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Stock market news: Opening bell, July 30, 2018



Treasury Secretary Steve Mnuchin walks toward a group of
reporters at the White House in Washington.

Reuters/Kevin Lamarque

Here is what you need to know. 

Mnuchin says the economy will grow at least 3% over the next 4 to
5 years
“I don’t think this is a one- or
two-year phenomenon,” Treasury Secretary Steven Mnuchin told
“Fox News Sunday.” “I think we definitely are in a period of four
or five years of sustained 3 percent growth at least.” 

Trump’s trade war just sank a $2 billion investment for a top
Russian steelmaker
Russian steel giant MMK has
delayed the start of a lucrative project in Turkey because of
President Donald Trump’s trade war, Reuters reports. 

The stock market’s biggest bear calls out a huge investing
mistake that could have ‘brutal
 John Hussman, the outspoken
investor and former professor who has been predicting a stock
market crash, says investors who use the Iron Law of Valuation
—  which says the higher the price investors pay for future
cash flow, the lower their long-term investment returns will be —
are making a big mistake and creating a dangerous situation.

There’s a simple way to profit if one of Wall Street’s
most-feared recession signals is triggered
Hong Kong-based trading firm CLSA has
identified a dividend strategy that outperforms whenever the
yield curve inverts. 

Deutsche Bank is shifting business out of
Germany’s biggest lender will move half
of its euro-clearing volumes to Frankfurt, the Financial Times

Heineken cuts its guidance
The world’s
second-largest brewer missed on earnings and said its operating
margin would fall by 20 basis points this year, versus a previous
forecast for a 25-bp increase, Reuters reports. 

Fortnite: Battle Royale is a money-making machine

The free video game has generated more than $1 billion in revenue
across all platforms, according to an estimate from the media
intelligence company SuperData. 

Stock markets
around the world are lower
Japan’s Nikkei (-0.74%)
led the losses in Europe and France’s CAC (-0.42%) trails in
Asia. The S&P 500 is set to open down 0.16% near 2,814.

Earnings reporting remains heavy
and Loews report ahead of the opening bell while AthenaHealth
releases its quarterly results after markets close.

US economic data keeps coming
Pending home
sales will be released at 10 a.m. ET and Dallas Fed Manufacturing
will cross the wires at 10:30 a.m. ET. The US 10-year yield is up
3 bps at 2.98%.  

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