Economy
China’s answer to the Nasdaq just had a crazy first day. Stocks gained 140% (Sparky1)
The 25 stocks listed on Star had gained 140% on average by the time the market closed. Shares in Anji Microelectronics Technology, which makes materials for semiconductors, rocketed as much as 520% before trimming those gains to 400%.
The wall of money pouring into the market created several new billionaires, including the founders of Suzhou HYC Technology and Zhejiang Hangke Technology.
Forget the Fed — stock-market investors brace for Dow’s busiest week of earnings (Thomas R.)
Market participants are expecting “flat revenues and incrementally better earnings growth,” Dillon told MarketWatch, and most of the S&P 500 constituents are likely to fare a touch better than what he described as a “muddle-along” environment.
China’s new tech-focused stock market soars in opening (Thomas R.)
The raucous first day of trade tripped the exchange’s circuit breakers that are designed to calm frenzied activity. The weakest performer leapt 84.22 percent. In total, the day saw the creation of around 305 billion yuan ($44.3 billion) in new market capitalization on top of an initial market cap of around 225 billion yuan, according to Reuters’ calculations.
Boris Johnson wins race to be Tory leader and PM (jdargis)
“We are going to get Brexit done on 31 October and take advantage of all the opportunities it will bring with a new spirit of can do.
“We are once again going to believe in ourselves, and like some slumbering giant we are going to rise and ping off the guy ropes of self doubt and negativity.”
China to open up finance sector to more foreign investment in 2020, one year earlier than planned (Thomas R.)
China will remove shareholding limits on foreign ownership of securities, insurance and fund management firms in 2020, one year earlier than originally planned, the Financial Stability and Development Committee said in a statement posted by the central bank on Saturday.
Mnuchin: Markets shouldn’t be concerned about the debt ceiling (Sparky1)
Treasury Secretary Steven Mnuchin joins “Squawk Box” to discuss the talks to avoid the debt ceiling in September.
Lockheed Martin gets $22.5M contract for Aegis upgrades (Sparky1)
The contract calls for the modernization of existing U.S. Navy systems using open architecture principles and software upgrades to increase the lethality of the surface navy. The Aegis Combat System is an advanced command and control and weapon control system using powerful computers and radars to track and guide weapons to destroy enemy targets. Through the improvements, newer and more powerful missiles can be fired from ships, and the use of the latest Aegis weapons systems capabilities can be used against air and missile threats.
If You’re Using These Browser Extensions Uninstall Them ASAP, They’re Stealing Your Data (Thomas R.)
The extensions affected macOS, Windows, Chrome OS, and Ubuntu operating systems and Chromium-based browsers like Opera and Yandex. The collected data was sold to any interested buyer. The data included typical information like usernames and passwords and less typical information like tax returns, genetic information, and genealogy. Some of the extensions like FairShare Unlock and SpeakIt! have been installed by over one million users. It is also believed that the data leak has affected over 45 major companies such as Apple, Amazon, Walmart, Dell, and Uber.
Goldfinger, Silver and Gold (GE Christenson)
The stock market since 2009 has rallied based on near-zero interest rates, huge stock buybacks benefiting management, media hype, and trillions of new corporate, government and individual debt. It might rally further, but a risk to reward analysis suggests a high risk and low potential reward for the over-valued stock market in 2019.
Equifax to Pay at Least $650 Million in Largest-Ever Data Breach Settlement (Thomas R.)
A federal judge gave the agreement preliminary approval on Monday, and once finalized, it will be the largest settlement of a data breach case in terms of dollar amount and number of victims, surpassing the $115 million the health care company Anthem paid to settle claims from 79 million people who had their personal information stolen in 2015.
Four Republican lawmakers ask Trump to move forward with $10 billion Pentagon cloud contract (Sparky1)
The lawmakers, including Thornberry, Michael Turner, Elise Stefanik and Robert Wittman, said in the letter that the House Armed Services Committee has conducted oversight of the contract from the start and that the courts have upheld the Defense Department’s “handling of the competition.”
Daimler and Bosch inch closer to fully automated, self-driving valet service (Thomas R.)
The system has been in development since 2015, and in the summer of 2017, the Mercedes-Benz Museum hosted a pilot of the program. Since 2018, visitors have been able to use this feature, but only with a safety driver riding along. Today, Daimler and Bosch announced they’ve received approval from the local authorities. The approval will allow the companies to fully launch the technology, and they hope it might inform testing and approval processes for future autonomous vehicle programs.
Dr. Drew: Los Angeles Faces Imminent Outbreak of Bubonic Plague (thc0655)
Though commonly recognized as the medieval disease responsible for the Black Death in the fourteenth century, which killed one-third of the population of Europe, the last outbreak of bubonic plague in the U.S. was nearly a century ago, from 1924 to 1925 — also in Los Angeles. Only a “heroic effort” by doctors stopped it, Dr. Drew recalled, warning that conditions were perfect for another outbreak of the plague in the near future.
Tensions rise in the world’s most strategic oil chokepoint (Sparky1)
U.S. President Donald Trump blamed Iran for the June 12 attacks on two oil tankers at the entrance to the Gulf despite Tehran’s denials, stoking fears of a confrontation in the vital oil shipping route.
A month later three Iranian vessels tried to block the passage of a BP-operated tanker through the Strait of Hormuz.
Most Important Message Ever (Cornelius999)
Furthermore, air temperatures over oceans and higher polar anomalies are more appropriate, as confirmed by a recent study that concludes that missing data have been responsible for an underestimation of global warming by 0.1°C.
China’s Beef Imports Hit Record as Deadly Swine Fever Spreads (Thomas R.)
Beef imports by China, the world’s top meat consumer, jumped to an all-time high in June as the spread of African swine fever throughout the country boosts demand for alternative sources of animal protein.
Icelandic memorial warns future: ‘Only you know if we saved glaciers’ (Rebecca S.)
“In the next 200 years, all our glaciers are expected to follow the same path,” the plaque reads, in Icelandic and English. “This monument is to acknowledge that we know what is happening and what needs to be done. Only you know if we did it.”
Rainforest on Fire: In Bolsonaro’s Brazil, a Showdown Over Amazon Rainforest (Sparky1)
Over the next two days, a hundred Apurinã men, women, and children met in a riverside thatched-roof meeting hall to confront their fears and make plans. They did so against the ticking of the Amazon’s monsoonal clock. In July and August, the rains will stop and the rivers will fall, adding hours and days of boat travel between villages and the nearest frontier towns. The coming of dry season also heralds the next wave of burnings. Last year, after government satellites detected smoke plumes, a group of Apurinã men arrived to find 1,000 hectares of their ancestral forest gone. “We were shocked at the size of it,” said Marcelino Da Silva, one of the men.
Gold & Silver
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