U.S. moves to slap tariffs on $11 billion of EU products: Morning Brief
Tuesday, April 9, 2019
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WHAT TO WATCH
Federal Reserve Vice Chairman Rich Clarida will be speaking at the Federal Reserve Bank of Minneapolis Spring 2019 Institute Conference.
Given the Federal Open Market Committee’s (FOMC) upcoming release of its March meeting minutes on Wednesday, Clarida’s speech will carry more weight. The FOMC’s sharp dovish pivot in the March meeting caught some market participants by surprise. At the end of March, Clarida mentioned during a speech in Europe that the Fed cannot ignore overseas spillover effects. Investors will be looking for more clues on both the Fed’s near-term and long-term outlook on international risks and the overall economic outlook in the U.S.
“Vice Chair Clarida has represented the more dovish side of the FOMC over the past several months, and he should continue to sound very cautious on the global outlook and stress patience given muted inflation. He may suggest allowing a significant overshoot before hiking again. If asked, he is likely to concede there are rate cut scenarios, but not that likely in his view,” TD Securities wrote in a note on Friday.
No major earnings reports are scheduled for Tuesday.
TOP NEWS
U.S. floats tariffs on $11B of EU products: The U.S. is floating the idea of slapping tariffs on $11 billion worth of products from the European Union. The move, which would escalate trade tensions between the U.S. and EU, is a retaliation to European aircraft subsidies after the World Trade Organisation (WTO) said that the subsidies have an adverse impact on the US. [Yahoo Finance UK]
Walmart plans to add thousands of robot helpers to U.S. stores: This year, Walmart (WMT) plans an aggressive expansion of technology that will automate a range of low-level tasks within its fleet of U.S. stores, freeing up its associates to do more specialized work. [Yahoo Finance]
Bank CEOs set for Capitol Hill grilling: Big bank executives — including Citigroup's (C) Michael Corbat, Bank of America's (BAC) Brian Moynihan, JPMorgan Chase's (JPM) Jamie Dimon, Goldman Sachs’s (GS) David Solomon, and Morgan Stanley's (MS) James Gorman — are expected to testify on Wednesday for several hours before the House Financial Services Committee's 59 members. The CEOs say their institutions are much safer in the ten years since the financial crisis, thanks in part to regulation. [Yahoo Finance]
Aramco bond sale breaks record: Orders for Saudi Aramco's debut international bonds topped $85 billion, a record breaking vote of market confidence for the oil giant despite some investor concerns about government influence over the company.
Tesla opens a new quarter with another round of sales staff cuts: Tesla Inc. (TSLA) followed a disappointing deliveries report by cutting another swath of sales staff across the country, as the electric-car maker continues to pare back personnel and shift its ordering process online. [Bloomberg]
China says it wants to eliminate bitcoin mining: China's state planner wants to ban bitcoin mining, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector. [Reuters]
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