While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
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Stocks in Asia mostly traded higher Tuesday afternoon as minutes from the Reserve Bank of Australia's July meeting were released. The People's Bank of China also published its...Asia Marketsread more
The surprise decline in the March durable goods report weakened the already-anemic outlook for first quarter growth and dimmed the prospect for a big second quarter bounce.
Economists cut first quarter growth to just above 1 percent or lower, with Amherst Pierpont Securities now forecasting absolutely no growth at all. JPMorgan was quick to also pare back second quarter growth to 2.5 percent from 3 percent, on the view that some weakness in business activity will continue and that the dollar's impact on factory activity could offset an expected bounce back in consumer spending.
"We think about a full percentage point of growth in Q1 is related to bad weather," said Michael Gapen, chief U.S. economist at Barclays. "It's unlikely we get all of that back, but you should get some of it back." Gapen said first quarter is now tracking at 1.1 percent, down a 0.1, after the durable goods report. For now, he is leaving the second quarter at 3 percent.