President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
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Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Wall Street firms are telling their clients shares of Wynn Resorts may have more downside even after the stock's large drop since Friday.
The shares are down another 9.3 percent Monday to $163.48 per share after several negative research reports on the company and concerns over potential regulatory action.
J.P. Morgan analyst Joseph Greff said Sunday he does not recommend the shares due to the uncertainty over the scandal.
"Our instinct here is that the risk-reward is not favorable, at least yet," he wrote. "We think the news reports alleging sexual harassment by Steve Wynn creates a sizable overhang in the shares and see value that compensates investors for risk related to these allegations at the $150 level."
The analyst reiterated his neutral rating on Wynn shares, noting the importance of the executive to the company and brand.
"A scenario where WYNN doesn't have Steve as a CEO is not good for the company," Greff wrote. "We have always held the belief that WYNN possesses the single largest individual CEO dependency versus any of the other 30 gaming and lodging companies [in] our coverage universe."
UBS lowered its rating on Wynn Resorts to neutral from buy on Monday, citing the rising scrutiny from regulatory bodies.
"We believe risk to the outlook has increased as well, with recent allegations about the CEO prompting an investigation by the co's board as well as reviews by gaming regulators in Nevada & MA," analyst Robin Farley wrote Monday. "These allegations and subsequent investigations will likely cap near-term upside in the stock, in our view."
Macau's Gaming Inspection and Coordination Bureau has contacted Wynn management on whether major shareholders, directors and key employees meet suitable qualifications, according to a Bloomberg News report.
Nomura Instinet warned its clients any issues from Macau will drive the company's valuation lower as 75 percent of the company's earnings before interest, taxes, depreciation and amortization (EBITDA) is generated in the Chinese territory.
The Gaming Inspection and Coordination Bureau did not immediately respond to a request for comment.
Wynn pointed to the statements already made by the company and Steve Wynn when asked for comment.