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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.
https://www.cnn.com/2019/08/05/inves...day/index.html
[Reply]
IowaHawkeyeChief 08:07 PM 08-05-2019
Originally Posted by chiefzilla1501:
The problem I have with trumps tariffs is Trump doesn't seem to get that American businesses pay the tariff, just as much if not more than China. His conservative advisors have pushed back on him. So has most of his GOP congress. Even reagan knew that tariffs were a negotiation tool, they are not a punishment in and of itself. Trump actually thinks we're punishing China and collecting tax revenue at the same time. That's flat out wrong. We may be punishing China but any tax benefit has been far offset by the cost of economic damage
Trade deficits really weren't that big of an issue until 3 to 4 years into Reagan's term. We had a fraction of the leverage we have now and no history of how a global economy would hurt working class Americans. We now know that it wasn't very kind to them, specifically, when countries like China cheat and still our intellectual property and devalue their currency and flood the market with cheap steel to run other countries out....Reagan would think like Trump today, free but FAIR trade. It has never been fair with Russia and many other countries.
[Reply]
Over Yonder 08:14 PM 08-05-2019
Originally Posted by chiefzilla1501:
Just because a product was produced here doesn't mean parts weren't produced elsewhere.
I covered that in my post


Originally Posted by chiefzilla1501:
Even if they don't source foreign, a shock to the supply chain probably impacts you indirectly
It would be very indirectly and of very little consequence. I'll take my chances buying American and telling folks like the Chinese to keep their cheap crap every chance I get :-)
[Reply]
mlyonsd 08:15 PM 08-05-2019
This is the kind of thread that makes you wonder how many libs like Maher are hoping for recession before the next election. No matter how much it actually hurts real America.
[Reply]
JohnnyHammersticks 08:27 PM 08-05-2019
Originally Posted by mlyonsd:
This is the kind of thread that makes you wonder how many libs like Maher are hoping for recession before the next election. No matter how much it actually hurts real America.
Probably 98% of libs hope we suffer a completely crushing recession before the 2020 election. They'd like a full-blown depression ever more. An even higher percentage hope that our President gets his brains blown out before then. Because they're so caring and tolerant.
[Reply]
alanm 08:43 PM 08-05-2019
By all means sell now!!! PLEASE!!!! I'll buy low. :-)
[Reply]
Bowser 08:50 PM 08-05-2019
Originally Posted by alanm:
By all means sell now!!! PLEASE!!!! I'll buy low. :-)
Fucking this
[Reply]
EmojiMania 08:59 PM 08-05-2019
Originally Posted by petegz28:
My favorite part is he posts a chart showing a 10+ trillion $ gain then cries about a $1 tril loss....:-)
Hmm, this coming from people who called the dozens of trillions gained under Obama the worst economy ever?

:-):-):-):-):-):-):-):-):-)
[Reply]
petegz28 08:59 PM 08-05-2019
Futures were down 600 points a few hours ago. Now only down 250
[Reply]
petegz28 09:00 PM 08-05-2019
Originally Posted by EmojiMania:
Hmm, this coming from people who called the dozens of trillions gained under Obama the worst economy ever?

:-):-):-):-):-):-):-):-):-)
Aside form the fact that your post is absolutely irrelevant to my statement, don't put words in my mouth, cock muncher. Obama had the slowest economic recovery in history. The Fed made the money for him. Save your revisionist bullshit for your ****tard friends.
[Reply]
SuperBowl4 09:08 PM 08-05-2019
Originally Posted by WhawhaWhat:
Who else is hoping for a 240 point loss at the closing bell tomorrow? :-)
[Reply]
EmojiMania 09:10 PM 08-05-2019
Originally Posted by petegz28:
Obama had the slowest economic recovery in history. The Fed made the money for him.
:-):-):-):-):-):-):-):-):-):-):-):-):-)

Yeah let's listen to this guy, he seems like a trustworthy source of objective economic information! :-):-):-):-):-):-)
[Reply]
Lex Luthor 09:10 PM 08-05-2019
Originally Posted by petegz28:
Aside form the fact that your post is absolutely irrelevant to my statement, don't put words in my mouth, cock muncher. Obama had the slowest economic recovery in history. The Fed made the money for him. Save your revisionist bullshit for your ****tard friends.
Hopefully the Biden recovery from the Trump recession will be more to your liking.
[Reply]
petegz28 09:11 PM 08-05-2019
Originally Posted by Lex Luthor:
Hopefully the Biden recovery from the Trump recession will be more to your liking.
It's not my fault you suck at math.
[Reply]
EmojiMania 09:13 PM 08-05-2019
Originally Posted by petegz28:
It's not my fault you suck at math.
Is a $10T gain a good thing, or isn't it? Is it attributable to the president at the time it takes place, or isn't it?

It's amazing how quickly the answers to such basic questions can change depending on which president you're referring to! :-):-):-):-):-):-):-):-)
[Reply]
petegz28 09:16 PM 08-05-2019
Originally Posted by EmojiMania:
Is a $10T gain a good thing, or isn't it? Is it attributable to the president at the time it takes place, or isn't it?

It's amazing how quickly the answers to such basic questions can change depending on which president you're referring to! :-):-):-):-):-):-):-):-)
What's amazing is some people, not including yourself, are capable of understanding the financial markets and why they go up and down. You should pay more attention when those people talk. You might end up looking less stupid.
[Reply]
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