Europe stocks trade lower as trade fears linger; Brexit talks collapse; Thomas Cook shares down 29%

European stocks traded lower Friday as trade fears ratcheted up, amid the U.S. administration’s bid to blacklist Chinese telecoms giant Huawei and the ruling Chinese Communist Party’s newspaper striking a defiant tone. The notable contributor to auto losses was BMW, which saw its shares slip 5.7%. In Asia, most major indexes gained in Friday trade following overnight gains on Wall Street, but mainland Chinese shares tumbled amid ongoing tensions between Beijing and Washington. Stateside, investo


European stocks traded lower Friday as trade fears ratcheted up, amid the U.S. administration’s bid to blacklist Chinese telecoms giant Huawei and the ruling Chinese Communist Party’s newspaper striking a defiant tone. The notable contributor to auto losses was BMW, which saw its shares slip 5.7%. In Asia, most major indexes gained in Friday trade following overnight gains on Wall Street, but mainland Chinese shares tumbled amid ongoing tensions between Beijing and Washington. Stateside, investo
Europe stocks trade lower as trade fears linger; Brexit talks collapse; Thomas Cook shares down 29% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: elliot smith
Keywords: news, cnbc, companies, trade, linger, thomas, cook, talks, losses, stocks, war, ruling, chinese, saw, shares, lower, fears, traded, europe, tensions


Europe stocks trade lower as trade fears linger; Brexit talks collapse; Thomas Cook shares down 29%

European stocks traded lower Friday as trade fears ratcheted up, amid the U.S. administration’s bid to blacklist Chinese telecoms giant Huawei and the ruling Chinese Communist Party’s newspaper striking a defiant tone.

The pan-European STOXX 600 dropped 0.6% after the opening bell, autos leading the losses with a fall of 1.6% in the early minutes of trading, while only travel and leisure and utilities stocks traded in the black mid-morning.

The notable contributor to auto losses was BMW, which saw its shares slip 5.7%.

The morning’s biggest loser was British tour operator Thomas Cook, which saw its shares plummet 30% by mid-morning, hitting their lowest since July 2012 and on track for the biggest one-day drop since November 2011. Citi analysts downgraded the company’s stock to “sell” after its latest profit warning Thursday.

In Asia, most major indexes gained in Friday trade following overnight gains on Wall Street, but mainland Chinese shares tumbled amid ongoing tensions between Beijing and Washington. The Shenzhen component led the losses, dropping 1.77% in the morning session.

Stateside, investors will be monitoring the trade war between the world’s largest economies, as President Donald Trump’s bid to block Huawei from buying American technology ratcheted up tensions. Meanwhile, China’s ruling Communist Party’s newspaper struck a defiant tone Friday, insisting the trade war will only make China stronger.

While major U.S. indexes gained Thursday, shares in American chipmakers fell upon the news.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: elliot smith
Keywords: news, cnbc, companies, trade, linger, thomas, cook, talks, losses, stocks, war, ruling, chinese, saw, shares, lower, fears, traded, europe, tensions


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Fed speakers could steal focus from trade war in week ahead

A flurry of Fed speakers and any new trade developments could shake up what normally might be a slow week of trading ahead of the three-day Memorial Day holiday weekend. Stocks ended the past week with losses, as trade-related headlines caused big swings in the market. The Dow ended the week with a 0.7% loss to 25,764 in its fourth negative week. The Nasdaq lost even more, 1.2% for the week, after U.S. action against China’s Huawei depressed U.S. tech names that do business in China. The U.S. ra


A flurry of Fed speakers and any new trade developments could shake up what normally might be a slow week of trading ahead of the three-day Memorial Day holiday weekend. Stocks ended the past week with losses, as trade-related headlines caused big swings in the market. The Dow ended the week with a 0.7% loss to 25,764 in its fourth negative week. The Nasdaq lost even more, 1.2% for the week, after U.S. action against China’s Huawei depressed U.S. tech names that do business in China. The U.S. ra
Fed speakers could steal focus from trade war in week ahead Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: patti domm
Keywords: news, cnbc, companies, billion, raised, ended, speakers, huawei, losses, china, fed, trade, focus, 25, steal, tariffs, week, ahead, war


Fed speakers could steal focus from trade war in week ahead

A flurry of Fed speakers and any new trade developments could shake up what normally might be a slow week of trading ahead of the three-day Memorial Day holiday weekend.

Stocks ended the past week with losses, as trade-related headlines caused big swings in the market. The Dow ended the week with a 0.7% loss to 25,764 in its fourth negative week. The S&P 500 fell for a second week, losing 0.8% to 2,859. The Nasdaq lost even more, 1.2% for the week, after U.S. action against China’s Huawei depressed U.S. tech names that do business in China.

Friday ended with losses in the final hour, after CNBC’s Kayla Tausche reported that talks between the U.S. and China appear to have stalled, and there have been no discussions on scheduling a new round.

“With the trade stuff, this is brass knuckles time. When you institute tariffs…when you go to 25% like we just did, all of a sudden there’s no room for error,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “The stakes are so much greater at 25%, and if we did the other $300 billion dollars, then we start damaging the consumer and you can guarantee a global recession.”

The U.S. raised tariffs last week from 10% to 25% on $200 billion in goods, and China responded by raising tariffs on $60 billion in goods.

Boockvar, like others, had been looking for a trade deal earlier in the month, but there has been no sign of positive movements, and the crackdown on Huawei raised concerns about China retaliating against U.S. companies.

“China is not bending and with Trump taunting them, they’re pissed. It still remains the case that everyone wants a deal , It’s in everyone’s best interest. It’s tough to negotiate when you get hit in the head with a baseball bat,” said Boockvar.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: patti domm
Keywords: news, cnbc, companies, billion, raised, ended, speakers, huawei, losses, china, fed, trade, focus, 25, steal, tariffs, week, ahead, war


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WeWork urges investors to see losses as ‘investments’ as it reports first-quarter loss of $264 million

In an interview with CNBC to discuss the company’s first-quarter financials, CFO Artie Minson urged investors to view losses as “investments.” WeWork, which recently rebranded as the We Company, said in its first-quarter business update that it lost $264 million in the period, narrowing its deficit from the same period a year ago, when it lost $274 million. Public market investors have punished Uber and Lyft for their billions in losses and uncertain path to profitability. Last year, WeWork lost


In an interview with CNBC to discuss the company’s first-quarter financials, CFO Artie Minson urged investors to view losses as “investments.” WeWork, which recently rebranded as the We Company, said in its first-quarter business update that it lost $264 million in the period, narrowing its deficit from the same period a year ago, when it lost $274 million. Public market investors have punished Uber and Lyft for their billions in losses and uncertain path to profitability. Last year, WeWork lost
WeWork urges investors to see losses as ‘investments’ as it reports first-quarter loss of $264 million Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: deirdre bosa
Keywords: news, cnbc, companies, public, investors, million, 264, uber, lost, investments, money, loss, company, cash, losses, billion, urges, firstquarter, reports, wework


WeWork urges investors to see losses as 'investments' as it reports first-quarter loss of $264 million

Adam Neumann, co-founder and chief executive officer of WeWork. Michael Nagle | Bloomberg | Getty Images

As newly public companies representing the sharing economy, Uber and Lyft stumbled out of the gate. WeWork is trying to prepare a different narrative for Wall Street. In an interview with CNBC to discuss the company’s first-quarter financials, CFO Artie Minson urged investors to view losses as “investments.”

“We really want to emphasize the difference between losing money and investing money,” Minson said Wednesday. “You can lose money or you can invest money. At the end of this quarter, we have these cash flow-generating assets.” WeWork, which recently rebranded as the We Company, said in its first-quarter business update that it lost $264 million in the period, narrowing its deficit from the same period a year ago, when it lost $274 million. Meanwhile, revenue more than doubled to $728.3 million (including $39 million from a program called Creator Awards), as the company expanded into new international markets and bolstered membership for its coworking spaces. Wall Street might need some convincing ahead of its IPO, which WeWork filed for confidentially in December. Public market investors have punished Uber and Lyft for their billions in losses and uncertain path to profitability. Uber sold shares at the low end of its expected range last week and the stock is still trading well below its debut price.

Source: CNBC

When asked if he was trying to differentiate WeWork’s losses from the capital the ride-hailing companies spend on subsidies and discounts, Minson said, “that’s a fair differentiator.” Renting out work space is “a proven business model,” he said. Memberships climbed to 466,000 from 220,000 a year earlier. Still, WeWork’s model continues to rely on heavy funding from private investors, namely SoftBank, which has poured more than $10 billion into the company, including $2 billion this year at a $47 billion valuation. WeWork has to plunge cash into real estate in some of the most expensive markets and it makes money back over time as companies and individuals pay their rent, or membership. But the public markets like to see profits when they’re asked to pay such a high price. When Uber went public, it became only the fourth U.S. company with a market cap of at least $50 billion that lost money in the prior year. The other three were CVS, General Electric and Qualcomm (the chipmaker only had a loss because it took a one-time charge tied to a change in the tax code). Last year, WeWork lost $1.9 billion, surpassing Uber’s losses, on revenue of $1.8 billion. Its cash and cash commitments stood at $5.9 billion as of March 31, down from $6.6 billion at the end of December. WATCH: Uber’s flop raises questions about other ‘unicorns’ planning to go public


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: deirdre bosa
Keywords: news, cnbc, companies, public, investors, million, 264, uber, lost, investments, money, loss, company, cash, losses, billion, urges, firstquarter, reports, wework


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Ford, GM shares jump as Trump plans to delay auto tariffs

WeWork urges investors to see losses as ‘investments’ as it…WeWork has to convince public market investors that its losses are different than those of Uber or Lyft as the company prepares for its IPO. Technologyread more


WeWork urges investors to see losses as ‘investments’ as it…WeWork has to convince public market investors that its losses are different than those of Uber or Lyft as the company prepares for its IPO. Technologyread more
Ford, GM shares jump as Trump plans to delay auto tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: michael sheetz
Keywords: news, cnbc, companies, delay, public, investors, wework, market, shares, plans, jump, ford, gm, losses, trump, lyft, prepares, uber, urges, auto, tariffs, itwework


Ford, GM shares jump as Trump plans to delay auto tariffs

WeWork urges investors to see losses as ‘investments’ as it…

WeWork has to convince public market investors that its losses are different than those of Uber or Lyft as the company prepares for its IPO.

Technology

read more


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: michael sheetz
Keywords: news, cnbc, companies, delay, public, investors, wework, market, shares, plans, jump, ford, gm, losses, trump, lyft, prepares, uber, urges, auto, tariffs, itwework


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Uber prices IPO at $45 per share, at low end of range

When going public, there needs to be path to profitability: Pro 4 Hours Ago | 03:34Uber priced its IPO at $45 per share Thursday, at the low end of its stated range. On a fully diluted basis, Uber has an implied market valuation of $82.4 billion. Early reports suggested Uber was seeking a valuation of up to $120 billion. Its expected range was between $44 and $50 per share, according to a filing last month. While Khosrowshahi is working to restore Uber’s reputation, the company faced driver stri


When going public, there needs to be path to profitability: Pro 4 Hours Ago | 03:34Uber priced its IPO at $45 per share Thursday, at the low end of its stated range. On a fully diluted basis, Uber has an implied market valuation of $82.4 billion. Early reports suggested Uber was seeking a valuation of up to $120 billion. Its expected range was between $44 and $50 per share, according to a filing last month. While Khosrowshahi is working to restore Uber’s reputation, the company faced driver stri
Uber prices IPO at $45 per share, at low end of range Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: leslie picker, lora kolodny, ali balikci, anadolu agency, getty images, alex kraus, bloomberg
Keywords: news, cnbc, companies, needs, prices, 45, companies, share, uber, ubers, company, billion, losses, ipo, range, car, end, low


Uber prices IPO at $45 per share, at low end of range

When going public, there needs to be path to profitability: Pro 4 Hours Ago | 03:34

Uber priced its IPO at $45 per share Thursday, at the low end of its stated range.

At the IPO price of $45 per share, the company will be valued on a non-diluted basis at about $75.46 billion, which will put the stock’s market cap right around the size of Caterpillar’s and make it one of the most valuable companies ever to go public. On a fully diluted basis, Uber has an implied market valuation of $82.4 billion.

Early reports suggested Uber was seeking a valuation of up to $120 billion. Its expected range was between $44 and $50 per share, according to a filing last month.

The company is offering 180 million shares of its common stock, which means it could raise around $8.1 billion on Friday, with an option for underwriters to buy an additional 27 million shares.

A ride-hailing pioneer and Silicon Valley darling, Uber made on-demand transportation a new norm throughout the world, while accumulating massive losses and controversy along the way.

In 2018, Uber’s revenue reached $11.3 billion for the year, up 43% from 2017, while reporting adjusted losses of $1.8 billion, an improvement over losses of $2.6 billion in 2017, according to its IPO filing. The company has never turned a profit.

To cover these losses and fund its rapid expansion, the company raised more than $24 billion from a wide range of investors since its founding a decade ago, according to Crunchbase. Investors have included traditional VC firms like Benchmark, and companies with interests in transportation like Alphabet and Toyota. Its biggest shareholder is Japanese tech conglomerate SoftBank, which invested more than $8 billion through its Vision Fund and owns 16.3% of the company pre-IPO.

Shawn Carolan, an early Uber investor and partner at Menlo Ventures, said: “Uber is a great reminder to venture capitalists that the biggest opportunities lie in our most common needs as humans. When a startup presents, look beyond the current product, which often feels trivial, to the underlying need being served. An on-demand black car service was easy to dismiss, but nearly everyone needs transportation.”

At Uber, CEO Dara Khosrowshahi replaced co-founder Travis Kalanick in 2017 after myriad missteps for the company. Kalanick’s ouster was preceded by revelations about unchecked sexism within Uber’s ranks, and a high-stakes lawsuit over trade secrets from Waymo, Alphabet’s self-driving car business.

While Khosrowshahi is working to restore Uber’s reputation, the company faced driver strikes in major cities this week leading up to the IPO.

Personal mobility remains Uber’s core business. Its ride-hailing services reach into 63 countries and more than 700 cities. But its ambitions and revenue streams have diversified into bike and scooter rentals, food delivery and freight. Uber is also developing air taxis and driverless car technology, among other things.

Uber is engaged in an intense pricing battle with its chief competitor in the U.S., Lyft, as the companies try to attract and retain riders with low fares, while paying drivers just enough to keep them on the platform too.

The company plans to list on Friday with the ticker “UBER.”


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: leslie picker, lora kolodny, ali balikci, anadolu agency, getty images, alex kraus, bloomberg
Keywords: news, cnbc, companies, needs, prices, 45, companies, share, uber, ubers, company, billion, losses, ipo, range, car, end, low


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Trump defends tax tactics after NYT probe says he racked up more than $1 billion in losses: ‘It was sport’

“You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport,” Trump said in a pair of early morning tweets. It said it obtained Trump’s tax information, including printouts from his official IRS tax transcripts, for 1985 through 1994. The newspaper said data culled from printouts of Trump’s IRS receipts showed he lost money every year during the 10-year period, for a cumulative $1.17 billion loss overall. Every pre


“You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport,” Trump said in a pair of early morning tweets. It said it obtained Trump’s tax information, including printouts from his official IRS tax transcripts, for 1985 through 1994. The newspaper said data culled from printouts of Trump’s IRS receipts showed he lost money every year during the 10-year period, for a cumulative $1.17 billion loss overall. Every pre
Trump defends tax tactics after NYT probe says he racked up more than $1 billion in losses: ‘It was sport’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: mike calia
Keywords: news, cnbc, companies, sport, times, racked, losses, trump, billion, trumps, returns, presidents, information, defends, tactics, irs, nyt, real, probe, tax


Trump defends tax tactics after NYT probe says he racked up more than $1 billion in losses: 'It was sport'

President Donald Trump on Wednesday fired back at The New York Times over the newspaper’s investigative report that said his tax figures from 1985 through 1994 showed staggering business losses of more than $1 billion.

“You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport,” Trump said in a pair of early morning tweets. “Additionally, the very old information put out is a highly inaccurate Fake News hit job!”

The Times published the report Tuesday night. It said it obtained Trump’s tax information, including printouts from his official IRS tax transcripts, for 1985 through 1994. Trump’s book, “Trump: The Art of the Deal,” was published in 1987.

The newspaper said data culled from printouts of Trump’s IRS receipts showed he lost money every year during the 10-year period, for a cumulative $1.17 billion loss overall. The Times also said Trump didn’t pay income taxes during eight of those 10 years.

Trump apparently lost more money than any other individual taxpayer in the U.S., according to the Times’ analysis of data the IRS has compiled on people earning large incomes.

Trump, however, suggested that his “tax shelter” tactics were par for the course in the 1980s and 1990s, saying in his Wednesday morning tweets that real estate developers like him “were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases.”

He added: “Much was non monetary.”

Trump, who rose to national fame in the 1980s as a New York real estate magnate with a tabloid lifestyle, has refused to release his tax returns, citing an ongoing IRS audit. Every president since Richard Nixon has made their tax returns publicly available, and Democrats have used the issue to hammer and investigate Trump. Experts have said audits haven’t stopped presidents from releasing their returns.

On Monday, Treasury Secretary Steven Mnuchin declined to allow the IRS to release Trump’s tax information to Congress after the Ways and Means Committee in the Democrat-controlled House sought six years of the president’s returns.

Trump and his aides have repeatedly said that the American public does not care about the president’s tax returns since he won the 2016 election without having made them public. Polls have shown, however, that most voters do want Trump to divulge his tax records.

A previous Times investigation in October detailed Trump’s murky business dealings, “including instances of outright fraud.”


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: mike calia
Keywords: news, cnbc, companies, sport, times, racked, losses, trump, billion, trumps, returns, presidents, information, defends, tactics, irs, nyt, real, probe, tax


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Here are the biggest analyst calls of the day: Pinterest, US Steel, Mylan & more

UBS said it sees market share losses in the coming years. “We downgrade US Steel to Sell from Neutral as we estimate near-term capital investment will not reverse market share losses in the coming years. We are reducing our 2019-2021 EBITDA estimates by 31% and raising our capex estimates by 94% on average. We think the investment may only modestly reduce costs, and markets for new products may not be proven. We estimate X is pricing in EBITDA of US$94/st versus our US$82/st estimate and a US$64


UBS said it sees market share losses in the coming years. “We downgrade US Steel to Sell from Neutral as we estimate near-term capital investment will not reverse market share losses in the coming years. We are reducing our 2019-2021 EBITDA estimates by 31% and raising our capex estimates by 94% on average. We think the investment may only modestly reduce costs, and markets for new products may not be proven. We estimate X is pricing in EBITDA of US$94/st versus our US$82/st estimate and a US$64
Here are the biggest analyst calls of the day: Pinterest, US Steel, Mylan & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: michael bloom
Keywords: news, cnbc, companies, lab, losses, day, steel, calls, biggest, estimate, market, analyst, pinterest, versus, ubs, share, producers, mylan, result


Here are the biggest analyst calls of the day: Pinterest, US Steel, Mylan & more

UBS said it sees market share losses in the coming years.

“We downgrade US Steel to Sell from Neutral as we estimate near-term capital investment will not reverse market share losses in the coming years. Geospatial analysis conducted by UBS Evidence Lab shows planned capacity additions will result in 2.6% more domestic market coverage for electric arc furnace (EAF) producers versus 2.5% less for blast furnace (BOF) producers by 2022 (see UBS Evidence Lab inside: Is this the End Game?). We are reducing our 2019-2021 EBITDA estimates by 31% and raising our capex estimates by 94% on average. X is investing significantly in its asset base to remain competitive, but the result is negative free cash flow over three years (2019-2021 UBSe). We think the investment may only modestly reduce costs, and markets for new products may not be proven. We estimate X is pricing in EBITDA of US$94/st versus our US$82/st estimate and a US$64/st five-year average. “


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: michael bloom
Keywords: news, cnbc, companies, lab, losses, day, steel, calls, biggest, estimate, market, analyst, pinterest, versus, ubs, share, producers, mylan, result


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Trump tax returns from 1985-1994 reportedly show $1 billion in losses

Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years, the Times said. Over the 10 years, Trump’s core businesses, including casinos, hotels and apartment buildings, lost $1.17 billion, according to the newspaper. The White House did not immediately respond to a request for comment. On Monday, U.S. Treasury Secretary Steven Mnuchin refused a request by the Democratic chairman of the House of Representatives Ways and Means Committee for Trump’s tax retur


Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years, the Times said. Over the 10 years, Trump’s core businesses, including casinos, hotels and apartment buildings, lost $1.17 billion, according to the newspaper. The White House did not immediately respond to a request for comment. On Monday, U.S. Treasury Secretary Steven Mnuchin refused a request by the Democratic chairman of the House of Representatives Ways and Means Committee for Trump’s tax retur
Trump tax returns from 1985-1994 reportedly show $1 billion in losses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08
Keywords: news, cnbc, companies, white, times, returns, losses, trump, billion, trumps, businesses, president, 19851994, reportedly, lost, house, tax, taxes


Trump tax returns from 1985-1994 reportedly show $1 billion in losses

U.S. President Donald Trump arrives at an event to celebrate the anniversary of first lady Melania Trump’s “Be Best” initiative in the Rose Garden at the White House in Washington, U.S., May 7, 2019.

U.S. President Donald Trump’s businesses lost a total of more than $1 billion from 1985 to 1994, according to the New York Times, which said it obtained printouts from Trump’s official Internal Revenue Service tax transcripts.

The newspaper said Trump posted losses in excess of $250 million in both 1990 and 1991, which appeared to be more than double any other individual U.S. taxpayer in an annual IRS sampling of high-income earners.

Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years, the Times said.

Over the 10 years, Trump’s core businesses, including casinos, hotels and apartment buildings, lost $1.17 billion, according to the newspaper.

The White House did not immediately respond to a request for comment.

The Times quoted a lawyer for the president, Charles Harder, as saying the tax information was “highly inaccurate.”

Trump, a real estate magnate who turned over the running of his businesses to his sons after his election in 2016, touted his business acumen and negotiating skills on the campaign trail.

Trump broke with a decades-old precedent by refusing to release his tax returns as a presidential candidate in 2016 or since being elected, saying he could not do so while his taxes were being audited.

On Monday, U.S. Treasury Secretary Steven Mnuchin refused a request by the Democratic chairman of the House of Representatives Ways and Means Committee for Trump’s tax returns.

Democrats want Trump’s tax data as part of their investigations of possible conflicts of interest posed by his continued ownership of extensive business interests, even as he serves as president.


Company: cnbc, Activity: cnbc, Date: 2019-05-08
Keywords: news, cnbc, companies, white, times, returns, losses, trump, billion, trumps, businesses, president, 19851994, reportedly, lost, house, tax, taxes


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Stock futures cut losses after Trump tweets that China is coming this week to make a deal

U.S. stock index futures pared their losses after President Trump said China is coming this week to make a deal in a tweet. Dow futures fell 55 points, paring earlier losses and indicating a lower open of about 13 points. Futures on the S&P 500 were down about 0.2%. The Dow has lost nearly 540 points this week amid the trade dispute, while the S&P 500 and Nasdaq are down more than 2% after both hitting all-time highs last week. Data released Wednesday morning in China suggested that its trade su


U.S. stock index futures pared their losses after President Trump said China is coming this week to make a deal in a tweet. Dow futures fell 55 points, paring earlier losses and indicating a lower open of about 13 points. Futures on the S&P 500 were down about 0.2%. The Dow has lost nearly 540 points this week amid the trade dispute, while the S&P 500 and Nasdaq are down more than 2% after both hitting all-time highs last week. Data released Wednesday morning in China suggested that its trade su
Stock futures cut losses after Trump tweets that China is coming this week to make a deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: yun li silvia amaro, yun li, silvia amaro
Keywords: news, cnbc, companies, trade, week, cut, china, losses, trump, stock, futures, tariffs, global, coming, earnings, tweets, deal, points, sp


Stock futures cut losses after Trump tweets that China is coming this week to make a deal

U.S. stock index futures pared their losses after President Trump said China is coming this week to make a deal in a tweet.

Dow futures fell 55 points, paring earlier losses and indicating a lower open of about 13 points. Futures on the S&P 500 were down about 0.2%. Nasdaq was also set to open lower.

Dow futures were down more than 100 points Wednesday morning on fears the U.S. and China would be unable to resolve a dispute over a proposed trade agreement before new tariffs threatened by President Donald Trump are implemented Friday. Chinese trade officials backtracked on key aspects of a trade deal draft, undercutting hopes that the Chinese delegation led by Vice Premier Liu He this week could salvage the deal, according to a Reuters report.

“Stocks are betting on a rebound in the global economy in coming quarters … If we get higher tariffs this week and talks break down between the U.S. and China, you can kiss that hope for [a] global economic rebound goodbye,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group, in an email.

President Trump said in a Twitter post Sunday the U.S. would hike tariffs on Chinese goods as soon as Friday, which sparked a global sell-off. The Dow plunged more than 470 points on Tuesday, its biggest decline since January 3, as traders realized Trump’s threat was not just a negotiation tactic after U.S. Trade Representative Robert Lighthizer confirmed the higher levies are coming this week.

The Dow has lost nearly 540 points this week amid the trade dispute, while the S&P 500 and Nasdaq are down more than 2% after both hitting all-time highs last week.

Data released Wednesday morning in China suggested that its trade surplus in April stood at $13.84 billion, well below expectations. However, its trade surplus with the U.S. rose to $21.01 billion in April from $20.5 billion in March.

Investors are also monitoring corporate earnings. Honda Motor, Toyota Motors, The New York Times, and Wendy’s will report their latest results before the bell. Disney and Fox will report after the closing bell.

So far, 88% of the S&P 500 companies have reported their first-quarter earnings. Earnings are beating by 6.7%, with 73% of companies exceeding their bottom-line estimates, according to Credit Suisse.


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: yun li silvia amaro, yun li, silvia amaro
Keywords: news, cnbc, companies, trade, week, cut, china, losses, trump, stock, futures, tariffs, global, coming, earnings, tweets, deal, points, sp


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UK Conservatives look for Brexit compromise after local poll losses

Theresa May, U.K. prime minister, pauses during a news conference following a European Union leaders summit in the Europa building in Brussels, Belgium, Thursday, April 11, 2019. Britain’s governing Conservatives need to be open to compromise with the opposition Labour Party in order to deliver Brexit following heavy losses in Thursday’s local elections, health minister Matt Hancock said on Saturday. Many voters expressed frustration at May’s failure to have taken Britain out of the European Uni


Theresa May, U.K. prime minister, pauses during a news conference following a European Union leaders summit in the Europa building in Brussels, Belgium, Thursday, April 11, 2019. Britain’s governing Conservatives need to be open to compromise with the opposition Labour Party in order to deliver Brexit following heavy losses in Thursday’s local elections, health minister Matt Hancock said on Saturday. Many voters expressed frustration at May’s failure to have taken Britain out of the European Uni
UK Conservatives look for Brexit compromise after local poll losses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-04  Authors: cnbccom with reuters
Keywords: news, cnbc, companies, minister, customs, compromise, labour, elections, european, eu, uk, poll, look, conservatives, union, deal, losses, need, local, brexit


UK Conservatives look for Brexit compromise after local poll losses

Theresa May, U.K. prime minister, pauses during a news conference following a European Union leaders summit in the Europa building in Brussels, Belgium, Thursday, April 11, 2019.

Britain’s governing Conservatives need to be open to compromise with the opposition Labour Party in order to deliver Brexit following heavy losses in Thursday’s local elections, health minister Matt Hancock said on Saturday.

Prime Minister Theresa May’s Conservatives lost 1,332 seats on local councils that were up for re-election and Labour, which would typically aim to gain hundreds of seats in a mid-term vote, instead lost 81.

Many voters expressed frustration at May’s failure to have taken Britain out of the European Union, almost three years after the country decided to leave in a referendum.

“We need to be listening to these results from these local elections, which as I say are about ‘deliver Brexit’,” Hancock said in a BBC radio interview. “I think we need to be in the mood for compromise,” he added.

Labour has demanded guarantees on workers’ rights and a permanent customs union with the EU as a condition for supporting an EU withdrawal deal.

May’s government has opposed a customs union, preferring a looser arrangement that would allow Britain to strike its own trade deals with countries outside the EU.

Hancock suggested there could be greater willingness to compromise following the local election losses.

“(Thursday’s vote) wasn’t about ‘deliver this particular form of Brexit!’

There was no door that I knocked on and the person said: ‘I would like a slight change to paragraph 5 of this agreement in this particular way’. ”

Customs Union

Buzzfeed News reported on Saturday that May was optimistic that she could reach a deal with Labour soon, and that behind closed doors the government had compromised on the issue of a customs union.

“In the last week government ministers and officials presented Labour with a new offer on a customs arrangement that would effectively see the UK remain in the key aspects of a customs union with the EU,” sources familiar with the talks told BuzzFeed News.

The website said one source had told it that “the offer would be tantamount to the government accepting in full Labour’s demands”.

But the sources did not know how soon a deal would be reached, and thought it possible that Labour leader Jeremy Corbyn would avoid striking a deal until after European Parliament elections due on May 23.

Asked about the report by Sky News, justice minister David Gauke did not comment on the details but said both sides would need to compromise for a deal to be reached.

“If there is some common ground that we can find I don’t think we should be dismissive about it.”

However, many Conservative eurosceptics fear that the newly launched Brexit Party of veteran anti-EU campaigner Nigel Farage, which did not contest the local polls, will cost them support in the European elections later this month.

That has encouraged some to call for the government to take a tougher stance on Brexit and demand a clean split with the EU.


Company: cnbc, Activity: cnbc, Date: 2019-05-04  Authors: cnbccom with reuters
Keywords: news, cnbc, companies, minister, customs, compromise, labour, elections, european, eu, uk, poll, look, conservatives, union, deal, losses, need, local, brexit


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