Archive for Daily News

Monday May 13, 2019

// May 13th, 2019 // Comments Off on Monday May 13, 2019 // Daily News

Dow drops 600 points after China retaliates with tariff hikes

Stocks plunge on China tariff retaliation — Here’s what four experts say to watch

The Dow Jones Industrial Average traded down 611 points, while a 3.4% drop in the tech sector pushed the S&P 500 down by 2.3%. The Nasdaq Composite dropped 3.2%.
China will hike tariffs on $60 billion worth of U.S. imports, starting on June 1. The goods targeted include a broad range of agricultural products. This comes after President Donald Trump raised tariffs on Chinese imports last week. China said in a statement that the U.S.′ decision jeopardized the interests of both countries and does not meet the “general expectations of the international community,” according to a Google translation.
Trade bellwether Caterpillar fell 5% while Apple dropped 5.2%. Boeing shares also declined more than 3% amid speculation the airplane maker could be singled out by China in the trade war.
Asian markets fell broadly. The Nikkei 225 index declined 0.7% Monday while the Shanghai Composite pulled back 1.2%. European stocks also dropped. The Stoxx 600 index fell 1.1% while the German Dax dipped 1.3%.
“Volatility is going to persist. People don’t know what to make of it,” said JJ Kinahan, chief market strategist at TD Ameritrade. But “this is more of a re-evaluation of stocks than it is a pure panic. Bonds have rallied over the last couple of weeks, but if this was a panic you’d see people coming a lot more for bonds.”
The benchmark 10-year Treasury yield fell to 2.4% on Monday while the 2-year rate dipped to 2.18%. The Cboe Volatility index, which is considered to be the best fear gauge in the stock market, rose 4.7 points to 20.72.
Trump tweeted on Monday that China will be “hurt very badly if you don’t make a trade deal, ” noting that companies would be forced to leave the country without an agreement. Trump also said that China had a “great deal” almost completed but they “backed out.”
I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you back.
U.S. equities fell sharply last week after Trump threatened to hike tariffs on China. Trump followed through on his threat, raising levies from 10% to 25% on $200 billion worth of Chinese goods. The S&P 500 and Nasdaq fell 2.2% and 3% last week, respectively, their worst weekly performances since December. The Dow had its worst week since March, dropping 2.1%.
“The market was bracing for a really big event and last week we got it,” said James Masserio, head of equity derivatives trading in the Americas at Societe Generale. He noted investors had been loading up on downside protection ahead of last week’s move. After Monday’s news, however, we could see volatility being bid up “even higher.”
Some of those losses were mitigated on Friday after stocks staged a massive comeback, however. Sentiment was boosted by Trump in a Friday afternoon Twitter post that the latest round of trade talks with China’s delegation — which concluded after tariffs had already been increased — had been “candid and constructive.”
“No one wins from a trade war, although China stands to lose more,” said Chen Zhao, chief global strategist at Alpine Macro, in a note to clients. “Trump’s objective is to get a good deal from China, and as such the new tariffs announced last week may simply be a pressure tactic forcing Beijing to accept American demands. For China, the economic cost of losing the American market is simply too high.”
“The odds of a China-U.S. trade accord remain significant, even though tariffs are being raised,” he added.
Despite the tension between the world’s two largest economies, White House economic advisor Larry Kudlow said Sunday that Trump and Chinese President Xi Jinping are likely to meet at the June G-20 summit in Japan. Kudlow said the chances of such as meeting “were pretty good” but added that there are “no concrete, definite plans” for when U.S. and Chinese negotiators will meet again.

Today’s Inspiration

Desire Unity

Bickering between God’s people is nothing new. It was a problem in the early church, just as it is now.

Paul strongly encouraged and urged the Church toward unity and wrote in Philippians 2:2 (AMPC): Fill up and complete my joy by living in harmony and being of the same mind and one in purpose, having the same love, being in full accord and of one harmonious mind and intention.

Where there’s unity, there’s blessing and anointing. When people are thankful for each other and choose to live in unity, they will experience the power of agreement.

But the power of God can’t work in our lives if we stay bitter and angry toward people. His love can’t flow through us if we’re holding on to strife and resentment. Peace equals power, and no peace equals no power.

Prayer Starter: I thank You today, Father, for the power we can experience when we decide to come together in unity. Today, I choose to put aside strife and arguments in order to pursue peace and unity. I am grateful that You will help me do this in Your strength. In Jesus’ Name, Amen.

Friday May 3, 2019

// May 2nd, 2019 // Comments Off on Friday May 3, 2019 // Daily News

Berkshire Hathaway has been buying shares of Amazon, Warren Buffett says

“One of the fellows in the office that manage money … bought some Amazon so it will show up in the 13F” later this month, Warren Buffett told

CNBC Thursday

Berkshire Hathaway has been buying shares of Amazon. But Warren Buffett isn’t the one behind the purchases.
“One of the fellows in the office that manage money … bought some Amazon so it will show up in the 13F” later this month, Buffett told CNBC Thursday, on the eve of the kick off of Berkshire’s annual shareholders meeting in Omaha. Buffett was referring to either Todd Combs or Ted Weschler, who each manage portfolios of more than $13 billion in equities for Berkshire.
Buffett has long been a fan of both Amazon and its CEO Jeff Bezos, praising the company’s dominance and the founder’s business prowess. But while Buffett has sung the company’s praises, he’s never bought Amazon shares. So a headline that Berkshire was buying shares likely would spark interest in the markets.
“Yeah, I’ve been a fan, and I’ve been an idiot for not buying” Amazon shares, Buffett said. “But I want you to know it’s no personality changes taking place”

Today’s Inspiration

MAY 03, 2019
Receiving

Adapted from the resource Wake Up to the Word Devotional – by Joyce Meyer
F
Receiving means “taking; accepting; admitting; embracing; believing; entertaining.”

We conducted a survey at our office, asking our employees what one of their greatest concerns was in their walk with God. The number one response was, “When can I know that I am doing enough?”

Perfectionism is fueled with the tyranny of the shoulds and oughts. It is the constant nagging feeling of never doing well enough or being good enough. Perfectionists usually have low self-esteem, and they hope that more perfection in their performance will allow them to feel better about themselves.

If we never feel quite good enough about ourselves, it is easy to believe that God is not satisfied with us either.

Learning to love yourself is the essence of receiving God’s love. It is the ointment that brings healing to your wounded soul. When you receive God’s love and learn to love yourself because of it, you’ll find rest and be free from the disappointment of perfectionism.

Prayer Starter: Lord, help me to receive Your love today and relax in the confidence that You are pleased with me. In Jesus’ Name, Amen.