Author: admin

A U.S. appeals court rejected Apple’s request Wednesday to halt changes to its App Store, precipitated by its yearslong legal battle with the Fornite maker.

The range has been fairly tight in US stock markets today but some sellers just took a leg lower after hitting stops below the earlier double bottom.

At 0.4%, the move today isn’t large but it’s disappointing after some seeming progress between the US and China. I warned about a ‘sell the fact’ trade on it as stocks had been climbing all week after there were signs of a call. I think many people (including me) would have liked to see some kind of token shift in policy at the very least.

Tesla is a drag on everything today and is now down 10%.

This article was written by Adam Button at www.forexlive.com.

• Survey data points to some weaker prospects in the near term
• Higher tariffs, stronger euro to make exports harder
• Defense and infrastructure investment to bolster growth
• Boost in defense and infrastructure would raise inflation over the medium term
• Risks to growth tilted to the downside
• Not pre-committing to particular rate path
• In a good position to navigate uncertain conditions coming up
• There was one dissenter
• We have not discussed the neutral rate
• We are in a good position based on the current rate path
• “I can very firmly tell you that I have always been and am fully determined to deliver my mission and I’m determined to complete my term.”

The euro is higher on the press conference and a broadly weakening US dollar.

This article was written by Adam Button at www.forexlive.com.

Trump and Xi held a phone call today, according to Xinhua.

That should be good news as the topics on calls like this are almost always pre-cleared and scripted.

It’s not exactly clear when the call was held or if it’s ongoing now but expect Trump to write about it on Truth Social soon after it’s over.

It’s tough to say exactly what’s priced in regarding any actions coming out of this. I don’t think the market is expecting tariff rates to drop but that would be an upside risks. At minimum, we’d expect them to undo some of the rare earth/chip curbs lately.

This article was written by Adam Button at www.forexlive.com.

Key topics include billions of dollars in expected EV write-downs, a retrench to “core” businesses for automakers and a collapse of the auto industry in China.

A model from AlixPartners shows what items like sweaters and shoes imported from Vietnam could cost under President Donald Trump’s tariff plans.

Disney’s economic impact report arrives on the heels of its announcement of a new theme park in Abu Dhabi and the opening of rival Universal’s Epic Universe.

The Investing Club holds its “Morning Meeting” every weekday at 10:20 a.m. ET.

• Extent of tariff-driven price push won’t be evident for some time
• Expects tariffs to start to show through prices in coming months
• Policy needs to be nimble
• Optimistic that economic activity can be sustained

From Harker (who is retiring this month)

• Fed must wait and see on next policy steps
• Entirely possible Fed may face rising inflation and unemployment at the same time
• Still no idea how shifting economic policies will affect economy
• Hard data have remained robust

I love how we get the ‘no idea’ comment just before he retires. I’m sure that’s how many of them feel but they can’t say it so bluntly.

I’m told this is the last public appearance from Harker. He was a good central banker, top notch.

This article was written by Adam Button at www.forexlive.com.