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Washington DC and The Holy Land>Trade Wars are good and easy to win. Dow drops 950 points.
Lex Luthor 01:51 PM 08-05-2019
Thanks Donald!

Originally Posted by :
Dow plunges more than 950 points after China devalues its currency

The Dow tumbled more than 950 points and global stocks were in disarray on Monday after China escalated the trade war with the United States.

The Chinese government devalued the yuan to fall below its 7-to-1 ratio with the US dollar for the first time in a decade Monday. A weaker currency could soften the blow the United States has dealt China with its tariffs.

The weak yuan ignited fear on Wall Street that a currency war has begun or that the United States would respond with even higher tariffs, prolonging the standoff with China and potentially weakening the global economy. Investors are particularly concerned that the Trump administration could try to devalue the dollar, sparking a currency war that could weaken Americans' purchasing power.

"Risks of Trump intervening in foreign exchange markets have increased with China letting the yuan go," wrote Viraj Patel, FX and global macro strategist at Arkera, on Twitter. "If this was an all out currency war - the US would hands down lose. Beijing [is] far more advanced in playing the currency game [and has] bigger firepower."

President Donald Trump once again called China a currency manipulator on Monday, saying the yuan devaluation was a "major violation." Trump has long attacked China for its currency policy, even though the Treasury has refrained from officially labeling the country a currency manipulator.

China announced Monday its companies have halted purchases of American agricultural goods. That helped to drive stocks even deeper into the red.

US stocks were sharply lower, with the Dow (INDU) falling more than 950 points, sinking below 26,000 points for the first time since June. The Dow was on pace for its third-worst point drop in history.

The S&P 500 (SPX) traded 3.7% lower, and could post its worst day of 2019. The Nasdaq Composite (COMP) fell more than 4%, its biggest decline since October 24, 2018. If the Nasdaq closes lower Monday, it will have logged its longest losing streak since November 2016, when it fell for nine-consecutive days in the lead-up to the presidential election.

The S&P 500 is on track for six consecutive down days for the first time since October, while the Dow is on track for its longest losing streak since March. Last week, the S&P 500 and the Nasdaq Composite logged their worst week of the year last week.

Hit particularly hard were tech stocks. Apple (AAPL), Intel (INTC), Microsoft (MSFT), Nvidia (NVDA) and Advanced Micro Devices (AMD) were among the biggest losers on Monday.

The VIX (VIX) volatility index soared more than 30% to a seven-month high. The CNN Business Fear & Greed Index is indicating "Extreme Fear."
Asian markets all fell more than 1.6% Monday, and Hong Kong's Hang Seng closed down 2.9% as protests continue in the region. In Europe, London's FTSE 100 finished down 2.5%. Germany's DAX and France' Cac 40 closed 1.8% and 2.2% lower, respectively.

US government bonds rose and yields fell as traders looked for safe investments. The 10-year Treasury yield declined to 1.7413%. The yield curve — the difference between shorter and longer-term bond yields — grew the widest since April 2007. That inversion of the yield curve has predated every past recession.

Escalating the trade war

The yuan weakened sharply after the People's Bank of China set its daily reference rate for the currency at 6.9225, the lowest rate since December. The central bank said in a statement that Monday's weakness was mostly because of "trade protectionism and new tariffs on China." President Donald Trump threatened a new round of tariffs on the country last week.
Devaluing the yuan is one way China has of retaliating against the tariffs. A weaker currency helps Chinese manufacturers offset the costs of higher tariffs.

Analysts at Capital Economics said the move showed that Beijing has "all but abandoned" hopes for a trade deal with the United States.

In US economic data, the non-manufacturing index for July from the Institute of Supply Management undercut consensus expectations, which didn't help matters.
mlyonsd 02:42 PM 08-05-2019
Originally Posted by patteeu:
Trump's statement is more nuanced and sophisticated than the explanation in this article. The administration's argument is that China is lowering prices and devaluing their currency so that the cost impact to end consumers is close to zero. If that's true, then even though the tax is collected from the importer, the price he pays to China for the product is lowered enough (by China's cost absorbing actions) to make up for it and China ultimately bears the burden of the tariff.
What's the rate of inflation?

That's all you need to know about who is paying the tarrifs.
alpha_omega 02:48 PM 08-05-2019
Originally Posted by Lex Luthor:
....The rest of the responses have been exactly what I would expect from Trump supporters CPers who have read my posts before.
Over Yonder 02:50 PM 08-05-2019
Originally Posted by Lex Luthor:
The problem is that Trump doesn't understand who pays for tariffs.
I don't know what Trump understands or don't understand (I would bet a nickel you don't either), but I think the average tree stump understands who pays for tariffs. It's the consumer that sells their own country out for cheap goods imported from foreign countries.

I pay zero tariffs on products produced here in America from American made materials. I am weak on the economics side of life, but am I incorrect?
Titty Meat 02:56 PM 08-05-2019
Lex is a Chinese asset
Bwana 03:00 PM 08-05-2019
I saw that earlier and knew you would be:

I also knew you wouldn't post shit when the market was up. Hint: it will be up again.
HonestChieffan 03:06 PM 08-05-2019
Trump has done a lot of good things but this turd is all his
Scooter LaCanforno 03:17 PM 08-05-2019
Originally Posted by Marcellus:
I would say I cant believe these dumb mother****ers fall for this shit every time but then again look who it is.

Dow closes down, Lex sprints to the computer to post a thread about it full well knowing it will be back up again before long.

****ing morons rooting against the country on a daily basis.

In stead of posting this garbage. He should have been buying stock.
Coyote 03:29 PM 08-05-2019
Originally Posted by SuperBowl4:
Generational tune I used it to drop bombs and shoot rockets by in the 80s and early 90s

15 years ago my guys played stuff like:

I stuck to War Pigs even in this century. “And to me, war was the big Satan", said bassist and lyricist Geezer Butler. "It wasn’t about politics or government or anything. It was Evil itself. So I was saying 'generals gathered in the masses / just like witches at black masses' to make an analogy.”

Machine Gun by Hendrix for strafing gun or flechette rocket runs. Particularly at night under NVDs.
Reerun_KC 03:46 PM 08-05-2019
Avenatti is going to run and save America!!!
Reroka 03:51 PM 08-05-2019
This is China devaluation of their currency. China is fight back the only way it knows how to which is fraudulent.
Radar Chief 03:57 PM 08-05-2019
Oh! Em! Gee!

GloryDayz 04:03 PM 08-05-2019
Mark me down for being rather upset about this one. He has until the day before election day to turn it all around. Like in NASCAR, if he "isn't going to get some cars to go with him" (draft) he going to get hung out to dry. So far he guessed wrong about Wall Street's willingness to stay strong, they've fucked him on this one.

As HFC said, President Trump alone owns this one. Now, if the market turns around AND China has been put in their motherfucking place, he alone gets the credit.
WhawhaWhat 04:05 PM 08-05-2019

Coyote 04:27 PM 08-05-2019
“Buy the Dip.”

futures are way off
Setsuna 04:30 PM 08-05-2019
Is this about the stock market? Doesn't it change daily?
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