- Crains New York
Good morning! Here’s what you need to know in markets on Monday.
1. President Donald Trump called the European Union a “foe” of the United States in an interview that aired Sunday. “I think we have a lot of foes,” Trump said. “I think the European Union is a foe, what they do to us in trade. Now, you wouldn’t think of the European Union, but they’re a foe.”
2. Chinese economic growth slowed fractionally in the June quarter, as expected.According to China’s National Bureau of Statistics (NBS), GDP grew by 6.7% from a year earlier – in line with forecasts – maintaining the streak of either meeting or exceeding forecasts by 0.1 percentage points (ppts) in every quarter over the past three years.
3. President Donald Trump will head into his first summit with Vladimir Putin on Monday without a clear agenda and little preparation. The president will go into the summit followed by whispers about his ties to Moscow, questions that have grown only more urgent since the Justice Department last week indicted 12 Russian military intelligence officers accused of interfering in the 2016 election in an effort to help Trump.
4. Asian shares were lower on Monday, brushing off the firmer Wall Street lead as investor caution dominated ahead of the release of key Chinese economic data, which is expected to show signs of a slowdown.But while broader concerns about the U.S.-China trade war continue to temper risk appetite, the absence of any escalation of rhetoric out of Beijing or Washington over the past few days is helping support sentiment.
5. Goldman Sachs is expected to name David Solomon as its next chief executive officer early this week, the New York Times reported. The announcement, which will formally establish Goldman’s President Solomon as the successor to Lloyd Blankfein, could me made as soon as Monday, the newspaper reported citing sources.
6. Daniel Pinto, head of the corporate and investment bank, lauded JPMorgan’s latest results in a memo to staff.“Our second quarter and first half results show how impressive the CIB’s global franchise can be when it’s firing on all cylinders,” Pinto said.
7. Boeing said on Monday it won an order for 14 777 Freighters for a value of $4.7 billion, firing the opening salvo against rival Airbus in a contest for business on day one of the Farnborough Airshow.The U.S planemaker said logistics group DHL placed the order and acquired purchase rights for 7 additional freighters.
8. European Council President Donald Tusk said on Monday China, the United States and Russia had a duty not to start trade wars and called on the three countries to reform the World Trade Organization.He said there was still time to prevent conflict and chaos.
9. The United States has struck a preliminary deal to buy F-35 jets from Lockheed Martin worth about $13 billion, clearing the way for a larger multi-year purchase that aims to bring the cost per jet down to $80 million by 2020. The deal for 141 F-35s lowers the price of the F-35A, the most common version of the stealthy fighter jet, to about $89 million, down around 6 percent from $94.3 million in the last deal struck in February 2017.
10. Citigroup is deploying robots to help massive corporations collect payments from customers, the latest enhancement to the bank’s bread-and-butter business of managing the nitty gritty tasks for companies’ daily cash and transactions.Citi on Thursday announced a partnership with Houston-based financial technology company HighRadius to roll out a new feature called Citi Smart Match.