A tweet that US president Donald Trump, Steven Mnuchin and Robert Lighthizer were in a meeting to discuss progress completely erased early declines in U.S. stock-index futures and contracts are now up on the day. U.S. stocks also pared Thursday morning declines right after Trump said he received a letter from Chinese President Xi Jinping and that the two may speak on the phone.
Pimco’s Manny Roman joined the 80% club — both Roman and JPMorgan CEO Jamie Dimon see an 80% chance of a U.S.-China trade agreement Wells Fargo equity derivatives strategist Pravit Chintawongvanich recommends using the two largest ETFs tracking U.S. and China markets: Sell protective puts on IWM while buying them on FXI
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Business Maverick: Scandal-hit Steinhoff posts $4 bln operating loss for fiscal 2017Steinhoff has reported an operating loss at 3.7-billion euros vs restated profit 278-million euros, blaming writedowns for the loss. The assets are valued at 17.5-billion vs 32.2-billion in 2016 but says its on track to release 2018 results in June
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Business Maverick: Trump Had Losses of $1.17 Billion Over a Decade: NYTPresident Donald Trump, who won the presidency in part on his image as a successful business mogul, lost $1.17 billion over 10 years on failed business deals, according to tax records obtained by the New York Times.
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Business Maverick: Chinese Stocks See Muted Gains After Monday’s $487 Billion RoutThere was no rush to buy the dip in Chinese stocks after their biggest rout in more than three years.
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Business Maverick: Yuan Plunges, U.S. Stock Futures Drop on Trade War: Markets WrapChina’s yuan plunged the most in more than three years and equity markets were roiled after President Donald Trump’s threat to increase tariffs on Chinese imports cast a cloud over talks this week that were expected to finalize a trade deal.
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Business Maverick: Emerging Market Investors Buy Up Bond ETFsIf investors wanted evidence that demand for bonds in the local currency of emerging market countries including SA isn’t fleeting, here it is: the biggest exchange-traded fund tracking local debt in emerging markets has seen 16 weeks of inflows.
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Business Maverick: Friday May 3: Five Things You Need to Know to Start Your DayIndia begins evacuations as Cyclone Fani approaches, Trump and Xi ponder their next meeting, and Tesla plans to raise another $2 billion. Here’s what’s moving markets.
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Business Maverick: Tesla Manager Sees Risk of Battery-Minerals Shortage in FutureBooming demand for electric vehicles and insufficient investment in mines could result in a global shortage of minerals needed to manufacture rechargeable batteries in a few years’ time, a Tesla Inc. representative told U.S. officials and mining executives in a meeting in Washington.
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BUSINESS MAVERICK: The Shoprite/Wiese deal: Is there a plan B?It’s quite a standoff. The Shoprite board has recommended that its founder and chairman Christo Wiese should be paid R3.3bn for the high-voting shares that were part of his founding stake. Some shareholders don’t like it and it will only take 15% of them to jettison the deal. Does Wiese have any other options? There is one obvious one — he could sell the shares to an outsider. But will he?
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