Latest Stock Market News Today
Swiss bourse launches cryptocurrency platform. The platform being built by the Six exchange is designed to be used for cryptocurrencies such as bitcoin, and other digital assets, and will be based mainly on Blockchain distributed ledger technology.
StockMarketNews.Today – Jos Dijsselhof, Six’s chief executive, said: “For us it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry. The financial industry now needs to bridge the gap between traditional financial services and digital communities.”
Pfizer Inc. (PFE). Shares have underperformed during the past three years, rising 9.4% compared to the S&P 500’s rise of nearly 31%. The pharmaceutical company now appears to be poised to rise 10% in the coming weeks, based on technical analysis.
StockMarketNews.Today – Pfizer has not only underperformed the broader stock market, but its valuation is among the cheapest of some of the other big pharmaceuticals. Shares of Pfizer are trading at just 11.9 times 2019 earnings estimates, well below that of the S&P 500 and companies like Merck & Co. Inc.
Donald Trump’s administration on Friday imposed new tariffs on $34bn of imports from China as the US president threatened to extend levies to all $500bn of Chinese goods, the biggest shot so far in the trade war between the world’s two largest economies.
StockMarketNews.Today – Mr Trump’s comments during a visit to the state of Montana — coming only hours before US customs officials began collecting 25 per cent tariffs on 818 different Chinese products from midnight Washington time on Thursday — highlighted the escalating economic consequences of the trade fight between the US and China.
The Federal Reserve has detected rising concern among US business about the potentially harmful impact of tariffs as growing trade tensions prompt some executives to freeze investment plans.
StockMarketNews.Todya – According to minutes of the Fed’s June meeting, some business indicated they had already “scaled back or postponed” plans for capital spending due to “uncertainty over trade policy”, while a larger group voiced concern about the impact of trade restrictions on future investment.
Asia-Pacific equities were broadly down on Thursday as investors looked towards the looming implementation of tariffs.
StockMarketNews.Today – US markets were closed on Wednesday for the Independence Day holiday, but in Europe the pan-European Stoxx 600 index ended the session fractionally higher while the FTSE 100 fell 0.3 per cent in London.
China-focused stocks took the brunt of the damage. Hong Kong equities were once again lower with a drop of 0.9 per cent by the Hang Seng index. The Hang Seng China Enterprises index, which tracks large-cap Chinese companies, dipped 1.7 per cent.
China’s stock market remains under pressure and European stocks are drifting as investors continue to watch for signs that the trade dispute between China and the US could be influencing China’s policy on its currency.
What you need to know:
Equities lower as trade fears persist.
European tech stocks track losses for the sector overnight on Wall Street.
Renminbi moves further up off lows as attention stays on China’s currency policy.
Chinese stock indices stay under more pressure than their peers.
Sterling bounces up after reassuring services sector economic data.
“Possible trade wars are just another worry on top of other existing global economic problems, but the expectation of recession is usually necessary for a bear market to occur and we don’t believe that is about to happen,” says Jane Sydenham, investment director at Rathbones.
Theresa May’s entire cabinet is supposed to finally settle on a policy for the UK’s long-term relationship with the EU as a non-member, expectations are that the prime minister is manoeuvring towards an arrangement known to the initiated as “the Jersey model”.
This is the package required to ensure the free movement of goods across the UK-EU border in the same way as today. It includes a comprehensive customs union or something like it; the single market or something like it for all goods including agriculture (but not services); and some added areas of alignment such as accepting the EU’s VAT system.
Top Stock Market News: The decline in China’s currency and the recent bout of pressure on its stock markets continue to set a cautious tone to trade, but US and European indices are rising, helped by supportive political developments closer to home.
There is relief at a deal between Germany’s coalition partners on immigration, helping Frankfurt’s Xetra Dax 30 rise 1 per cent — with support from financial and industrial stocks — as it recovers after the previous session’s decline.
Wall Street stocks are ticking higher in opening trade, with the S&P 500 up 0.3 per cent as energy stocks get a boost from higher oil prices. The Nasdaq Composite is up 0.1 per cent.