Tencent Holdings chairman pledged to advance China's semiconductor industry, saying the blow to ZTE Corp from Washington's ban on U.S. firms supplying telecommunications company was a "wake-up" call, local media reported. China's No.2 telecom equipment maker ZTE was banned in April from buying U.S. technology components for seven years for breaking an agreement reached after it violated U.S. sanctions against Iran and North Korea. American firms are estimated to provide 25-30 percent of the components used in ZTE's equipment.
If the crypto market sentiments weren’t depressing enough, regulatory news and chatter from all around the world are indicating tough times ahead for cryptocurrencies. Bitcoin is taking continuous blows and recovery seems pretty tough. The world’s first and largest cryptocurrency Bitcoin is famous for being the decentralized peer-to-peer network.
How much money is in your checking account? Markets are experiencing another period of volatility this week, and new research suggests checking account customers are doing something that indicates they don’t feel as secure as they would like about the economy. Moebs Services, an economic-research firm in Lake Bluff, Ill., analyzed over 12,000 depository call reports and compared them to the Federal Reserve monetary data for 2017.
China’s largest initial public offering since 2015 has gotten the attention of the nation’s top internet companies. Affiliates of Baidu Inc., Alibaba Group Holding Ltd. and Tencent Holdings Ltd., known collectively as BAT, are becoming strategic investors in Foxconn Industrial Internet Co. The companies are buying 21.8 million shares each in FII’s listing at 13.77 yuan apiece, the firm said in a statement to the Shanghai stock exchange Sunday. China’s largest tech corporations join a plethora of major names that’re buying into the smart factory unit of Hon Hai Precision Industry Co., Apple Inc.’s most important assembler.
U.S. oil futures sank to six-week lows on Monday on expectations that major producers may raise output, while Asian stocks and U.S. share futures gained on signs the United States and North Korea were still working towards holding a summit. The euro bounced back from a 6-1/2-month low after the Italian president rejected a eurosceptic as a key economy minister. Oil prices extended their decline from last week on growing expectations that major oil producers may ease their 17-month-old production cuts.
Amazon appears to be restarting its funding efforts in India after Acko, the digital insurance startup in India, confirmed that the U.S. retail giant led a new round of funding for its business. Amazon -- which has been linked with an Acko investment since the start of this year -- backed lending startup Capital Float last month, and now it has led a $12 million funding round for Acko alongside Ashish Dhawan, the founder of PE firm ChrysCapital, and existing backer Catamaran Ventures. Acko was founded in late 2016 by Varun Dua, one of the co-founders of insurance comparison site Coverfox.
Dow futures closed lower on Friday after giving up earlier gains. After the initial thrust to the upside, the market fell victim to low pre-holiday volume and the buying dried up. The fundamentals were mixed going into the session with the Fed minutes
Qualcomm Inc (NASDAQ:QCOM) is expected to meet regulators in China this week to push for a green light on its proposed $44 billion acquisition of NXP Semiconductors NV (NASDAQ:NXPI), according to media reports over the weekend. NXPI stock climbed more than 4.7% on Friday, compared to the Nasdaq Composite index’s 1.3% gain. Qualcomm could meet Chinese antitrust regulators before U.S. Commerce Secretary Wilbur Ross arrives in Beijing on June 2, Reuters reported on Sunday. Qualcomm representative and officials from the Chinese State Administration for Market Regulation met in Beijing on May 25 and had “productive” talks, according to the report.
Asian markets closed mixed on Monday, with the Kospi leading gains in the region. Delegations from the U.S. and North Korea met on Sunday at the border between North Korea and South Korea. Oil prices extended declines after news that top producers could ease quotas on output cuts.
Mark Tinker of AXA Investment Managers says exposure to emerging markets via equity indexes limits the opportunity for investors to be more selective.
OPEC and allied oil producers including Russia concluded that the crude market re-balanced in April, when their output cuts achieved a key goal of eliminating the global surplus. The excess in oil inventories, which has weighed on prices for three years, plunged in April to less than the five-year average for stockpiles in developed nations, according to people with knowledge of the data assessed at the meeting of the Joint Technical Committee of OPEC and other producers last week in Jeddah, Saudi Arabia. The re-balance is sure to be the focus of a tense meeting between OPEC and its partners in the production cuts when they meet in Vienna next month.
The FANG stocks have become some of the stock market's most dominant stocks, disproportionately powering its gains, as well as its losses. (Apple is often added, making the group the FAANG stocks), sometimes a bad week for the group of stocks can lead the market down. For instance, Facebook led a steep decline in the FAANG stocks in March, after its data misuse scandal came to light on Sunday, March 18.
Indeed, the S&P 500 index is staged for the best May performance in nine years, boasting a month-to-date return of 2.8% thus far, while the Dow Jones Industrial also headed for the best May since 2009, according to FactSet data. Back in 2009, the Dow booked a 4.1% return for May as the S&P 500 returned 5.3% that month. The Nasdaq Composite Index is the outperformer, on track for a May return of 5.2%, which would represent the technology-tilted index's best rise for that month since 2005, when it advanced by 7.63%.
Here’s a detailed look at how the irreverent Turtleboy has offended Facebook’s (FB) users and management, or not, and why Facebook keeps banning the blog. This huge company owns 40% of “Fortnite’s” developer and is still growing very quickly.
European stocks followed Asian peers higher and U.S. equity futures gained as traders kicked off the week in a risk-on mood, buoyed by indications that a U.S.-North Korea summit is back on track. The Stoxx Europe 600 Index rose as most national gauges in the region advanced, although trading was subdued thanks to a holiday in both the U.K. and U.S. S&P 500 futures jumped, as did South Korean stocks, after President Donald Trump appeared to confirm that his June summit with Kim Jong Un was back on. “We may now be in for an extended period of heightened uncertainty ahead of fresh elections, assuming that’s where we’re headed, but that’s not a story for today,” said Ray Attrill, head of foreign-exchange strategy at National Australia Bank Ltd. in Sydney, referring to the euro’s advance on Monday.
Elias Haddad of Commonwealth Bank says the U.S. dollar tends to perform well during periods of "heightened risk aversion."
Both Quest Diagnostics and LabCorp lost exclusive contracts, but their stocks surged following the news. Analysts said the pair of announcements may indicate that the lab services didn't have to resort to rock-bottom pricing to hold onto their agreements. Losing exclusive contracts might normally seem like bad news, but shares of Quest Diagnostics DGX and LabCorp LH surged on Friday after the rival lab services firms announced new non-exclusive agreements with health insurers.
Mortgage rates were on the rise once more, with rates hitting 4.66%, the highest level since May 2011’s 4.71%, according to figures released by Freddie Mac, the upward trend reported to have been the most sustained rise in rates in over 40-years. According to Freddie Mac, rates have risen in 15 of the first 21 weeks of the current year, the share of weekly rises the highest since 1972. The sustained rise in mortgage rates through the year will have contributed to the slump in U.S home sales, with new home sales falling by 1.5% in April, reversing March’s 2% rise and existing home sales sliding by 2.5%, more than reversing March’s 1.1% rise, according to figures released last week.
David Kline Contributor David Kline is a journalist, author and intellectual property strategist. Although top senators, including Democrat Chuck Schumer and Republican Marco Rubio, are urging the administration not to bend on ZTE, President Trump is planning to ease penalties on the Chinese telecommunications giant for violating sanctions against Iran and North Korea.
U.S. West Texas Intermediate and international-benchmark Brent crude oil settled sharply lower last week. July WTI crude oil settled at $67.88, down $3.49 or -4.89% and July Brent crude oil finished the week at $76.44, down $2.07 or -2.64%. Helping to trigger the steep drop in prices was Russian Energy Minister Alexander Novak, who said a group of producer nations could soon begin easing production limits aimed at balancing the market.
Friday marked a quiet day on Wall Street as the price of oil declined and tensions between North Korea and the U.S. eased a bit. With the stock market closing Monday for Memorial Day, we’re looking ahead to a short week. Here are the top trades to make
Workplace retirement plans get a lot of bad press, primarily if they are loaded with high fees. Put simply, 401(k)s work. The bad news is that otherwise-diligent savers can still leave money on the table with a 401(k), often without realizing it.
On the other hand, we made investing mistakes that in retrospect could only be described as pure stupidity. The worst advice, which I read and hear frequently, is that you should find a good financial adviser by seeking the recommendation of someone you trust.
The commodity-linked Australian and New Zealand Dollars were pressured on Friday as oil prices fell after Russia and Saudi Arabia said they were ready to ease production curbs that have supported crude prices. On Friday, the AUD/USD settled at .7547, down 0.0030 or -0.40% and the NZD/USD finished the session at .6916, down 0.0013 or -0.20%. Russian Energy Minister Alexander Novak said a group of producer nations could soon begin easing production limits aimed at balancing the market.
The major U.S. stock indexes finished mixed on Friday, but were still able to hold on to their weekly gains. Solid corporate earnings helped underpin the indexes, but gains were limited by geopolitical fears following President Donald Trump’s decision to cancel a key summit with North Korea. The blue chip Dow Jones Industrial Average closed at 24753.09, down 58.67 or -0.24% and the tech-driven NASDAQ Composite ended the session at 7435.79, up 11.36 or +0.15%.