China says will hit back after U.S. proposes fresh tariffs on $200 billion in goods

China says will hit back after U.S. proposes fresh tariffs on $200 billion in goods

globalMarketsNews, marketsNews, US Economy
BEIJING/WASHINGTON (Reuters) - China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods. [caption id="attachment_3723" align="aligncenter" width="1054"] A worker helps load steel bars onto a truck at a warehouse of the Baifeng[/caption] China’s commerce ministry said on Wednesday it was “shocked” and would complain to the World Trade Organisation, but did not immediately say how it would retaliate. In a statement, it called the U.S. actions “completely unacceptable”. The foreign ministry described Washington’s threats as “typical bullying” and said China needed to counter-attack to protect its interests. “This is a fight between unilateralism and multilateralism, protectionism and free trade, might and rules,” foreign ministry spokeswoman Hua…
Read More
Futures flat as investors focus on Fed meeting

Futures flat as investors focus on Fed meeting

globalMarketsNews
(Reuters) - U.S. stock index futures were little changed on Wednesday as investors awaited clues from the Federal Reserve meeting on whether the central bank will raise interest rates for a third time this year. * The policy statement and projections are due to be released at 2 p.m. ET (1800 GMT). Fed Chair Janet Yellen will hold a press conference half an hour later. * The Fed is likely to say that it will start unwinding its holdings of about $4.2 trillion in bonds and mortgage-backed securities from October. * While a September interest rate increase is not expected, investors will closely study Yellen’s views on inflation. * Though inflation remains stubbornly below the Fed’s 2- percent target rate, a recent data showed uptick in domestic consumer prices, which…
Read More
Wall St. indexes eke out fresh record highs

Wall St. indexes eke out fresh record highs

globalMarketsNews
(Reuters) - The three major Wall Street indexes inched up to record highs on Friday, as investors shrugged off North Korea’s latest missile test and domestic economic data that did little to move the needle on the timing of an interest rate hike. Earlier in the day, Pyongyang fired a second missile in as many weeks over Japan, drawing criticism from global leaders but barely moving shares as investors await the next catalyst - the Federal Reserve’s meeting on Sept. 19-20. No monetary policy change is expected at the meet, but the odds of a December rate hike jumped on Thursday after a strong report on consumer prices, a closer read through on inflation, which the central bank is closely monitoring. U.S. retail sales unexpectedly fell last month, the Commerce…
Read More
Wall St. lower as Apple, Disney weigh

Wall St. lower as Apple, Disney weigh

globalMarketsNews
(Reuters) - U.S. stocks slipped in early afternoon trading on Thursday, dragged down by big names such as Apple, Walt Disney and Comcast. Apple (AAPL.O) fell 0.65 percent on a report that the new iPhone had faced production glitches that could result in supply shortfalls. Comcast’s (CMCSA.O) 7 percent fall weighed the most on the S&P and the Nasdaq, after the company said it expected to lose 100,000 to 150,000 video subscribers in the quarter due to competition. The Dow was pulled lower by a 3.36 percent fall in Walt Disney (DIS.N) shares, after its chief executive warned earnings per share growth for this year would roughly be in line with what it reported last year. Disney's fall weighed on other media stocks, with CBS (CBS.N) down 3 percent and…
Read More
U.S. gasoline price sink as Harvey subsides

U.S. gasoline price sink as Harvey subsides

globalMarketsNews
(Reuters) - Benchmark U.S. gasoline prices fell by more than 4 percent on Monday as oil refineries and pipelines in the U.S. Gulf Coast slowly resumed activity after Hurricane Harvey subsided, easing concerns over supply shortages in the world’s top oil consumer. Brent crude oil futures were however trading lower, down 40 cents at $52.35 a barrel by 0915 GMT, after a powerful North Korean nuclear test triggered a shift away from crude markets to assets perceived to be safer, such as gold. U.S. West Texas Intermediate (WTI) Clc1 crude futures were more stable, up 6 cents at $47.35 barrel. NYMEX gasoline futures RBc1 were down 4.2 percent to $1.6755 a gallon, levels last seen on Aug. 25, the day Harvey struck. Damage to the oil infrastructure in the Gulf…
Read More
Stocks, dollar advance ahead of U.S. jobs data

Stocks, dollar advance ahead of U.S. jobs data

globalMarketsNews
LONDON (Reuters) - Gains for Europe and Asia pushed world shares back towards record highs on Friday, while the dollar crept up ahead of the monthly excitement of U.S. payrolls data. Euro zone stocks .STOXXE had been at risk of their second red week in a row but a 0.5 percent early rise looked to have dug them out of trouble, following gains in Asia and on Wall Street overnight. [.N] Near 6 percent jumps in French media firm Vivendi (VIV.PA) and Swedish car and truck maker Volvo (VOLVb.ST) lifted spirits, as did a rise in euro zone manufacturing data that showed the fastest rise in export orders since February 2011. On-form mining companies .SXPP remained hot as copper and iron ore [MET/L] headed for their eighth straight week of…
Read More
U.S. gasoline futures surge after Harvey, euro holds gains on Draghi comments

U.S. gasoline futures surge after Harvey, euro holds gains on Draghi comments

globalMarketsNews
(Reuters) - U.S. gasoline futures hit a two-year high on Monday after Hurricane Harvey pummeled the heart of America’s energy industry, while the euro hit a 2-1/2-year peak after the European Central Bank President refrained from talking down the single currency. Gasoline futures soared as much as 6.8 percent at one point as the storm battered Texas, whose coastal refineries account for a quarter of U.S. crude oil refining capacity. They were 5.9 percent by mid-morning. Though it has been downgraded to a Tropical Storm, Harvey was still lashing the region on Monday, with some areas expected to see a year’s worth of rainfall in the span of a week. “This is not like anything we have ever seen before,” said Bruce Jefferis, chief executive of Aon Energy, a risk…
Read More
Wall Street rises modestly following Yellen speech

Wall Street rises modestly following Yellen speech

globalMarketsNews
(Reuters) - U.S. stocks rose slightly on Friday, lifted by high-dividend-paying stocks, after Federal Reserve Chair Janet Yellen stayed silent on monetary policy in a much-anticipated speech. Interest-rate sensitive sectors such as telecommunications .SPLRCL, up 0.8 percent, and utilities .SPLRCU, up 0.3 percent, rose as Yellen’s speech did not comment on the path of interest rate hikes for the central bank, which sent U.S. Treasury yields lower. “The worry still remains about the 10-year (benchmark Treasury note) rate, still below 2.2 percent,” said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. “That is kind of a concern and it doesn’t surprise me you are starting to see stocks hang in there only because everybody is searching for yield.” Yellen’s speech at the annual meeting of central bankers in…
Read More
Wall Street little changed as focus shifts to Jackson Hole

Wall Street little changed as focus shifts to Jackson Hole

globalMarketsNews
(Reuters) - U.S. stocks struggled for direction late on Thursday morning, as investors remained cautious ahead of the kickoff of the annual gathering of central bankers at Jackson Hole, Wyoming. Speeches from Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi on Friday will be scrutinized for hints on the path of monetary policy, but neither of them are expected to give fresh guidance. The central bankers' views will be a change from the past two weeks, when the stock market was roiled by concerns over geopolitics, mayhem in Washington, and President Donald Trump's controversial comments. Trump on Wednesday threatened to shut down the government if funds were not secured to build a Mexico border wall, comments that came as a late-September deadline looms for U.S. officials…
Read More