China does NOT blink in its economic fact off with Trump….
The US Stock Market is down almost 600 lints as I write this….
(It’s been dropping for days)
The US Fed interest move will have NO effect ….
Trump’s unexpected throw down to put a 25% MORE China import tax on Chinese goods is rattling world markets and economies….
The trade war between the United States and China may be about to enter a more dangerous phase, one that could saddle the global financial system with new risks at an already turbulent time.
China’s currency weakened past the psychologically important point of 7 to the American dollar for the first time in more than a decade, a move that reflects the growing severity of the trade warwith the United States and that could indicate Beijing’s growing desire to find ways to retaliate against President Trump.
That prospect shook world markets on Monday, as nervous investors looked for safe places to park their money. On Wall Street, shares tumbled more than 2 percent at the start of trading, after benchmark indexes in Asia and Europe fell 1 to 2 percent. Yields on United States Treasuries, which fall as prices rise, dropped as investors sought safety in government-backed bonds.
The question now is whether Beijing will fully weaponize its currency, allowing it to significantly weaken in value versus the American dollar. Such a move could prompt further retaliation by the Trump administration, which has already warned China against manipulating its currency and is planning to tax nearly all Chinese imports on Sept. 1.
Market closes with a 767 points drop ..
China and Trump…..
Cramer over at CNBC says relax
Things are oversold…
Orhers coming on the air aren’t so confident…
No one knows how long or deep this could get …
I knew I should have paired some gains last week…damn it…could have sold at the possible height of the market…
Onto the actual trade war, to be honest this should have been done under the Obama administration with a long term plan rather than this guy shooting from the hip…but alas we are here, so let’s see how it goes.
China…The worlds 2nd largest economy HAS been trying anyway it could to gain the 1st Place…..
There has been alarm bells ringing for a while…
But Trump’s hamfisted actions , I agree , are out of place…
We can only just hold on for the ride…
But Donald Trump just COULD be making sure he’s a ONE TERM President with Joe Bide coming in to do what Obama did just back in 2009…
Cleaning up economic shit left by a Republican President exiting the White House….
Stocks struggled on Tuesday to rebound from their worst day of the year as trade tensions continue to dampen market sentiment.
The Dow Jones Industrial Average traded 57 points higher, well below a session high were it rose more than 200 points. The S&P 500 was up just 0.3% after climbing 1%. The Nasdaq Composite, which had traded up more than 1%, remained 0.4% higher.
Stocks jumped earlier on Tuesday after China’s central bank set the yuan’s official reference point at stronger than the key 7 yuan-to-the-dollar point on Tuesday. The move calmed currency markets, initially rocked by fears the U.S.-China trade war was devolving into a currency war.
“Going forward, stabilization in the U.S./China trade war is now the most important key to broader market stabilization,” …..
More….
Wall Street suffered a stomach-churning session Wednesday as traders sent the Dow down more than 550 points at the open — only to walk the losses back later in the day on hopes that the market finally found its bottom.
The Dow Jones industrial average plunged 589.13 soon after Wednesday’s open on as investors continued to fret over slowing global growth and ongoing tensions between the US and China.
But the blue-chip index recouped most of its losses to end down a more modest 22.45 points, or 0.1 percent, at 26,007.07. Both the S&P 500 and Nasdaq were able to notch gains, closing up 0.1 percent and 0.4 percent, respectively…..
More…
Let me know when the DJA falls like 10% (around 2500 points).
That’s real news .
A 500 point drop is only about 2% and statistically is unimportant.
The cleaning lady at my office (she owns the cleaning business) was a die hard Trumper. On Monday she said she was going to have raise her rates as “these tariffs are killing me–and no end in sight” witb the costs of her supplies going way up.
She’s pissed, and said she is now one less Trump voter. Though she still rails against Bernie Sanders. Probably a moot point since Bernie is fizzling out as we speak.
I suppose that the MidWest Farmers will keep voting for Trump after they plow in the crops they THOUGHT they would sell to China?