Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
Bank of England Governor Mark Carney says trade war has a confidence effect on business around the worldMarketsread more
Mark Carney, the governor of the Bank of England, sought to calm markets this morning with a pledge to provide an extra $344 billion in liquidity. He assured markets that U.K. banks were well-funded, even as their share prices tanked. (CNBC)
Dallas Federal Reserve President Rob Kaplan joins CNBC's "Squawk Box " at 8:30 a.m. ET to talk about how the central bank sees the Brexit vote and how it might influence the future of U.S. interest rates and the outlook for the American economy.
In a statement, JPMorgan Chase (JPM) chief Jamie Dimon, JPMorgan Asset Management CEO Mary Erdoes and Daniel Pinto, JPMorgan's chief executive for corporate and investment, said there were probably challenges ahead for the banking giant. Goldman Sachs (GS) chief Lloyd Blankfein sought to calm investor nerves in a statement emphasizing the bank has a "long history of adapting to change" and had been planning for the potential consequences of this result "for many months." (CNBC)
Ratings agency Standard and Poor's said Britain's top-notch AAA credit rating was no longer tenable after voters opted to leave the EU, the Financial Times reported on Friday. Rival ratings agencies Fitch and Moody's had already stripped Britain of their AAA ratings, long before the referendum campaign began. (Reuters)
Nigel Farage, the leader of the U.K. Independence Party, who has been a prominent member of the leave campaign, claimed victory, saying June 23 would become known as the U.K.'s "Independence Day" and should be declared a national holiday. Even with the vote for Brexit, the process of actually leaving the EU could take two years or more as a series of negotiations take place for how to disentangle the U.K. from the many EU structures. (BBC & CNBC)
In the U.S., billions, if not trillions, of dollars could be called into question by the British exit: In 2014, American direct investment into the EU totaled about 1.81 trillion euros ($2.01 trillion) and about 1.99 trillion euros flowed in the opposite direction, according to the European Commission. If even a small percentage of that is disrupted, it could reverberate across the globe. (CNBC)
Although concern for the future of the EU may seem like hyperbole, nearly every member state has a political contingent in favor of leaving the union, and the successful Brexit vote may have just politically legitimized — and energized — those movements. (CNBC)
Two U.S. economic reports are out this morning, although neither is likely to get much if any attention because of the Brexit overhang: Durable goods orders for October at 8:30 a.m. ET are expected to register a 0.4 percent for May after a 3.4 percent jump in April and June consumer sentiment is expected to come in at 94.0 compared to the preliminary June reading of 94.3.
European banking stocks were already taking a hit overseas, and the ones that trade in the U.S. will be worth watching, including Royal Bank of Scotland (RBS), Credit Suisse (CS), Deutsche Bank (DB), and Barclays (BCS).
Gold mining companies were likely to get a big boost today, including Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), Kinross Gold (KGC), Gold Fields (GFI), Royal Gold (RGLD), Harmony Gold (HMY) and related ETFs.
Look for oil and energy stocks to drop: Exxon Mobil (XOM), Chevron (CVX), Marathon Oil (MRO), Occidental Petroleum (OXY), Anadarko Petroleum (APC), ConocoPhillips (COP), and related ETFs.