Myles McCormick explains in the FT that Germany, Europe's largest economy, is preparing to take a hit from the effects of the coronavirus on China's economy. He writes: Investor sentiment in Germany dropped sharply in February as the effects of the coronavirus outbreak weighed on exporters, a survey revealed, adding to an increasingly gloomy picture for Europe’s biggest economy. The Zew survey of financial market experts found that sentiment about the outlook for the German economy fell 18 points this month to a reading of 8.7. This is well below January’s score of 26.7 and significantly … [Read more...]
Will Democrats Cripple Silicon Valley Growth Machine?
For decades Silicon Valley has been America's growth engine, but increasingly, Democratic candidates seem eager to cripple the tech industry in the name of fighting income inequality. Kiran Stacey and Kadhim Shubber report in FT: The race for the Democratic presidential nomination has fuelled trepidation in Silicon Valley, as arguments for breaking up the world’s largest tech companies gain traction among the field of candidates. Both Bernie Sanders, who won the New Hampshire primary, and his fellow progressive Elizabeth Warren, have called for a break-up of America’s largest technology … [Read more...]
You May Be Feeling Uneasy with Growth Stocks: You’re Not Alone
Some investors "could take Apple’s warning on Monday that it won’t meet revenue expectations for the current quarter as a sign that the growth stock run is over," notes Gunjan Banerji in The Wall Street Journal. Over the long-term, he continues, value stocks have outperformed growth stocks. He writes: As they grapple with a murky outlook, investors will turn their attention this week to the Fed’s latest meeting minutes and fresh reads on manufacturing. Meanwhile, results from Walmart Inc. on Tuesday will offer new insight into the health of the consumer. The run in value stocks “was short … [Read more...]
The Fed is Slowly Strangling Insurance Industry Profits
The prolonged low interest rates fostered by the Federal Reserve are slowly strangling the insurance industry. Nicole Friedman and Leslie Scism report for The Wall Street Journal: Insurance is a cyclical industry. During periods without catastrophic claims, insurers compete for customers by lowering prices. Following large natural disasters or other big losses, they typically raise prices or reduce exposure to certain risks. The current price increases are partly due to hurricanes, wildfires and other catastrophes in 2017 and 2018 that cost the global industry more than $200 … [Read more...]
Japan Hit Hard by Sales Tax Hike. Second Punch from Coronavirus on its Way
Japan's economy was hit hard by the increase of its sales tax to 10% in the fourth quarter. The impact helped drive Japan's GDP to an annualized loss of 6.3%, nearly double the worst estimate. Lining up to hammer the economy in the first quarter is the impact from the COVID-19 coronavirus emanating from nearby China. Megumi Fujikawa reports for The Wall Street Journal: Following a dismal final quarter of 2019, Japan’s economy is facing the risk of a recession because the coronavirus outbreak is hurting tourism and production, while Germany’s central bank called on the government in Berlin to … [Read more...]
Happy Presidents’ Day!
Senate Pushes Back Against Sound Monetary Policy
President Trump has nominated Judy Shelton for a position on the Federal Reserve Board of Governors. The White House described Shelton's experience: Dr. Judy Shelton most recently served as United States Executive Director of the European Bank for Reconstruction and Development. The United States Senate confirmed her by voice vote in 2018. Dr. Shelton previously served as Chairman of the National Endowment for Democracy in 2017, having served as Vice Chairman from 2010 to 2014 and on the board from 2005 to 2014. She was also a founding member of Empower America and a staff economist for the … [Read more...]
Here’s Why Most Americans Don’t Even Know They Got a Tax Cut
In every income category surveyed recently by the New York Times collaborating with the Tax Policy Center, a majority of Americans thought they had not received a tax cut from the Tax Cuts and Jobs Act of 2017. The reality is, the majority of Americans in nearly every category received a tax cut. Bill Bischoff at MarketWatch explains why so many Americans haven't noticed their tax cuts. He writes: An online survey conducted for The New York Times and published in April of 2019 (after most returns for the 2018 tax year had been filed) found that only 40% of Americans believed they had received … [Read more...]
“Mr. Smart Guy’s” Bullish Signal for Stocks
This is the time of year when you start figuring out how much you support Uncle Sam, literally. As you tally up the numbers, it’s hard not to wonder if you’re paying too much in taxes. Be careful, though, because going down this road leads to thoughts like: “Well, if I just invest in stocks, I’ll avoid taxes, and, if I need to sell, I’ll pay the more palatable capital gains rate.” Don’t get distracted and let “tax planning” ruin your portfolio. Take a deep breath. Look around you and consider your environment and how it relates to your situation. Don’t Let the Wise “Guys” Get in Your … [Read more...]
Small Deals by Big Tech Coming Under Increasing Scrutiny from FTC
Federal Trade Commission regulators are taking a closer look at small deals by big tech companies that may have harmed competition. John D. McKinnon and Deepa Seetharaman report for The Wall Street Journal: Federal regulators opened a new front in their investigation of big tech companies, seeking to determine whether the industry’s giants acquired smaller rivals in ways that harmed competition, hurt consumers and evaded regulatory scrutiny. The Federal Trade Commission on Tuesday ordered Amazon.com Inc., Apple Inc., Facebook Inc., Microsoft Corp. and Google owner Alphabet Inc. to provide … [Read more...]
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