Here is what you need to know.
Trump’s trade war could kill hundreds of thousands of jobs. “The tariffs and retaliation would increase U.S. steel employment and non-ferrous metals (primarily aluminium) employment by 26,346 jobs, but cost a net of 495,136 jobs throughout the rest of the economy, for a total net loss of nearly 470,000 jobs,” a study conducted by The Trade Partnership found.
Morgan Stanley studied decades of stock market history and nailed down the best areas that protect against huge portfolio losses. “We think a rotation to more defensive market leadership is coming later this year and into 2019,” the firm said.
Crypto company Ripple is giving $US50 million to universities including Princeton and MIT for blockchain research.The new fund highlights the early-stage nature of blockchain and crypto tech, which many companies around the world are trying to use to create commercial ventures.
New York is the most influential city in the world.That’s according to the management consultancy firm A.T. Kearney’s annual Global Cities Report, which looks at which global cities “are improving in their competitiveness and what factors are driving that success.”
Italy’s biggest bank reportedly wants to merge with France’s Societe Generale to create a $US2.5 trillion European giant. Jean-Pierre Mustier, the CEO of Italy’s biggest bank, UniCredit, is reportedly interested in beginning merger talks with the French banking giant Societe Generale.
Facebook gave user data to 60 companies including Apple, Amazon, and Samsung. The New York Times reports that device makers were able to access data of users’ friends, such as relationship status, religion, and political leaning.
Microsoft is closing in on buying GitHub. A deal for the popular developer-tools platform, which was most recently valued at $US2 billion in 2015, could be announced as early as Monday, Bloomberg says.
Stock markets around the world are higher. Hong Kong’s Hang Seng (+1.66%) led the way in Asia, and Spain’s IBEX (+1.76%) is out front in Europe. S&P 500 futures are up 0.4%.
Earnings season is winding down. Dell Technologies reports ahead of the opening bell.
US economic data flows. Factory orders and durable-goods orders will be released at 10 a.m. ET. The US 10-year yield is up 2 basis points at 2.92%.
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