Stock markets declined Monday worldwide as trade conflicts showed no signs of slowing, particularly between China and the US. Political tensions in Germany regarding Chancellor Angela Merkel's refugee policy also have led to losses, Spreadex financial analyst Connor Campbell says.
President Donald Trump has assured Apple CEO Tim Cook proposed tariffs would not affect iPhones assembled in China, a source says. The latest list of tariffs has raised concerns US electronics-makers would be adversely affected.
A Bloomberg poll shows less than 55% of economists expect the Bank of England to raise interest rates in August, compared with 60% in a poll in May. A BoE policy meeting this week might give an indication of intentions on interest rates.
Bayer has issued $15 billion in bonds to fund a $63 billion takeover of Monsanto, sources say. The sale is this year's second-largest bond offering.
Fujifilm Holdings has sued Xerox for more than $1 billion after Xerox backed out of a planned merger. Fujifilm alleges activist investors Carl Icahn and Darwin Deason pressured Xerox into unlawfully terminating the agreement.
The UK Financial Reporting Council has released a report that criticises accounting firms for "failure to challenge management and show appropriate scepticism across their audits", particularly regarding collapsed construction company Carillion. KPMG, PwC, EY and Deloitte must quickly improve audit quality, FRC CEO Stephen Haddrill says.
The US Senate has voted for an amendment to the National Defense Authorisation Act that would prevent President Donald Trump from lifting a ban on China's ZTE. The vote sent ZTE's Shenzhen and Hong Kong shares tumbling, with the stock losing 38% since trading resumed last week.
Cryptocurrency entities including Coinbase and banks including Nomura and reportedly JPMorgan Chase are developing custodian services that comply with regulation. An influx of investment is expected once robust cyberdefence of cryptocurrencies is established, and "the market will come to recognize that custodianship is a solved problem", says Kyle Samani of Multicoin Capital.
Cloud content manager Box stuttered in May but might return to the upside, writes technical analyst Bruce Kamich, CMT. His chart analysis shows the moving average convergence divergence oscillator is moving toward a buy signal, and while he advises caution, he says an upside target of $44, compared with the existing $28, is conceivable.
Numerous attractive stocks exist outside tech leaders, and food-delivery company Grubhub is especially noteworthy, says technical analyst Mark Newton, CMT. Grubhub has gained 64% this year, much of it during a market pullback in February, and has made a breakout this week that could take the stock higher in the medium term, Newton says.
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