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Malaysian Finance Minister Pares Back 2018 Growth Forecast To 5% (12mins) like | retweet
China's Onshore Yuan Weakens Past 6.8 Per Dollar Level For The First Time Since July 11, 2017 (54mins) like | retweet
RT @YuanTalks: Offshore #Yuan #CNH broke through 6.82/USD mark, new low since last June. https://t.co/JyiE5CgXoO (1hrs ) like | retweet
PBoC Fixes USDCNY Reference Rate At 6.7671 (prev fix 6.7066 ; prev close 6.7796) (1hrs ) like | retweet
PBoC Says Current Banking Liquidity Is Reasonably Ample (1hrs ) like | retweet
PBoC Injects A Net CNY 540 Bln Via Open Market Ops This Week Against A Net CNY 90 Bln Drain Last Week (1hrs ) like | retweet
PBoC Keeps Neutral Position In Open Market Operations (1hrs ) like | retweet
Macquarie: Metals Sell-Off On Trade Concerns Seems 'Overdone' (2hrs ) like | retweet
RT @business: Japan inflation inches higher, building on modest gains in wages https://t.co/11N20Pgm1l https://t.co/8NZZbFytlP (2hrs ) like | retweet
Japan's Motegi: Japanese Countries In US Are Plus For US Trade (2hrs ) like | retweet
today’s featured stories
Trump's Global Economy Stress Test - Analysis
The first round of US tariffs and the responses from the European Union and China are now in the customs books, so businesses are closely watching as Washington threatens to further escalate the trade war, leaving economists concerned about global growth. After the US slapped tariffs on Chinese...
Read More

The first round of US tariffs and the responses from the European Union and China are now in the customs books, so businesses are closely watching as Washington threatens to further escalate the trade war, leaving economists concerned about global growth.

 

After the US slapped tariffs on Chinese goods worth USD 34 billion annually and on steel and aluminum from the European Union and other trading partners, Beijing and Brussels retaliated with import fees on a range of American goods. (LiveSquawk - Continue Reading)

US Cash Equity Preview - 19-July-18
Wall Street set to open down 100 points as trade war rhetoric continues. China foreign ministry labelling Larry Kudlow’s comments to CNBC as ‘Shocking’ and ‘Bogus’ as he stated lower ranking Chinese officials wanted a trade, China’s President Xi however is...
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Wall Street set to open down 100 points as trade war rhetoric continues. China foreign ministry labelling Larry Kudlow’s comments to CNBC as ‘Shocking’ and ‘Bogus’ as he stated lower ranking Chinese officials wanted a trade, China’s President Xi however is refusing to budge.

 

US President Trump said the US may hammer out a trade deal with Mexico and then do a separate one with Canada later, providing fresh doubt around the future of NAFTA.

 

US initial jobless claims actual 207K vs 220K highlighting continue strength in the labour market.

 

Amazon reaches a $900 Billion market value for the first time on Wednesday moving ever closer to Apples title of Wall Street’s most valuable company. Helping Cisco rally 4% in after hours trade Amazon said it has no plans to start selling network switches.

 

Shares In Papa John’s closed up 4% on Wednesday following reports that found John Scnatter held merger talks with Wednesday. The meeting taking place before the racial slur cooled off the discussions.

 

Comcast dropped out of bidding war for Twenty-First Century Fox entertainment business, leaving Disney as the winner.

 

IBM

 

IBM reported adjusted quarterly profit of $3.08 beating consensus estimate of $3.04. Shares are up over 2% in pre-market.

 

eBay

 

Reported an adjusted quarterly profit of 53 cents per share, with revenue coming in line with expectation for Q2.  The retailer provided a weak guidance for Q3 and full year, shares are down 6% in pre-market.

 

American Express

 

American Express (AmEx) has reported a net income of $1.6bn, or $1.84 per share, for the second quarter of 2018, an increase of 21% compared to $1.3bn, or $1.47 a share, in the corresponding quarter of 2017.

 

American Express is down 3% in pre-market trading

 

Bank of New York

 

EARNINGS: The bank reported net income of $1.1 billion, or earnings of $1.03 a share, up 14% from the same period last year. That was slightly more than the $1 billion in net income, or $1.02 a share, analysts polled by Thomson Reuters expected.

 

REVENUE: Revenue increased 5% to $4.1 billion, helped by higher interest rates and stronger markets. This was in line with analysts' expectations. Fee revenue increased 3% and net interest revenue increased 11%, driven by underlying growth in some of its franchises.

 

Bank of New York down nearly 4% in pre-market trade

UK High Street Scores An Own Goal As World Cup And Warm Weather Keep Shoppers Out Of Stores
We saw a mixed message from retail sales data published today, courtesy of the Office for National Statistics (ONS). The continued hot weather and the global event that is the World Cup drove shoppers into Supermarkets for beer, food and BBQ's. However, the very same factors meant footfall was down...
Read More

We saw a mixed message from retail sales data published today, courtesy of the Office for National Statistics (ONS). The continued hot weather and the global event that is the World Cup drove shoppers into Supermarkets for beer, food and BBQ's. However, the very same factors meant footfall was down on the high street. 

 

In June 2018, total sales fell 0.5pct m/m, disappointing analysts' median forecast for a 0.2pct rise. Sales rose 2.9pct y/y, dipping from May's upwardly revised 4.1pct and a miss versus expected growth of 3.5pct. Excluding fuel numbers presented a similar picture. Sales were down 0.6pct m/m and up 3.0pct y/y, both missing forecasts and significantly off from upwardly revised May prints. 

 

The underlying picture however proved more encouraging. The 3-months to June saw growth in the quantity bought increase by 2.1pct; the largest increase since February 2015, and across all areas. The strong showing in the rolling 3-month was put down to robust growth in April and May of this year. Retailers suggesting that the hot start to the summer had increased sales over the period. (LiveSquawk – Continue Reading)

US Cash Equity Preview: 18-July-18
Wall Street looks to extend its winning streak with a 4th day of gains today. During the session we have Fed Chair Jerome Powell facing questions for a second day. Yesterday Powell provided an upbeat outlook to the economy, highlighting that rates will keep an upward trajectory.
Read More

Wall Street looks to extend its winning streak with a 4th day of gains today. During the session we have Fed Chair Jerome Powell facing questions for a second day. Yesterday Powell provided an upbeat outlook to the economy, highlighting that rates will keep an upward trajectory. He did however highlight that global trade wars are a concern and this factor could interrupt the central bank on its hiking cycle.

US housing starts total 1.173 million in June Vs 1.30 million expected

 

Morgan Stanley:

Morgan Stanley reported second quarter earnings and revenues above expectations, with its key driver being outperformance in its sales and trading business. Net income rose $2.27 billion or $1.30 a share from $1.59 billion or 87 cents from a year ago.

 

Alphabet

Alphabet shares are being weighed down by the biggest ever antitrust fine from the European Union’s competition body $5 billion over Android apps. It’s yet to be seen whether this will affect the tech sector.

 

Ericsson

Sony Ericsson shares are set to open 9%. As it moves into modest operating profit in the second quarter. Being boosted by growth in sales in North America the company stated it was growing in confidence of being able to meet its long-term targets

 

US Bancorp

US Bancorp released earnings for its second quarter that increased from last year. The company's bottom line came in at $1.68 billion, or $1.02 per share. This compares with $1.43 billion, or $0.85 per share, in last year's second quarter.

 

Northern Trust

Northern Trust came out with adjusted EPS of $1.72, beating the Zacks Consensus Estimate of $1.63. Higher revenues were primarily responsible for the earnings beat. Notably, results exclude certain non-recurring items

 

Abbott Labs

Abbot Laboratories are up 2.5% in premarket trade on Wednesday after the company reported second quarter profit and revenue beats. Earnings for the latest quarter rose to $733 Million, 41 cents per share, from last years figures of $283, 16 cents per share.

 

Textron

Textron up 3% in premarket Adjusted income from continuing operations of $0.87 per share vs. $0.60 per share a year earlier.

 

United Continental Health

Shares In United Continental holding rose in late Tuesday trade by more than 3% as the company reported better than expected second quarter earnings and upped projections for this year’s profits. United earned $684 Million, $2.48 share in the quarter, in contrast to $821 million, $2.67 a share last year.

 

Amazon

Prime day has ended even though Amazon faced technical issues it has been tipped as the best Prime promotion to date. 

Fed's Powell July 2018 Semi-Annual Testimony
Federal Reserve board chairman Jerome Powell is likely to reiterate the Fed's desire for a gradual pace of rate hikes and continue to express the US economy in buoyant terms, but hawkish talk will likely be held in check given mounting concerns on trade, tariffs and the Trump administration's...
Read More

Federal Reserve board chairman Jerome Powell is likely to reiterate the Fed's desire for a gradual pace of rate hikes and continue to express the US economy in buoyant terms, but hawkish talk will likely be held in check given mounting concerns on trade, tariffs and the Trump administration's heated rhetoric with even US allies.

 

For the most part, many economists look for Powell's opening remarks on Capitol Hill  -- first due on Tuesday, 17 July at 1400 GMT to the Senate Banking Committee -- to largely be a repetition of the upbeat minutes from the June meeting when the FOMC unanimously raised the Fed funds target rate by 25 basis points to a range of 1.75pct to 2.0pct. (LiveSquawk - Continue Reading)

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