A full-blown trade war would punch a hole in global economic growth because of reduced trade volume, supply chain disruptions, and lost confidence. Quantifying just how much damage an entrenched trade battle could wreak upon the international community is a trickier task, but J.P. Morgan has come up with three scenarios. In J.P. Morgan’s first
The NATO summit in Brussels on July 11 and 12 is an opportunity for President Donald Trump to get the trans-Atlantic relations back on a constructive path — the place they should have never left. It is absurd to think and say, as some do, that the European Union was created as an opponent to
Facebook has admitted that it gave dozens of companies access to its users’ data after saying it had restricted access to such data back in 2015, the latest wrinkle in a firestorm over how the social network manages user information. In news first reported by The Wall Street Journal, Facebook handed a 747-page document to
Each year, more than 200,000 U.S. military veterans return to civilian life after serving our country in uniform. According to the Small Business Administration, 10 percent of veterans would like to own their own business. Veterans are disciplined, well-trained leaders. With access to capital and business training, their success rates as small business owners are
Union Square Ventures has big plans to profit on a potential trillion-dollar business in blockchain and crypto in 10 years. But those plans won’t include starting a separate fund, according to a top executive. “We’re not planning to do it,” Albert Wenger, managing partner at Union Square Ventures told CNBC. “We see a lot of
U.S. stock investors aren’t the only ones suffering from anxiety over the Trump administration’s trade policies. China’s Shanghai composite is tracking for its worst year in seven after falling 8 percent in June, amid escalating trade tensions and Beijing’s efforts to reduce reliance on high debt levels. A relentless six-week selling streak has sent the
Bitcoin fell below $6,000 on Thursday. According to cryptocurrency trader Ran Neu-Ner, it’s likely to go even lower. “There’s more blood to come,” Neu-Ner, who is host of CNBC Africa’s “Crypto Trader,” said Thursday on “Fast Money.” Bitcoin was priced around $5,915 as of 6 p.m. ET Thursday. “Right now my money is on the
Check out the companies making headlines after the bell: Nike stock increased by more than 8 percent in extended-hours trading. The popular shoe and athletic wear company posted stronger than expected earnings in its fourth quarter report. Nike earned 69 cents per share compared with analyst expectations of 64 cents per share. The Beaverton, Oregon
Citibank is closing down branches in its fastest-growing region — but the American banking group said that’ll actually help it do better than ever. The lender’s consumer business in Asia, its largest outside North America, registered its seventh consecutive quarter of growth in the first three months of 2018. Underpinning that momentum is the growth
Check out the companies making headlines after the bell: Shares of Pier 1 Imports plummeted more than 15 percent in extended-hours trading after the retailer reported weak sales. The popular home decor company saw same-store sales drop 8.2 percent, compared with analyst expectations of 7.7 percent. Pier 1 also missed on revenue, reporting $371.9 million
Apple co-founder and noted bitcoin bull Steve Wozniak says the hype around blockchain is similar to what he saw in the dotcom era, with companies going belly-up at a rapid rate. “It was a bubble, and I feel that way about blockchain,” Wozniak said Tuesday on stage at the NEX technology conference in New York.
The bidding war between Comcast and Disney for Fox assets is costing Rupert Murdoch billions of dollars. Disney raised its bid for pieces of Twenty-First Century Fox to $71.3 billion, up from its original offer of $52.5 billion. This was in response to Comcast’s offer of $65 billion for the same Fox assets. Disney’s original
Bitcoin bounced back Monday after falling below $6,000 on Friday. But blockchain venture capitalist Spencer Bogart, who said he’s “super bullish on crypto right now,” told CNBC that prices will likely go lower. “If we go back to the summer of 2017, when crypto prices were booming, there was about a 100, 200, maybe 300
The proposed U.S. tariffs on car imports will have far reaching negative implications for the whole auto industry, according to Moody’s Investors Service. The research firm said higher tariffs will cause problems across the car industry’s global supply chain. “Tariffs on imported cars, parts would be broadly credit negative for industry,” Moody’s said in a
Wall Street is regrouping. Easy money has been made. The fiscal stimulus has been priced in for a long time. The Fed is an ongoing game, but the slightly easing price pressures along the U.S. yield curve are signaling surprisingly stable inflation expectations. The current mix of easy fiscal and monetary policies has produced an
Bitcoin fell below $6,000 on Friday, but bitcoin bull Brian Kelly told CNBC that the popular cryptocurrency is “not dead.” “This is not the funeral for bitcoin whatsoever,” Brian Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, said on “Fast Money” Friday. “Let’s put this in perspective,” he said.
President Donald Trump said on Friday he wants OPEC to raise its oil production. “Hope OPEC will increase output substantially. Need to keep prices down!” Trump said on Twitter. Tweet Link OPEC announced from its meeting in Vienna that it would raise output, but it was unclear by how much. The official press release by
Bonds issued by Walmart to fund its acquisition of Indian ecommerce company Flipkart contain controversial provisions that could be used to withhold compensation to investors if the deal is delayed. The big box retailer sold $8.5bn bonds on Wednesday whose documents contain legal language used recently by other issuers to avoid paying such compensation, in
Now might not be a good time to enter the market with new capital, an investor told CNBC. “We’re going from a Goldilocks economy with low interest rates, low inflation expectations, stellar corporate earnings to an economy that’s full of big bad wolves,” K.C. Mathews, chief investment officer at UMB Bank, said Friday on “Power
“Bull markets don’t die of old age” is a piece of trader wisdom trotted out to justify hanging out in stocks in a bid to try and squeeze out the last of any potential gains in a cycle. But as market lore goes, this piece of advice may now be injurious to your financial wealth.
General Electric may not break up entirely, but it is heading toward a significant announcement about its future at the end of this month, CNBC’s David Faber said Thursday. The company’s announcement about its plans for the future has been widely anticipated. “I think we can expect to see GE make some kind of significant
The acting director of the Consumer Financial Protection Bureau says until the agency breaks out of Senator Elizabeth Warren’s shadow, it cannot operate as a “gold-standard” regulator. “We are still Elizabeth Warren‘s baby,” CFPB Acting Director Mick Mulvaney said at the Future of Fintech conference in New York Wednesday. “Until we break that we will
South Korea-based cryptocurrency exchange Bithumb said Wednesday it was temporarily suspending deposit and withdrawal services after about $30 million worth of cryptocurrency was stolen. The Seoul-based operator said on Twitter that the stolen coins would be covered from Bithumb’s own reserves and that all users’ assets are being transferred to safer “cold wallet.” Tweet 1:
There is a “much bigger issue” for the market than concerns about trade, investing expert Richard Bernstein told CNBC on Tuesday. In fact, over the last three to four months, almost every sizeable market sell-off has come from pro-inflation policies out of Washington, D.C., the CEO and chief investment officer of Richard Bernstein Advisors said.
China’s Xiaomi Corp said on Tuesday it will postpone its mainland share offering until after it completes its listing in Hong Kong. Xiaomi said it would submit an application to China’s securities regulator to postpone the ongoing review of its China depository receipts offering application. It did not say when it would restart its CDR
Shares of Rent-A-Center soared more than 20 percent on Monday after the rent-to-own retailer announced it is being acquired by Vintage Capital Management. Vintage Capital will pay $15 per share in cash for the company, which went public in 1995. Including debt, the deal is valued at around $1.37 billion. The acquisition is expected to
Germany may only account for 3.4 percent of the world economy, but it is more than a quarter of the European Union’s demand and output. The EU, in turn, is close to 20 percent of the world economy, and, based on last year’s numbers, it takes $283.5 billion of U.S. exports, or 18.3 percent of
The Federal Reserve may have telegraphed a fourth interest rate hike this year, but markets didn’t quite get the message. After the conclusion Wednesday of its two-day meeting, the Federal Open Market Committee, through the so-called dot plot of individual members’ expectations, indicated that it would increase rates two more times before 2018 ends. That
Bitcoin is on the decline, but ethereum might be a better bet in cryptocurrency, Brian Kelly told CNBC. Bitcoin, the most popular digital coin and largest by market cap, was priced around $6,400 on Friday — a staggering decline from its December highs of around $19,500. But cryptocurrency is still a relatively new industry, and
Investors need to be vigilant as trade war talk heats up, but there may be some buying opportunities to be had amid the volatility, veteran fund manager Larry Glazer told CNBC on Friday. U.S. stocks cut their losses on Friday after fears of a trade war eased. Earlier in the day, the market fell after