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Jun 25, 2018

Treasury Secretary Mnuchin says investment restrictions will apply to 'all countries that are trying to steal our technology' | CNBC

Treasury Secretary Mnuchin says investment restrictions will apply to 'all countries that are trying to steal our technology'

Evelyn Cheng

Treasury Secretary Steven Mnuchin said Monday that a forthcoming statement from the government related to reports of investment restrictions will apply to China and other countries that threaten U.S. intellectual property rights on technology.
"On behalf of @realDonaldTrump, the stories on investment restrictions in Bloomberg & WSJ are false, fake news. The leaker either doesn’t exist or know the subject very well. Statement will be out not specific to China, but to all countries that are trying to steal our technology," Mnuchin said in a tweet.

The Trump administration is preparing to announce limits on Chinese investment in the U.S. and block additional technology exports to the Asian country, The Wall Street Journal reported Sunday, citing sources.
Early Monday Bloomberg also reported, citing sources, that the White House would use "one of the most expansive legal tools" to declare Chinese investment in certain technology-related U.S. companies a threat to economic and national security.
The report, citing sources, added that Mnuchin was working on the plan for investment restrictions since as early as December, despite supporting a less aggressive approach in negotiations with Beijing. President Donald Trump and other Cabinet members have since persuaded Mnuchin "to use blunt tools" in countering risk from Chinese investments, Bloomberg said, citing sources.
The Treasury is expected to make an announcement on foreign investment in the U.S. by the end of the month.
U.S. stocks pared their losses slightly after Mnuchin's mid-morning tweet, perhaps on hopes the forthcoming action would be lighter on China than feared. But the Dow Jones Industrial Average was still off by about 300 points as of 11:18 a.m. New York time.
Chinese acquisitions and investments in the U.S. fell 92 percent to just $1.8 billion in the first five months of this year, consulting and research firm Rhodium Group said last week. The decline follows a sharp drop in the second half of last year as pressure from both Beijing and the Trump administration curbed a recent surge in cross-border investment.

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Early movers, stocks, premarket, HOG, NFLX, GE, MSFT, AMZN I CNBC

Early movers, stocks, premarket, HOG, NFLX, GE, MSFT, AMZN

Peter Schacknow

Check out the companies making headlines before the bell:
Harley-Davidson – The motorcycle maker said newly raised European Union tariffs would add $2,200 to the cost of each motorcycle exported to the EU from the U.S., but that it would not raise prices as a result. Harley plans to shift production of motorcycles intended for EU purchase out of the U.S. to its international facilities, but that this may take up to 18 months to complete.
Netflix - Chief communications officer Jonathan Friedland is resigning. The company did not give details on why Friedland was leaving, but he tweeted that he had spoken in an “insensitive” manner. Friedland had spent seven years with Netflix.
General Electric – GE is near a sale of its industrial engine unit to private equity firm Advent International, according to the Wall Street Journal. A sale worth $3 billion or more could be announced as soon as today, according to the paper, with Advent beating out Cummins for that business.
Microsoft – Microsoft was upgraded to “overweight” from “neutral” at Atlantic Equities, which said Microsoft has successfully managed its transition to being a cloud-based company and has expanded its potential market in doing so. – Amazon has expanded its savings program for Prime members at its Whole Foods grocery stores, with the savings now available nationwide. The program was first launched in Florida last month.
Kroger – The supermarket operator’s stock was downgraded to “hold” from “buy” by Pivotal Research. The call was made on a valuation basis, with the stock up 17 percent over the past month.
Tapestry – The company formerly known as Coach is rated “buy” in new coverage at Goldman Sachs, saying it sees strong growth prospects for both the Coach and Kate Spade brands.
Estee Lauder – The stock was downgraded to “equal-weight” from “overweight” at Morgan Stanley. The firm had rated the cosmetics maker “overweight” since 2012 and is still a long-term bull, but is making this call on a valuation basis as well as some short term risk factors.
Education Realty Trust – Education Realty agreed to be bought by Greystar Student Housing Growth and Income Fund for about $4.6 billion including assumed debt. Shareholders in the owner of college student housing communities will receive $41.50 per share in cash, compared to Friday’s closing price of $40.83.
Campbell Soup – Campbell Soup is drawing possible takeover interest from Kraft Heinz, according to the New York Post. The paper said Kraft believes the soup maker’s management will soon initiate a sales process, and also reported that General Mills could be a potential buyer as well.
AT&T – AT&T expressed interest in buying CBS before striking its deal to buy Time Warner, according to the Wall Street Journal.
KKR – KKR is facing a backlash from pension funds that have invested billions in the private equity firm, according to the Financial Times. The funds are said to be upset with KKR’s treatment of workers at bankrupt toy retailer Toys R Us.
Medtronic – The medical device maker reported upbeat study results for its MiniMed 670G insulin pump system.
Intel – Intel was downgraded to “neutral” from “buy” at Nomura/Instinet, which cited the departure of CEO Brian Krzanich last week as well as uncertainty about the chipmaker’s longer term prospects.

Markets in a Minute I The Wall Street Journal

The Wall Street Journal.
Markets Bear logo.
Welcome. I'm markets reporter Ben Eisen, bringing you the Monday morning trading action as we start the final week of June. Most indexes are registering losses.
Ahead of a busy economic data week, we'll take a look at what the markets are telling us about the possibility of a recession. 

Markets in a Minute

Markets Data

Overnight Developments


Recession Chances Creep Up

Economic models shows probability is low, but rising
Financial markets suggest a small but growing probability of a coming recession in the U.S.
One model kept by economists at the Spanish bank BBVA indicates a 16% chance that it will happen in 12 months time, up from 5.2% in January. That's around the highest chances since early 2016, when the model briefly spiked as financial markets were tumbling. Before that, it was last higher during the previous recession a decade ago.
A recession would be the biggest threat to global stock markets that have surged to near records amid solid growth and strong corporate earnings. Data show that stock markets tend to fall sharply in periods of recession.
The BBVA model uses a variety of indicators to look at the chances, including market gauges. "Recently, the financial factors explain the majority of the increase," said Boyd Nash-Stacey, a senior economist at BBVA.
One cause has been the shrinking difference between short- and long-term Treasury yields, he said. A recession has historically followed when short-term yields climb above long-term yields, known as a yield curve inversion. That hasn't happened yet, but the curve was recently at its flattest in more than a decade.
A recession sounds like a far-off thought these days as U.S. economic growth continues to accelerate faster than its peers. Gross domestic product is expected to have grown a solid 2.2% in the first three months of the year when the final reading is released on Thursday. And GDP in the second quarter is expected to jump by more than 4%.
There's little to suggest a recession is imminent. But the economic cycle is aging, and with it comes the possibility that the U.S. will tip into a period of contraction. A majority of forecasters surveyed by The Wall Street Journal recently predicted it could happen in 2020.
And it could come sooner if the Trump Administration's tariff threats turn into an all-out trade war, some economists warn.
"Our calculations suggest that a major trade war would lead to a significant reduction in growth," said Ethan Harris, an economist at Bank of America Merrill Lynch, in a research note. "A decline in confidence and supply chain disruptions could amplify the trade shock, leading to an outright recession."
Are you concerned a recession could arrive sooner than expected? Let the author know your thoughts at

The 10 - Point I The Wall Street Journal

The Wall Street Journal
The 10-Point.
Matt Murray
Editor in Chief
The Wall Street Journal
Good morning,

China Challenge
President Trump, already leading the U.S. into a trade battle with China, plans to ratchet commercial tensions higher by barring many Chinese companies from investing in U.S. technology firms, and by blocking additional technology exports to Beijing. Set to be announced this week, the measures are meant to forestall Beijing’s “Made in China 2025” plan to become a global leader in 10 broad areas of technology, and follow Mr. Trump’s threats last week of tariffs on up to $450 billion of Chinese goods. As the imposition of the first tariffs nears, China’s central bank eased its credit policy, freeing up more than $100 billion for banks to boost lending and restructure debt. With little evidence the escalating trade feud is hurting their economies, the U.S. and China aren’t close to backing down. Before one of them cracks, Heard on the Street columnist Justin Lahart warns, investors may get squeezed.     

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