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Jun 20, 2019

News Alert I Iran shoots down US drone

Julian Borger


Iran says US ‘spy’ drone was flying in its airspace amid strained relations over last week’s oil tanker attacks
A US Navy Global Hawk surveillance drone.

A US Navy Global Hawk surveillance drone. Photograph: Erik Hildebrandt/US Navy
Iran has shot down an US drone in the strait of Hormuz, accusing Washington of breaching Iran’s national sovereignty and trying to deepen tensions in the region.
Iran’s Revolutionary Guards said on Thursday that they had used a surface to air missile to shoot down what they called a US “spy” drone they claimed was flying in the country’s airspace.
US Central Command confirmed that one of its unmanned aircraft had been taken down, but said it was in international airspace. A CentCom spokesman, Capt Bill Urban said it was a US navy Global Hawk surveillance drone, which had been downed by an Iranian surface-to-air missile over the Strait of Hormuz at 11.35pm GMT.
“Iranian reports that the aircraft was over Iran are false. This was an unprovoked attack on a U.S. surveillance asset in international airspace,” Urban said.
The US military accused Iran last week of firing a missile at another drone that responded to the oil tanker attacks near the Gulf of Oman.
Tensions in the Gulf have been heightened since 13 June, when the US accused Iran of attacking two tankers in the the Gulf of Oman with mines. The US military released footage it said showed the Iranian military removing an unexploded mine from the side of one of the tankers. There have also allegedly been Iranian-inspired attacks on US oil and military assets in Iraq, and increasingly sophisticated weaponry being fired into Saudi Arabia by Houthi rebels.
The Iranian state news agency said the downed drone was an RQ-4 Global Hawk. “It was shot down when it entered Iran’s airspace near the Kouhmobarak district in the south,” the Revolutionary Guards’ website added.
The secretary of Iran’s supreme national security council, Ali Shamkhani, had said on Wednesday that Tehran would respond to any intrusion into its airspace or waters.
Shamkhani emphasised that Iran robustly protects its aerial and maritime borders, describing its airspace as the country’s “red line”. “No matter whose plane trespasses into it, we have always given and will give a harsh response to intruders.”
He insisted Iran was the guarantor of security in the Gulf and strait of Hormuz.
The chairman of the Iranian parliament’s national security and foreign policy commission, Heshmatollah Falahatpisheh, urged the Iranian government to file a complaint to the United Nations on the alleged US drone intrusion into its territory. He said: “US drone intrusion to the Iranian airspace is clear violation of the UN charter and national sovereignty of the country.”
Both Washington and Tehran insist they are intent on avoiding a war as tensions build over the consequences of the US withdrawal from the Iran nuclear deal in May 2018, but fears that an accidental chain of events will lead to escalation and finally a military confrontation are growing.
The shooting down of the drone came as the US president, Donald Trump, was briefed on the details of a separate incident: a further missile strike in Saudi Arabia that appeared to come from Iran-backed Houthi rebels in Yemen.
The White House spokeswoman, Sarah Sanders, said on Wednesday in relation to the Saudi missile strike: “We are closely monitoring the situation and continuing to consult with our partners and allies.”
‘Does the president have the power to declare war?’: Democrats grill Trump official on Iran – video
Iran-aligned Houthis in Yemen, who ousted the internationally recognised Saudi-backed government in late 2014, have stepped up missile and drone attacks on Saudi civilian, military and oil installations in the past two weeks. Saudi Arabia claims Iranian experts are advising the Houthis.
The US has deployed an aircraft carrier to the Middle East in recent weeks and added additional troops to the tens of thousands already in the region.
Iran has set a deadline of 27 June by which it will breach limits on uranium stockpiles set out in the nuclear deal, a development likely to lead to renewed US demands that the EU states France, Germany and Britain join the US in pulling out of the deal. Iran says it is gradually suspending its adherence to the deal in response to the economic stranglehold being imposed on the country by US sanctions.

A meeting of the joint commission that oversees the deal, known as the Joint Comprehensive Plan of Action, is due to meet on 28 June in Vienna – bringing together Iran, the three EU states, China, as well as Russia. The EU will urge Iran not to take further steps to pull out of the deal, and may put Iran’s actions into the JCPOA’s lengthy dispute mechanism.

Source: The Guardian

Market Insider I Stocks making the biggest moves premarket: Darden, Oracle, Carnival, Slack, Tesla, Netflix & more

Peter Schacknow



Check out the companies making headlines before the bell:

Darden Restaurants – The parent of Olive Garden and other restaurant chains reported adjusted quarterly earnings of $1.76 per share, 3 cents a share above estimates. Revenue fell short of forecasts, however, and a comparable-restaurant sales increase of 1.6% was shy of the 2.3% consensus estimate of analysts surveyed by Refinitiv. Darden also forecast full-year profit of $6.40 to $6.45 per share, compared with a $6.46 consensus estimate.
Carnival – The cruise line operator reported adjusted quarterly profit of 66 cents per share, 5 cents a share above estimates. Revenue also beat forecast, however Carnival cut its full-year forecasts due to new restrictions on travel to Cuba as well as other factors. Rival cruise line operators Royal Caribbean and Norwegian Cruise Line are under pressure in sympathy with Carnival.
Oracle – Oracle reported adjusted quarterly profit of $1.16 per share, beating estimates by 9 cents a share. The business software giant’s revenue also beat Street forecasts. Oracle’s results benefited from strength in its on-premise IT offerings, as well as cloud and license support services.
Slack – Slack will debut on the New York Stock Exchange today in a direct listing. The reference price for the workplace messaging service’s stock was set at $26 per share, giving it a value of about $15.7 billion.
Tesla – Goldman lowered its price target on the automaker’s stock to $158 per share from $200, while maintaining a “sell” rating. Goldman said it sees a lower probability that upside volume scenarios will be achieved.
Aecom – Activist investor Starboard Value sent a letter to the infrastructure company’s board and CEO saying the stock is deeply undervalued and that significant opportunities exist to unlock value. Starboard owns a 4% stake in Aecom.
GlaxoSmithKline – The drugmaker is offering concessions to European Union regulators to relieve concerns over its planned joint venture with Pfizer’s consumer health unit. The EU is set to decide by July 10 whether to accept those concessions and approve the deal.
Deutsche Bank – Deutsche Bank is facing a possible probe over whether it complied with U.S. anti-money laundering laws, according to a report in the New York Times.
Boeing – Boeing is in talks with more airlines for sales of its currently grounded 737 Max jet, according to sales chief Ihssane Mounir. That follows a 200-jet commitment from British Airways owner IAG.
Netflix – Netflix said its “Murder Mystery” movie was watched by nearly 30.9 million account holders in its first three days, the biggest opening ever for a Netflix film.
T-Mobile – T-Mobile is preparing for an auction of its Boost Mobile prepaid unit if its talks to sell wireless assets to Dish Network fall through, according to a Reuters report. T-Mobile is seeking to sell assets to win regulatory approval for its proposed acquisition of rival Sprint.
Steelcase – Steelcase reported quarterly earnings of 15 cents per share, 3 cents a share shy of estimates. The office furniture maker’s revenue also fell short of Street forecasts. The company said the revenue shortfall was due to order growth that was weighted toward the second half of the quarter.
Pier 1 Imports – Pier 1 announced a 1-for-20 reverse stock split, in order for the household goods retailer to regain compliance with New York Stock Exchange listing standards.
Dell Technologies – The computer equipment maker was rated “buy” in new coverage at Deutsche Bank, which said a likely slowdown in information technology infrastructure growth is already reflected in the stock’s price, following a recent 25 percent pullback.
Hershey – Hershey was downgraded to “underweight” from “neutral” at Piper Jaffray, which said the chocolate maker has stable growth but is trading at a historically high premium to its peers.

Source: CNBC

Jun 19, 2019

Stocks | Stock Rallies | Oracle stock rallies as earnings top Wall Street view

Wallace Witkowski



Oracle Corp. shares rallied in the extended session Wednesday after the database giant topped Wall Street estimates for the quarter.
Oracle ORCL, -0.42%  shares surged as much as 7% after hours and were last up 4%, following a 0.4% decline to close the regular session at $52.68.
The company reported fiscal fourth-quarter net income of $3.74 billion, or $1.07 a share, compared with $3.28 billion, or 79 cents a share, in the year-ago period. Adjusted earnings were $1.19 a share.
Revenue rose to $11.14 billion from $11.01 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast adjusted earnings of $1.07 a share on revenue of $10.93 billion.
Oracle posted cloud services and license support revenue of $6.8 billion, while analysts expected $6.76 billion. Cloud license and on-premise license revenues were $2.5 billion. compared with the $2.32 billion Street expectation.

Source: MarketWatch

Markets | Asia, Europe and US Markets Closing Report on Wednesday 19, June 2019.

                                                                        ASIA

Chinese shares rise amid positive US-China trade development; yuan jumps

Eustance Huang



Stocks in Asia rose on Wednesday following positive developments overnight on the U.S.-China trade front.
Mainland Chinese stocks gained on the day, as the Shanghai composite rose 0.96% to 2,917.80 and the Shenzhen component gained 1.38% to 8,925.73, while the Shenzhen composite added 1.475% to 1,526.77.
Hong Kong’s Hang Seng index also jumped 2.35%, as of its final hour of trading, with shares of life insurer AIA surging more than 3.5%.
Over in South Korea, the Kospi rose 1.24% to close at 2,124.78, with shares of industry heavyweight Samsung Electronics and chipmaker SK Hynix jumping 2.25% and 5.99%, respectively.
Australia’s S&P/ASX 200 also gained 1.19% to finish its trading day Down Under at 6,648.10, with almost all sectors higher. The materials subindex rose 1.51% as mining shares advanced: Rio Tinto gained 1.94%, Fortescue Metals Group jumped 2.82% and BHP added 2.04%.
In Japan, the Nikkei 225 jumped 1.72% on the day to 21,333.87 as shares of conglomerate Softbank Group soared 4.03%. The Topix index also added 1.74% to finish its trading day at 1,555.27. Apple supplier Japan Display saw its stock surge 10.91% following a Wall Street Journal article that said Apple may help the display maker.
Data on Wednesday, however, showed Japan’s exports exports declined 7.8% in May from a year earlier, down for the sixth straight month.
“For the Bank of Japan and for policymakers, the message is very, very clear: the industrial part of the Japanese economy is in recession, ” Jesper Koll, senior adviser at WisdomTree Investments, told CNBC’s “Squawk Box” on Wednesday.

Asia-Pacific Market Indexes Chart


TICKER COMPANY NAME PRICE CHANGE %CHANGE
NIKKEINikkei 225 IndexNIKKEI21333.87361.161.72
HSIHang Seng IndexHSI28202.14703.372.56
ASX 200S&P/ASX 200ASX 2006648.1078.101.19
SHANGHAIShanghaiSHANGHAI2917.8027.640.96
KOSPIKOSPI IndexKOSPI2124.7826.071.24
CNBC 100CNBC 100 ASIA IDXCNBC 1007973.89165.282.12
US-China trade
Stocks surged overnight on Wall Street. The Dow Jones Industrial Average soared 353.01 points to 26,465.54 and the S&P 500 advanced 1% to 2,917.75. The Nasdaq Composite rose 1.4% to 7,953.88.
That jump in U.S. markets came after U.S. President Donald Trump said in a tweet he “had a very good telephone conversation ” with Chinese President Xi Jinping. He added: “We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting.” The summit will start on June 28.
The offshore Chinese yuan saw strong gains against the greenback following Trump’s comments, it last traded at 6.9067 after seeing levels above 6.93 yesterday, while its onshore counterpart changed hands at 6.9047.
Still, one economist voiced doubt about the upcoming meeting.
“We do not believe that the meeting will deliver a trade deal, even if the meeting does take place. From the Chinese side, the discussion with US President Trump is expected only to exchange views on fundamental issues concerning the development of China-US relations,” Iris Pang, Greater China economist at ING, wrote in a note.
“The news on the talks in Osaka is a short term positive for asset markets, but we believe any talks will change little unless either side makes some meaningful concessions, which we do not view as likely at this time,” Pang said.
Trade tensions between the two economic powerhouses had worsened in recent weeks with both raising tariffs on billions of dollars worth of their goods. Trump had also previously suggested that additional levies could be imposed on more Chinese imports.
Central bank watch
Meanwhile, the U.S. Federal Reserve kicked off a two-day monetary policy meeting on Tuesday. The Fed is widely expected to leave interest rates unchanged at this meeting, though investors will be watching out for hints on rate cuts later in the year.
Expectations for a rate cut have increased in recent weeks, amid data on slowing jobs growth and manufacturing activity, as well as concerns over the impact of Washington’s protracted trade fight with Beijing on the global economy.
Meanwhile, Mario Draghi, president of the European Central Bank, indicated there could be more stimulus measures in Europe. He said Tuesday: “In the absence of improvement, such that the sustained return of inflation to our aim is threatened, additional stimulus will be required.”
Trump criticized Draghi’s remarks, noting additional ECB stimulus makes it “unfairly easier ” for Europe to compete with the U.S. For his part, Draghi responded by saying “we don’t target the exchange rate. ”
The euro last traded at $1.1196, following a slide yesterday from levels above $1.123.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.621 after rising from levels below 97.6 yesterday.
The Japanese yen traded at 108.27 against the dollar after a volatile session on Tuesday which saw it swinging between levels below 108.2 and above 108.6. The Australian dollar was at $0.6877 after rising from levels below $0.685 yesterday.
Oil prices were higher in the afternoon of Asian trading hours, with the international benchmark Brent crude futures contract 0.13% higher at $62.22 per barrel and U.S. crude futures adding 0.15% to $53.98 per barrel.
— Reuters and CNBC’s Fred Imbert contributed to this report.

                                                                   EUROPE


European stocks close mixed as investors monitor Fed meeting; auto stocks rise

Chloe Taylor,Elliot Smith



European stocks ended the session little changed on Wednesday ahead of a much-anticipated U.S. Federal Reserve decision on interest rates.

European Markets: FTSE, GDAXI, FCHI, IBEX


TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME
FTSEFTSE 100FTSE7403.54-39.50-0.53774630702
DAXDAXDAX12308.53-23.22-0.19104190582
CACCACCAC5518.458.720.1696950789
The pan-European Stoxx 600 hovered around the flatline at the end of the session, with sectors and major bourses mixed. Basic resources led the losses with a 1.5% decline while autos and bank stocks both rose around 1%.
In terms of individual stocks, German telecommunications company 1&1 Drillisch topped the European blue chip index, with shares gaining 9.5% by the end of the session. It comes after the telecoms firm won spectrum in Germany’s 5G auction last week.
Banking group CYBG also enjoyed gains on Wednesday. The owner of the U.K.’s Clydesdale and Yorkshire banks announced it would rename itself Virgin Money in a major rebranding, sending its shares 6% higher.
At the other end of the Stoxx 600, Belgian retailer Colruyt plunged more than 15% following the company’s full-year results.
Stateside, stocks were also little changed as investors awaited news from the Federal Reserve, which is due to deliver its latest policy update at 7 p.m. London time.
Global stocks rose in the previous session after President Donald Trump announced plans on Twitter for an “extended meeting” with Chinese President Xi Jinping at next week’s G-20 summit, sparking hopes of a resolution to the ongoing trade war between the two nations.
In the U.K., the number of Conservative party hopefuls to replace Prime Minister Theresa May is now down to five, with Conservative Members of Parliament (MPs) set to vote in their third leadership ballot Wednesday. Former Foreign Secretary Boris Johnson remains the frontrunner.
U.K. economic data published Wednesday showed the country’s inflation rate cooling in May, with cost pressures in factories falling to a three-year low. Consumer prices rose to an annual rate of 2% in May, matching expectations.

                                                                      EUROPE


European stocks close mixed as investors monitor Fed meeting; auto stocks rise

Chloe Taylor,Elliot Smith



European stocks ended the session little changed on Wednesday ahead of a much-anticipated U.S. Federal Reserve decision on interest rates.

European Markets: FTSE, GDAXI, FCHI, IBEX


TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME
FTSEFTSE 100FTSE7403.54-39.50-0.53774630702
DAXDAXDAX12308.53-23.22-0.19104190582
CACCACCAC5518.458.720.1696950789
The pan-European Stoxx 600 hovered around the flatline at the end of the session, with sectors and major bourses mixed. Basic resources led the losses with a 1.5% decline while autos and bank stocks both rose around 1%.
In terms of individual stocks, German telecommunications company 1&1 Drillisch topped the European blue chip index, with shares gaining 9.5% by the end of the session. It comes after the telecoms firm won spectrum in Germany’s 5G auction last week.
Banking group CYBG also enjoyed gains on Wednesday. The owner of the U.K.’s Clydesdale and Yorkshire banks announced it would rename itself Virgin Money in a major rebranding, sending its shares 6% higher.
At the other end of the Stoxx 600, Belgian retailer Colruyt plunged more than 15% following the company’s full-year results.
Stateside, stocks were also little changed as investors awaited news from the Federal Reserve, which is due to deliver its latest policy update at 7 p.m. London time.
Global stocks rose in the previous session after President Donald Trump announced plans on Twitter for an “extended meeting” with Chinese President Xi Jinping at next week’s G-20 summit, sparking hopes of a resolution to the ongoing trade war between the two nations.
In the U.K., the number of Conservative party hopefuls to replace Prime Minister Theresa May is now down to five, with Conservative Members of Parliament (MPs) set to vote in their third leadership ballot Wednesday. Former Foreign Secretary Boris Johnson remains the frontrunner.
U.K. economic data published Wednesday showed the country’s inflation rate cooling in May, with cost pressures in factories falling to a three-year low. Consumer prices rose to an annual rate of 2% in May, matching expectations.


                                                                                   US

Stocks close higher, adding to big June gains, after Fed hints a rate hike could be near

Fred Imbert






Stocks rose on Wednesday, bolstering their gains for the month, after the Federal Reserve opened the door for looser monetary policy in the near future.
The Dow Jones Industrial Average rose 38.46 points to 26,504, while the S&P 500 gained 0.3% to close at 2,926.46. The Nasdaq Composite advanced 0.4% to 7,987.32.
The Fed kept interest rates unchanged at the meeting, as was widely expected. While not outright signaling a cut was ahead this year, the Fed did drop the word “patient ” from its statement and said it would “act as appropriate” to sustain the economy.
The central bank’s rate projections, released alongside the statement on Wednesday, showed that eight Fed members see a cut this year, which traders took as further sign the central bank was close to cutting rates. Its median forecast, however, still reflected no cuts this year, but additional easing in 2020.
Fed Chair Jerome Powell also said in a news conference after the announcement that some Fed officials believed the case for easier monetary policy had strengthened.
Health care stocks, which typically perform well after the Fed cuts rates, were the best performers on Wednesday. The sector rose 1%, led by gains in Allergan and DaVita.
“This was our baseline scenario. The Fed opened the door for cuts. They maintained some independence from some of the outreach for lower rates coming out of the administration,” said Gregory Faranello, head of U.S. rates at AmeriVet Securities. “Short term, it’s going to depend on the data. If the data warrants a cut, the chairman is saying the Fed is prepared to adjust policy.”
Treasury yields fell following the announcement, pressuring bank shares. The benchmark 10-year yield traded down at 2.02%. Citigroup, Morgan Stanley, J.P. Morgan Chase and Bank of America all traded lower.
Traders are pricing in easier monetary policy as soon as July. They were also betting on rate cuts coming in September and December, according to the CME Group’s FedWatch tool.
Federal Reserve Board Chairman Jerome Powell speaks at the Economic Club of Washington January 10, 2019 in Washington, DC.
Win McNamee | Getty Images
Expectations of lower rates helped the market rebound this month after a torrid performance in May. The S&P 500, Dow and Nasdaq are all up more than 6% in June.
Those expectations increased amid lingering trade worries and weaker economic data. China and the U.S. hiked tariffs on billions of dollars worth of their goods, stoking fears that tighter trade conditions could slow down the global economy.
“It feels like the Fed doesn’t know how to react to that,” said Kevin Barry, Kevin Barry, chief investment officer at Captrust Advisors. “The main actors are Trump and Xi. If they are trying to increase animal spirits, then cutting rates won’t do that. Trump is the one that can increase animal spirits, not the Fed.”
“Animal spirits will be increased by a settlement between China and the U.S.,” he said.
The Fed’s meeting came after Bloomberg News reported the White House looked for a way to demote Powell earlier this year. Larry Kudlow, director of the National Economic Council, told reporters Tuesday that Trump is not planning to demote Powell, however.
Powell said in the news conference that he intends to fully serve his four-year term, noting “the law is clear ” on the matter.
—CNBC’s Silvia Amaro and John Melloy contributed to this report.

Source: CNBC



FX | Currencies: Dollar drops after Fed holds rates steady, risk assets gain

2 minutes




Reusable twenty dollar bills
Mark Wilson | Getty Images
The dollar weakened against other major currencies on Wednesday after the Federal Reserve held interest rates steady at its regular meeting.
The dollar index, which measures the currency against a basket of six rivals, was down 0.51% to 97.148. The drop slowed however as the market digested the news and some initial losses were retraced.
Against the euro, the dollar was down 0.46% to $1.124 , and against the pound it was down 0.8% to $1.267.
In response to the announcement, investors moved money out of safe-haven assets like the dollar and U.S. Treasuries and into stocks.
President Donald Trump said on Tuesday he would have an extended meeting with Chinese President Xi Jinping at the Group of 20 summit later this month, raising hopes they can ease tensions in a trade dispute that has damaged the world economy.
U.S. Trade Representative Robert Lighthizer on Wednesday said he and U.S. Treasury Secretary Steven Mnuchin will likely meet Chinese Vice Premier Liu He ahead of the G20 summit in Japan later this month.
UBS Wealth Management said that the dollar could rise against the yen if the Fed were less dovish than expected or the G20 summit ends with a temporary U.S.-China trade war truce
“A bounce toward 110 would make adding short USDJPY positions attractive,” UBS said. “We expect USDJPY to grind lower as U.S. growth slows and as U.S.-China trade tensions persist.”
The yen stood little changed at 108.13 yen per dollar.

Source: CNBC

Bonds | US Bond Yields Report on Wednesday 19, June 2019 | Treasury yields slip after Fed holds rates steady in June

Thomas Franck




U.S. government debt yields slipped Wednesday after the Federal Reserve decided to hold interest rates steady in June.
Though the central bank maintained the target overnight lending rate, that decision was accompanied by a growing number of officials open to one rate cut by the end of 2019 with eight members in favor. However, the consensus still didn’t expect a reduction until 2020 at the earliest.
At around 2:19 p.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 2.044%, while the yield on the 2-year slipped to 1.811%. The 3-month Treasury bill yield ticked lower to 2.195%, keeping a portion of the yield curve inverted.
The policymaking committee of the Fed also dropped the word “patient” from its statement, a sign interpreted by some investors as a hint that the central bank hasn’t abandoned the idea of a rate cut in 2019. The Fed tweaked its statement to acknowledge that inflation is “running below” its 2% objective.
“It was largely what the market was looking for: I don’t think they went too far as to spook the market in any way,” said Tom Garretson, a fixed-income strategist at RBC. “Seeing that eight [officials] are seeing a rate cut this year was dovish.”
“This is mostly an inflation story,” he added. “If you look at GDP forecast for 2020 they’re up to 2% from 1.9% ... even if they were worried about tariffs, it didn’t show up in their forecast.”
Softer economic gauges like May’s anemic jobs report — which showed that the U.S. economy added just 75,000 positions — and a lackluster consumer pricing print suggested to economists and fixed-income traders earlier this month that the central bank may have to assure markets of its willingness to step in if GDP growth decelerates.
Traders are now pricing in a more than 80% chance of a rate cut in July and 70% probability of another reduction in September, according to the CME Group’s FedWatch tool.

The Fed has in recent months been grappling with a consistent shortfall in inflation relative to its self-imposed 2% target. The Fed’s preferred inflation gauge, the core personal consumption expenditures (PCE) price index, increased 1.6% in the year to April after gaining 1.5% in March.
Treasury inflation-protected securities — bonds whose payouts are indexed to consumer prices — show that price growth expectations have slid in recent months. Inflation is a threat to the value of a bond’s fixed coupon and principal payments.
Wednesday’s decision from the Federal Open Market Committee came after President Donald Trump’s repeated criticism of the Fed and Jerome Powell specifically for raising rates and tightening monetary conditions over the last year. Trump, who sees recent Fed policy as damaging to American markets and undermining his bargaining position in trade talks, has broken with tradition in his frequent and vocal criticism of the central bank.
Asked Tuesday whether he wants to remove Powell as Fed Chair, Trump said “Let’s see what he does.” Trump’s comments came after Bloomberg News reported Tuesday morning that the White House had looked into demoting Powell in February.
Trump also said Tuesday he will be having an “extended meeting” next week with the Chinese leader Xi Jinping at the G-20 meeting in Japan.
Meanwhile, European Central Bank President Mario Draghi said Tuesday that the central bank may need to ease monetary policy in the coming months if inflation doesn’t bounce back toward its target.
“In the absence of improvement, such that the sustained return of inflation to our aim is threatened, additional stimulus will be required,” Draghi said.
— CNBC’s Jeff Cox contributed reporting.

U.S. Markets Overview: Treasurys chart

TICKER COMPANY YIELD CHANGE %CHANGE
US 3-MOU.S. 3 Month Treasury2.182-0.0440.00
US 1-YRU.S. 1 Year Treasury1.986-0.0730.00
US 2-YRU.S. 2 Year Treasury1.766-0.0960.00
US 5-YRU.S. 5 Year Treasury1.768-0.0630.00
US 10-YRU.S. 10 Year Treasury2.027-0.0310.00
US 30-YRU.S. 30 Year Treasury2.537-0.0150.00
Source: CNBC