Here is what you need to know.
Mexico is ready to hit back against Trump’s trade
war. Mexico will place a 20% tariff on US pork
leg and shoulder imports, according to Reuters.
Japan’s finance minister is forfeiting a year’s
salary. Japanese Finance Minister Taro Aso has
agreed to forfeit one year’s salary as punishment for his role in
a bargain sale of state land to a school tied to Prime Minister
Shinzo Abe’s wife.
The stock market’s biggest bear unloads on the ‘economic Ponzi
scheme’ he says will cause the next
crash. Outspoken investor and former professor
John Hussman argues one of the biggest problems facing the market
right now is the “dysfunctional” economic system that has allowed
consumers and companies to gorge on debt.
Short seller Jim Chanos rails against
“That’s exactly what it is,”
Chanos said when asked if bitcoin is a libertarian fantasy. “And
if you say, well, fiat currency is going to bring the world down,
which could, of course, happen, then I say the last thing I’d
want to own is bitcoin if the grid goes down.”
Starbucks Executive Chairman Howard Schultz is stepping
down. Schultz is stepping down after more than
three decades at the coffee giant amid rumors he is considering a
Tesla is blowing through an insane amount of raw material and
cash to make Model 3s, and production is still a
nightmare. Internal documents seen by Business
Insider show scrap at the company’s Gigafactory may have cost the
company at least $150 million this year.
Apple hits an all-time high. Shares touched a
record high of $193.42 ahead of the company’s WWDC developer’s
Twitter closes at its best level in 3
years. Shares rallied 3.41% Monday to settle at
$37.90, their best since July 2015.
Stock markets around
the world are higher. China’s Shanghai
Composite (+0.74%) led the gains in Asia and Germany’s DAX
(+1.06%) paces the advance in Europe. The S&P 500 is set to
open up 0.12% near 2,750.
US economic data flows. Markit US Services PMI
will be released at 9:45 a.m. ET while JOLTS Job Openings and ISM
non-manufacturing are both due out at 10 a.m. ET. The US 10-year
yield is down 2 basis points at 2.93%.