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Dow tumbles on trade war worries
US stocks stumbled early Tuesday, the morning after President Donald Trump threatened an all-out trade war with China. The Dow Jones industrial average fell 1.7%, down more than 400 points, and S&P 500 lost 1.1% after heavy overnight selling dropped China’s Shanghai Composite (-3.78%) to its lowest level in two years.
Monday’s announcement came days after Beijing announced tariffs on $US50 billion worth of US goods in a tit-for-tat response to those finalised by Trump earlier Friday. Neither of those tariffs have gone into effect yet.
Robots need not apply: why Credit Suisse is betting on human traders
Credit Suisse is making a contrarian bet on human traders.
The Swiss banking giant has hired or promoted a collection of managing directors over the past 18 months as sales traders or other members of its so-called high-touch offering, Paul Galietto, the head of equities for the Americas, told Business Insider.
And maybe as important, the bank is willing to publicly discuss its high-touch offering at a time when many Wall Street firms, including Goldman Sachs, are still highlighting the investment they’re making in trading techniques that exclude a human touch.
Snap held talks to buys startup Blippar
Snap held talks to buy Blippar just months before the buzzy British augmented-reality startup shut down its California office to cut costs, sources have told Business Insider.
According to three people familiar with the matter, the two companies discussed a deal earlier this year, but the conversations ultimately broke down and Blippar quit Silicon Valley.
Two sources said Blippar CEO Ambarish “Rish” Mitra boasted to employees in Mountain View, California, about an acquisition offer from Snap.
In markets news
- Morgan Stanley warns investors are in more danger of a market wreck than they realise and pinpoints one sector to stay safe
- ‘Our odd, unconventional recovery could have a shocking result’ – A Wall Street chief strategist explains how the next recession could come out of left field
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