Here is what you need to know.
- China could use its most powerful weapon in the trade war.China is “seriously considering” limiting rare-earth exports to the US, according to Hu Xijin, the editor-in-chief of the state-run Global Times.
- The US doesn’t name China a currency manipulator.“Based on Treasury estimates, direct intervention in foreign exchange markets by the People’s Bank of China (PBOC) over the last several months appears limited,” the Treasury Department said in a report out Tuesday.
- The stock market is getting smaller. The US equity market has shrunk every year since 2011, and 2.3% since 2018, as companies are buying back more stock than they are issuing, says a team of Citigroup strategists led by Robert Buckland.
- Huawei says blacklisting it could cost ‘tens of thousands’ of Americans their jobs. The Chinese telecom company says it being blacklisted will directly harm 1,200 US companies, and puts “tens of thousands” of US jobs at risk.
- Traders are betting big against Uber. Short-sellers have a $US1.5 billion bet against Uber, according Samuel Pierson, director of securities finance at IHS Markit.
- Time spent on Facebook is flatlining.The average daily time spent on Facebook fell by 3 minutes to 38 minutes a day, according to a new report from eMarketer.
- Beyond Meat is leaving Uber and Lyft in its wake.Shares of the plant-based burger maker have surged 244% since their May 2 initial public offering, compared to Lyft and Uber losing 21% and 9%, respectively, following their IPOs.
- An investor who has gotten in early on Tesla, Amazon, and other wildly successful companies explains what the investments have in common. The companies all have “visionary founders,” Andrew Telfer, a joint senior partner at Baillie Gifford, told Business Insider.
- Stock markets around the world are lower. Japan’s Nikkei (-1.51%) led the losses in Asia and France’s CAC (-1.72%) trailed in Europe. The S&P 500 was set to open down 0.54% near 2,787.
- Earnings reporting is light. Canada Goose and Dick’s Sporting Goods will report ahead of the opening bell.
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