Finance
Stock market news, opening bell, August 6, 2018
Here is what you need to know.
Pepsi CEO Indra Nooyi is stepping down after 12
years. Ramon Laguarta, the company’s president, will
replace her in October, according to a statement.
There’s no end in sight for Trump’s trade war with
China. In an unusual personal attack, Chinese
state media said Trump was engaged in a “street
fighter-style deceitful drama of extortion and
intimidation.”
HSBC’s pre-tax profit rose 4.6% for the first half of the year,
but investors are worried about rising costs. “Cost
growth of 7% reflected increased investments into growth and
technology, far outpacing the 2% of revenue growth,” stockbroker
Hargreaves Lansdown said in an emailed statement.
The US government is altering the economy in a way not seen since
the 1960s, and it could create turbulence on Wall
Street. Ethan Harris, the head of global
economics at Bank of America Merrill Lynch, said “bouts of
nervousness” could arise if President Donald Trump continues to
encourage low interest rates.
One dirty word keeps popping up as Wall Street weighs the next
market crash, and it should strike fear into the hearts of
investors
everywhere. They’re
referring to the lackof liquidity — and the
myriad problems created when investors are unable to trade
without distorting markets.
The pound fell to an 11-month low against the dollar amid growing
fears of a no-deal Brexit. UK International
Trade Secretary Liam Fox said in an interview that the chance of
a no-deal Brexit — where Britain leaves the EU without a deal on
future trading arrangements — had risen from 50% to 60%.
The owner of the New York Stock Exchange is teaming up with
Microsoft and Starbucks to build an ‘ecosystem’ for
crypto. ICE on Friday ICE unveiled Bakkt,
its crypto-asset platform.
Berkshire Hathaway’s profit surges. Warren Buffett’s
conglomerate reported a 67% rise in quarterly operating profit,
boosted by a rebound in insurance underwriting and a growing
economy.
Earnings
season continues. Etsy, Marriott International, and
Weight Watchers all report after the closing bell.
US equity futures
are slightly higher. The 10-year yield is up by less
than one basis point at 2.96%.
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