Dollar weakens on Trump criticism; stocks tepid

People walk past an electronic board showing Japan's Nikkei average outside a brokerage in Tokyo Japan

People walk past an electronic board showing Japan's Nikkei average outside a brokerage in Tokyo Japan

Given the smaller size of China's USA imports (US$155 billion in 2017), retaliatory action - should it occur - might include larger tariffs but could also include a variety of non-tariff measures including guiding state-owned enterprises away from U.S. products and services.

This changed at the beginning of the year when Treasury Secretary Steven Mnuchin suggested that a weaker United States dollar might be helpful, and this afternoon President Trump added his two cents worth, calling out the ECB and People's Bank of China for currency manipulation, saying that the strength of the USA dollar was hurting the U.S. economy.

The yuan last traded at 6.7955 to the dollar in the onshore market, after falling to 6.8128 in Asian trading. hours.

Fed non-voter Bullard spoke with a dovish tone when he stated that USA rates were high by global standards, that Fed forecasts indicate further gradual tightening but that curve inversion may be imminent and would be a bearish signal. The S&P 500 is up 0.2 percent for the week, while the Russell, which is made up of more domestically-oriented companies that could hold up better in a prolonged trade dispute, is up 0.9 percent. Yields on Treasuries climbed the most since May as Trump reiterated that he's unhappy with the Federal Reserve tightening after the administration has worked so hard to grow the economy. It was last up 0.08 percent. Hong Kong's Hang Seng slipped 0.5 percent and the Shanghai Composite Index was down 0.15 percent. General Motors fell 1 percent to $38.91 and Ford lost 1.3 percent to $10.53.

Alaska Sens. Murkowski, Sullivan critical of Trump’s Russian Federation statements at Helsinki summit
North Atlantic Treaty Organization (NATO) allies was a success overall, and that the Russian Federation meeting should proceed. Trump came under great pressure to raise the alleged meddling with Putin, who has on numerous occasions denied any wrongdoing.

The benchmark Italian stock index pared losses after Deputy Prime Minister Luigi Di Maio denied media reports that he had demanded Economy Minister Giovanni Tria resign unless he backed government nominees to head major companies.

China is Nigeria's biggest trading partner after the USA, with volumes between the two totaling $9.2 billion in 2017, according to data compiled by Bloomberg. Forestry also suffered, with West Fraser Timber losing 8.1 per cent. Aimia surged more than 18 per cent after announcing it would launch Aeroplan charter flights. The dollar was used for 45 percent of cross-border commercial payments in 2017, the euro for 29 percent and the renminbi for just 0.1 percent, Swift said.

The earlier-than-expected USA proposal of a 10 per cent tariff on an additional US$200 billion of Chinese imports raises the chance that this previously noted risk becomes imminent (as early as September), reducing Chinese GDP growth forecasts by 0.2pp and 0.1pp this year and next, respectively, without allowing for second round effects or further escalation. The euro increased 0.8 percent to $1.1729.

General Electric lost 3.4 percent to $13.26. Britain's FTSE 100 gave up 0.1 percent.

Elon Musk outburst puts Tesla board on the spot
The Tesla chief executive has also been criticized over his involvement in multiple local matters. Days later, Musk publicly referred to him on Twitter as "a pedo ", which is short for pedophile.

Benchmark 10-year USA notes last fell 13/32 in price to yield 2.895 percent, from 2.847 percent late on Thursday.

The dollar dropped sharply, to 111.52 yen from 112.46 yen.

Wholesale gasoline rose 1.2 percent to $2.07 a gallon. More than 70% of Republican and Republican-leaning U.S. adults believe increased tariffs between the United States and its trading partners will be good for the country, according to a Pew Research Center survey released late Thursday.

Brent crude pared an early 0.9 percent gain to be up 0.2 percent by 1145 GMT at $72.69 per barrel.

DHS secretary: Russia’s election interference ‘attack on our democracy’
At the time, there was already widespread speculation that the Guccifer 2.0 account might be connected to the Russian government. Stone released screenshots of Twitter direct messages between himself and Guccifer, and downplayed the exchanges.

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