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relates to Here’s How Germany Could Boost Its Economy, If It Wants to Act relates to Negative Mortgages Set Another Milestone in a No-Rate World relates to Bond Traders Are Hostage to a Global Gloom relates to Carlsberg CEO Has a Warning for His Peers About Negative Rates relates to The World Is Waiting for Powell’s Signals: Global Economy Week relates to Bank Indonesia Seen Keeping Rupiah Bears at Bay as EM Risks Rise relates to U.S. Weighs Selling 50- and 100-Year Bonds After Yields Plummet relates to China Lines Up Lower Borrowing Costs with Revamped Rate System relates to Deutsche Bank’s Historic Revamp Hit by Sagging German Economy relates to Argentina Faces Fresh Turmoil After Resignation, Debt Downgrades
relates to Here’s How Germany Could Boost Its Economy, If It Wants to Act relates to Negative Mortgages Set Another Milestone in a No-Rate World relates to Bond Traders Are Hostage to a Global Gloom relates to Carlsberg CEO Has a Warning for His Peers About Negative Rates relates to The World Is Waiting for Powell’s Signals: Global Economy Week relates to Bank Indonesia Seen Keeping Rupiah Bears at Bay as EM Risks Rise relates to U.S. Weighs Selling 50- and 100-Year Bonds After Yields Plummet relates to China Lines Up Lower Borrowing Costs with Revamped Rate System relates to Deutsche Bank’s Historic Revamp Hit by Sagging German Economy
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Five Things You Need to Know to Start Your Day

Get up to speed with what’s moving markets

Five Things You Need to Know to Start Your Day

Get up to speed with what’s moving markets

Trump Says He Could Impose More Tariffs on China

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Good morning. Tariff threats made a return, Europe has a new figurehead and Facebook is getting bashed for its past missteps. Here’s what’s moving markets.

Threats

U.S. President Donald Trump put a halt on a five-day rally in U.S. shares after reiterating that he could slap additional tariffs on China should he want to, just as the World Trade Organization said it has reservations about how the U.S. sanctions cheap Chinese goods. That came as the International Monetary Fund warned central bankers they need to be prepared for a steeper global downturn and as Federal Reserve Chairman Jerome Powell said he stands ready to act to sustain the economic expansion in the U.S. in the face of threats such as the trade war.

The New Boss

Germany’s Ursula von der Leyen managed to get the blessing to become the next European Commission boss, avoiding yet further political deadlock that had scuppered previous negotiations about who to give the job to. Her pitch was heavily focused on green issues and appeared to involve an ambition to completely overhaul the global energy system, a tough task given the issues her predecessor, Jean-Claude Juncker, faced with his own bold plans when competing with the differing national interests of member states. Not to mention, von der Leyen needs to get Trump back on side.

Facebook’s Past

Facebook Inc.’s problems in the past are coming to the fore as it attempts to create a new cryptocurrency. U.S. lawmakers took turns blasting the social media giant on Tuesday for missteps over privacy, its overall power and even its role in the 2016 elections in sessions designed to scrutinize the planned launch of Libra. The heavy questioning sent Bitcoin back below $10,000 on Tuesday and it has continued to slip today, though keep in mind it was below $4,000 back in March. Libra got a little defense, however, with the IMF saying regulators need to step up but  shouldn't attempt to crush the initiative.

European Tech

The European earnings season kicks into gear on Wednesday, led by two big technology companies in the form of Dutch semiconductor-equipment maker ASML Holding NV and Swedish telecom-equipment firm Ericsson AB. ASML’s forecasts for sales and margins in the third quarter both missed consensus, though it maintained its overall outlook. Ericsson’s results this morning should also provide some insight into the impact of the U.S. targeting Chinese gear maker Huawei Technologies Co.

Coming Up...

Markets are still searching for a narrative, leaving Asia with another mixed session on low volumes and European futures not providing much clue to the direction. The U.S. bank earnings season continues apace with Bank of America Corp.’s update and, once both European and U.S. markets have closed, streaming giant Netflix Inc. is up. U.S. crude oil inventory data also arrives in the afternoon, hotly scrutinized at present as traders work to balance out macroeconomics and supply/demand dynamics in the oil sector.

What We’ve Been Reading

This is what’s caught our eye over the past 24 hours.

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