Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
The U.K. prime minister prepares to meet his German and French counterparts this week.Europe Politicsread more
Amazon is raising seller fees for thousands of small and medium-sized businesses in France because of a new digital tax passed by the French government.Technologyread more
U.S. stock index futures point to a higher open on Monday morning as the White House sought to calm investors over growing concerns about the U.S. economy.US Marketsread more
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Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Stocks in Asia rose on Monday as U.S. Treasury yields bounced higher after plunging last week.Asia Marketsread more
The problem with tanking equities lies elsewhere, writes Michael Ivanovitch, because traders see no end to America's unfolding trade disputes with Europe and China.World Economyread more
Beijing wants to use reforms to support a slowing economy.China Marketsread more
A reading of the economy from Morgan Stanley is signaling "June gloom."
Morgan Stanley's Business Conditions Index, which captures turning points in the economy, fell by 32 points in June, to a level of 13 from a level of 45 in May. This drop is the largest one-month decline on record and the lowest level since December 2008 during the financial crisis, according to the firm.
"The decline shows a sharp deterioration in sentiment this month that was broad-based across sectors,' economist Ellen Zentner said in a note to clients. "Fundamental indicators point to a broad softening of activity, but analysts did not widely attribute the weakening to trade policy."
Fears of a possible economic slowdown were raised last week after a much worse than expected jobs report. The economy added just 75,000 jobs in May, according to the Labor Department last Friday. A report Thursday showed a spike in jobless claims last week. Manufacturing activity last month grew at the slowest pace in two years.
Worries about a trade deal getting passed between the U.S. and China weighed on stock markets in May. Perversely, that weak sentiment actually boosted equities this month because traders are hoping the Federal Reserve will cut interest rates. But some investors are starting to worry that the economy could fall into an outright recession.
June's conditions index reading showed notable declines in hiring, hiring plans, capex plans and business conditions exceptions, Morgan Stanley said.
The manufacturing subindex business conditions fell sharply to zero, "a decline that was likely exaggerated by the recent turn lower in oil prices, while marking the lowest level for the subindex on record," Zentner said.
The services subindex also fell to 18 from 35.