Here is what you need to know.
1. China just posted its lowest growth rate in almost 30 years as the trade war hammers its economy. Analysts are saying the worst is yet to come as Trump’s tariffs outweighed domestic stimulus efforts.
2. Stocks are rising as tepid Chinese growth has traders ‘baying for more stimulus’. The news of China’s economic slowdown meant stocks climbed on hopes the government would further stimulate domestic demand.
3. Boris Johnson’s plans for a Brexit trade deal with Trump are “in breach of European law” warns Trade Secretary. Liam Fox said on BBC Radio 4’s Today programme, “We can’t negotiate anything with the US until after we have left the European Union,” as it would break EU rules.
4. Trump is considering removing Commerce Secretary Wilbur Ross after a Supreme Court defeat on adding a citizenship question to the census, NBC reported. Trump on Thursday retreated from adding a contentious question on citizenship to the 2020 census, but insisted he was not giving up his fight to count how many non-citizens are in the country.
5. Deutsche Bank just nabbed AQR’s head of technology to help lead a $15 billion push into digital with a focus on the cloud. Neal Pawar, the chief technology officer and a principal at AQR, will leave the $203 billion hedge fund to serve as group chief information officer at Deutsche Bank, Business Insider has learned.
6. The UK says it will release a seized Iranian oil tanker if Iran guarantees the vessel won’t breach European sanctions. UK Foreign Secretary Jeremy Hunt said he held a “constructive call” with Iran’s Foreign Minister Mohammad Javad Zarif in an attempt to ease tensions in the Persian Gulf.
7. China’s government and companies will not do business with US companies involved in arms sales to Taiwan, China’s foreign ministry said on Monday. This comes after the US approved its largest arms sale since the start of the Trump administration.
8. Stocks today were mixed with the US and Asia up while Europe had a muted start. US futures were up with the S&P 500 and the Nasdaq rising (+0.1%). In Europe, stocks slid, as the Euro Stoxx 50 was down (-0.2%) and the German Dax was flat. In Asia, Hong Kong’s Hang Seng was up (+0.3%) as was the Shanghai Composite (+0.4) after China’s economic news.
9. Earnings season is kicking off. Citigroup is set to report its second-quarter results.
10. Economic data continues to come out. Chinese growth figures were today’s highlight, and the NY Empire State manufacturing index reading is scheduled for later.
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Source:: Business Insider