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.
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.
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.
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.
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.
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.
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.
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.
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.
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