Three months after Jeff Bezos was booed by disgruntled Amazon employees in Germany demanding higher pay and better working conditions, Amazon’s European workers are boycotting the company ahead of Amazon’s global “Prime Day” to highlight the poor conditions that fulfillment-center staff have endured for years.
US stocks have continued to outperform the rest of the world as US markets appear to have more or less come to terms with President Trump’s aggressive trade agenda. But the head of the largest investment firm in the US doesn’t expect this aura of invincibility to last much longer if Trump launches the next round of trade war with China.
During an interview with Bloomberg published shortly after the company released its Q2 earnings, BlackRock CEO Larry Fink said US stocks could drop between 10% and 15% if the Trump administration moves ahead with tariffs on another $200 billion of Chinese imports. While US investors have eagerly bought every trade related dip so far, Fink said the fallout from a worsening trade war could harm the US economy, which has outperformed its biggest rivals as the “global synchronous recovery” narrative has all but collapsed.read more
The United States has launched five separate complaints at the World Trade Organization against Canada, China, the European Union, Mexico and Turkey, in response to retaliatory tariffs those countries and groups have launched against American products.
The potential escalation of tensions appears to be weighing on stocks…
Trannies are underperforming…
As CBC reports, the United States Trade Representative Robert Lighthizer said in a statement Monday that recent tariffs implemented by the U.S. on foreign steel and aluminum are “justified under international agreements,” but retaliatory measures from other countries in response are not.read more
The countdown has officially begun. Sometime in the next few days, one or more superseding indictments will be unsealed by the U.S. Department of Justice’s Eastern Division of New York – and, when that happens, some will have their lives changed forever. Given the prior statements that have been made, on the record, by Moira Kim Penza, the Assistant U.S. Attorney who is the lead prosecutor in the currently pending case against Keith Raniere and Allison Mack, it seems likely that the superseding indictment(s) will contain additional criminal charges against Raniere and Mack – and new criminal charges against one or more of the other individuals who help facilitate, finance, and/or operate the NXIVM sex-slaver cult.read more
Reports from inside Vanguard’s home-away-from-home (or maybe it’s just home now) indicate that he’s continuing to adjust to his new role as Federal Inmate 57005-177. Well, at least parts of it.
He continues to experience medical issues that have resulted in numerous trips to MDC’s world-famous health clinic (According to the many past and pending lawsuits, “world-infamous” is probably a more accurate description). Many believe, however, that he’s just suffering from “cellboredomitis”, a fairly common disease among prisoners at MDC – especially the ones that are there for long periods of time.read more
Housing bubbles proceed in fairly predictable stages.
Stage One is long and (initially) slow, fueled by excess central bank money creation or foreign demand or some other source of liquidity that encourages large numbers of people to buy houses. At first, sellers remember the peak prices from the previous bubble and aren’t willing to sell at anything less than that (in finance-speak, they’re “anchored” at the highest price they could have gotten last time around). So demand initially outstrips supply, causing home prices to rise, slowly at first and then explosively as increasingly-desperate buyers become willing to pay any price while mortgage lenders, seduced by fat fees and confident that they can securitize and offload any kind of dicey mortgage, lower their standards to include pretty much the whole of society.read more
Just before President Trump was set to hold his first ever official summit with Russian president Putin, the EU and China sat down for their own “pro-trade” meeting, during which European Council President Donald Tusk urged Trump, Putin – and China – to work with Europe to avoid trade wars and prevent conflict and chaos.
Speaking before Trump and Putin were due to meet in Helsinki, Tusk appealed for leaders to avoid wrecking a political and “economic order that nurtured a peaceful Europe and developing China”, according to AP.read more
The Washington-sponsored IMF is out with its latest set of guesses at global growth, warning that amid rising tensions over international trade, the broad global expansion that began roughly two years ago has plateaued and become less balanced.
The IMF still expects tax cuts to lift U.S. economic growth to 2.9 percent this year, up from 2.3 percent in 2017; but, citing proliferating trade conflicts, IMF chief economist Maury Obstfeld warned that “the risk of worse outcomes has increased” for the world economy.read more
Are the wheels, so to speak, finally coming off the Tesla investment case?
After a dramatic Sunday, in which Elon Musk unleashed a bitter tirade at the Thai rescue chief Vern Unsworth, calling him a pedophile more than once in now deleted tweets…
… after his rescue effort was criticized, Tesla stock is down 3% in early trading as investors show growing concerns at Musk’s increasingly erratic public behavior.
Musk’s latest outburst followed a warning last week from one of Tesla’s top investors who urged the company to keep its head down and focus on performance: “We are very supportive, but we would like peace and execution at this stage,” said James Anderson, partner and portfolio manager at Baillie Gifford & Co., Tesla’s fourth-largest shareholder, said on July 11 in a Bloomberg Television interview.read more
Blankfein is expected to stay on “for an interim period” that will last at least until the end of the year. While Solomon’s status as CEO heir apparent was more or less confirmed earlier this year, the official announcement of his succession wasn’t expected until the fall. It wasn’t immediately clear what had prompted Goldman, which is set to release its second-quarter earnings on Tuesday, to formalize its succession plan so early.read more