American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead 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
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
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US 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
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
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
(Updates with closing prices of Pinterest and Zoom)
April 18 (Reuters) - Shares of Pinterest Inc surged almost 30 percent in their stock market debut on Thursday, valuing the online scrapbook company at around $16 billion and signaling investor appetite for new tech listings.
That bodes well for the U.S. IPO market as ride-hailing company Uber Technologies Inc <IPO-UBER.N> prepares for its highly anticipated debut, particularly with shares in smaller rival Lyft Inc floundering below their March offering price.
"All of the gyrations that you read about in the press and the drama that you read about in other cases, we can certainly fall victim to a lot of those things if we are distracted by the news cycle or things that are short-term by nature," Pinterest Chief Financial Officer Todd Morgenfeld said.
"But we're focused on building the best version of Pinterest we can over the next several years."
Pinterest shares opened at $23.75, well above the $19 they were priced at, and closed at $24.40
Zoom Video Communications Inc shares also surged in the U.S. video conferencing company's first day of trading on Thursday, closing 72 percent above their IPO price of $36.
"It is a very favorable market at the moment," Zoom Chief Financial Officer Kelly Steckelberg said in an interview. "Investors really see the opportunity for 'software as a service' companies."
Investors are hopeful that money-losing Pinterest, the most high-profile social media company to list in the United States since Snap Inc in 2017, will have a strong run in the market, given the company's ability to grow revenue and increase its user base.
"When you see an initial pop in price like this it's a pretty clear indicator interest is strong out of the gate," said Chris Larkin, senior vice president of trading at E*TRADE Financial Corp.
Pinterest allows users to search for topics like home improvement projects and travel tips, with results often showing handy infographics. It also lets users create themed social "boards."
The company brings in revenue through advertisements, which are placed among the "pins" or posts that users upload on the site.
Pinterest had a net loss of $63 million on revenue of $756 million in 2018. It expects to report 291 million global monthly active users as of March 31, up 22 percent from a year earlier.
Pinterest was showing a clear path to profitability but was overvalued, said Haran Segram, a professor of finance at New York University's Stern School of Business.
The IPOs of Pinterest and other loss-making unicorns - startup companies with valuations of at least $1 billion - have presented a predicament for investors.
While they do not want to miss out on popular companies with fast growth, they also have to weigh the risks of businesses with unproven economics.
Pinterest's IPO was underwritten by 12 banks led by Goldman Sachs Group Inc and JPMorgan Chase & Co.
(Reporting by Aparajita Saxena in Bengaluru, Additional reporting by Bharath Manjesh, and Joshua Franklin and Carl O'Donnell in New York; editing by Sweta Singh and Rosalba O'Brien)