China’s exports to the US fell by the most since 2020 in May
The US and Chinese representatives meeting in London this week in hopes...
The US and Chinese representatives meeting in London this week in hopes of achieving a trade war truce have a lot to talk about—and a lot at stake. Last month, Chinese exports to the US declined 34.5%, the steepest drop since February 2020 when Covid shut down China’s economy and snarled global supply chains. This dip occurred despite a temporary trade agreement reached May 12, which led to lower (but still elevated) tariffs for 90 days. In this week’s talks, which began yesterday and are expected to continue, China is hoping the US will back down on tariffs and access to tech, while the US wants China to allow more exports of rare earth minerals. After yesterday’s meetings, Trump said China is “not easy,” but that he’s “only getting good reports.”
A Wall Street dealmaker steps down from the top of his eponymous...
A Wall Street dealmaker steps down from the top of his eponymous firm. Moelis & Co., an investment bank with a market value of ~$4.6 billion, is about to have a little bit less Moelis, as its founder Ken Moelis is leaving the CEO role, per the Wall Street Journal. He’s expected to stay on as executive chairman after handing the reins over to co-founder and current bank co-president Navid Mahmoodzadegan on Oct. 1. Moelis, who unlike Logan Roy has been planning his exit for years, said he intends to have the “smoothest transition ever in the history of Wall Street.”
President Trump’s travel ban took effect yesterday, barring citizens of 12 countries from entering the US.
Robert F. Kennedy Jr. said he was “retiring” all 17 members of the government’s panel of independent expert vaccine advisors. Public health advocates and Democrats decried the move, but the Health and Human Services Secretary said, “A clean sweep is needed to re-establish public confidence in vaccine science.”
The CEOs of Uber, Dell, Goldman Sachs, and others attended an event touting the “Trump Accounts” program included in the Republican tax bill currently being debated in the Senate. The program would see the federal government put $1,000 in investment accounts for newborn citizens.
Greta Thunberg and other activists, who were onboard a ship trying to bring aid to Gaza that was seized by Israeli forces, are expected to be deported to their home countries.
Disney agreed to pay another $438.7 million to finish buying Comcast’s stake in Hulu, giving it full control of the streaming service.
Oil prices hit multi-week highs amid US-China trade talks
(Reuters) Oil prices hit multi-week highs on Monday,...
(Reuters) Oil prices hit multi-week highs on Monday, buoyed by a weaker U.S. dollar. Investors awaited news from U.S.-China trade talks in London hoping that a deal could boost the global economic outlook and fuel demand.
Brent crude futures settled 57 cents higher, or 0.9%, to $67.04 a barrel. During the session, the benchmark rose to $67.12 a barrel, the highest since April 28.
U.S. West Texas Intermediate crude rose 71 cents, or 1.1%, to $65.29. The contract reached $65.38 a barrel during the session, the highest since April 4.
A weaker U.S. dollar gave some support to oil prices, as the dollar index (.DXY) dropped 0.3%, making oil cheaper for holders of other currencies.
Last week, Brent rose 4%, and WTI gained 6.2% as the prospect of a U.S.-China trade deal boosted some investors' risk appetite.
U.S. stocks end mostly higher as investors still waiting for details on U.S.-China trade talks
U.S. stocks ended mostly higher on Monday as investors...
U.S. stocks ended mostly higher on Monday as investors continued to wait for details about the trade talks between the U.S. and China that kicked off Monday in London. As of market close, no new information was available.
The Dow Jones Industrial Average closed flat on Monday, turning red minutes before the market close while still off session lows. “Investors were originally looking to book some profits after last week’s gains, but optimism continues to show through around the U.S.-China trade talk,” according to Jeff Schulze, head of economic and market strategy at ClearBridge Investments.
The Dow went down 1.11 points or 0.003% to end at 42,761.76, according to the Dow Jones Market Data.
The S&P 500 went up 5.52 points or 0.1% to finish at 6,005.88 for back-to-back gains;
The Nasdaq Composite rose 61.28 points or 0.31% to close at 19,591.24, logging back-to-back gains.
Permian Basin drillers see peak output as prices fall
Recent developments indicate a shift in the US oil industry, with executives...
Recent developments indicate a shift in the US oil industry, with executives and investors focusing on slowing domestic growth and potential limits to shale production expansion. This shift in sentiment comes as rising costs and maturing wells challenge the previous assumptions of continuous output increases.
