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Senin, 24 Juni 2019

G20 nerves hit European stocks, dollar; oil gains - Investing.com

© Reuters. A passerby walks past in front of a stock quotation board outside a brokerage in Tokyo

By Karin Strohecker

LONDON (Reuters) - European stocks stumbled and the dollar dropped to three-month lows on Monday as hopes waned for progress in Sino-U.S. trade talks at this week's G20 meeting and fears grew of a confrontation with Iran.

Investors are waiting to see if Presidents Donald Trump and Xi Jinping can de-escalate a trade war that is damaging the global economy and souring business confidence. The leaders will meet during a G20 summit in Japan.

Pan-European fell 0.2% , reflecting losses in Paris and Milan. Stocks in London were little changed. Germany's export-sensitive fell 0.5% after a profit warning by Daimler caused its shares to drop nearly 5%.

However, gains in Asia saw the MSCI regional and global stocks gauges rise again towards last week's six-week highs. Wall Street also looked in line for more gains after closing lower on Friday. pointed to a 0.2% rise at the open.

"G20 is turning into a high-stakes poker game for risk, and if the sideline talks between Trump and Xi fail and trigger an escalation in tariffs, the odds of a full-blown global recession increase exponentially," said Stephen Innes, managing partner at Vanguard Markets.

On Monday, Chinese Vice Commerce Minister Wang Shouwen said China and the United States should be willing to compromise in trade talks and not insist only on what each side wants.

U.S. Vice President Mike Pence's decision on Friday to call off a planned China speech was also considered a positive sign. Pence had upset China with a fierce speech in October that laid out a litany of complaints ranging from state surveillance to human-rights abuses.

Still, most analysts doubt the two sides will come to any meaningful agreement. Tensions are reaching beyond tariffs, particularly after Washington blacklisted Huawei, the world's biggest telecoms gear maker, effectively banning U.S. companies from doing business with it.

"Any high hopes ahead of the G20 meeting may be disappointed," said Benjamin Schroeder, senior rates strategist at ING in Amsterdam. "In the end, uncertainty will persist and central banks could still be pushed closer to invoking their contingency plans."

The U.S. Commerce Department said on Friday it was adding several Chinese companies and a government-owned institute involved in supercomputing to its national security "entity list", which bars them from buying U.S. parts and components without government approval.

A Chinese newspaper said FedEx Corp (NYSE:) was likely to be added to Beijing's "unreliable entities list".

U.S. markets had reached record highs after last week's signals by the Federal Reserve that it may cut interest rates soon to bolster the U.S. economy. ()

However, that weakened U.S. currency, causing a to slip 0.1% lower to 96.11 after its biggest weekly drop in four months last week.

The dollar has led a broad selloff in major currencies as global central banks signaled a dovish outlook on monetary policy amid growing signs of a weak global economy.

The dollar fetched 107.39 yen, having slipped as low as 107.045 on Friday, the lowest level since its flash crash on Jan. 3.

"The market is not expecting more Fed rate cuts than it had so far, but that the reasoning behind them is being interpreted in a different manner," Commerzbank's head of FX and commodity research, Ulrich Leuchtmann, wrote in a note to clients.

"While for a long time the expected weakening of growth, fears of a recession and low inflation were used as reasons for rate cuts, another reason has now been added to the list: the Fed caving in to the White House."

The euro rose to a three-month high of $1.1387 against the dollar. [FRX/]

In developing markets, the Turkish lira strengthened as much as 2% after Turkey's main opposition party won Istanbul's re-run election for mayor, a blow to President Tayyip Erdogan.

pulled back from 18-month highs after jumping more than 10% over the weekend. Analysts said the gains came amid growing optimism over the adoption of cryptocurrencies after Facebook (NASDAQ:) announced its Libra digital coin.

Economic woes, looming U.S. interest rate cuts and tensions between Tehran and Washington drove gold higher. The precious metal stood at $1,404.79 per ounce, not far from Friday's six-year high of $1,410.78.

The rising tensions between Iran and the United States, after Iran shot down an American drone, also pushed oil prices higher. U.S. Secretary of State Mike Pompeo said "significant" sanctions on Tehran would be announced.

futures rose 0.4% to $65.42 per barrel, near Friday's three-week high of $65.76. futures were up 0.9% at $57.91, standing at its highest in over three weeks. [O/R]

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2019-06-24 09:26:00Z
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FedEx apologizes for returning Huawei phone, reigniting Chinese ire - One America News Network

FILE PHOTO: Federal Express truck makes its way down a freeway in San Diego, California

FILE PHOTO: A Federal Express truck makes its way down a freeway in San Diego, California August 22, 2014. REUTERS/Mike Blake/File Photo

June 24, 2019

By Kanishka Singh, Caroline Stauffer and Sijia Jiang

(Reuters) – FedEx Corp has apologized for returning a package which the sender said contained a Huawei smartphone, blaming an “operational error” as it works to comply with U.S. restrictions on business with China’s Huawei Technologies Co Ltd.

The error came less than a month after FedEx apologized for misdirecting packages sent between offices of Huawei. The telecom equipment maker subsequently said it would review its relationship with the U.S. delivery firm, while Chinese state media said authorities are investigating the matter.

Weeks earlier, Huawei was placed on the United State’s so-called Entity List, meaning American companies must apply for special permission to conduct business with related firms. The U.S. government deems Huawei a security risk due to Chinese law requiring domestic companies to comply with intelligence work.

Huawei had relied on U.S.-connected companies to supply components and software for its networking gear and smartphones.

On Friday, PC Magazine said FedEx had returned a Huawei phone that the American publication had sent from Britain to the United States.

In response to a Reuters inquiry, FedEx on Sunday said it “can accept and transport all Huawei products except for any shipments to listed Huawei entities on the U.S. Entity List”.

A FedEx spokeswoman confirmed the package in question was bound for the United States but declined to disclose its contents.

Huawei on Sunday tweeted it was not within FedEx’s right to prevent the delivery and said the courier had a “vendetta”.

On Monday, China’s foreign ministry said FedEx should offer a proper explanation. The Beijing News, municipal government-run newspaper, in an editorial said U.S. firms should be “rational” and not over-react or misinterpret the U.S. Entity List.

The list expanded on Friday with the addition of several Chinese companies and a government-owned institute involved in supercomputing with military applications.

UNRELIABLE

The incident sparked renewed criticism of FedEx on Chinese social media, with the topic “FedEx apologizes again” trending on Weibo, China’s Twitter-like microblog platform.

State-run newspaper Global Times on Sunday tweeted that FedEx is likely to be added to the Chinese government’s upcoming Unreliable Entities List of foreign firms, groups and individuals that harm the interests of Chinese companies.

Neither China’s commerce ministry nor FedEx responded to Reuters’ requests for comment on the likelihood of FedEx being added to the list. State news agency Xinhua previously said authorities’ investigation into FedEx misrouting Huawei packages should not be regarded as retaliation.

FedEx’s operational error comes against a backdrop of increasing tension between the world’s two biggest economies. The United States and China have been engaged in a trade fight for nearly a year on issues such as tariffs, subsidies, technology, regulations and cyber security.

A telephone call between U.S. President Donald Trump and Chinese President Xi JinPing last week, as well as confirmation the two will meet in Japan on the sidelines of a Group of 20 summit, have rekindled hopes of a detente.

(Reporting by Kanishka Singh in Bengaluru, Caroline Stauffer in Chicago and Sijia Jiang in Hong Kong; Additional reporting by Huizhong Wu in Beijing; Editing by Marguerita Choy and Christopher Cushing)

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2019-06-24 08:37:30Z
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Asia stocks climb pre-G20, oil up on U.S.-Iran feud - Investing.com

By Tomo Uetake and Noah Sin

TOKYO/HONG KONG (Reuters) - Stock markets in Asia inched higher on Monday on hopes that U.S. and Chinese leaders will be able to get trade talks back on track this week, while oil prices bounced on political tensions between Tehran and Washington.

European markets are set to trade generally higher, with the pan-region up 0.2%, London's futures up 0.1% in early trade, and German flat.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2%, hovering not far from Thursday's six-week high, while Japan's average was gained 0.1%.

In China, the , the blue-chip CSI 300, and Hong Kong's were all flat.

Wall Street shares closed slightly lower on Friday after hitting a record high thanks to signals last week from the Federal Reserve that it may cut interest rates soon to bolster the U.S. economy from protracted trade conflicts. ()

Investors are nervously awaiting an expected meeting between presidents Donald Trump and Xi Jinping later this week for any signs of a de-escalation in a trade war that is damaging the global economy and souring business confidence. The leaders will meet on the sidelines of the G20 summit in Japan.

China and the United States should be willing to make compromises in trade talks and not insist only on what each side wants, Vice Commerce Minister Wang Shouwen said on Monday.

U.S. Vice President Mike Pence on Friday decided to call off a planned China speech, which also increased optimism ahead of trade talks. Pence had upset China with a fierce speech in October in which he laid out a litany of complaints ranging from state surveillance to human-rights abuses.

"Event-driven players are buying back stocks as the United States and China at least appear to be talking to each other," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley (NYSE:) Securities (MUMSS).

Still, most analysts doubt the two sides will come to any meaningful agreement as the tensions have extended beyond tariffs, particularly after Washington put Huawei, the world's biggest telecoms gear maker, on a blacklist that effectively bans U.S. firms from doing business with the company.

"The very best markets can hope for is a more patient delay and position building at the G20 that at least sees the U.S. and China refrain from any further escalation," Michael Every, senior strategist for Asia Pacific at Rabobank, wrote in a note on Monday.

The U.S. Commerce Department said on Friday it was adding several Chinese companies and a government-owned institute involved in super computing with military applications to its national security "entity list" that bars them from buying U.S. parts and components without government approval.

In China, the Global Times newspaper said FedEx Corp (NYSE:) is likely to be added to Beijing's 'unreliable entities list'.

"Few investors would expect a dramatic progress when they are talking about entity lists, just days before a likely summit," said MUMSS's Fujito, adding that markets could slip back on disappointment after the summit.

Oil prices climbed as tensions remained high between Tehran and Washington following Iran's shooting down of an unmanned American surveillance drone, with U.S. Secretary of State Mike Pompeo saying "significant" sanctions on Tehran would be announced.

futures rose 0.7% to $65.66 per barrel, near Friday's three-week high of $65.76, while futures were up 1.1% at $58.07, standing at its highest in over three weeks.

Also potentially becoming a factor in the equation, Arab politicians and commentators greeted Trump's $50 billion Middle East economic vision with a mixture of derision and exasperation, although some in the Gulf called for it to be given a chance.

The combination of heightened geopolitical worries and likely U.S. interest rate cuts encouraged investors to seek the safety of gold.

The precious metal stood at $1,404.79 per ounce , not far from Friday's six-year high of $1,410.78.

In the foreign exchange market, the euro rose to a three-month high of $1.1386 against the dollar on Monday as bearish bets on the greenback remained solid on prospects of a near-term interest rate cut by the Federal Reserve. [FRX/]

The dollar fetched 107.42 yen , having slipped to as low as 107.045 on Friday, the lowest level since its flash crash on Jan. 3.

Other notable movers include Australian dollar. The firmed almost 0.5% to $0.6958, its highest since June 12, as it looks set for a fifth straight session of gains as its U.S. counterpart was undermined by aggressive wagers on rate cuts from the Fed, which offset any bearishness from the probability of policy easing at home.

The Turkish lira strengthened 1.4% to 5.7219 per dollar after Turkey's main opposition claimed a decisive victory on Sunday in Istanbul's re-run election, dealing one of the biggest blows to President Tayyip Erdogan.

Elsewhere, jumped overnight to $11,247.62, its highest level since March 2018. It was last quoted at $10,726.68.

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2019-06-24 06:59:00Z
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Asian shares waver ahead of Trump-Xi meet at Osaka G-20 - INQUIRER.net

BANGKOK – Shares were wavering in Asia on Monday as investors watched for movement in the China-U.S. trade dispute ahead of a meeting between Presidents Donald Trump and Xi Jinping planned for later this week in Osaka, Japan, at the Group of 20 summit.

Japan’s Nikkei 225 index gained 0.2% to 21,302.38 while in Hong Kong the Hang Seng also added 0.2% to 28,538.39.

The Kospi in South Korea edged 0.1% higher 2,128.69. Australia’s S&P ASX 200 lost 0.1% to 6,643.30 and the Shanghai Composite index declined 0.1% to 2,999.30. Shares fell in Southeast Asia and Taiwan.

Asian shares waver ahead of Trump-Xi meet at Osaka G-20

A man walks past an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo Monday, June 24, 2019. Shares were wavering in Asia on Monday as investors watched for movement in the China-U.S. trade dispute ahead of a meeting between Presidents Donald Trump and Xi Jinping planned for later this week in Osaka, Japan, at the Group of 20 summit. (AP Photo/Eugene Hoshiko)

The biggest uncertainty looming over the market remains the U.S. trade war with China. Stocks mostly have rallied since Trump said he planned to meet with Xi, though Wall Street finished its milestone-setting week on a downbeat note on Friday as a late flurry of selling nudged stocks lower and snapped a four-day winning streak.

On Friday, the U.S. announced it was blacklisting five Chinese organizations involved in supercomputing with military-related applications, citing national security as justification for denying its Asian geopolitical rival access to critical U.S. technology.

The move by the U.S. Commerce Department could complicate talks with Xi aimed at de-escalating the tariffs war between the world’s two biggest economies.

The five blacklisted organizations placed on the so-called Entity List include supercomputer maker Sugon, which is heavily dependent on U.S. suppliers including chipmakers Intel, Nvidia and Advanced Micro Devices.

The other four are the Wuxi Jiangnan Institute of Computing Technology and three Sugon affiliates. The Commerce Department called their activities “contrary to the national security and foreign policy interests of the United States.”

“The Trump administration’s further blacklisting of five Chinese tech companies ahead of the G-20 meeting had perhaps not been the best piece of news for markets with sentiment hinging on U.S.-China trade relations,” Jingyi Pan of IG said in a commentary.

“That said, neither had things taken any significant step for the worse within the market,” she said.

Wall Street finished a milestone-setting week on a downbeat note Friday after a late flurry of selling nudged stocks lower, ending the market’s four-day winning streak.

Even with the modest losses the market delivered its third straight weekly gain, with the benchmark S&P 500 index hovering just below its record high close from a day earlier.

The S&P 500 index dipped 0.1% to 2,950.46. The Dow Jones Industrial Average dropped 0.1% to 26,719.13. The Nasdaq composite fell 0.2% to 8,031.71.

Smaller company stocks fared worse than the rest of the market. The Russell 2000 index slumped 0.9% to 1,549.63.

The major U.S. stock indexes are up more than 7% so far this month and are holding on to gains of more than 14% for the year.

Investors have been reassured by statements from the Federal Reserve this month that suggest the central bank is prepared to cut interest rates in response to a slowing global economy.

At the same time, traders remain concerned that corporate profits might suffer should the kind of economic slowdown that would prompt the Fed to cut rates take hold.

A mixed batch of economic data on Friday didn’t have much of an impact on trading, which remained mostly muted as investors took a breather after a four-day rally.

Benchmark crude oil picked up 38 cents to $57.81 per barrel in electronic trading on the New York Mercantile Exchange. It rose 0.6% to settle at $57.43 a barrel on Friday, ending with a 9.2% gain for the week, the biggest weekly gain in more than two years.

Only a few weeks ago, the price of U.S. crude was in a correction, what Wall Street calls a drop of at least 20% from a recent peak.

Brent crude oil, the international standard, climbed 24 cents to $64.69 per barrel.

The dollar was hovering at 107.40 Japanese yen, up from 107.30 yen on Friday. The euro rose to $1.1381 from $1.1371. /gsg

Minggu, 23 Juni 2019

Woman said she fell asleep during a flight and woke up on dark, parked plane alone - KCRG

TORONTO (AP) — Air Canada said Sunday it’s looking into how crew members could have disembarked from a plane without noticing a sleeping passenger who was left behind.

The airline was responding to an incident involving a woman who described waking up "all alone" on a "cold dark" aircraft after a flight to Toronto earlier this month.

"I think I'm having a bad dream bc like seriously how is this happening!!?!" Tiffani Adams recounted in a June 19 Facebook post sent by her friend, Deanna Noel-Dale.

The airline confirmed the incident took place but declined to comment on its disembarking procedures or how the passenger may have been overlooked.

"We are still reviewing this matter so we have no additional details to share, but we have followed up with the customer and remain in contact with her," Air Canada told the Associated Press.

Adams wrote that after she woke up, she called Noel-Dale to try to explain what happened, but her phone died and she couldn't charge it because power to the plane was off. She said she was "full on panicking" by the time she found the "walky talky thingys in the cockpit," which also didn't work.

After no one saw the "sos signals" she made by shining a flashlight out the window, she unbolted a cabin door. Facing a steep drop to the tarmac, she leaned out of the aircraft and called over a ground crew, who got her out.

The passenger wrote that Air Canada personnel asked if she was OK and whether she would like a limo and hotel, but she declined the offer. She said airline representatives apologized and said they would investigate.

"I haven't got much sleep since the reoccurring night terrors and waking up anxious and afraid I'm alone locked up someplace dark," she wrote.

The AP attempted to reach Adams through Noel-Dale's Facebook account but had not received a response by late Sunday morning.

Air Canada said in a Facebook response to the post that it was surprised to hear the story and "very concerned," asking Adams to send a private message with her flight details.

“We’ll take a look into it,” the airline wrote.

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2019-06-23 17:21:06Z
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FedEx, in another error, misses delivery of Huawei package to US - CNBC

A FedEx plane is parked at Ontario International Airport on February 4, 2019.

FedEx said on Sunday an operational error prevented a Huawei Technologies package from being delivered to the United States, just weeks after the U.S. delivery firm said an error led to the Chinese firm's packages being misdirected.

"The package in question was mistakenly returned to the shipper, and we apologize for this operational error," FedEx told Reuters in an emailed statement. A company spokeswoman confirmed that the package was U.S. bound but declined to say what it contained.

Huawei, the world's biggest telecoms gear maker, is at the center of a bruising trade dispute between Washington and Beijing. China launched an investigation into FedEx earlier this month over Huawei parcels delivered to the wrong address, without giving details about the deliveries in question.

China's state news agency Xinhua had said back then that the investigation into FedEx over misdirected mail should not be regarded as retaliation against the U.S. company, amid the trade spat.

The United States and China have been engaged in a trade dispute for months on issues such as tariffs, subsidies, technology, regulations and cyber security, among others, with Washington putting Huawei on a blacklist last month citing national security.

"FedEx can accept and transport all Huawei products except for any shipments to listed Huawei entities on the U.S. Entity List," the company said on Sunday.

The missed delivery was earlier reported by China's Global Times, a tabloid published by the ruling Communist Party's People's Daily.

On Friday, the U.S. Commerce Department said it was adding several Chinese companies and a government-owned institute involved in supercomputing with military applications to its national security "entity list" that bars them from buying U.S. parts and components without government approval.

Huawei, which said it was reviewing its relationship with FedEx after the mishandling of its packages earlier, did not immediately respond to a Reuters request for comment on Sunday.

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2019-06-23 16:12:56Z
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Trump Denies He Threatened to Demote Powell (But Says He Has Authority to Do So) - Slate Magazine

Federal Reserve Board Chairman Jerome Powell holds a news conference after a Federal Open Market Committee meeting in Washington, DC, December 19, 2018.

JIM WATSON/Getty Images

During his interview with NBC’s Meet the Press that aired Sunday, President Donald Trump did not mince words when it came time to talk about Federal Reserve Chairman Jerome Powell. “I’m not happy with his actions,” Trump said of Powell. “No, I don’t think he’s done a good job.” Trump accused Powell of raising interest rates “too fast,” handicapping his administration in a way that his predecessor never experienced. “Obama had very low rates,” Trump said. “So Obama was playing with funny money. I wasn’t. I’m playing with the real stuff.”

Trump insists though that even though he raised interest rates too quickly, that won’t affect his reelection chances. “I think the economy is so strong we’re going to bull through it,” the president said. “But I’m not happy with his actions, I don’t think he’s done a good job.”

When NBC’s Chuck Todd asked Trump about his “threat to demote” Powell, the president denied that he had ever done such a thing. “I didn’t ever threaten to demote him,” Trump said. “I have the right to do that. But I haven’t said that.” Reports earlier in the week said Trump had told close advisers that he has the authority to replace Powell as Fed chairman by demoting him to board governor.

Powell dismissed the talk about his possible demotion when he was asked about the reports at a news conference Wednesday. “I think the law is clear that I have a four-year term, and I fully intend to serve it,” Powell said.

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2019-06-23 15:14:00Z
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