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1 Article
Source: Common Domain

AMD earnings: It’s all about trade wars and bleeding market share from Intel

Today 14:30 GMT

All during the quarter, however, one of the dominant themes regarding AMD has been how much market share is the company bleeding off an ailing Intel Corp. INTC, -2.16%  . “To us, the key question is: does the company trade on near-term Sept/Dec-18 expectations, or do investors continue to look out longer term to 2020/2021 (driven mainly by AMD’s potential market share gains vs. INTC in PCs/servers) as the barometer for valuing AMD?” asked Deutsche Bank analyst Ross Seymore in a note. Seymore, who has a hold rating and a $23 price target, believes the “goodness” at AMD is already baked into its share price and that bullish sentiments on the stock ignore potential competitive responses from Intel and Nvidia Corp. NVDA, -4.33%  . Earnings: Of the 28 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 12 cents a share, down from the 13 cents a share expected at the beginning of the quarter.

1 Article
Source: Common Domain

Bitcoin in the doldrums, can’t shake $6,500 range

Today 14:31 GMT

After rising more than 10% earlier in the week, bitcoin BTCUSD, -0.27%  has gone back and forth between $6,300 and $6,500 lacking any real direction.

Bitcoin, the world’s largest digital currency, was last changing hands at $6,632.87, down 0.2% since Thursday’s level at 5 p.m. Eastern Time on the Kraken exchange. After rising more than 10% earlier in the week, bitcoin BTCUSD, -0.27%  has gone back and forth between $6,300 and $6,500 lacking any real direction.

1 Article
Source: CBS News

U.S.-China trade feud dents American automakers

Today 13:35 GMT

The Goldman analysts base their case on a clause contained in the recently concluded trade agreement with Canada and Mexico.

Analysts are warning of more headwinds for car manufacturers, thanks partly to fears that the Trump administration will impose previously threatened auto tariffs on additional countries in Europe and Asia. Goldman Sachs recently predicted that tariffs for Japan, Korea and the European Union are likely sometime after the U.S. midterm elections.

1 Article
Source: Common Domain

Bitcoin Ponzi Schemer Must Pay $2.5 Million, Federal Court Rules

Today 02:25 GMT

A federal court ordered a New York trading firm to pay $2.5 million in fines and restitution for orchestrating a Ponzi scheme that defrauded at least 80 customers who thought they were investing in bitcoin.

The court ruled that Staten Island-based Gelfman Blueprint Inc. and its chief executive, Nicholas Gelfman, solicited more than $600,000 from retail investors between 2014-2016 by claiming to use a high-frequency trading computer program that would yield profitable returns investing in bitcoin.

1 Article
Source: Common Domain

Chinese stocks bounce back despite disappointing GDP numbers

Friday 20:01 GMT

Asian stocks mostly dropped in early trading Friday after China’s third-quarter GDP growth came in below expectations, though Chinese stocks bounced back into positive territory.

Hong Kong stocks turned around as well, with the Hang Seng Index HSI, -0.36%  last up 0.1% after falling almost 1% early. Meanwhile, energy stocks were again weak as oil prices fell more overnight, though big-cap financials were modestly higher.

1 Article
Source: Reuters

Banks urge U.S. regulators to reconsider 'Volcker Rule' tweaks

Friday 20:02 GMT

Banks on Thursday pushed back on how regulators are attempting to simplify rules prohibiting banks from trading on their own account, a development that is likely to delay efforts to wrap up the overhaul in the coming months.

On May 30, U.S. regulators unveiled a plan to modify the so-called Volcker Rule introduced following the 2007-2009 financial crisis, aiming to make compliance easier for many firms and relieving small banks altogether.

2 Articles
Source: Common Domain

U.S. Boosts Credit Line to Mexico in Gesture of Ties

Thursday 16:23 GMT

The U.S. is boosting the size of a credit line available to Mexico in times of need, part of a largely symbolic display of close ties as the countries prepare to sign a new version of the North American Free Trade Agreement.

U.S. Treasury Department officials said Wednesday they would triple the size of a credit facility known as the exchange stabilization agreement, potentially allowing Mexico to borrow up to $9 billion, compared with $3 billion under a previous agreement when the original Nafta came into force.

1 Article
Source: Fox News

'Slimeball, Liar': NJ Sen. Menendez, GOP Opponent Trade Ad Blows Over Kavanaugh, Dominican Hooker Allegations

Thursday 16:23 GMT

New Jersey Sen. Robert Menendez forcefully denied allegations he previously engaged in prostitution in the Dominican Republic, when his Republican opponent aired a campaign ad featuring an FBI affidavit of the years-old claims.

A 'Dead Heat?': NJ GOP Candidate Hugin Says Race Against 'Chaotic' Menendez Could Be Surprise. Menendez Opponent Hugin: 'You're Not a Country If You Don't Have Secure Borders'. Send me email updates from Fox News.

3 Articles
Source: Washington Post

Trump threatens to summon military to close U.S.-Mexico border, upend trade deal in response to migrant caravan

Friday 08:05 GMT

President Trump threatened Thursday to summon the military to close the U.S.-Mexico border and upend a trade deal, expressing mounting frustration with a large caravan of migrants from Honduras that has been making its way toward the United States.

“In addition to stopping all payments to these countries, which seem to have almost no control over their population, I must, in the strongest of terms, ask Mexico to stop this onslaught - and if unable to do so I will call up the U.S. Military and CLOSE OUR SOUTHERN BORDER!” Trump said in one tweet. In another, he suggested that the “onslaught” of immigrants could undermine a recently announced reworked trade deal with Mexico and Canada, writing that immigration is “far more important to me, as President, than Trade.”

1 Article
Source: Common Domain

Gold steadies amid limited dollar follow-through from hawkish Fed minutes

Friday 08:05 GMT

Gold settled lower on Wednesday and extended its decline in after-hours electronic trading as a benchmark U.S. dollar index climbed to fresh session highs shortly after the release of hawkish minutes from the Federal Reserve’s September monetary policy meeting.

Gold futures steadied in Thursday trading near the multimonth highs hit earlier this week, with moves in dollar trading subdued and cautious stock action propping up the precious metal.

1 Article
Source: Common Domain

Here’s how the U.S.-China trade battle is disrupting cryptocurrency miners

Friday 15:27 GMT

The trade spat between the U.S. and China has spilled over into cryptocurrences and could have lasting effects, according to the founder of a prominent digital currency fund.

The amendment came in June when the United States Trade Representative reclassified mining equipment as “electrical machinery apparatus.” “When this reclassification occurred, the first round of sanctions were implemented and all Chinese manufactured mining rigs became subject to a 2.6% tariff,” wrote Anthony Pompliano, the Morgan Creek Digital founder and partner, in a Thursday note.

1 Article
Source: CBS News

Trump to exit global postal treaty in another shot at China

Thursday 16:23 GMT

The U.S. announced Wednesday that it's preparing to pull out of an international postal treaty that allows China to ship packages to America at discounted rates.

Making it cheaper to ship packages from Beijing to New York than from San Francisco to the U.S. East coast, which particularly benefits Chinese manufacturers.

1 Article
Source: Common Domain

Deutsche Bank Ex-Traders Guilty in Libor Rigging Scandal

Friday 08:05 GMT

The German bank in 2015 agreed to pay $2.5 billion in penalties to resolve related charges in the U.S. and the U.K. and a unit in London pleaded guilty in the U.S. to one count of wire fraud.

Two former Deutsche Bank AG DB 0.90% traders were found guilty of trying to rig a key lending benchmark that was considered one of the most important barometers of the world’s financial health. Matthew Connolly, who led Deutsche Bank’s pool trading desk in New York, and Gavin Campbell Black, a former derivatives trader who worked on the bank’s London desk, were convicted Wednesday of conspiracy and wire fraud charges following a monthlong trial in Manhattan federal court.

1 Article
Source: Common Domain

The World’s Biggest Exporter Rebrands Itself as a Big Buyer

Friday 04:15 GMT

Under a clover-shaped, 15.8-million-square-foot venue starting Nov. 5, the expo may resemble the global economy itself with Italian helicopters and American soybeans, French baking yeast and a 200-metric-ton German milling machine.

For now, touting China’s role as an importer comes down to geopolitical necessity for President Xi in the face of an unprecedented pushback against his government’s global ambitions.

1 Article
Source: Common Domain

The Midwest economy is about to get pummeled again

Thursday 09:01 GMT

This is adapted from his weekly commentary — “The Causes and Effects of This Growing Trade War.” Follow him on Twitter @HicksCBER.

The causal factor in the decline of many Midwest places was simply dogged, stubborn, almost prideful ignorance about century-long changes to the world economy. Not only has this saddled communities with decades of mis-investment, it has mistakenly convinced millions of Midwesterners that factory jobs may once again be plentiful.


“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte