1. President Donald Trump said on Wednesday his tariffs on foreign steel are saving the U.S. industry and he predicted that in the future American steelmakers will mostly face domestic competition, the Wall Street Journal reported. In a 20-minute interview with the newspaper, Trump said some people may complain that steel prices may be “a little more expensive” in the short term because of the tariffs, but that ultimately they will drop.
2. China said on Thursday a delegation would attend the next round of trade talks with U.S. counterparts in Washington later this month, in the latest bid to defuse a conflict that has set world markets on edge. A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will hold talks with U.S. representatives led by Under Secretary of Treasury for International Affairs David Malpass.
3. Goldman Sachs is officially advising Elon Musk on his plans to take Tesla private. In a note to clients Wednesday, Goldman Sachs said it was suspending research coverage of Tesla because it is “acting as a financial advisor in connection with a matter that is fundamental to the reasonable analysis of the rating and price target for the stock.”
4. Stocks fell on Wednesday after the Chinese technology giant Tencent reported a rare profit decline. Technology and energy companies took the biggest hits following the disappointing earnings report, which stoked fears of slowing growth. The dollar rose, and Treasury yields fell.
5. The MSCI Emerging Markets index has now fallen into a bear market, as EM stocks fell by the most in six months overnight.Continued pressure on EM currencies and the commodity rout further rattled markets, with the recent trend underpinned by the ongoing withdrawal of US dollar liquidity.
6. The United States said on Wednesday the European Union and four of its planemaker states have failed to bring subsidies for Airbus into line with a WTO ruling of last May, an accusation refuted by the EU.The EU asked the WTO last week to certify that it has complied with WTO rulings that found its Airbus subsidies illegal, attempting to forestall billions of dollars of U.S. retaliatory sanctions.
7. The pound is now on its longest losing streak against the dollar since the depths of the financial crisis as a perfect storm “unravels” the UK’s currency. The pound has fallen against its transatlantic counterpart for 11 consecutive days as Brexit uncertainty and geopolitical concerns drag on sentiment.
8. The US slapped sanctions on Chinese and Russian entities for helping North Korea earn billions from smuggling banned substances. The US Treasury said North Korea’s illegal cigarette trade netted over $US1 billion per year.
9. Investors have told Uber it would be wise to sell off its self-driving car unit after it racked up losses of $US125 million to $US200 million each quarter for the past 18 months.That’s according to tech news site The Information, citing an unnamed person familiar with the issue.
10. Amazon is sounding out some of Europe’s top insurance firms to see if they would contribute products to a UK price comparison website in what would be a major foray by the U.S. online retail giant into the region’s financial services. Three industry executives told Reuters they had held talks with Amazon about the possible launch of a site.
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