US tariffs have increased prices on raw materials and other costs for domestic manufacturers, according to a survey by the Federal Reserve Bank of New York. Many manufacturers say they plan to pass increases on to clients, which could apply upward pressure to inflation, while a New York Fed blog post says tariffs will cause "little or no improvement in the trade deficit."
President Donald Trump has told his Cabinet China is eager to resume trade talks this month but has yet to offer an acceptable agreement. The Chinese government "must not underestimate President Trump's toughness and willingness to continue this battle to eliminate tariffs and nontariff barriers," US National Economic Council Director Larry Kudlow says.
The UK's FTSE 100 index has broken out of a series of losing days, buoyed by news including resumption of US-Chinese trade talks, strong UK retail data, diminishing concerns about Turkey and revival of energy and commodity stocks. The index is comfortably above a key support level, which could enable a near-term rise to 7,600, technical analyst Pierre Veyret says.
The long-term outlook for Berkshire Hathaway is positive, but the stock looks likely to remain in consolidation, writes technical analyst Bruce Kamich, CMT. A six-month downtrend has arrested, but the daily on-balance-volume line has not reached top performance, while the moving average convergence divergence oscillator could turn down, suggesting consolidation or pullback before any significant upward progress.
The Financial Stability Board will study implementation of the legal entity identifier worldwide, including challenges. The FSB says the review will not cover technical and governance aspects of the LEI system.
The Securities and Exchange Board of India is working on guidelines for commodity-index products and plans to allow more commodity options contracts. The complexity of guidance needed for commodity indexes means trading will not start for some time, experts say.
The Municipal Securities Rulemaking Board has issued guidelines on the social media activities of municipal advisors and broker-dealers, which state that in some cases they may be deemed advertisements and will be required to conform with existing regulations. Welcoming the release of the guidelines, Leslie Norwood, SIFMA's managing director and associate general counsel, said a written response would be provided and added: "In its review process, SIFMA will be focusing on ensuring the MSRB rules on the use of social media are harmonized with those of other regulators such as [the Financial Industry Regulatory Authority]."
The New York University School of Medicine said it will assume responsibility for the tuition of all of its students as graduates frequently face "overwhelming financial debt." Students will receive free tuition regardless of need or merit, but the plan does not include room and board or fees.
Some New Jersey commuters are likely to experience significantly increased travel times during a $90 million project to repair and strengthen a bridge that connects with the Lincoln Tunnel. The work is expected to bring serious traffic congestion to towns including North Bergen, Secaucus, Union City and Weehawken.
Indexed annuity sales were up 18% in the second quarter compared with a year ago, while sales of multiyear guaranteed annuities rose 27% year over year, according to preliminary data from Wink. Overall annuity sales were up 20% compared with a year ago, Wink said.