*** No Rant Friday .. Prepare Yourselves in Advance ***
No Extradition!!! There were MASSIVE protests in Hong Kong (some say 1 million people but I cannot tell from the footage) over a proposed Bill that would allow extradition of prisoners from Hong Kong to mainland China. While the current case it pertains to is a legitimate one, the protesters fear China would then extradite minorities and political prisoners. There are WAY more cameras and media, today. Do you think China would risk another "Tiananmen square"?? or do you think they will allow continued protests? ..Many of the two dozen Democratic Presidential candidates were in Iowa campaigning during "Democrat Hall of Fame" Day. Their message seems to be "Beat Trump". I would think that if THAT is the goal, you'd have something more than, "Let's Beat Him" as your campaign platform, Right? Maybe "Lower Drug Prices and New Roads"?? .. There is a curious event being organized in Boston. They want to have a "Straight Pride" parade. I thought it was a joke, but the organizers appear to be serious. (Obviously, this is in response to the Gay Pride week celebrations going on in major cities.) . The Mayor would not comment about them. The head of the LQBTQ group said that their "Pride Week" was for all and that straight people are welcome and do, in fact, come to celebrate, too. Brad Pitt asked the "Straight Pride" group to stop using his image for their movement. So, the "Straight Pride" people picked Milo Yannopoulis to be their "Front Man". Which is odd.. because.. Uhhh..Milo is not straight. Milo refers to himself as a "Dangerous Faggot" because he is very Conservative when it comes to politics. I don't know where any of this is going but I will make this suggestion to organizers: If the Bruins win Game 7 on Wednesday night and you get in the way of THEIR celebration, that is NOT gonna end well.. Out in California, they have introduced into their budget proposal money to give illegal immigrants healthcare. Obviously, this is a jab at Trump. But, seriously, you have 59,000 homeless living on the streets of LA. Can you help them, FIRST? .. President Trump announced a deal with Mexico to avert tariffs that were to go into place this morning. As expected, the deal includes Mexico continuing to send military to their southern border to stop the flow of Central Americans into the USA through Mexico...and I may have ranted about this a few months back.. but.. Killer Sam Little is in prison for three murders in California. He exhausted his appeals and he will die in prison. Given that, he is cooperating with investigators around the country. It appears Little, 78, murdered SIXTY people from Georgia to California. (Investigators think the total will be 100 by the time they are done) Because many were hookers or drug addicts their homicides were not investigated thoroughly. But he keeps talking.. and DNA tests keep making matches. .. and an RIP to Tony Rodham, 65. Rodham is the youngest brother of Hilary Clinton. No cause of death has been listed. .. SPORTS: NHL: GAME 7 is COMING!!! Boston wins 5-1 and forces Game 7 on Wednesday Night in BAAHHHSTAN.. NBA: Game 5 tonight in Toronto. I watched some of Game 4 and I gotta say this is NOT very good basketball. The Warriors are racked with injuries. Toronto is beating them.. but.. I can't say these are the two best teams in the NBA RIGHT NOW.. .. TENNIS: King of the Clay, Nadal wins ANOTHER French Open after defeating Thiem. That's Nadal's 11th French Open win. Is he one of the "Greatest Ever"?? or just the Greatest ever on CLAY?? .. GOLF: Rory McIlroy shoots 61 in the Final Round to win the Canadian Open by 7 shots and head into this week's US Open at Pebble Beach with confidence. The players who are practicing out at Pebble are already complaining how hard the course is set up. The rough around some of the greens is so deep you cannot find the ball. Well Boys, DON'T HIT IT THERE!!! .. and former college basketball coach Lamont Evans was convicted and might get 3 months in the "Payoff Scandal".. Additionally, Evans was brought to the USA as a 2 year old and might be deported. He would be sent back.... to Barbados. Is that even a punishment? .. .. CELEBRIDIOTS: Lets Get Ready to RRUUMMBBBLLEEEEE .. Justine Bieber for some reason has challenged Tom Cruise to a cage match in the Octagon!! Biebs is trying her best trash talk saying Cruise will come only if he isn't afraid!! .. Some MMA fighters are caution Biebs saying, "You're calling out a 56 year old man. He is really in a no lose situation here...and you might LOSE to a 56 year old man" . ... and.. a scare in the Dominican Republic. Red Sawx legend Big Papi David Ortiz was shot in the back. It is not clear if Ortiz was the primary target as a man jumped off a motorcycle and shot Ortiz and two other men. Ortiz is out of surgery and expected to recover. The shooter was beaten so badly by the crowd that he is still in the hospital and police have not even been able to question him, yet. .. Model Shanina Shaik HERE and DJ Ruckus are apparently ending their marriage after a year. No reason given, yet. But, one could guess. It HAS to be hard, you both travel all the time and TONS of guys are hitting on Shanina and TONS of girls are hitting on Ruckus ALL THE TIME. Can't be easy ..If you were planning to catch Celine Dion and her Vegas show you are TOO LATE. Dion gave her "FINAL" show of her Vegas Residency. Now, she'll have to figure out how to spend all that money. ($500,000 a show she was making.. she is worth over $500 million)... and the 2019 Tony Awards happened. "Hadestown" was the show that got the most attention...and for the RAJ Awards (feat: 2019 Tony's) we have the "What were you thinking Award" going to Billy Porter. I was going to comment, "Look Billy, you can't wear the curtain from the show as a dress" as a joke.. then I read that's EXACTLY what it is!!! .. and I am giving the "Winner" to Karen Olivo. When you have her talent and looks you can WIN by going with simple black, cut Tuxedo!!.. now, Karen, I KNOW you took that out of my closet and cut the sides off. You had BETTER get that fixed!!!
United Technologies and Raytheon have agreed to an all-stock merger, creating the second-largest defense-and-aerospace company in the U.S. after Boeing (NYSE:BA) with combined annual sales of around $74B. The deal won't include United Tech's (NYSE:UTX) elevator (Otis) and air conditioning units (Carrier), which it plans to spin off in 2020. Raytheon's (NYSE:RTN) Tom Kennedy will become executive chairman of the combined company, to be called Raytheon Technologies, while UTX's Greg Hayes will be named CEO. Two years after the deal closes, Hayes will assume the role of chairman and CEO. RTN +2.8%; UTX +4.4% premarket.
President Trump's decision to suspend planned tariffs against Mexico is driving a 0.4% advance for U.S. equity futures ahead of the open, while the peso rose 2% overnight to 19.2285 on the dollar. Stock gains were capped, however, as uncertainty remained if Mexico will enforce the deal that intends to stem the flow of illegal Central American migrants into the U.S. On Friday, the Dow closed 263 points higher at 25,984 to post its best week since November on hopes that the Fed would move to slash interest rates (nonfarm payrolls came in at just 75,000 in May, far below the consensus forecast of 180,000).
The Bank of Japan could deliver more big monetary stimulus if necessary, but needs to take care with its side effects on the financial system, according to Governor Haruhiko Kuroda. The comments come after Fed Chair Jerome Powell signaled a willingness to act if the economy needs it, ECB President Mario Draghi vowed to support growth and PBOC Governor Yi Gang said that he has "tremendous" policy options to stoke demand. While it doesn't need to act now, the BOJ's options would be cutting the -0.1% negative rate further, lowering the target for 10-year yields, increasing the monetary base, or boosting asset purchases.
Figures overnight showed GDP in the United Kingdom fell by 0.4% in April, pushing the pound down 0.3% to below $1.27 and increasing concerns about the health of the economy. The Office for National Statistics pointed to a "dramatic fall" in car production due to planned shutdowns put in place around the original Brexit deadline of March 29. Along with broader manufacturing weakness, stockpiling faded as the date of Britain's departure from the EU was pushed back again to October 31.
Exposing the deepening strain between Renault (OTCPK:RNLSY) and Nissan (OTCPK:NSANY), the French carmaker has signaled it will block its Japanese alliance partner from adopting planned governance reforms unless the company gets a seat on new board committees. It comes amid reports that the revival of the collapsed Fiat Chrysler-Renault deal hinges on a reduced stake in Nissan. Meanwhile, Fiat (NYSE:FCAU) is joining forces with Amazon (NASDAQ:AMZN)-backed driverless startup Aurora, a move that could align its strategy with Renault on innovations like EVs and self-driving cars if it's able to get the merger over the line.
G20 finance ministers agreed to close corporate tax loopholes used by global tech giants like Facebook (NASDAQ:FB), Google (GOOG, GOOGL) and Amazon (AMZN) "by 2020," according to a final communique issued after their weekend meeting in Fukuoka, Japan. Combating lower-tax jurisdictions, the U.K. and France are already bringing in digital services taxes based on the local sales of search engines and digital marketplaces, but because they target sales and not profits, there is a risk of double taxation. While both have vowed to scrap their digital taxes as soon as there was an agreed G20 approach, there are also big differences to resolve with the U.S.
Known as "Project Scarlett," Microsoft (NASDAQ:MSFT) has unveiled its next-generation Xbox console, which is set to hit store shelves during the 2020 holiday season. The device will be four times more powerful than the Xbox One X and be powered by an Advanced Micro Devices (NASDAQ:AMD) chip, the company announced during its Xbox E3 conference in Los Angeles. Microsoft also said it will begin publicly testing its new "Project xCloud" videogame-streaming initiative in October, just ahead of when Google's (GOOG, GOOGL) Stadia competing service is slated to launch.
Two of Europe's biggest tech titans, Nokia (NYSE:NOK) and Ericsson (NASDAQ:ERIC), have started drawing up emergency plans to move some of their most sensitive operations out of China and split up their supply chains to counter increasing national security concerns, sources told The Sunday Telegraph. The drastic steps would include changes to their corporate structures, including setting up separate units in the Eastern and Western Hemispheres, in a bid to protect themselves against the escalating global trade war. Both companies make equipment used to run 5G networks.
It doesn't stop there. The Chinese government summoned major technology companies last week, including notable semiconductor firms, according to a new report from the NYT. The purpose was to warn them that they will face repercussions if they respond too aggressively to U.S. trade restrictions that ban sales of American technology to Chinese companies. Among the firms called in were chipmakers Intel (NASDAQ:INTC), Qualcomm (NASDAQ:QCOM), ARM Holdings (OTCPK:ARMHF) and SK Hynix (OTC:HXSCF), as well as Microsoft (MSFT), Samsung Electronics (OTC:SSNLF), Dell Technologies (NYSE:DELL), Nokia (NOK) and Cisco Systems (NASDAQ:CSCO).
What else is happening...
Contributor Vitaliy Katsenelson writes a 'Letter To A Young Investor.'
Germany optimistic on Iran trade vehicle despite U.S. sanctions.
Yuan slips to lowest levels of 2019 after China trade data.
In Asia, Japan +1.2%. Hong Kong +2.3%. China +0.9%. India +0.4%. In Europe, at midday, London +0.5%. Paris +0.3%. Frankfurt +0.8%. Futures at 6:20, Dow +0.4%. S&P +0.4%. Nasdaq +0.4%. Crude +0.2% to $54.10. Gold -1% to $1332.10. Bitcoin -2.9% to $7669. Ten-year Treasury Yield +5 bps to 2.14%
Today's Economic Calendar
Roger “Raj” Searing
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