The Trump administration's announcement of tariffs on Chinese imports caused reverberations in the stock markets, with the main US indexes all shedding points Thursday and Asian markets falling as they opened Friday. China's Ministry of Commerce announced retaliatory tariffs on a range of US goods, while some strategists expressed hopes that both nations will modify their intentions soon.
The eurozone's strongest-ever economic growth spurt, which is creating unprecedented employment opportunities and prompting capital investments, may also cause European Central Bank President Mario Draghi to review his thoughts on easing the ECB stimulus program, write Alessandro Speciale and Piotr Skolimowski. Analysts say the growth can continue without spurring excessive inflation, which would allow the ECB more flexibility to extend its loose monetary policy.
The European Commission's proposed takeover of third-country clearinghouse oversight could prompt an adverse response from the US, said Kay Swinburne, vice chair of the European Parliament Committee on Economic and Monetary Affairs. "It is causing huge concern that is paving the way for retaliatory regulatory action," Swinburne told an Association of Financial Markets in Europe conference.
US Commodity Futures Trading Commission public affairs director Erica Elliott Richardson said Thursday the agency was "absolutely astounded by the decrease in the CFTC's budget" in the congressional spending bill that passed Friday. CFTC chair J. Christopher Giancarlo is taking the $1 million budget cut from the 2017 budget "incredibly personally" in light of the budget increase he had requested to expand oversight of the derivatives market, she said.
Federal Reserve Chairman Jerome Powell used his first press conference as the head of the central bank to tell investors they should avoid becoming too confident about what the Fed's dot-plot chart suggests interest rates will be in 2020. The Fed's policy-makers "don't have the ability to see that far into the future," he said.
Meetings that fail to energize or incite action need to be rejuvenated with structures that match your needs, writes Omar Tawakol, CEO of Voicera. For instance, if your meetings suffer from inadequate follow-up, establish a clear road map to goals that helps team members hold each other accountable, he writes.
The Senate headed off a federal government shutdown Friday with a 65-32 vote on a $1.3 trillion omnibus spending bill the House approved Thursday. White House budget director Mick Mulvaney said President Donald Trump will sign the bill.
US Trade Representative Robert Lighthizer said the Trump administration will exempt the EU, Australia, Argentina, Brazil and South Korea from new tariffs on imported steel and aluminium. Canada, Brazil, South Korea and Mexico produce most of the steel imported by the US; exemptions for Canada and Mexico were announced earlier.
Facebook shares slipped a further 2.7% on Thursday to $164.89, despite an apology from founder and CEO Mark Zuckerberg for the alleged improper sharing of data with Cambridge Analytica. It has fallen by a total of 8.5% over the past three trading sessions, wiping nearly $45 billion off its value.
Industry spending on financial market data, analysis and news reached a record $28.5 billion in 2017, but dominant suppliers Bloomberg and Reuters both lost market share to smaller rivals.
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