Corporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement.Marketsread more
"Federal debt, which is already high by historical standards, is on an unsustainable course," CBO director Phillip Swagel said in the report.Politicsread more
The president's remark followed a string of criticisms aimed at his predecessors, whom he claimed had ignored China's alleged malpractice on trade.Politicsread more
"If you look at the market over the past week, stocks don't need any help. They are roaring ahead, without the Fed doing anything," says the longtime market strategist.Marketsread more
Target CEO Brian Cornell still thinks the U.S. consumer is strong and spending. Target's latest quarterly results showed the big-box retailer is benefiting from that.Retailread more
Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.US Marketsread more
President Trump insists the economy is healthy and says the only thing holding U.S. growth back is the Federal Reserve.Marketsread more
GOP donor John Childs has donated over $330,000 to Republican fundraising committees since being charged with soliciting prostituion.Politicsread more
Trading volumes this week are well below recent averages, and that means this comeback may be suspect.Marketsread more
These are the stocks posting the largest moves midday.Market Insiderread more
Shares of Tesla slid Wednesday on news of Walmart's lawsuit.Technologyread more
— This is the script of CNBC's news report for China's CCTV on July 30, 2019, Tuesday.
Sterling bulls, who hope the election of Boris Johnson could boost pounds, they probable feel disappointed recently as after Boris took office, pound continued its devaluation and even get worse.
Taking office for only one week, the pound has lost more than 1 per cent against the dollar and the euro, at around 1.22 and 1.1. Sterling has now fallen to a 28-month low against the dollar.
The most immediate reason, of course, is that the appointment of Johnson has made clear the tough stance of the current British government on Brexit, raising the risk of a hard Brexit. Johnson immediately pushes for a Brexit, and recently issued an ultimatum to the EU.
Saying unless EU leaders agree to renegotiate the terms of the Brexit agreement reached by his processor Theresa May or he will not negotiate with the EU anymore and the Britain will leave EU without deal. However, European commission Juncker has also made it clear that the EU will not resume negotiations on a Brexit deal. The European Union is reported to be on the verge of depriving five countries, including Canada and Singapore, of access to EU financial markets this week.
It is also seen as a warning from the European Union against a hard Brexit. The move has raised fears that if a hard Brexit happens, then that will threaten London's position as the finance city of the world. In fact, foreign direct investment in the UK has continued to decline since the Brexit process began.
A negative growth firstly happened in the 1st quarter of this year. Britain's investment appeal has fallen to its lowest level in six years.
This has led to a number of business groups in the UK stepping up their lobbying efforts in the hope that the UK will abandon its no-deal Brexit. The deadline for leaving the European Union on October 31 is less than 100 days away, Under Johnson; the British cabinet has been replaced by hardliners, preparations for Brexit are also seen as a high priority. But the confederation of British industry, in its latest survey, argues that neither the EU nor business are fully prepared for a hard Brexit, especially the EU.
Despite the efforts of both sides, it is clear that many areas need to be improved, which requires not only large amounts of money, but also extensive publicity and education. If unprepared, a hard Brexit would directly disrupt economic activity, causing port delays and shortages of essential supplies such as medicines.
In that case, both sterling's position as the world's dominant currency and London's title as the international finance city could face serious challenges