It was the third trigger of the recession indicator in less than two weeks.Bondsread more
Overstock CEO Partick Byrne has resigned from the e-commerce company after making controversial comments about his role in the "Deep State."Technologyread more
U.S. manufacturer growth slowed to the lowest level in almost 10 years in August, the latest sign that the trade war may be exacerbating the economic slowdown.Marketsread more
Philadelphia Fed President Patrick Harker said he doesn't see the case for additional stimulus after the Federal Reserve's July rate cut.The Fedread more
ARM rates are all over the place lender to lender because they are a very small percentage of new loan originations, around 6% of total mortgage application volume, according...Real Estateread more
Stocks fell, giving up earlier gains as investors wondered whether the Federal Reserve will cut interest rates next month.US Marketsread more
"My sense was we've added accommodation, and it wasn't required in my view," George tells CNBC's Steve Liesman.Investingread more
Former Prudent Bear Fund manager David Tice is urging investors to brace for a massive downturn.Trading Nationread more
Samsung's Galaxy Note 10+ packs everything you need and more into a phone.Technologyread more
German Chancellor Angela Merkel said a solution to the Irish "backstop" is possible before the October 31 Brexit deadline.Europe Economyread more
Apple plans to unveil three new iPhones in September, including two new "Pro" models and a successor to the iPhone XR, Bloomberg reported Thursday.Technologyread more
Markets have been lulled into a false sense of calm and are unprepared for the impact of a seismic shift in Chinese economic policy, according to Saxo Bank chief economist Steen Jakobsen.
The world's second-largest economy exceeded expectations to grow by 6.4% in the first quarter from the same period in 2018.
Statements from the Communist Party's Politburo have since signaled that Chinese officials see the growth outlook improving, feeding speculation that Beijing may begin to scale back its stimulus package.
Jakobsen suggested in an emailed note Thursday that China's change in focus from economic support to structural reform will result in a fade in outperformance of Chinese stocks, with the U.S. dollar and U.S. yields breaking higher.
"President Xi seems to be 'happy' with progress and performance, now shifting gears to consolidation from what we called 'the global policy panic,'" he said.
"We are now entering 'the false stabilization', where policymakers go from stimulus to autopilot. This coincides with massive momentum divergence signals in China and also in U.S. stock markets, which of course make us sit up and take notice even more."
Saxo Bank has been long China since early in the fourth quarter, but is now moving to neutral from a large overweight position, as Jakobsen anticipates flat performance and "very little upside" throughout the summer.
This is unless the U.S. and China announce a trade deal, which should "provide an excuse to take profit on all overweight risk-on trades".
"Real risk starts in late July/August when both policy actions and actual data will show none to little overall improvement in economic growth," Jakobsen said.