Financial Markets
Top stories summarized by our editors
8/16/2017

The number of CEOs severing ties with the American Manufacturing Council has increased to five after Walmart CEO Doug McMillon and AFL-CIO CEO Richard Trumka resigned. Some CEOs, including JPMorgan Chase's Jamie Dimon, have said it is important for them to guide President Donald Trump's pro-business initiatives but have expressed disappointment at how little progress has been made, particularly regarding tax reform.

8/16/2017

EU leaders have dismissed as "fantasy" the idea that Britain could negotiate trade deals with non-European countries while in a transitional post-Brexit customs arrangement with the EU. The EU's chief Brexit negotiator, Michel Barnier, said other issues must be settled before customs and trade matters are discussed.

Full Story:
The Guardian (London)
More Summaries:
EU, Michel Barnier
8/16/2017

Republicans' drive to reverse post-crisis financial regulation, particularly capital and liquidity requirements for large institutions, is "dangerous and extremely shortsighted," said Federal Reserve Vice Chairman Stanley Fischer.

More Summaries:
Stanley Fischer, Federal Reserve, Fed
8/16/2017

Technical analyst Colin Cieszynski, CMT, writes that the recent progress of Home Depot is a classic case of expectations beating fundamentals, as its shares saw a sell-off last week despite better than expected second-quarter figures. Cieszynski forecasts Home Depot shares will fall below their 200-day moving average to around $144.

Full Story:
Investopedia
More Summaries:
Home Depot, Colin Cieszynski, CMT
8/16/2017

Technical analyst Chad Shoop, CMT, says his charts show a strong likelihood of an imminent boost for iconic motorcycle manufacturer Harley-Davidson. Referring in particular to Relative Rotation Graph lines on his chart, he notes an emerging divergence that indicates a rally of as much as 10% is on its way in the near future, which could prove sustainable in the longer term.

Full Story:
Investopedia
8/16/2017

Technical analyst Lucas Downey sees nothing but positives in the current set-up of Momo, one of China's largest names in social media apps. Institutional investors are flocking to buy shares and Momo leads a booming sector in a bullish market, which prompts Downey to assert that it continues to represent a fruitful buying opportunity.

Full Story:
Investopedia
More Summaries:
Momo, social media apps
8/16/2017

The growth of Germany's economy, the biggest in Europe, continued in the second quarter but at a pace that fell short of what economists expected. GDP grew 0.6% in Q2, down from a revised 0.7% in Q1, according to Germany's statistics agency, Destatis.

8/16/2017

Core inflation in Sweden rose to 2.4% in July, exceeding the central bank's target of 2% and reaching its highest level since February 2010. The rise has prompted predictions of an interest-rate increase in 2018, although the central bank remains cautious.

More Summaries:
central bank
8/16/2017

Retail sales in the US jumped 0.6% in July, the biggest one-month gain since December. Consumers' discretionary spending and motor vehicle purchases drove the trend, suggesting the economy may be picking up momentum.

Full Story:
Reuters
More Summaries:
retail sales
8/16/2017

Germany's constitutional court has formally asked the European Court of Justice, the EU's highest-ranking court, to rule on whether the European Central Bank's €2.3 trillion asset purchasing scheme conflicts with European law. The German court said "significant reasons indicate" the purchases might have exceeded the ECB's mandate but the decision on that issue should be made by the European Court of Justice.