Global financial markets have been jolted in recent days by yet another escalation in a trade war between the United States and China, with the resulting selloff and bid for safety pushing assets and markers into new territory for the year.
Payments processor Mastercard Inc on Tuesday said it would buy a majority of the corporate services businesses of European payments company Nets for about $3.19 billion.
U.S. President Donald Trump on Tuesday dismissed concerns over a protracted trade war with China, saying the United States was “in a very strong position,” a day after his administration ratcheted up tensions by labeling Beijing a currency manipulator.
U.S. stock index futures signaled a bounce on Tuesday, as China stepped in to steady the yuan and investors sought beaten-down stocks, a day after Wall Street’s main indexes racked up their steepest one-day percentage fall of the year.
Vivendi is in talks to sell up to 20% of Universal Music Group (UMG) to Tencent , valuing its prized asset at around 30 billion euros ($34 billion), in an attempt to break into China’s growing but tightly-controlled music market.
A rout in global markets eased on Tuesday as China kept the yuan on a tight leash after its landmark drop past 7 to the dollar led the United States to label Beijing a currency manipulator.
Huawei Technologies said it was seeking compensation from its contract manufacturer Flex Ltd for illegally withholding some 400 million yuan ($57 million) worth of its goods in the wake of a U.S. trade ban on the Chinese firm.
China said on Tuesday it will implement a special tax policy in the newly expanded Shanghai Free Trade Zone, in a bid to promote free trade as Beijing’s year-long trade dispute with Washington threatened to escalate into a full-blown economic war.
Novo Nordisk said on Tuesday it had bought a factory in North Carolina that would assist in manufacturing and packaging its new once-daily pill for treating type 2 diabetes.
J.C. Penney Co Inc’s stock has plunged more than 70% over the past year and now trades under $1. Its first-quarter financial loss nearly doubled to $154 million.
J.C. Penney Co Inc has been struggling to reassure investors it can lure shoppers back into its stores amid fierce competition from online giants like Amazon.com Inc and discount retailers like TJX Cos Inc’s Marshalls and T.J. Maxx chains.
J.C. Penney Co Inc late last year tapped Jill Soltau as chief executive officer to stem the decline in sales, the fifth leadership change at the department store operator in 15 years.
Apple Inc rolled out its virtual credit card on Tuesday, working with bank Goldman Sachs Group Inc on the new iPhone add-on that may help Apple diversify from device sales and build out the Wall Street bank’s new consumer business.
Oil prices rebounded slightly on Tuesday from big falls in recent sessions, but Brent crude remained near seven-month lows around $60 a barrel due to escalating trade tensions between China and the United States.
China’s central bank said on Tuesday that Washington’s decision to label Beijing as a currency manipulator would “severely damage international financial order and cause chaos in financial markets”.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
