As reported by Reuters, a group representing US automobile manufacturers will be telling the US Commerce Department on Thursday that imposing tariffs on foreign vehicles coming into the US could raise prices for domestic vehicles by $83 billion annually, which could threaten hundreds of thousands of jobs. Key quotes “The Alliance of Automobile Manufacturers, whose members include General Motors Co, Volkswagen AG and Toyota Motor Corp, said it plans to issue the warning at a public
The Aussie saw a late session bounce yesterday as the market abandoned the Greenback. Risk-on traders will be looking to keep the recovery on-track with the Australian jobs report on the way. The AUD/USD is trading just beneath the 0.7400 level after dipping into a low of 0.7340 in Wednesday’s action, before recovering steeply. Broader markets lost their flavour for the US Dollar heading into the last session of yesterday’s trading, and Aussie traders will
Analysts at Westpac Banking Corporation explained that there were only modest movements in most asset classes overnight and the news flow light.  Key Quotes: “US equities nudged higher (S&P500 up 0.2%), US bond yields ranged, the US$ was modestly higher on Powell comments and major currencies round-tripped.” “The US dollar index made some gains on upbeat Powell comments, though gave up much of them into the end of the session.” “EUR did the opposite, falling
Bloomberg IBM is still finding success in mainframes. International Business Machines Corp. shares ticked higher in the extended session Wednesday after the tech giant topped Wall Street estimates on the back of Big Blue’s mainframe business, but some think the days of relying on that old technology for earnings beats are numbered. IBM IBM, +0.72%  shares were last up 2% after hours, following a 0.7% gain to close at $144.52 in the regular session. At
Trading the News: Australia Employment Change Australia’s Employment report may fuel the recent rebound in AUD/USD as the economy is expected to add another 16.5K jobs in June, and signs of a stronger labor market may encourage the Reserve Bank of Australia (RBA) to alter the forward guidance for monetary policy as ‘strong growth in employment has been accompanied by a significant rise in labour force participation.’ A batch of positive developments may push the
We’re more than halfway through the week, MarketWatchers! Here are Wednesday’s top stories in personal finance. Personal Finance When wives earn more than their husbands, they both lie It’s increasingly common for wives to make more than their spouses. ‘Real Housewives’ star Bethenny Frankel gets real about money Bethenny Frankel, founder of Skinnygirl, opens up about her childhood and the clause that saved her millions. Should I sell the $15,000 silver tea set gifted to
Analysts at TD Securities offered a snapshot preview of the key event for the Aussie traders today. Key Quotes: “Employment for June is likely to increase by an “average” +20k (mkt +18k) as job ads continue to expand and seasonals are supportive of a solid increase.” “Adding 20k jobs combined with an unchanged 65.5% participation rate leaves the unemployment rate at 5.4%.” “Risks are skewed towards a pickup in the participation rate, all else being equal
Barry Silbert, the chief executive officer of the Digital Currency Group, on Wednesday said that while he was extremely optimistic about the long-term prospects of bitcoin, as well as the broader cryptocurrency industry, a huge amount of new entrants seemed headed for zero. Speaking at CNBC’s Delivering Alpha conference, he said that bitcoin BTCUSD, +0.19%  had hit its lows for the year, adding that he had invested more in the world’s largest digital currency last
Getty Images Toys “R” Us Inc. has reached a settlement with a group of lenders that will shield them from future litigation while boosting the recoveries of the retailer’s vendors and other creditors. Under the deal, pending court approval, Toys’ vendors and other creditors will receive a cash payment and potential for higher recoveries. In return, unsecured creditors and vendors will forgo their right to sue the group of lenders who opted to pull the
A previous version of this article incorrectly spelled the last name of billionaire, hedge-fund manager Marc Lasry of Avenue Capital Group. That error has been corrected. Getty Images Bitcoin is in rally mode, apparently. After months in the doldrums, the No. 1 digital currency extends its gains on Wednesday after following a sharp run-up in the previous session. As recently as Saturday, interest in bitcoin was at an eight-month low, with 24-hour volume falling below