after market close.

Market focus is largely attuned to global trade developments, amid intensifying tensions between the world’s two largest economies.

Expectations that trade officials from the U.S. and China will clinch a deal on the side-lines of a G20 meeting in Osaka on June 28-29 have been fading in recent days.

Trump, who has said he still has plans to meet with Xi later this month, has repeatedly threatened to escalate an already months-long trade war by putting tariffs on almost all of the remaining Chinese imports that are not already impacted by U.S. charges.

Washington and Beijing have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: sam meredith
Keywords: news, cnbc, companies, amid, oman, crude, surge, latest, dow, tanker, rise, gulf, morning, prices, oil, trade, recent, incident, futures, tariffs, slightly


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Facebook under fire from another privacy controversy

Facebook under fire from another privacy controversy19 Hours AgoStephanie Mehta, editor-in-chief of Fast Company, and Kevin Delaney, editor-in-chief of Quartz, discuss Facebook’s latest privacy controversy and whether the CEO Mark Zuckerberg is serious about privacy.


Facebook under fire from another privacy controversy19 Hours AgoStephanie Mehta, editor-in-chief of Fast Company, and Kevin Delaney, editor-in-chief of Quartz, discuss Facebook’s latest privacy controversy and whether the CEO Mark Zuckerberg is serious about privacy.
Facebook under fire from another privacy controversy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: justin sullivan, getty images
Keywords: news, cnbc, companies, controversy, mark, privacy, latest, mehta, facebook, zuckerberg, editorinchief, quartz, kevin, serious, hours


Facebook under fire from another privacy controversy

Facebook under fire from another privacy controversy

19 Hours Ago

Stephanie Mehta, editor-in-chief of Fast Company, and Kevin Delaney, editor-in-chief of Quartz, discuss Facebook’s latest privacy controversy and whether the CEO Mark Zuckerberg is serious about privacy.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: justin sullivan, getty images
Keywords: news, cnbc, companies, controversy, mark, privacy, latest, mehta, facebook, zuckerberg, editorinchief, quartz, kevin, serious, hours


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Target expands same-day shipping option, marking the latest move in the delivery wars with Walmart and Amazon

Target is bringing its same-day delivery option to the masses, marking the latest move in an ongoing and heated delivery war involving the big-box retailer, Walmart and Amazon. It’s leveraging Shipt, a membership-based, same-day delivery platform it acquired for $550 million in 2017, to do this. Up until now, Target shoppers have been able to get orders delivered on the same day by being a Shipt member, which costs $99 per year. Amazon currently offers its Prime members, who pay a $119 annual me


Target is bringing its same-day delivery option to the masses, marking the latest move in an ongoing and heated delivery war involving the big-box retailer, Walmart and Amazon. It’s leveraging Shipt, a membership-based, same-day delivery platform it acquired for $550 million in 2017, to do this. Up until now, Target shoppers have been able to get orders delivered on the same day by being a Shipt member, which costs $99 per year. Amazon currently offers its Prime members, who pay a $119 annual me
Target expands same-day shipping option, marking the latest move in the delivery wars with Walmart and Amazon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: lauren thomas
Keywords: news, cnbc, companies, shoppers, option, shipping, expands, items, able, delivery, sameday, target, walmart, latest, orders, marking, delivered, wars


Target expands same-day shipping option, marking the latest move in the delivery wars with Walmart and Amazon

Target is bringing its same-day delivery option to the masses, marking the latest move in an ongoing and heated delivery war involving the big-box retailer, Walmart and Amazon.

Target announced Thursday that shoppers in 47 states across the country will now be able to get items from online orders delivered same day by paying a flat fee of $9.99 per order. It’s leveraging Shipt, a membership-based, same-day delivery platform it acquired for $550 million in 2017, to do this.

Up until now, Target shoppers have been able to get orders delivered on the same day by being a Shipt member, which costs $99 per year. That option is still available for everyone, Target said, but the company is making it easier for people to choose same-day delivery on an order-by-order basis, versus signing up for an annual membership.

Target’s announcement comes amid a flood of activity among internet retailers to get orders to customers as quickly as possible. Both Walmart and Amazon recently announced next-day delivery options, with Walmart promising to reach roughly 75% of American consumers with faster shipping by the end of 2019.

Amazon currently offers its Prime members, who pay a $119 annual membership fee, free same-day delivery for more than 3 million items and for orders over $35. Non-Prime members can have this option by paying an additional $9.98 per item, according to its website. And this is only for “select areas” across the U.S., Amazon says.

Walmart, meantime, is on track to offer same-day delivery for groceries out of a network of 1,600 stores by the end of the year — double what it was back in January. Fees for this option will vary based on location. And this fall, Walmart plans to begin delivering grocery orders inside homes, straight to customers’ refrigerators, in a handful of markets. It still hasn’t disclosed how much extra this service will cost customers.

Now, with Target’s same-day delivery expansion, 65,000 items on Target.com will have the option to be delivered in as quickly as an hour, the company said. Shoppers will be able to use their Target credit cards to pay, which gives them a 5% discount. And it said this same-day delivery option should be incorporated into the Target mobile app before the holidays. It’s currently live on desktop and mobile web browsers.

“With same-day delivery now available directly within the Target.com experience, we’ve made it even easier for our guests to shop at Target,” Dawn Block, senior vice president of Target’s digital operations, said in a blog post.


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: lauren thomas
Keywords: news, cnbc, companies, shoppers, option, shipping, expands, items, able, delivery, sameday, target, walmart, latest, orders, marking, delivered, wars


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Trump’s blacklisting of Huawei is hammering some US manufacturers — Skyworks is the latest

The Trump Administration’s blacklisting of Huawei is punishing a number of U.S. technology companies that provide components to the Chinese networking giant. The latest to publicly acknowledge the problem is chipmaker Skyworks Solutions. Skyworks lowered its quarterly earnings and revenue forecast on Tuesday, telling investors that it stopped shipping products to Huawei. Shares of Skyworks dropped more than 1% in extended trading and have tumbled 12% since May 15, when President Trump signed an


The Trump Administration’s blacklisting of Huawei is punishing a number of U.S. technology companies that provide components to the Chinese networking giant. The latest to publicly acknowledge the problem is chipmaker Skyworks Solutions. Skyworks lowered its quarterly earnings and revenue forecast on Tuesday, telling investors that it stopped shipping products to Huawei. Shares of Skyworks dropped more than 1% in extended trading and have tumbled 12% since May 15, when President Trump signed an
Trump’s blacklisting of Huawei is hammering some US manufacturers — Skyworks is the latest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: jordan novet
Keywords: news, cnbc, companies, trump, hammering, blacklisting, companies, vulnerabilities, telling, skyworks, products, manufacturers, trumps, technology, tumbled, huawei, latest, trading


Trump's blacklisting of Huawei is hammering some US manufacturers — Skyworks is the latest

The Trump Administration’s blacklisting of Huawei is punishing a number of U.S. technology companies that provide components to the Chinese networking giant. The latest to publicly acknowledge the problem is chipmaker Skyworks Solutions.

Skyworks lowered its quarterly earnings and revenue forecast on Tuesday, telling investors that it stopped shipping products to Huawei. Shares of Skyworks dropped more than 1% in extended trading and have tumbled 12% since May 15, when President Trump signed an executive order declaring a national emergency because “foreign adversaries are increasingly creating and exploiting vulnerabilities in information and communications technology and services.”

The U.S. Commerce Department added Huawei and dozens of its subsidiaries to the so-called Entity List, disallowing them from buying products from U.S. companies without a license.


Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: jordan novet
Keywords: news, cnbc, companies, trump, hammering, blacklisting, companies, vulnerabilities, telling, skyworks, products, manufacturers, trumps, technology, tumbled, huawei, latest, trading


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Small businesses are balking at the latest round of proposed tariffs

The argument from some small business advocates is that these companies have less ability and time to reconfigure supply chains ahead of the June increase. “The newly announced Mexico tariffs, if acted upon, are not only bad for small businesses and entrepreneurs but come at a horrible time. The group said it is too early to know how the most recent tariffs on Mexican imports might impact small businesses. “These kinds of punitive tariffs can be greatly damaging to small businesses who rely on i


The argument from some small business advocates is that these companies have less ability and time to reconfigure supply chains ahead of the June increase. “The newly announced Mexico tariffs, if acted upon, are not only bad for small businesses and entrepreneurs but come at a horrible time. The group said it is too early to know how the most recent tariffs on Mexican imports might impact small businesses. “These kinds of punitive tariffs can be greatly damaging to small businesses who rely on i
Small businesses are balking at the latest round of proposed tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: kate rogers
Keywords: news, cnbc, companies, tariffs, round, trump, recent, businesses, business, small, mexico, proposed, balking, mexican, latest, trade, president


Small businesses are balking at the latest round of proposed tariffs

A worker wraps cargo in plastic before it is loaded into a shipping container at the Port of Veracruz in Veracruz, Mexico.

Main street groups are sounding off on President Donald Trump’s latest round of tariff proposals — this time levied on goods imported from Mexico.

Last week Trump threatened to put 5% tariffs on Mexican goods beginning on June 10, with gradual increases as high as 25% this year. The argument from some small business advocates is that these companies have less ability and time to reconfigure supply chains ahead of the June increase.

Optimism has climbed steadily and held near record levels since Trump won the presidential election in 2016, bolstered by deregulation and a tax code overhaul. However, in recent months, business groups have begun to express concern, taking issue with ongoing trade tensions and the impact frayed relationships may have on bottom lines.

The Small Business & Entrepreneurship Council’s President and CEO Karen Kerrigan said in a statement, “the use of tariffs as a leverage or a negotiating strategy does not appear to be working with our trading partners.”

The SBE Council highlighted data from the International Trade Administration that shows small and mid-sized businesses dominate trade with Mexico — some 58% of those 15,000-plus businesses that import from Mexico have fewer than 20 employees, and 70% have less than 50 workers. The group expressed concern that the tariffs will jeopardize the revised NAFTA deal, now know as the United States-Mexico-Canada Agreement, or USMCA.

“The newly announced Mexico tariffs, if acted upon, are not only bad for small businesses and entrepreneurs but come at a horrible time. Mexico and Canada are moving forward with ratification of USMCA, and this new action undermines trust and the potential passage of this important agreement,” Kerrigan said. “Congress must step up on this critical matter and work with President Trump’s team to resolve the growing influx of illegal immigrants and related humanitarian crisis. Imposing new taxes on Americans is not the answer.”

Recent data from the National Federation of Independent Business finds more than one-third of small business owners reported somewhat or significant negative impacts as a result of recent trade policy changes with Mexico, Canada or China. The group said it is too early to know how the most recent tariffs on Mexican imports might impact small businesses.

“Small businesses account for about half of the economy, and while the current trade debate heavily focuses on the impact of tariffs and retaliatory actions on the markets, the effects on small businesses often go overlooked,” said Adam Temple, communications director at NFIB, in a statement.

Meanwhile, the National Small Business Association says that while the U.S. immigration system — the reason Trump says he is pushing forward with tariffs on Mexican imports in the first place — is a “critical issue that needs to be addressed,” tariffs are not the way.

“These kinds of punitive tariffs can be greatly damaging to small businesses who rely on imported goods to provide a service, and can further harm small businesses looking to export due to retaliatory tariffs,” NSBA President and CEO Todd McCracken said in a statement. “Under this plan, affected small businesses will have less than two weeks to overhaul their supply chain or face significant, escalating price increases.”


Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: kate rogers
Keywords: news, cnbc, companies, tariffs, round, trump, recent, businesses, business, small, mexico, proposed, balking, mexican, latest, trade, president


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Trump: Latest Mexico tariffs will bring auto industry jobs back to US, fight drug smuggling and help correct trade deficit

U.S. President Donald Trump speaks at the National Association of Realtors Legislative Meeting and Trade Expo in Washington, D.C., U.S., on Friday, May 17, 2019. President Donald Trump on Friday expanded the list of bilateral issues between the U.S. and Mexico that he claimed would be remedied by the imposition of tariffs on all imports from Mexico. The expanded list includes helping stem the opioid epidemic, and returning auto industry jobs to the United States. “These are not tariffs as part o


U.S. President Donald Trump speaks at the National Association of Realtors Legislative Meeting and Trade Expo in Washington, D.C., U.S., on Friday, May 17, 2019. President Donald Trump on Friday expanded the list of bilateral issues between the U.S. and Mexico that he claimed would be remedied by the imposition of tariffs on all imports from Mexico. The expanded list includes helping stem the opioid epidemic, and returning auto industry jobs to the United States. “These are not tariffs as part o
Trump: Latest Mexico tariffs will bring auto industry jobs back to US, fight drug smuggling and help correct trade deficit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: christina wilkie
Keywords: news, cnbc, companies, mexico, white, smuggling, united, tariffs, help, navarro, trade, trump, latest, tariff, national, industry, fight, states, jobs


Trump: Latest Mexico tariffs will bring auto industry jobs back to US, fight drug smuggling and help correct trade deficit

U.S. President Donald Trump speaks at the National Association of Realtors Legislative Meeting and Trade Expo in Washington, D.C., U.S., on Friday, May 17, 2019.

President Donald Trump on Friday expanded the list of bilateral issues between the U.S. and Mexico that he claimed would be remedied by the imposition of tariffs on all imports from Mexico. The expanded list includes helping stem the opioid epidemic, and returning auto industry jobs to the United States.

The new issues effectively stretched the president’s personal case for the tariffs beyond that of his own administration, which has insisted that any tariffs would only be intended to address the national emergency of undocumented asylum seekers crossing into the United States.

In a series of tweets Friday morning, Trump wrote that if his proposed 5% tariff on all Mexican imports were to go into effect on June 10, a policy unveiled less than a day ago, then not only would Mexico be forced to address the influx of migrants crossing its borders headed for the United States, but also that drug smuggling would decrease, that U.S. auto manufacturers would return stateside, and that the U.S. trade deficit with Mexico could be remedied.

The tweets put the president squarely at odds with the message coming from both acting White House chief of staff Mick Mulvaney and senior trade advisor Peter Navarro, the two most visible White House aides defending Thursday’s tariff announcement so far.

A White House spokesman did not immediately reply to a request for comment from CNBC on the apparent disconnect between the president’s messaging and that of his top aides.

Appearing Friday morning on CNBC, Navarro pushed back on the notion that the tariffs were intended to bring more manufacturing jobs to the United States from Mexico, saying that the tariffs were “not at all” related to that goal.

“This is strictly about national security and threats to our economy from illegal immigration from a criminal enterprise,” Navarro said.

Trump’s tweet about the auto industry jobs was posted nearly simultaneously with Navarro’s appearance on CNBC.

Speaking on a conference call with reporters late Thursday, Mulvaney likewise insisted that the newly announced tariff threat was totally unrelated to ongoing negotiations between the U.S. and Mexico over a replacement for the North American Free Trade Agreement, known as USMCA, that still needs to be ratified by legislatures in Mexico and the United States.

“These are not tariffs as part of a trade dispute,” Mulvaney said on the call. “These are tariffs as part of an immigration problem. The USMCA is a trade matter and completely separate.”

Also unclear Friday was what, precisely, Mexico would need to do in order to satisfy Trump’s demand that the longtime U.S. ally do whatever it takes to see that the “illegal immigration problem is remedied.”

The abrupt tariff announcement and the potential impact tariffs could have on the prices U.S. consumers pay for goods sent futures markets tumbling Thursday night, a slide that continued into Friday’s trading day.

The United States imported $346.5 billion of goods from Mexico in 2018, an increase of 10.3% over the year prior, according to the Office of the U.S. Trade Representative. The 2018 total accounted for 13.6% of overall U.S. imports that year.

— CNBC’s Joanna Tan contributed to this story.


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: christina wilkie
Keywords: news, cnbc, companies, mexico, white, smuggling, united, tariffs, help, navarro, trade, trump, latest, tariff, national, industry, fight, states, jobs


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Fed officials and Trump’s latest trade threat could decide whether June starts with a market swoon

Federal Reserve officials speaking at a policy conference may get a lot more attention than usual in the week ahead after President Donald Trump’s latest tariff threat against Mexico ramped up expectations for interest rate cuts. Michael Gapen, Barclays chief U.S. economists, said investors hoping to hear Fed officials discuss their thinking on current policy could be disappointed. Gapen was one of several Wall Street economists Friday who changed his view on the Fed’s rate policy. The Fed has s


Federal Reserve officials speaking at a policy conference may get a lot more attention than usual in the week ahead after President Donald Trump’s latest tariff threat against Mexico ramped up expectations for interest rate cuts. Michael Gapen, Barclays chief U.S. economists, said investors hoping to hear Fed officials discuss their thinking on current policy could be disappointed. Gapen was one of several Wall Street economists Friday who changed his view on the Fed’s rate policy. The Fed has s
Fed officials and Trump’s latest trade threat could decide whether June starts with a market swoon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: patti domm
Keywords: news, cnbc, companies, threat, does, mexico, fed, decide, conference, tariffs, officials, trade, latest, market, swoon, rate, cuts, trumps, policy, starts


Fed officials and Trump's latest trade threat could decide whether June starts with a market swoon

The coming week has a full calendar of economic data, with the highlight being Friday’s May employment report. There are also monthly auto sales and Institute for Supply Management manufacturing data due Monday, and international trade data expected Thursday.

Stocks lost ground in May on worries that the U.S. trade war with China would hurt the global economy and bite into earnings growth. They will begin trading in June with new worries that tariffs on Mexico could hurt the economy and threaten a new trade deal between the U.S., Mexico and Canada.

Markets will also start the month of June, which is often flat for markets, coming off a painful 6.6% monthly loss in the S&P 500.

Federal Reserve officials speaking at a policy conference may get a lot more attention than usual in the week ahead after President Donald Trump’s latest tariff threat against Mexico ramped up expectations for interest rate cuts.

But it is the Fed that should get the most attention, with central bank officials gathering at a much-anticipated conference hosted by the Chicago Fed Tuesday and Wednesday. Fed Chair Jerome Powell will make the opening remarks at the conference, which is about monetary policy strategy, tools and communications. For months, strategists have been hoping the conference will provide insight into how the Fed intends to address sluggish inflation.

Interest in the event is even higher after the market and Fed watchers are increasingly convinced the central bank will now cut rates this year, and maybe more than once. The futures market priced in increasing expectations for two rate cuts after Trump’s threat to put tariffs on all Mexican goods if the Mexican government does not stop immigration into the U.S.

After the last Fed meeting, Powell said low inflation appears to be transitory, suggesting the Fed would not have to cut rates, but markets still anticipate a rate cut, and inflation continues to run below the Fed’s 2% target.

Michael Gapen, Barclays chief U.S. economists, said investors hoping to hear Fed officials discuss their thinking on current policy could be disappointed. Gapen said the Fed is also about nine months away from its decision on how it will frame inflation, and the conference will be more about academic views on it.

Gapen was one of several Wall Street economists Friday who changed his view on the Fed’s rate policy. He said he now sees the Fed cutting the fed funds target rate by 75 basis points in two cuts this year, with the Fed starting at 50 basis points in September. The Fed has said does not foresee any rate cuts this year, nor hikes, and has stressed it is on hold.

Gapen does not expect to hear much from Fed officials at the conference on rates, though investors will be combing through every word looking for policy clues.

“I don’t think that’s the type of setting where anyone would make a monetary policy comment in advance of an FOMC meeting,” he said. The Fed next meets on June 18 and 19.

Gapen said he went from expecting no Fed move to two rate cuts because the trade war with China has become more extended than expected; manufacturing and business spending are weakening, and because of Trump’s threat to put tariffs on Mexico if it doesn’t control immigrants heading into the U.S. over the southern border.

“It does suggest the administration is willing to pursue multiple fronts. It lowers the bar for tariffs on Europe,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: patti domm
Keywords: news, cnbc, companies, threat, does, mexico, fed, decide, conference, tariffs, officials, trade, latest, market, swoon, rate, cuts, trumps, policy, starts


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Fed officials and Trump’s latest trade threat could decide whether June starts with a market swoon

Federal Reserve officials speaking at a policy conference may get a lot more attention than usual in the week ahead after President Donald Trump’s latest tariff threat against Mexico ramped up expectations for interest rate cuts. Michael Gapen, Barclays chief U.S. economists, said investors hoping to hear Fed officials discuss their thinking on current policy could be disappointed. Gapen was one of several Wall Street economists Friday who changed his view on the Fed’s rate policy. The Fed has s


Federal Reserve officials speaking at a policy conference may get a lot more attention than usual in the week ahead after President Donald Trump’s latest tariff threat against Mexico ramped up expectations for interest rate cuts. Michael Gapen, Barclays chief U.S. economists, said investors hoping to hear Fed officials discuss their thinking on current policy could be disappointed. Gapen was one of several Wall Street economists Friday who changed his view on the Fed’s rate policy. The Fed has s
Fed officials and Trump’s latest trade threat could decide whether June starts with a market swoon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: patti domm
Keywords: news, cnbc, companies, rate, starts, latest, conference, cuts, does, trumps, mexico, decide, swoon, tariffs, threat, fed, market, policy, officials, trade


Fed officials and Trump's latest trade threat could decide whether June starts with a market swoon

The coming week has a full calendar of economic data, with the highlight being Friday’s May employment report. There are also monthly auto sales and Institute for Supply Management manufacturing data due Monday, and international trade data expected Thursday.

Stocks lost ground in May on worries that the U.S. trade war with China would hurt the global economy and bite into earnings growth. They will begin trading in June with new worries that tariffs on Mexico could hurt the economy and threaten a new trade deal between the U.S., Mexico and Canada.

Markets will also start the month of June, which is often flat for markets, coming off a painful 6.6% monthly loss in the S&P 500.

Federal Reserve officials speaking at a policy conference may get a lot more attention than usual in the week ahead after President Donald Trump’s latest tariff threat against Mexico ramped up expectations for interest rate cuts.

But it is the Fed that should get the most attention, with central bank officials gathering at a much-anticipated conference hosted by the Chicago Fed Tuesday and Wednesday. Fed Chair Jerome Powell will make the opening remarks at the conference, which is about monetary policy strategy, tools and communications. For months, strategists have been hoping the conference will provide insight into how the Fed intends to address sluggish inflation.

Interest in the event is even higher after the market and Fed watchers are increasingly convinced the central bank will now cut rates this year, and maybe more than once. The futures market priced in increasing expectations for two rate cuts after Trump’s threat to put tariffs on all Mexican goods if the Mexican government does not stop immigration into the U.S.

After the last Fed meeting, Powell said low inflation appears to be transitory, suggesting the Fed would not have to cut rates, but markets still anticipate a rate cut, and inflation continues to run below the Fed’s 2% target.

Michael Gapen, Barclays chief U.S. economists, said investors hoping to hear Fed officials discuss their thinking on current policy could be disappointed. Gapen said the Fed is also about nine months away from its decision on how it will frame inflation, and the conference will be more about academic views on it.

Gapen was one of several Wall Street economists Friday who changed his view on the Fed’s rate policy. He said he now sees the Fed cutting the fed funds target rate by 75 basis points in two cuts this year, with the Fed starting at 50 basis points in September. The Fed has said does not foresee any rate cuts this year, nor hikes, and has stressed it is on hold.

Gapen does not expect to hear much from Fed officials at the conference on rates, though investors will be combing through every word looking for policy clues.

“I don’t think that’s the type of setting where anyone would make a monetary policy comment in advance of an FOMC meeting,” he said. The Fed next meets on June 18 and 19.

Gapen said he went from expecting no Fed move to two rate cuts because the trade war with China has become more extended than expected; manufacturing and business spending are weakening, and because of Trump’s threat to put tariffs on Mexico if it doesn’t control immigrants heading into the U.S. over the southern border.

“It does suggest the administration is willing to pursue multiple fronts. It lowers the bar for tariffs on Europe,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: patti domm
Keywords: news, cnbc, companies, rate, starts, latest, conference, cuts, does, trumps, mexico, decide, swoon, tariffs, threat, fed, market, policy, officials, trade


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Global Payments is nearing an agreement to acquire Total System Services for roughly $20 billion in latest fintech deal

Payment technology company Global Payments is nearing an agreement to acquire peer Total System Services for about $20 billion, in an all-stock deal that is expected to be announced Tuesday, people familiar with the matter tell CNBC. In early afternoon, it was up nearly 14%; Global Payments stock gained 3.4%. Global Payments declined to comment, while Total System Services did not respond to a request for comment. TSYS bought small business solution payment company iMobile3 last year and merchan


Payment technology company Global Payments is nearing an agreement to acquire peer Total System Services for about $20 billion, in an all-stock deal that is expected to be announced Tuesday, people familiar with the matter tell CNBC. In early afternoon, it was up nearly 14%; Global Payments stock gained 3.4%. Global Payments declined to comment, while Total System Services did not respond to a request for comment. TSYS bought small business solution payment company iMobile3 last year and merchan
Global Payments is nearing an agreement to acquire Total System Services for roughly $20 billion in latest fintech deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: alex sherman hugh son lauren hirsch, alex sherman, hugh son, lauren hirsch
Keywords: news, cnbc, companies, services, technology, deal, system, payment, global, billion, roughly, total, nearing, latest, fintech, company, payments


Global Payments is nearing an agreement to acquire Total System Services for roughly $20 billion in latest fintech deal

Payment technology company Global Payments is nearing an agreement to acquire peer Total System Services for about $20 billion, in an all-stock deal that is expected to be announced Tuesday, people familiar with the matter tell CNBC.

The people requested anonymity because the talks are confidential.

Total System’s stock skyrocketed after the CNBC report. In early afternoon, it was up nearly 14%; Global Payments stock gained 3.4%.

Global Payments declined to comment, while Total System Services did not respond to a request for comment.

Shares of Columbus, Georgia-based Total System Services, commonly known as TSYS, are up to 23% year to date, giving the company a market capitalization of $17.6 billion. Atlanta-based Global Payments has traded up 45% during the same period and holds a current market capitalization of $23.3 billion.

The combined company plans to refinance. Bank of America will lead the refinance and is advising Global Payments on the deal. A Bank of America spokesman declined to comment.

The deal would mark the latest in a flurry of activity in the payment technology space. Financial technology provider Fiserv announced plans in January to buy payment processor First Data in a deal worth $22 billion. In March, fintech group Fidelity National Information Services announced plans to buy Worldpay for roughly $35 billion.

The consolidation comes as established financial companies seek to compete with new technology players, like Square and PayPal, which offer technology driven services. Last year, VC funding for payments and processing grew to a total $4.4 billion — a 46% increase from a year earlier, according to PitchBook.

Global Payments and TSYS have been active acquirers in recent years — looking to build up in-house technology and expand their customer bases.

TSYS bought small business solution payment company iMobile3 last year and merchant payment company TransFirst in 2016.

Global Payments announced plans to buy Heartland Payment Systems for roughly $4.3 billion in 2015 and restaurant payment technology company SICOM Systems for $415 million in 2018.

Bloomberg reported that Global Payments and Total System Services were in preliminary deal talks on Thursday.

WATCH: Cramer talked to Global Payments CEO last May


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: alex sherman hugh son lauren hirsch, alex sherman, hugh son, lauren hirsch
Keywords: news, cnbc, companies, services, technology, deal, system, payment, global, billion, roughly, total, nearing, latest, fintech, company, payments


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Beijing experts’ latest message as trade talks stall: The US needs China

Now, there have been no announcements about the next round of talks, and markets await some signal about the future of the trade war that’s roiled stocks over the last year. This big economic system will give America more material benefits, including employment, including products, including product exports, including revenues,” Wei said, according to Mandarin-language remarks translated by CNBC. “Originally, we believed that in the U.S.-China economic trade relationship … we could mutually co


Now, there have been no announcements about the next round of talks, and markets await some signal about the future of the trade war that’s roiled stocks over the last year. This big economic system will give America more material benefits, including employment, including products, including product exports, including revenues,” Wei said, according to Mandarin-language remarks translated by CNBC. “Originally, we believed that in the U.S.-China economic trade relationship … we could mutually co
Beijing experts’ latest message as trade talks stall: The US needs China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: evelyn cheng
Keywords: news, cnbc, companies, economic, war, experts, including, long, needs, trade, talks, latest, message, china, products, wei, beijing, chinese, stall


Beijing experts' latest message as trade talks stall: The US needs China

A Chinese flag is seen in front of containers at the Yangshan Deep-Water Port, an automated cargo wharf, in Shanghai on April 9, 2018. Johannes Eisele | AFP | Getty Images

China’s domestic media is rallying the country’s population with messages of standing firm against American “bullying,” while Chinese government-aligned experts are stressing to an overseas audience that the U.S. will need to negotiate. The world’s two largest economies have been locked in a trade fight for more than a year. Both sides appeared to be making progress until early this month, when President Donald Trump accused China of reneging on a deal and raised tariffs on an additional $200 billion in Chinese products to 25%. Beijing retaliated with raising levies on $60 billion worth of U.S. products. Now, there have been no announcements about the next round of talks, and markets await some signal about the future of the trade war that’s roiled stocks over the last year. Throughout this current lull, China’s state-run newspapers and television channels have taken an increasingly anti-American tone. Still, the country’s expert class is emphasizing what the U.S. has to gain from cooperating with Beijing. “In the next 20 to 30 years, the U.S. shouldn’t miss out on this opportunity and lose the China market,” Wei Jianguo, a former vice minister at China’s Ministry of Commerce, told CNBC in an interview Wednesday. He is now vice chairman and deputy executive officer at Beijing-based think tank China Center for International Economic Exchanges.

Personally, I think, as long as there is negotiation, then there will be results. Wei Jianguo a former vice minister at China’s Ministry of Commerce

“I believe Americans should grasp this opportunity. This big economic system will give America more material benefits, including employment, including products, including product exports, including revenues,” Wei said, according to Mandarin-language remarks translated by CNBC. “Personally, I think, as long as there is negotiation, then there will be results,” he said. On the same day, two speakers addressing foreign reporters at a small press event organized by the government’s main information office echoed some of Wei’s sentiments. “My personal view is that, from the perspective of U.S. businesses, if the trade war continues, it will … have a negative impact on what was a good relationship between U.S. and Chinese businesses,” said Li Yong, deputy director of the expert committee at the China Association of International Trade, which falls under the Commerce Ministry’s direct leadership. “At the end of the day, the image and influence U.S. businesses have developed over the long term will (be affected). It’s a pity.” The other speaker, Zhang Yansheng, head researcher at the China Center for International Economic Exchanges, also emphasized that Beijing would like to keep negotiating with the U.S. It could even be a years-long process that cycles through negotiation and fights, he said. The tone stands in contrast to state-run media, whose Chinese-language reports in the last two weeks have promoted the country’s ability to defy pressure from the U.S. For the last several days, the national broadcaster CCTV has also been airing anti-U.S. movies set during the Korean War. On Wednesday, the prime-time evening report featured Chinese President Xi Jinping’s visit earlier in the week to the province of Jiangxi. The Chinese leader’s remarks during the visit about rare earth elements as an “important strategic resource” and a “new Long March ” signaled to many that Beijing is resolved not to bend to American demands.

Who needs a deal?

At Wednesday’s news conference, Li said China is in a position where it can’t appease American demands. “Originally, we believed that in the U.S.-China economic trade relationship … we could mutually cooperate and rely on each other,” he said in Mandarin. “But now we need to revisit this.” Analysts generally agree that, right now, Beijing still depends heavily on the U.S. as an export market. Last year, China was the largest supplier of goods to the U.S. at $539.5 billion, according to the Office of the U.S. Trade Representative. China is trying to transform its economy into one driven by consumption rather than manufacturing. The country hosted its first import expo last fall in an effort to bill itself and its hundreds of millions of consumers as a buyer of the world’s products. “China needs the U.S. more than the U.S. needs China,” said Jacob Shapiro, director of analysis at online publication Geopolitical Futures.


Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: evelyn cheng
Keywords: news, cnbc, companies, economic, war, experts, including, long, needs, trade, talks, latest, message, china, products, wei, beijing, chinese, stall


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