Dow futures tumble more than 300 points after China devalues its currency - CNN

The Chinese government devalued the yuan to fall below its 7-to-1 ratio with the US dollar for the first time in a decade Monday. A weaker currency could soften the blow the United States has dealt China with its tariffs.

The cheaper yuan ignited fear on Wall Street that the United States would respond with even higher tariffs, prolonging the standoff with China and potentially weakening the global economy. Investors are particularly concerned that the Trump administration could try to devalue the dollar, sparking a currency war that could weaken Americans' purchasing power.

"Risks of Trump intervening in foreign exchange markets have increased with China letting the yuan go," wrote Viraj Patel, FX and global macro strategist at Arkera, on Twitter. "If this was an all out currency war - the US would hands down lose. Beijing [is] far more advanced in playing the currency game [and has] bigger firepower."

President Donald Trump once again called China a currency manipulator on Monday, calling it a "major violation." Trump has long been calling China out for its currency management, even though the Treasury has refrained from officially labeling the country as such.

Stock futures are sharply in the red because of the trade escalation, adding onto losses after the S&P 500 and the Nasdaq Composite logged their worst week of the year last week.

Dow (INDU) futures are down 1.4%, or 354 points, while S&P 500 (SPX) futures are down 1.4%.

Hit particularly hard were tech stocks. Facebook (FB), Apple (AAPL), Amazon (AMZN), Netflix (NFLX) and Alphabet (GOOGL) were all down more than 2%. Nasdaq Composite (COMP) futures, which are a kind of proxy for the tech industry, fell 1.9%.

The VIX (VIX) volatility index soared 20%. The CNN Business Fear & Greed Index is indicating Fear.

Asian markets all fell more than 1.6% Monday, and Hong Kong's Hang Seng dropped 2.9% as protests continue in the region. In Europe, London's FTSE 100 declined more than 2%. Germany's DAX and France' Cac 40 are both down more than 1%.

The yuan weakened sharply after the People's Bank of China set its daily reference rate for the currency at 6.9225, the lowest rate since December. The central bank said in a statement that Monday's weakness was mostly because of "trade protectionism and new tariffs on China." President Donald Trump threatened a new round of tariffs on the country last week.

Devaluing the yuan is one way China has of retaliating against the tariffs. A weaker currency helps Chinese manufacturers offset the costs of higher tariffs.

Analysts at Capital Economics said the move showed that Beijing has "all but abandoned" hopes for a trade deal with the United States.

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https://www.cnn.com/2019/08/05/investing/dow-stock-market-today/index.html

2019-08-05 12:27:00Z
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China Hints at Weaponizing Its Currency, Rattling Markets - The New York Times

BEIJING — The trade war between the United States and China may be about to enter a more dangerous phase, one that could saddle the global financial system with new risks at an already turbulent time.

That prospect, which would see Beijing using the value of its currency as a weapon to strike back at the Trump administration, shook world markets on Monday, as nervous investors in Asia and Europe looked for safe places to park their money. Futures markets suggested Wall Street could have a tough opening as well.

The question now is whether Beijing will fully weaponize its currency, allowing it to significantly weaken in value versus the American dollar. That could prompt a harsh response from Trump administration officials who have already warned China against that course.

It could also ripple across the globe, forcing countries that compete with China to consider devaluing their own currencies. That could lead to a zero-sum spiral of devaluations that would damage global growth and lead to even more trade protectionism, threatening the world’s economic integration.

“It’s hugely significant as they are making a clear choice to do this,” said Michael Every, head of financial markets research in Asia for Rabobank, referring to China’s central bank. “This is going to escalate rapidly and badly.”

China’s currency has a way to fall before it would be an effective weapon. But on Monday, Beijing hinted that it might be willing to go there.

The People’s Bank of China, the country’s central bank, allowed its tightly controlled currency, the renminbi, to weaken past a psychologically important point of 7 renminbi to the American dollar for the first time since 2008. The move was widely seen as a signal from Beijing that it would not back down from a fight with Mr. Trump. Just days before, Mr. Trump threatened to impose a new round of tariffs on Chinese imports to force it into striking a deal.

Yi Gang, the central bank’s governor, attributed the move in the renminbi, or RMB, to market forces, adding that many currencies had depreciated against the dollar recently.

“I am confident that the RMB will continue to be a strong currency,” Mr. Yi said in an article published to the social media account of the central bank.

Over all, the renminbi weakened by around 1 percent against the dollar, a move that is not necessarily significant on its own. But the fact that Beijing allowed it to breach a level that was long considered a line in the sand raised questions about whether the Chinese government was doubling down or abandoning any hope for a deal in the near term.

In an unusually blunt statement on Monday, the People’s Bank of China blamed the currency fall on Mr. Trump’s “unilateralism and trade protectionism measures and the imposition of increased tariffs on China.”

The central bank also said it would keep the renminbi “fundamentally stable at a reasonable and balanced level.” But it did not specify what that level would be.

Experts saw the move as a deliberate threat from China’s top leaders, who would most likely have to give permission to the central bank to let its currency fall past such a symbolically fraught level.

“The currency is largely controlled by the P.B.O.C., but the P.B.O.C. does not have the independence to decide on its own the level of the renminbi,” said Michael Pettis, a professor of finance at the Guanghua School of Management at Peking University, referring to the central bank. “This was clearly a decision made higher up.”

The Chinese currency’s fall on Monday reverberated through global markets, sending major indexes in Asia down by about 2 percent or more. European indexes were lower by 1.5 percent or more. Currencies, already trading weaker against the American dollar after the Federal Reserve cut rates for the first time in a decade, fell further.

The escalating trade war already threatens to end what had looked to be a modest global expansion. The American economy appears to be growing at a healthy clip and Europe is showing signs of renewal. But China’s growth has been hit by the trade war, which has compounded some of its homegrown problems. Other countries that depend on China’s voracious economic machine, such as Japan, have been hit as well.

A currency war could intensify that damage.

Countries with weaker currencies can enjoy big advantages when selling their goods somewhere else. It can help them cut prices or be more competitive than rivals in countries with strong currencies. Mr. Trump and a number of American lawmakers have long criticized China for taking that tack with its currency, something Beijing has consistently denied.

If China devalues its currency even more, countries that compete in similar industries, like South Korea or the nations of Southeast Asia, could face pressure to devalue their own currencies. Such devaluation spirals can lead to higher inflation, pinched household spending and disruptive shifts of money across borders. They can also lead to more tariffs or other restrictive trade measures.

A significant devaluation could also hurt China itself. Many of its biggest and most indebted companies in sectors ranging from property to heavy industry have borrowed huge amounts oversees in American dollars. A weaker renminbi makes paying that debt back more expensive. It could also hurt companies that depend on commodities, such as oil, that are priced in dollars, and could spur wealthy Chinese to take their money out of the country.

For those reasons, devaluations make investors nervous. Four years ago, when China devalued its currency by a more drastic amount, a global market rout followed.

This time, the immediate threat is how Mr. Trump may respond.

A devaluation helps to blunt the cost of his tariffs. Mr. Trump’s latest threat of an additional 10 percent on $300 billion of Chinese imports a year would broadly have the same effect as a 1 to 1.5 percent appreciation of the renminbi against the dollar, estimated Professor Pettis of Peking University. To offset those tariffs, the professor added, China could allow its currency to depreciate by a similar level.

That might only lead to Mr. Trump putting more or higher tariffs on Chinese-made goods, which could prompt even more retaliation from Beijing, said Ned Rumpeltin, head of European currency strategy with TD Securities.

“I think that we are in a very much tit-for-tat situation,” he said.

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https://www.nytimes.com/2019/08/05/business/economy/us-china-yuan-renminbi-trump.html

2019-08-05 12:11:13Z
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Warren Buffett's Berkshire Hathaway has racked up a record $122 billion in cash - Business Insider

Warren BuffettKevin Lamarque/Reuters

• Warren Buffett's Berkshire Hathaway racked up a record $122 billion in cash by the end of June as it sold more stock than it bought, cut back on share repurchases, and failed to find a fair-priced acquisition.
• The conglomerate sold $1 billion more stock than it bought last quarter, marking its largest net sale since the end of 2017.
• It bought back $400 million worth of shares, down from $1.7 billion in the first quarter.
• Buffett is keen to make an "elephant-sized acquisition," but "prices are sky-high for businesses possessing decent long-term prospects," he told investors earlier this year.
• Watch Berkshire Hathaway trade live.

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Warren Buffett's Berkshire Hathaway racked up a record $122 billion in cash by the end of June as it bought more stock than it sold, cut back on share repurchases, and came up short in its search for worthwhile acquisitions.

Buffett, a billionaire investing guru nicknamed the Oracle of Omaha, wasn't tempted by US stocks that surged to all-time highs in late June. Instead, his conglomerate sold $1 billion more of stock than it bought last quarter, marking its largest net sale since the end of 2017, according to Bloomberg. It also bought back $400 million worth of shares, down from $1.7 billion in the first quarter.

Berkshire Hathaway's cash pile has also swelled in the absence of a major acquisition in years.

"We hope to move much of our excess liquidity into businesses that Berkshire will permanently own," Buffett wrote in his latest letter to shareholders. "The immediate prospects for that, however, are not good: Prices are sky-high for businesses possessing decent long-term prospects."

That "disappointing reality" means Berkshire Hathaway will likely spend this year buying shares, he wrote, adding that he remains keen to make an "elephant-sized acquisition."

The stock rally may be pricing Buffett out of some purchases, but it has been positive for Berkshire Hathaway. The value of its equity portfolio jumped 16% to over $200 billion in the first six months of the year. It also realized $1 billion in gains from put options tied to equity indexes in the half. Moreover, higher investment gains pushed its net income up 17% to $14.1 billion last quarter.

Berkshire Hathaway may have just taken a breather.

It build a stake in Apple last year that was worth more than $50 billion at the end of last quarter. It recently raised its holding in Bank of America by 6% to 950 million shares, which are currently worth about $28 billion. Moreover, it has agreed to inject $10 billion in preferred equity in Occidental Petroleum to help finance the oil group's takeover of Anadarko Petroleum.

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2019-08-05 10:00:44Z
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HSBC axes CEO Flint in shock shift to speed up strategy - One America News Network

FILE PHOTO: CEO John Flint of HSBC attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 24, 2019. REUTERS/Arnd Wiegmann

August 5, 2019

By Sumeet Chatterjee and Lawrence White

HONG KONG/LONDON (Reuters) – HSBC <HSBA.L> ousted John Flint as chief executive after just 18 months in a shock move the chairman of Europe’s biggest bank said was needed to speed up progress on priority areas such as the turnaround of its U.S. business.

The CEO’s exit was a result of differences of opinion with chairman Mark Tucker over Flint’s more tentative approach to cutting expenses and setting revenue targets for senior managers to boost profit growth, a person familiar with the matter said.

HSBC disclosed the departure of Flint, 51, alongside its half-year results on Monday as it forecast a gloomier outlook for its business, with an escalation of a trade war between China and the United States, an easing monetary policy cycle, unrest in its key Hong Kong market and Brexit.

HSBC, which makes more than 80% of its profit in Asia, said that its global commercial banking unit head Noel Quinn will be interim chief executive.

Shares in HSBC, which fell nearly 14% during Flint’s tenure, were down 2% in London, even though it reported a 16% rise in profit and a revealed a share buyback of up to $1 billion.

Flint, who previously ran London-headquartered HSBC’s retail and wealth management business, was chosen as CEO in February 2018 in the first major decision by Tucker, who told Reuters:

“It’s the right time for change, and doing it clearly and decisively from a position of strength is very important.”

A key difference with Tucker was over Flint’s efforts to turn around HSBC’s under-performing U.S. business, the person familiar with the matter said. HSBC declined to comment.

Tucker, who became HSBC’s first externally appointed chairman when he joined HSBC’s board in late 2017, said that the search for a new CEO, which will include both internal and external candidates, could take up to a year.

(Graphic: HSBC shares under John Flint – https://tmsnrt.rs/2MCBpRO)

HUAWEI HEAT

Flint’s exit also followed weeks of adverse Chinese media coverage over HSBC’s role in the arrest of Huawei Chief Financial Officer Meng Wanzhou.

China’s Global Times ran an editorial on Friday saying it ‘feels heat on Huawei CFO case’, suggesting HSBC had erred in cooperating with U.S. authorities and it could face penalties.

“Our business operations in China continue as normal,” Tucker told analysts on a conference call when asked whether the bank faced blacklisting in China over the Huawei situation.

HSBC executives at the time of his appointment saw Flint as a safe pair of hands and a natural successor to mentor and previous CEO Stuart Gulliver.

Outlining his strategy in June last year, Flint set out plans to invest $15-$17 billion in the next three years in areas including technology and China.

“We have been uninspired by the “business as usual” strategy,” analyst Ed Firth at broker KBW said.

“We suspect that any new CEO is still more likely to be internal, but will need a more dynamic approach to improving underperforming areas of the business,” he said.

U.S. WOES

HSBC said it no longer expects to achieve the targeted 6% return on tangible equity (ROE) by 2020 in the U.S., where it has struggled for years to build scale and compete.

That missed U.S. goal is still below the overall group aim of getting to more than 11% ROE by 2020.

HSBC hired Citigroup veteran Michael Roberts in July to head its U.S. business, in a renewed effort to turn it around.

The U.S business is not “getting the proper returns”, Chief Financial Officer Ewen Stevenson told Reuters, adding the unit has also been hit by the change in the monetary policy cycle.

HSBC’s investment banking business has also struggled in recent years as it lost a string of senior executives and saw U.S. rivals cash in on booming domestic stock markets.

Revenues in HSBC’s global banking and markets division fell by 3% in the first half compared with the same period last year.

REVENUE RISK

HSBC’s pretax profit for the first six months of 2019 rose to $12.41 billion from $10.71 billion in the same period a year earlier, helped by a surge in retail banking and Asia revenues.

“Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets,” HSBC said.

The U.S.-China trade war has taken its toll on trade-focused banks like HSBC and rival Standard Chartered <STAN.L>, which last week warned of an impact on its business customers from the escalating tensions.

Tucker played down the impact of protests in Hong Kong against an extradition bill which have evolved into a broader anti-government backlash and said HSBC remained confident about the future of the Asian financial center.

Analysts had been watching closely to see whether the bank would announce a fresh buyback, as a failure to do so would have been read as a sign of mounting caution by HSBC’s management.

Prior to the latest buyback announcement, HSBC had purchased more than $6 billion of its own shares since 2016.

(Reporting by Sumeet Chatterjee in Hong Kong, Lawrence White in London and Aditya Soni in Bengaluru; Additional reporting by Anshuman Daga in Singapore; Editing by Nick Zieminski, Richard Pullin, Muralikumar Anantharaman and Alexander Smith)

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2019-08-05 09:22:30Z
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Asia markets sink as the Chinese yuan tumbles - Yahoo News

Multiple rounds of tit-for-tat tariffs between the world's top two economies have already battered trade (AFP Photo/Paul J. RICHARDS, Ed Jones)

Asian markets plummeted Monday as the Chinese yuan fell sharply, days after US President Donald Trump's vow to impose fresh tariffs on goods from China sent trade war fears soaring.

Trump's announcement, which came on Thursday, means virtually all of the $660 billion in annual merchandise trade between the world's two biggest economies will be subject to punitive tariffs, with the latest duties due to take effect September 1.

The news saw all three major Wall Street indices slump to their lowest levels since June, with the S&P 500 and Nasdaq recording their worst weekly losses of 2019 on Friday.

In China, the yuan dropped to its lowest level to the dollar since August 2010, fuelling speculation that Beijing was devaluing its currency to support exporters and offset Trump's latest threat to hit $300 billion in Chinese goods with 10 percent tariffs.

The US leader regularly accuses the Chinese central bank of artificially weakening the yuan -- charges long denied by Beijing.

The onshore yuan tumbled to 7.0307 against the dollar -- its lowest level since 2008 -- while the more freely traded offshore yuan tumbled to 7.1085, breaching the 7.0 level which investors see as a key threshold in the currency's value.

Multiple rounds of tit-for-tat tariffs between the world's top two economies have already battered trade, with China's American imports shrinking 30 percent in the first half of the year.

Beijing has vowed to hit back if Washington goes ahead with its latest threat, while news that demand for US exports had weakened underscored concern that trade was becoming a trouble spot for economies worldwide.

- 'A lot messier' -

"China is likely to drag out their response and retaliate in many ways against the US trade measures," warned Edward Moya, senior market analyst at OANDA.

Negotiators from both nations are expected to reconvene in Washington in early September for another round of talks after last week's discussions in Shanghai, but investors remain nervous, Moya said.

"Financial markets are still working on pricing in a complete collapse of trade talks amongst the Chinese and Americans," he said.

"The base case still remains for a deal to get done, but talks are likely to get a lot messier before we see anything... that resembles a deal."

The yuan's depreciation spurred a sell-off across Asian markets.

Hong Kong lost more than three percent before staging a modest recovery as pro-democracy protesters targeted the financial hub's transport network in a citywide strike aimed at forcing concessions from its embattled pro-Beijing government.

Tokyo shed 1.7 percent while Shanghai fell 1.6 percent. Singapore dropped 1.8 percent while Taipei, Seoul and Manila were also down.

European markets also extended a pre-weekend slump in early trade. London and Paris dropped 1.1 percent while Frankfurt sank 1.0 percent.

- Key figures around 0700 GMT -

Tokyo - Nikkei 225: DOWN 1.7 percent at 20,720.29 (close)

Hong Kong - Hang Seng: DOWN 2.7 percent at 26,194.08

Shanghai - Composite: DOWN 1.6 percent at 2,821.50 (close)

London - FTSE 100: DOWN 1.1 percent at 7,324.76

Pound/dollar: DOWN at $1.2111 from $1.2162 at 2100 GMT Friday

Euro/dollar: UP at $1.1119 from $1.1106

Dollar/yen: DOWN at 106 yen from 106.59 yen

Brent North Sea crude: DOWN 94 cents at $60.95 per barrel

West Texas Intermediate: DOWN 67 cents at $54.99 per barrel

New York - Dow: DOWN 0.4 percent at 26,485.01 (close)

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https://www.yahoo.com/news/asia-markets-sink-chinese-yuan-tumbles-035245712--finance.html

2019-08-05 08:34:00Z
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John Flint: HSBC chief executive out in top-level reshuffle - BBC News

The chief executive of HSBC has stepped down after the bank said it needed a change in leadership to address a "challenging global environment".

John Flint is giving up the role he has held for a year-and-a-half "by mutual agreement with the board".

He will immediately cease his day-to-day responsibilities at HSBC, but will help with the transition as Noel Quinn takes over as interim chief executive.

Chairman Mark Tucker thanked Mr Flint for his "commitment" and "dedication".

However, he said: "In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us."

HSBC made the surprise announcement as it reported a 15.8% rise in pre-tax profit to $12.4bn (£10.2bn) for the six months to 30 June.

Mr Flint, who has worked at HSBC for 30 years, said: "I have agreed with the board that today's good interim results indicate that this is the right time for change, both for me and the bank."

The 51-year-old ran the bank's retail and wealth management business before taking over as chief executive last year. At that time, Mr Flint was seen as a safe choice for the top job.

• HSBC profits hit by China slowdown
• HSBC sparks controversy with new ad campaign

Commenting on the current environment, HSBC said "the outlook has changed".

It said that US interest rates were now expected to fall rather than rise and "geopolitical issues could impact a significant number of our major markets".

It added: "In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain."

'Good leaver'

Mr Flint has a 12-month notice period, but it is not clear when his departure date will be, because he has "agreed to remain available to HSBC".

HSBC has also granted Mr Flint "good leaver" status, which means he will be entitled to any stock options that vest after he exits the bank, provided he does not work at a competitor for two years.

The bank said it has begun a search to find a new chief executive and "will be considering internal and external candidates".

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2019-08-05 06:41:21Z
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China lets the yuan drop to 7 against the dollar, its lowest in a decade - CNN

The yuan weakened sharply after the People's Bank of China set its daily reference rate for the currency at 6.9225, the lowest rate since December. China's central bank sets a "band" every day within which the yuan's value is only allowed to move 2% up or down.

The central bank said that it is fully capable of keeping the yuan "reasonable and balanced," adding in a statement that Monday's weakness was mostly because of "trade protectionism and new tariffs on China." President Donald Trump announced a new round of tariffs on the country last week.

Devaluing the yuan is one way China has of retaliating against Trump's tariffs, but it's fraught with risk.

The market took the Chinese central bank's decision to lower the fixing rate that much as a "message of intent" to Trump, said Chris Weston, head of research at Pepperstone Group, in a research note.

He added that the yuan's depreciation will trigger fears about capital flight from China, along with a subsequent tightening of financial conditions in the Chinese economy.

In mainland China, one US dollar now buys about 7.03 yuan. In trading outside of China, where the yuan moves more freely, it stands at 7.07 to the dollar. Earlier, it had slipped to a record low offshore.

In its statement, China's central bank said it would take targeted measures as necessary to crack down on speculation and stabilize market expectations.

The symbolically important benchmark of 7 was last crossed during the 2008 financial crisis.

Citigroup strategist Gaurav Garg saw the decision to "unleash" the exchange rate as a potential response to the trade tensions that "may further complicate the US-China negotiations."

"US authorities have been sensitive to currency moves," he wrote in a research note. "They have on multiple occasions blamed currency manipulation to dampen the impact of trade tariffs and have insisted on currency stability as an important part of any agreement between the US and China."

Markets across Asia tumbled in early trading on fears about the trade tension.

Japan's Nikkei dropped 1.7% and South Korea's Kospi (KOSPI) lost 2.6%. The Shanghai Composite Index (SHCOMP) fell 1.6%. n Hong Kong, where protest leaders called on people to participate in strikes across the city, the Hang Seng Index (HSI) fell as much as 3.1%, the biggest drop since October.

"Risk aversion had certainly been the latest theme for markets, one to weigh on both Asia equities and currencies," said Jingyi Pan, a market strategist for IG Group. "Trade jitters linger for Asia markets going into the fresh week."

Trump ratcheted up his country's trade war with China last week when he announced plans Friday to slap a 10% tariff on $300 billion worth of goods. That means effectively all Chinese exports to the United States will soon be taxed.

Beijing, meanwhile, said it was ready for a fight.

Here are some of the other big moves on Asian markets at 3:00 p.m. Hong Kong time.

• HSBC (HBCYF) shares that are listed in Hong Kong dropped 1.5% after the British banking giant announced John Flint will step down as chief executive. HSBC said a change was needed because of an "increasingly complex and challenging global environment."
• Hang Seng Bank, a unit of HSBC and one of Hong Kong's largest lenders, tumbled 3.8%. In an earnings report, the bank cited a "a challenging operating environment" and slowing economic growth in the city. It forecast full-year GDP growth for Hong Kong to reach between 1% and 1.5%, down from from last year's 3%. "Downshifts in retail sales and trade growth signal that the economic environment will remain challenging," the bank said.
• Last week, the S&P 500 index (INX) and the Nasdaq Composite Index (COMP) both posted the worst week for the year, down 3.1% and 3.9% respectively. The Dow Jones Industrial Average (DJIEW) was down 2.6% for the week.

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https://www.cnn.com/2019/08/04/investing/asian-market-latest-yuan/index.html

2019-08-05 07:36:00Z
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