El Paso shooting suspect claims distance from hometown helped him choose target - KVIA El Paso

El Paso suspect held in isolation

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EL PASO, Texas - The man who authorities say killed 22 people at an El Paso Walmart last weekend claimed he targeted the city because, in part, he wanted distance between target and his hometown on the other side of Texas, three sources with knowledge of the investigation said.

Patrick Crusius, the detained suspect in Saturday's shooting, told investigators this was one reason why he chose El Paso, the sources said. Crusius believed that if he committed the attack near his home in a suburb of Dallas, his family and acquaintances would have known that he did it, the sources said.

El Paso police officials would not comment about the sources' accounts.

Crusius, 21, drove about 11 hours from his home in Allen to the Walmart in El Paso, police said.

He was arrested on the day of the attack, surrendering to a police officer at an intersection just north of the store.

Police have previously made other comments about his motivation: That the shooting appeared to be a hate crime, as investigators believe he wrote a document filled with hatred of immigrants and Latinos -- one that said he wanted to stop a "Hispanic invasion" of Texas.

About 83% of El Paso's residents are Hispanic or Latino, according to the US Census Bureau. In Allen, about 11% of residents are Hispanic or Latino, according to census data.

The document was published on the online messaging board 8chan about 20 minutes before the shooting, authorities said. The author says he opposes "race mixing" and encourages immigrants to return to their home countries.

Federal authorities have said they're treating the shooting as a case of domestic terrorism. Crusius has been charged with capital murder in the shooting and is being held without bond.

Police said Crusius, besides killing 22 people, injured 24 others in the shooting.

The shooting was one of the 10 deadliest in modern US history and one of three mass shootings in the past two weeks — the others being in Dayton, Ohio and Gilroy, California.

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2019-08-09 15:48:00Z
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Stock market news: August 9, 2019 - Yahoo Finance

Stocks were lower Friday, after President Donald Trump dampened hopes for a U.S.-China trade deal. The president told reporters that the U.S. would not do business with Huawei, and the trade talks that were scheduled for September might not happen.

Technology and chips were under pressure as trade tensions ran hot. The XLK, tech ETF, fell 1.4%, while the SMH, semiconductor ETF, sank more than 2%.

Here were the main moves in the market, as of 11:45 a.m. ET:

• S&P 500 (^GSPC): -1.1%, or -33.5 points

• Dow (^DJI): -0.9%, or -241.9 points

• Nasdaq (^IXIC): -1.4%, or -117.1 points

• 10-year Treasury yield (^TNX): +1.6 bps to 1.70%

• Crude oil (CL=F): +3.41% to $54.33 per barrel

It has been a tumultuous week for the markets, as the trade war, and now currency war, rages on between the U.S. and China. The People’s Bank of China (PBOC) set the yuan’s daily fixing at 7.0136 per U.S. dollar on Friday. This move was the second time this week that the official reference rate was weaker than 7, and the rate was the weakest since April 3, 2008. Nevertheless, Friday’s yuan rate was still stronger than what analysts were expecting.

The yuan has been on market watchers’ radars after the yuan weakened past the key psychological level of 7-per-dollar on Monday. That send markets into a frenzy, and stocks posted their worst day of 2019. It has been a choppy trading week since, as more uncertainty gets pumped into the market.

Meanwhile, crude oil is also in focus after the International Energy Agency (IEA) reported on Friday that demand growth is at its lowest level in over a decade. The agency noted that global oil demand growth in the first half of this year was the slowest since the financial crisis. With China being the only major source of growth, the IEA lowered its global demand forecast to 1.1 million barrels per day for 2019 and 1.3 million barrels per day for 2020.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S. REUTERS/Brendan McDermid

Huawei is grabbing the attention of investors after announcing that it has launched its own operating system called HongmengOS, or HarmonyOS in English. CEO of Huawei’s consumer division, Richard Yu, made the announcement at the Huawei Developer Conference. This new operating system allows Huawei to be less reliant on Google’s (GOOGL) Android. Google’s parent company, Alphabet, stock was lower in early trade.

Investors are also keeping an eye on ride-sharing companies Uber (UBER) and Lyft (LYFT). Uber’s weaker-than-expected second quarter earnings sent the stock tumbling 7%. Adjusted sales were worse than what analysts were expecting, and Uber reported a shocking $5.24 billion net loss in the second quarter. That was Uber’s largest quarterly net loss ever. Uber’s report comes on the heels of Lyft’s much better-than-expected results. Gross bookings in the second quarter also fell short of expectations at $15.76 billion. Analysts expected $15.83 billion in gross bookings. Uber posted an adjusted EBITDA loss of $656 million, which was a 25% decline from last quarter.

“Our platform strategy continues to deliver strong results, with Trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of last year,” CEO Dara Khosrowshahi said in a statement. “In July, the Uber platform reached over 100 million Monthly Active Platform Consumers for the first time, as we become a more and more integral part of everyday life in cities around the world.”

Uber expects between $65 billion to $67 billion in gross bookings this year and expects adjusted EBITDA losses between $3.2 billion to $3 billion. The company did not give an adjusted net revenue forecast. Khosrowshahi also noted that Uber would be upping its marketing spend despite having cut 400 market employees recently. The question among investors remains whether or not Uber can continue its growth while attempting to simultaneously achieve profitability.

—

Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

More from Heidi:

• Kraft Heinz earnings plunge, CEO says results not acceptable

• America’s favorite Mexican fast-food restaurants: survey

• Subway to test Beyond Meat in its sandwiches

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2019-08-09 15:46:00Z
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El Paso shooting: Suspect claims distance from hometown helped him choose target, sources say - CNN

Patrick Crusius, the detained suspect in Saturday's shooting, told investigators this was one reason why he chose El Paso, the sources said. Crusius believed that if he committed the attack near his home in a suburb of Dallas, his family and acquaintances would have known that he did it, the sources said.

El Paso police officials would not comment about the sources' accounts.

Crusius, 21, drove about 11 hours from his home in Allen, Texas, to the Walmart in El Paso, in far western Texas abutting the Mexican border, police said.

He was arrested on the day of the attack, surrendering to a police officer at an intersection just north of the store.

Police have previously made other comments about his motivation: That the shooting appeared to be a hate crime, as investigators believe he wrote a document filled with hatred of immigrants and Latinos -- one that said he wanted to stop a "Hispanic invasion" of Texas.

About 83% of El Paso's residents are Hispanic or Latino, according to the US Census Bureau. In Allen, about 11% of residents are Hispanic or Latino, according to census data.

The document was published on the online messaging board 8chan about 20 minutes before the shooting, authorities said. The author says he opposes "race mixing" and encourages immigrants to return to their home countries.

Federal authorities have said they're treating the shooting as a case of domestic terrorism. Crusius has been charged with capital murder in the shooting and is being held without bond.

Police said Crusius, besides killing 22 people, injured 24 others in the shooting.

The shooting was one of the 10 deadliest in modern US history and one of at least three mass shootings in a week.

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2019-08-09 13:53:00Z
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Wholesale inflation dead in the water, PPI shows - MarketWatch

The numbers: The wholesale cost of U.S. goods and services rose modestly in July, but inflation more broadly appeared dead in the water and showed little sign it’s about to speed up.

The producer price index increased 0.2% last month, matching the forecast of economists polled by MarketWatch.

Yet the pace of wholesale inflation over the past year was flat 1.7%. And more closely followed measure that strips out volatile food, energy and trade-margin costs fell for the first time in almost four years. The so-called core PPI dipped 0.1%.

What’s more, the increase in core wholesale prices over the past year slipped to 1.7% from 2.1%, marking the lowest level since the end of 2016.

What happened: Wholesale prices rose 0.4% for goods, largely reflecting an increase in gasoline prices in July during the height of the summer driving season. Energy prices are still 4.4% lower now compared to a year ago, however.

Wholesale prices of food moved up 0.2%.

The cost of services, meanwhile, declined 0.1% in July to break a string of five straight increases. A big drop in the cost of guestroom rentals played a major role in the decline.

There doesn’t appear to be much inflation in the pipeline, either. The cost of partly finished goods are down 2% over the past 12 months and raw-material prices are 10% lower.

Big picture: Inflation has tapered off over the past year thanks in part to lower oil prices and doesn’t pose much threat to the economy. If anything, the Federal Reserve thinks inflation is too low.

That’s a marked change from a year ago, when the Fed was raising U.S. interest rates to make sure inflation didn’t get out of hand. Now the central bank is cutting rates as an insurance policy against recession as a major trade fight between the U.S. and China intensifies.

Read: China fight seen dragging on through 2020 in threat to economy, Trump reelection

Market reaction: The Dow Jones Industrial Average DJIA, -0.20% and the S&P 500 index SPX, -0.30% were set to open lower in Friday trades. Stocks have partly recovered after a steep drop early in the week after the U.S. trade spat with China took a turn for the worse.

The 10-year Treasury yield TMUBMUSD10Y, -0.34% slipped to 1.72%. The yield has sunk from a seven-year high of 3.23% 10 months ago on growing worries about the economy.

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2019-08-09 12:56:00Z
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US producer prices rise 0.2%; underlying inflation muted - CNBC

U.S. producer prices increased moderately in July, lifted by a rebound in the cost of energy products, while underlying producer inflation retreated, which could allow the Federal Reserve to cut interest rates again next month.

The Labor Department said on Friday its producer price index for final demand rose 0.2% last month after nudging up 0.1% in June. In the 12 months through July the PPI increased 1.7% after advancing by the same margin in June.

Economists polled by Reuters had forecast the PPI would rise 0.2% in July and increase 1.7% on a year-on-year basis.

Excluding the volatile food, energy and trade services components, producer prices edged down 0.1% last month. That was the first decline since October 2015 and followed an unchanged reading in June. The so-called core PPI increased 1.7% in the 12 months through July after rising 2.1% in June.

The Fed, which has a 2% inflation target, tracks the core personal consumption expenditures (PCE) price index for monetary policy. The core PCE price index increased 1.6% on a year-on-year basis in June and has undershot its target this year.

Financial markets have fully priced in a rate cut following a recent escalation in the bitter trade war between the United States and China, which led to an inversion of the U.S. Treasury yield curve and raised the risk of a recession.

Muted inflation could boost expectations for a half-percentage-point cut at the Fed's Sept. 17-18 policy meeting. Worries about the trade war's impact on the U.S. economic expansion, the longest on record, prompted the U.S. central bank to lower its short-term rate last week for the first time since 2008.

U.S. tariffs on Chinese goods so far have had a marginal impact on inflation as they have mostly been on capital goods.

That could change after President Donald Trump announced last week an additional 10% tariff on $300 billion worth of Chinese imports starting Sept. 1. The new tariffs would affect mostly consumer goods.

In July, wholesale energy prices rebounded 2.3% after falling 3.1% in the prior month. They were boosted by a 5.2% percent jump in gasoline prices. Goods prices increased 0.4% last month, reversing June's 0.4% decline.

Energy prices accounted for more than 80% of the rebound in the cost of goods last month.

Wholesale food prices rose 0.2% in July after advancing 0.6% in June. Core goods prices edged up 0.1% after being unchanged for three straight months.

The cost of services fell 0.1% in July, the first decrease since January, after rising 0.4% in June. Services were pulled down by a 4.3% drop in the cost of hotel and motel rooms.

The cost of healthcare services edged up 0.1% last month after rising 0.2% in June. Those healthcare costs feed into the core PCE price index.

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2019-08-09 12:33:19Z
CBMiY2h0dHBzOi8vd3d3LmNuYmMuY29tLzIwMTkvMDgvMDkvdXMtanVseS1wcGktdXMtcHJvZHVjZXItcHJpY2VzLXJpc2UtdW5kZXJseWluZy1pbmZsYXRpb24tbXV0ZWQuaHRtbNIBZ2h0dHBzOi8vd3d3LmNuYmMuY29tL2FtcC8yMDE5LzA4LzA5L3VzLWp1bHktcHBpLXVzLXByb2R1Y2VyLXByaWNlcy1yaXNlLXVuZGVybHlpbmctaW5mbGF0aW9uLW11dGVkLmh0bWw

Stock market news: August 9, 2019 - Yahoo Finance

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S. REUTERS/Brendan McDermid

U.S. stock futures were lower Friday, as U.S.-China trade tensions continued to keep investors on edge around the world.

Here were the main moves in the market, as of 8 a.m. ET:

• S&P futures (ES=F): -0.63%, or -18.50 points

• Dow futures (YM=F): -0.55%, or -144 points

• Nasdaq futures (NQ=F): -0.83%, or -64.50 points

• 10-year Treasury yield (^TNX): +3.2 bps to 1.716%

• Crude oil (CL=F): +1.20% to $53.17 per barrel

It has been a tumultuous week for the markets, as the trade war, and now currency war, rages on between the U.S. and China. The People’s Bank of China (PBOC) set the yuan’s daily fixing at 7.0136 per U.S. dollar on Friday. This move was the second time this week that the official reference rate was weaker than 7, and the rate was the weakest since April 3, 2008. Nevertheless, Friday’s yuan rate was still stronger than what analysts were expecting.

The yuan has been on market watchers’ radars after the yuan weakened past the key psychological level of 7-per-dollar on Monday. That send markets into a frenzy, and stocks posted their worst day of 2019. It has been a choppy trading week since, as more uncertainty gets pumped into the market.

Meanwhile, crude oil is also in focus after the International Energy Agency (IEA) reported on Friday that demand growth is at its lowest level in over a decade. The agency noted that global oil demand growth in the first half of this year was the slowest since the financial crisis. With China being the only major source of growth, the IEA lowered its global demand forecast to 1.1 million barrels per day for 2019 and 1.3 million barrels per day for 2020.

Huawei is grabbing the attention of investors after announcing that it has launched its own operating system called HongmengOS, or HarmonyOS in English. CEO of Huawei’s consumer division, Richard Yu, made the announcement at the Huawei Developer Conference. This new operating system allows Huawei to be less reliant on Google’s (GOOGL) Android. Google’s parent company, Alphabet, stock was lower by 1.3% in pre-market trade.

Investors are also keeping an eye on ride-sharing companies Uber (UBER) and Lyft (LYFT). Uber’s weaker-than-expected second quarter earnings sent the stock tumbling more than 7% in pre-market trade. Adjusted sales were worse than what analysts were expecting, and Uber reported a shocking $5.24 billion net loss in the second quarter. That was Uber’s largest quarterly net loss ever. Uber’s report comes on the heels of Lyft’s much better-than-expected results. Gross bookings in the second quarter also fell short of expectations at $15.76 billion. Analysts expected $15.83 billion in gross bookings. Uber posted an adjusted EBITDA loss of $656 million, which was a 25% decline from last quarter.

“Our platform strategy continues to deliver strong results, with Trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of last year,” CEO Dara Khosrowshahi said in a statement. “In July, the Uber platform reached over 100 million Monthly Active Platform Consumers for the first time, as we become a more and more integral part of everyday life in cities around the world.”

Uber expects between $65 billion to $67 billion in gross bookings this year and expects adjusted EBITDA losses between $3.2 billion to $3 billion. The company did not give an adjusted net revenue forecast. Khosrowshahi also noted that Uber would be upping its marketing spend despite having cut 400 market employees recently. The question among investors remains whether or not Uber can continue its growth while attempting to simultaneously achieve profitability.

—

Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

More from Heidi:

• Kraft Heinz earnings plunge, CEO says results not acceptable

• America’s favorite Mexican fast-food restaurants: survey

• Subway to test Beyond Meat in its sandwiches

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.

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2019-08-09 12:02:00Z
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Oil Price Fundamental Daily Forecast – IEA Cuts Oil Demand Growth - FX Empire

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are edging higher on Friday shortly before the regular session opening after clawing back earlier losses. Helping to keep a lid on prices are concerns that the trade dispute between the United States and China will lead to a global economic slowdown and lower demand. However, the market is also being underpinned by expectations of more OPEC production cuts.

At 09:03 GMT, September WTI crude oil is at $52.82, up $0.28 or +0.51% and October Brent crude oil is at $57.81, up $0.43 or +0.84%.

U.S.-China Relations Worsen

There is not much optimism over the U.S. and China reaching a trade deal anytime soon. Conditions could even worsen as both try to force the other side into making an unfavorable deal. President Trump raised tensions a week ago when he announced new tariffs on China. Then the world’s second largest economy retaliated by letting its currency drift below the psychologically important 7 yuan to the dollar level, and cancelling all U.S. agricultural deals.

Crude will have very little chance of sustaining a rally if the U.S. and China continue to try to weaken each other’s stance.

IEA Cuts Demand Growth Forecast

Earlier today, the International Energy Agency (IEA) cut its global oil demand growth forecasts for this year, citing fears of an economic downturn. The energy agency now expects oil demand growth to reach 1.1 million barrels per day (b/d) in 2019 and 1.3 million b/d in 2020. That constitutes a downward revision of 100,000 b/d for this year and 50,000 b/d for next year.

In its closely-watched monthly oil report, the IEA said there was “growing evidence of an economic slowdown” with many large economies reporting weak gross domestic product (GDP) growth in the first half of the year.

“The situation is becoming even more uncertain,” the IEA said, before describing global demand growth in the first half of the year as “very sluggish.”

“Meanwhile, the prospects for a political agreement between China and the United States on trade have worsened. This could lead to reduced trade activity and less oil demand growth.”

Looking ahead, the IEA said the outlook for oil demand growth is “fragile,” with a greater likelihood of a downward revision than an upward one.

Daily Forecast

Friday’s marginal gains and recovery from early session weakness is not enough to get excited about a rally. It’s just price action led by short-covering and position-squaring. The hedge funds are short and likely looking to add to positions in the wake of today’s bearish IEA report.

There is a wildcard out there. It’s China’s interest in U.S. oil. Recently showed Chinese buyers rekindled their interest in U.S. crude, as imports climbed to a nine-month high of 247,000 barrels per day, according to the Energy Information Administration (EIA). This, however, may have been a goodwill gesture tied to the on-going trade negotiations. Because of the increasing tensions between the two countries, China may decide to dramatically reduce its intake of U.S. crude imports. This could trigger another steep break in prices.

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2019-08-09 09:52:29Z
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