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G7 Fallout after Donald Trump pulled the US out of a previously agreed summit communique
Expect more trade conflict over the week…
Trump blames Canadian prime minister Justin Trudeau whom he derided as “dishonest and weak”. ‘My touch, my feel’:
The US president shocked fellow leaders with a press conference on Saturday in which he attacked the trade policies of other countries.
nevertheless had appeared to agree a form of words on contentious issues thanks to an all-night negotiating session by officials from all sides.Then after leaving for Singapore, Trump tweeted personal attacks on Trudeau and said that he had told his representatives not to sign the summit communique, turning what had already been a tense meeting of the world’s leading industrialized democracies into a fiasco.
“PM Justin Trudeau acted so meek and mild,” he tweeted. “Only to give a news conference after I left saying that ‘us tariffs were kind of insulting’ and ‘he will not be pushed around’.
“Very dishonest and weak” he claimed, adding in a separate tweet: “I have instructed our US reps not to endorse the communique.”
So there is that ….
[i][color=purple][b]^^^ +1 …YES – and certainly CAUTION ahead 8)
In ART OF DEAL — it’s not a Kumbuya type session … There is tough talk, give-and-take, and an occasional karate chop – lol 😉 8) … G6 is just one meetings – but waters are choppy … biggest fear I have is doing too many things or too much change at once (as probably improving trade balance is positive step) … There was a G7 meeting, but someone packed up their toys & went home 😉 :)[/b][/color][/i]
The top 5 stocks is great – thanks – momentum tends to carry through for a while and then a great reversal
Tesla $TSLA · June 11, 10:47 AM EDT
331.68 ▲ 14.08 (+4.43%)US auctioned $32B of 3 year notes at 2.664% high
Bid to cover at 2.83x vs 2.76x at the last auction
51.4% to indirect bidders, largest since January
39.4% to primary dealers, lowest since January
9.2% direct bidders[color=limegreen][size=5][b]POSITIVE GREEN FINISH to start the new week 8)
Dow Jones 25,322.31 +5.78 (0.023%)
S&P 500 2,781.99 +2.96 (0.11%)
Nasdaq 7,659.93 +14.41 (0.19%)
Russell 1,674.68 +2.19 (0.13%)
NYSE Comp 12,857.07 +25.00 (0.19%)[/b][/size][/color]CPI Shows Inflation Highest in Over 6 Years as Real Wages Fall
Report: May CPI Breakdown
[tweet]1006540197071335424[/tweet]
30 year auction high yield at 3.10% vs prev 3.13% last month
Bid to cover 2.38x vs 2.38x last auction– 10.3% to direct bidders vs 8.3% last month
– 62.2% to indirect bidders vs 62.7% last month
– 27.5% to primary dealerssome minor profit taking today — based on forthcoming FOMC recap tomorrow & hot inflation #s on CPI & Treasury news as shared above :woohoo:
After the close a U.S. District Court ruled AT&T $T can go ahead with its acquisition of Time Warner $TWX
U.S. District Judge Richard Leon made the ruling and set no conditions on the AT&T takeover. The market reacted with AT&T falling 1.8% to 33.74 in after-hours trades. Time Warner rose 4.7% to 100.70.
The Department of Justice sued in November 2017 to block AT&T’s $85 billion acquisition of Time Warner on grounds that the merger could hurt competition in the pay-TV industry.
AT&T argued that it needs Time Warner’s assets to compete with Netflix $NFLX, Amazon.com $AMZN and Alphabet’s $GOOGL Google in the entertainment business.
[color=green][b]MOSTLY GREEN “LANDING ON THE HUDSON” TYPE CLOSE 8)
Dow Jones 25,320.73 −1.58 (0.0062%)
S&P 500 2,786.69 +4.69 (0.17%)
Nasdaq 7,703.79 +43.87 (0.57%)
Russell 1,681.64 +6.96 (0.42%)
NYSE Comp 12,846.74 −10.22 (0.079%)[/b][/color]H&R Block Beats Earnings , Raises Dividend But $HRB Crashes 18%
H&R Block $HRB beat earnings and revenue estimates for the final quarter of fiscal 2018 with consolidated earnings at $1.14 billion or $5.45 per share, up 46% from a year ago on revenue of $2.39 billion, up 2.7% year-over-year. The earnings growth was helped by the lower tax rate, while revenue increase was driven by improved client volumes and net average charge in its U.S. tax businesses. Analysts were expecting earnings of $5.27 per share on $2.34 billion in revenue.
[size=5][color=red]H&R Block Inc NYSE: HRB · June 12, 7:59 PM EDT
After Hours 24.14▼ 5.46 (18.45%)[/color][/size]For the year as a whole, the company prepared about 20 million returns through or by H&R Block in the US, which grew 2.5% from the year ago period. Additionally, strong client retention drove the client trajectory for the company’s US assisted businesses.
Assisted and do-it-yourself (DIY) businesses saw improvements in net average charge for fiscal 2018, driven by product enhancements and effective marketing.
“As we look ahead to fiscal 2019, we will make strategic investments to enhance the relevance of our brand, strengthen technology platforms, and improve the fundamental value clients receive from H&R Block,” said CEO Jeff Jones.
H&R Block’s Board of Directors announced a 4% increase in its quarterly dividend to $0.25 per share payable on July 2, 2018, to shareholders of record as of June 22, 2018.
Wow on $HRB – I can’t seem to find the reason why its down 18% on that report – thanks for the heads up
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