Published: Mon, July 23, 2018
Money | By Michele Stevens

Dollar weakens on Trump criticism; stocks tepid

Dollar weakens on Trump criticism; stocks tepid

Trump placed tariffs on a wide variety of goods and the moves are starting to make an impact on the United States economy, prices, and more. But in the CNBC interview, the president said he was seeking to do only what's fair. It is supposed to encourage investors to buy USA debt in the knowledge that the United States administration won't deliberately weaponise the greenback and debase its currency. "We're down a tremendous amount", Trump said in the interview, which was recorded on Thursday, about trade imbalances with China.

The dollar also has risen against a number of world currencies, fuelled in part by the Federal Reserve's recent rate hike, which makes investing in the United States more attractive and thus tends to encourage capital to flow from overseas markets into USA assets.

Global markets have remained generally calm despite the eruption of a full-blown U.S. China said on December 29, 2016 it would nearly double the number of foreign currencies it uses to determine the official value of the yuan, thereby diluting the role of the dollar. Most metals were supported on the London Metal Exchange as the dollar weakened for the first time in four days.

Trump's new threats to slap duties on all USA imports from China triggered sell-offs across stock markets, though good corporate earnings kept a lid on losses.

Groenewegen wins longest Tour stage
A group of around 40 riders including Froome opened up a gap of over a minute, but Martin and the rest hustled back. Van Avermaet said. "But everyone kind of enjoyed it - the first day we could really relax".

The S&P 500 Index slipped less than 0.1 percent to 2,801.83 as of 4:08 NY. Eastern time. The Dow Jones Industrial Average lost 3 points to 25,061. The S&P 500 is up less than 0.1 percent for the week, while the Russell, which is made up of more domestically-oriented companies that could hold up better in a prolonged trade dispute, is up 0.7 percent.

After falling 0.4 percent, MSCI's index of Asia-Pacific shares outside Japan ended the day 0.6 percent higher as the yuan rebounded. It was last up 0.2 percent at $1.135. The Shanghai Composite Index rebounded 2.1 per cent to 2,830.29. Most subsectors were lower, including health-care, which suffered from a drop in many cannabis stocks.

Hang Seng fell to nine-month lows in early trading, but reversed losses as Chinese stocks staged a sharp rebound. Forestry also suffered, with West Fraser Timber losing 8.1 per cent. Aimia surged more than 18 per cent after announcing it would launch Aeroplan charter flights.

The Canadian dollar had a great day, jumping almost a full cent to 76.17 cents (U.S.), thanks to the pullback in the us dollar and a hotter-than-expected reading in USA inflation. May retail sales saw a rise of 2%, well above expectations of a 1% rise while June inflation jumped from 2.2% to 2.5%, raising the prospect that we might see another rate rise from the Bank of Canada by year end? It is off just 1.3 percent since March against Europe's euro.

"Fortnite" Has Earned Over $1 Billion
Despite the game being free, Epic is raking in monumental amounts of cash from the microtransactions within the cartoon shooter. It's a particularly impressive number considering the game is free to play and has been out for less than two years.

Even traditional safe havens, such as the Japanese yen and Swiss francs, which usually would benefit from global risk-off, suffered losses compared with the USA dollar.

Benchmark 10-year US notes last fell 13/32 in price to yield 2.895 percent, from 2.847 percent late on Thursday.

Taiwan Semiconductor Manufacturing Co (台積電) rose 5.7 percent to close at NT$237.50, while smartphone camera lens supplier Largan Precision Co (大立光) rose 4.25 percent to NT$5,270, its highest since November 29 previous year.

Cloud, PC Trends Positive — Microsoft Earnings Preview
Net income rose to $8.87 billion, or $1.14 per share, from $8.07 billion, or $1.03 per share, in the year-ago fourth quarter. Microsoft today released its earnings report for FY18 Q4 , showing revenues of $30.1 billion and $8.9 billion in net income.

Like this: