U.S. economic growth slowed slightly more than initially thought in the first quarter amid downward revisions to inventory investment and consumer spending, but income tax cuts are likely to boost activity this year. Gross domestic product increased at a 2.2 percent annual rate, the Commerce Department said in its second estimate of first-quarter GDP on […]
Read moreThe optimism over Apple’s services opportunity is overblown, according to one Wall Street firm. Maxim Group lowered its rating to hold from buy for Apple shares, predicting the company’s subscription businesses will disappoint investors. “Prior survey data indicates attach rates for [Apple’s] subscription services will be at best 30%, likely lower given ecosystem centric approach, […]
Read moreNobel Prize-winning economist Robert Shiller hasn’t been the most optimistic voice on Wall Street, but he isn’t writing off the bull market. His chief reason: President Donald Trump‘s pro-business influence. “There is a sort of optimism about the markets under Trump, and that’s continuing. I don’t see a reason for it about to change,” the […]
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Markets are pricing in a cut for Italy's credit rating to 'junk' status
Italy’s political turmoil has left Credit Default Swap (CDS) markets pricing in a super-sized sovereign rating downgrade, which, if it happened, would push the country deep into “junk-grade” territory. A gauge using CDS levels compiled by S&P’s Capital IQ analytics unit, known as a Market Derived Signal Score (MDS), now puts Italy’s government debt at […]
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Political turmoil in Italy has TradingAnalysis.com founder Todd Gordon betting on a drop for another key European market: Germany. The German stock market-tracking ETF (EWG) tumbled more than 3 percent Tuesday, and Gordon believes the ETF, which he says is “representative of [the] overall condition of European markets,” is headed lower on the recent volatility. […]
Read moreCheck out the companies making headlines before the bell: Dick’s Sporting Goods – The sporting goods retailer beat forecasts by 7 cents a share, with adjusted quarterly profit of 52 cents per share. Revenue also came in above forecasts. Comparable-store sales fell more than expected, but Dick’s also raised its full-year outlook largely above Street’s […]
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Lega leader’s call for fresh election takes gloss off Italian recovery
A recovery in Italian stocks has been slowed by news that the leader of the right-wing Lega party has called for a new election. Matteo Salvini said Wednesday that he wanted new elections in Italy “as soon as possible.” Salvini added that holding a fresh vote in late July would be disruptive for many Italians, […]
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Here's how Italy ended up in political turmoil — and why it’s threatening a new euro zone crisis
Italy is embroiled in a dramatic power struggle between euroskeptic populists and pro-EU establishment lawmakers. The country has been plunged back into crisis mode after several weeks of protracted negotiations between anti-establishment groups ultimately failed to produce a new coalition government. As a result, Italy is back to square one. Italy has been without a […]
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Kremlin critic Bill Browder arrested and then released by police in Madrid
British investment fund manager Bill Browder was released from a Madrid police station on Wednesday because an Interpol arrest warrant for him was no longer valid, a Spanish police source said. The source could not confirm that the Interpol arrest warrant came from Russia. Neither could she confirm why the arrest warrant was no longer […]
Read moreChina lashed out on Wednesday at renewed threats from the White House on trade, warning that it was ready to fight back if Washington was looking for a trade war, days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross. In an unexpected change in tone, the United States said on Tuesday that […]
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