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  1. U.S. stocks’ selloff intensified in afternoon trade Friday as fears mount about the impacts of a trade spat between the U.S. and China. Markets started the day on the back foot, with the S&P 500 and Dow industrials falling at the opening bell. The U.S. threatened late Thursday to impose an additional $100 billion in penalties on Chinese goods. The move would triple the amount of Chinese goods facing levies when entering the U.S., up from the tariffs on $50 billion in imports from China that the president announced last week. China hit back Friday, vowing strong retaliation against the U.S. Stock losses accelerated Friday after Treasury Secretary Steven Mnuchin said in an interview on CNBC that the U.S. is willing to negotiate with China but warned there is “the potential of a trade war.” “On the one hand, we’re willing to continue negotiations,” Mr. Mnuchin said during the interview. “On the other hand, the president is absolutely prepared to defend our interests.” Here’s a snapshot of markets Friday. Industrial companies such as Boeing and Caterpillar are leading declines. Those companies have been under pressure recently due to their exposure to global trade and China’s proposed tariffs. The yield on the 10-year Treasury note also declined as investors sought safety in government bonds. A weaker-than-expected U.S. jobs report has also weighed on Treasury yields by dimming expectations for tighter U.S. monetary policy. Wall Street’s “fear gauge,” the CBOE Volatility Index, spiked. While the dollar also slipped on trade war fears and the disappointing jobs data. View the full article
  2. India's cryptocurrency exchanges plan to fight back against the Reserve Bank's decision to cut them off from financial services. View the full article
  3. submitted by /u/ecurrencyhodler [link] [comments] View the full article
  4. The creator of ethereum is coming out against a proposal that would find the network altering its software to defend against powerful new miners. View the full article
  5. The more flippant the investing cliché, the more you should question it. Consider “the bigger they are, the harder they fall.” At their lows this week, the technology shares that have until recently been the stock market’s darlings — Facebook, Amazon.com, Netflix, Google’s parent company Alphabet and other giants — had fallen more than 17% since March 13. Over the same period, U.S. stocks overall fell 8%. At first, the drop in big tech stocks seems driven by bad news that is bound to worsen: Facebook improperly sharing personal data, President Trump criticizing Amazon, European regulators investigating potential antitrust violations. Or could this just be a stumble? Have big tech companies developed an unstoppable business model? The idea might not be quite as crazy as it sounds. Charlie Munger, Warren Buffett’s business partner, rarely shows much mercy toward investing beliefs he regards as foolish. But when he was asked at the February annual meeting for shareholders in his Daily Journal whether Google, Facebook, Apple and Amazon are overvalued, Mr. Munger said, “I don’t know. Next question.” Traditionally, the bigger companies have gotten, the harder it has become for them to keep growing at the same rate. For today’s leading innovators, however, growing might not have to mean slowing. Unfettered by the costs of raw materials or the burdens of manufacturing, distribution and advertising, these companies plan decades ahead, rather than fixate on hitting Wall Street’s quarterly earnings targets. Consider Amazon. Over the three years ending Dec. 31, 2011, its revenues more than doubled, to $48 billion. Over the next three years, its sales nearly doubled again, to $89 billion. Then, over the three years ending Dec. 31, 2017, Amazon’s revenues doubled yet again, to $178 billion. Investors don’t know exactly how to price such rapid growth. Although the cash Amazon generated from operations grew more than tenfold from 2008 through 2017, the company plowed most of it back into expanding the business. So net income grew only less than fivefold, with enormous fluctuations along the way. James Anderson, head of global equities at Baillie Gifford & Co. in Edinburgh, thinks Amazon, along with some other giants including Chinese firms Alibaba Group Holding and Tencent Holdings, “live in a permanent state of revolution.” They have “a profound distrust of the idea that scale has to impinge on a business’s ability to grow and keep disrupting.” Baillie Gifford, with $290 billion in assets, had a total of more than $22 billion in Amazon, Alibaba and Tencent as of year-end 2017. “A small set of superior companies drive returns in the long run,” says Mr. Anderson, citing research by finance professor Hendrik Bessembinder of Arizona State University. That study shows that the stock market’s entire return over time has come from fewer than 4% of all stocks. Of course, history also suggests that every firm that was expected to dominate indefinitely — from RCA in the 1920s to IBM in the 1980s to Nokia in the 1990s — has ended up slipping. And the idea of virtually limitless growth flies in the face of much of human experience. Trees can’t grow to the sky because they would be bent and crushed under their own weight first. As the epigraph for his 1934 book “Security Analysis,” the fundamental text for evaluating stocks and bonds, the great investor Benjamin Graham chose these words from the Latin poet Horace: “Many shall be restored that now are fallen and many shall fall that now are in honor.” The twin beliefs that high-fliers must fall to earth and that underappreciated stocks should rise again are at the heart of value investing. It’s conceivable that those principles may be less relevant today, when powerful technology companies can pulverize entire industries. [wsj-responsive-more-in tag="The Intelligent Investor" category="" ] Nevertheless, as companies grow, “the more scale you have, the less nimble you become,” says John Linehan, portfolio manager of the $22 billion T. Rowe Price Equity Income Fund. Despite all the recent growth of the tech giants, he says, “I don’t think that’s changed.” In a classic article, “Growth Stocks and the St. Petersburg Paradox,” finance scholar David Durand warned that at ultra-high growth rates over long horizons, even slight shortfalls lead to enormous differences in end results. That makes the shares of such companies extraordinarily volatile. With Amazon and Netflix trading at more than 200 times their net profits, and many of the other new tech giants at more than 40 times earnings, they aren’t exempt from that iron law. It’s impossible to know for sure whether companies like Amazon have broken free from the traditional limits to growth. Unless you can hold them for a decade or more, as Mr. Anderson likes to, you probably will get shaken out before you can even find out. Write to Jason Zweig at intelligentinvestor@wsj.com, and follow him on Twitter at @jasonzweigwsj. View the full article
  6. President Donald Trump, who has said that ending NAFTA will make all three signatories “stronger and better,” just got some surprising backup from an academic study. Researchers published a study in the American Journal of Preventive Medicine asserted that joining the agreement coincided with a rise in the caloric intake of Canadians between 1989 and 2006. During those years, imports of U.S. food and beverages rose by $5.26 billion. The added calories could lead to a weight gain of 4 to 20 pounds for a man over the age of 40, the researchers said. One U.S. proposal in renegotiating NAFTA would have been to ban “front of pack” nutrition labels in Canada spelling out calorie counts and the like. U.S. trade representative Robert Lighthizer dubbed the labels “protectionist” in congressional testimony. Canada’s representative rejected the proposal. View the full article
  7. submitted by /u/Tekafranke [link] [comments] View the full article
  8. Good afternoon from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android. Here’s essential reading on today’s developments. MUST READS FROM WSJ CITY China vowed to ‘hit back forcefully’ if the US imposes newly threatened additional tariffs on $100 billion worth of Chinese goods, as trade tensions mount between the world’s two largest economies. Chinese Commerce Ministry spokesman Gao Feng described as ‘very unreasonable’ and ‘extremely wrong’ President Donald Trump’s announcement that he was considering penalties on an additional $100 billion in Chinese goods. A week of mounting tensions between the US and China saw yet more volatility injected in financial markets. Investors shunned riskier assets, moving towards the relative safety of government debt, and commodities that could be affected by the threatened tariffs sold off. There were also important updates about the state of the American and British economies. Here are five takeaways from markets this week. The pace of US hiring slowed in March and the unemployment rate held at a 17-year low, hinting that a tight labour market is making it more difficult for some businesses to find workers. The lacklustre headline jobs number has some investors backing off expectations for a more rapid pace of Fed rate increases. The US dollar and Treasury yields fell on the news. Investor sentiment has quickly shifted from extremely optimistic to outright bearish – an encouraging contrarian signal for those market participants who have long worried Wall Street was overly bullish. Why It Matters: Investors often worry most when everybody else in the market gets very bullish, with many analysts noting that Wall Street optimism has often reached its highs right before big market falls. The Trump administration levied sanctions against more than three-dozen Russian individuals and entities, targeting senior Russian government officials, some of President Vladimir Putin’s closest oligarch allies and the companies they own. The action is in response to what senior US officials say are Moscow’s subversion of democracy, hostile cyber activities and its intervention in the Syrian war. Holding cash is investment heresy after a decade of the lowest interest rates in history. But with reasons to think twice about both stocks and bonds, it’s time to consider the sacrilegious and add cash back into portfolios, writes WSJ’s senior markets commentator James Mackintosh. European Union governments have a fraught history with referendums, writes Valentina Pop for Brussels Beat. The Dutch government is in the process of scrapping a law adopted just three years ago that allows consultative referendums on almost any matter if backers can get 300,000 signatures on a petition. Trump’s personal issues with Amazon, remembering the chef who wanted to changed the world, and the future of office fashion. Kick back with the best of our weekend reading. IN THE PAPERS Three Die as Protests Kick Off Again at Gaza-Israel Fence – The Wall Street Journal Fatal Crash Tests Role of Safety Drivers in Autonomous Cars – Financial Times (£) India Seeks $15 Billion Fighter Jets in World’s Largest Deal – Bloomberg Poisoned Russian Ex-Spy Is No Longer in Critical Condition – The Wall Street Journal South Korean Court Jails Former President Park for 24 Years – Reuters MARKETS TODAY Global stocks dropped sharply as the tit-for-tat rhetoric on tariffs between the US and Chinese governments continued to knock markets. The Dow Jones Industrial Average had fallen around 1.5% in midday trading, while the S&P 500 and tech-heavy Nasdaq Composite were each down 1%. In Europe, the regional Stoxx Europe 600 closed 0.4% lower. The decline in stocks came after China forcefully responded to President Donald Trump’s announcement late on Thursday that the US is considering an additional $100 billion in tariffs on Chinese goods, saying Beijing would ‘resolutely counterattack and take new comprehensive measures in response.’ The trade worries also knocked bond yields lower. The yield on the benchmark 10-year US Treasury note fell to 2.799%, according to Tradeweb, from 2.830% on Thursday. Yields move inversely to prices. Meanwhile, the latest jobs report for March showed that wages grew at a steady rate, tamping down investors’ inflation fears, even as US employers did less hiring than expected last month, suggesting that a tight labour market is making it more difficult for some businesses to find workers. The dollar fell 0.2% against a basket of currencies tracked by the WSJ. Follow our live markets coverage here. View the full article
  9. A publicly traded company that saw its stock price soar after announcing a crypto startup acquisition has been sued by the SEC. View the full article
  10. This week, Verge was the best performing cryptocurrency among top 25 cryptocurrencies by market capitalization. View the full article
  11. submitted by /u/Not_A_Robot11 [link] [comments] View the full article
  12. Brexit & Beyond: Europe in Flux is The Wall Street Journal’s round-up of news and analysis of how Brexit will affect global business, economies and finance. You can sign up here. MUST READS A woman walks in a flooded street in front of the ancient Colosseum. Angelo Carconi/ANSA/Associated Press Initial Talks on Formation of New Italian Government Fail: A first round of consultations to form a new Italian government failed as the main parties remained at loggerheads, meaning more negotiations will be necessary next week. As Referendums Roil Europe, the Dutch Reconsider: European Union governments have a fraught history with referendums, illustrated by the UK’s 2016 vote to leave the bloc. Now referendum remorse among politicians is leading to action in the Netherlands, writes Valentina Pop. U.S. Targets Russian Oligarchs in New Sanctions: The U.S. sanctioned seven Russian oligarchs and 12 companies they own as well as 17 senior Russian government officials. ECB to Challenge Latvia Over Decision to Bar Central Bank Governor Rimsevics: The European Central Bank said it will challenge Latvia’s decision to bar its central-bank governor Ilmars Rimsevics from attending ECB meetings, and seek “interim measures” that allow its decision-making to function as normal. Swiss Central Banker Warns of Cryptocurrency Risks: A top official of Switzerland’s central bank warned that cryptocurrencies should not be seen as a substitute to traditional currencies, despite some of the potential benefits that the underlying blockchain technology has for the financial system. German Court Opens Path for Extradition of Catalan Separatist Leader: A German court ruled to allow Catalonian separatist leader Carles Puigdemont free on bail, paving the way for his extradition to Spain to stand trial for his role in last autumn’s independence drive. The Battle for PrivatBank: Can Ukraine Bring Its Oligarchs to Heel?: When Ukraine’s finance minister went to oversee the nationalization of the country’s biggest bank in December 2016, he took with him a team of bankers — and a security detail of special-forces operatives. IN THE PAPERS EU, Facebook Plan High-Level Contacts Over Data Scandal – Bloomberg UK Universities Face Uncertainty as Brexit Looms – New York Times Trump Slams EU as Being ‘Solidly Against Us’ on Trade – Politico Salisbury Poison ‘Made at Russia’s Porton Down’ – The Times Russia Steps Up War of Words with Britain Over Poison Attack – Financial Times Be the first with intelligence for an ambitious day. Download WSJ City and let us keep you in the loop from 6 a.m. UK time. Upwardly mobile on iPhone and Android, also available in a Newsletter and on the Web. View the full article
  13. Here are some of the companies with shares expected to trade actively in Friday’s session. Stock movements reflect premarket trading. Incyte—Down 21%: The biopharmaceutical company said it was ending a study with Merck & Co. that evaluated a combination of treatments for skin cancer. Merck shares were down 1.4%. JPMorgan Chase—Down 1%: While CEO Jamie Dimon struck an optimistic tone about the bank’s growth prospects in his annual shareholder letter published Thursday, he cited concerns including cybersecurity and the proliferation of exchange-traded funds. Boeing—Down 1.9%: The company’s stock was jolted this week by clashes between the U.S. and China on trade. A Thursday disclosure by the National Aeronautics and Space Administration suggested that a two-person flight in Boeing commercial crewed capsule to the international space station is likely to be pushed back and expanded. WageWorks—Down 4.2%: The company shuffled its top management Thursday and said it will amend financial results for the past two years after an audit found material weaknesses. NetApp—Down 4.2% in low-volume trade: Multiple research firms raised their price targets for NetApp after the company’s investor conference this week. NetApp boosted its dividend and plans to buy back $4 billion of its shares. Shares are up 14% this year. Micron Technology—Down 3.8%: Shares of the highflying chip company fell 6.7% Thursday after UBS analysts initiated coverage with a sell rating and $35 price target. This is an expanded version of the “Stocks to Watch” section of our Morning MoneyBeat newsletter. To receive it every morning via email, click here: https://www.wsj.com/newsletters?sub=263 View the full article
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