NEWSLETTER
Thursday / September 29Sep 29
Wednesday / June 29
US sanctions Russian gold
The United States on Tuesday imposed sanctions on 70 entities. Among the targeted are Russian defense firm Rostec, and 29 individuals.
The new sanctions also ban imports of Russian gold.
US Treasury Secretary Janet Yellen said in a statement that the United States reaffirmed its commitment to work with partners and allies “to impose additional severe sanctions in response to Russia’s war against Ukraine.”
The sanctions include United Aircraft Corporation, the maker of Russia's MiG and Sukhoi fighter jets.
The ban on gold imports, which the Treasury Department said is Russia's biggest nonenergy export, was also agreed by Britain, Canada, and Japan during the G7 summit.
US stocks plunge
US stocks fell on Tuesday.
The blue-chip Dow Jones Industrial Average fell 491.27 points, or 1.56%, to 30,946.99. The S&P 500 dropped 2.01% to 3,821.55, and the Nasdaq Composite was the laggard, down 3% to 11,181.54.
At one point, the Dow was up as much as 446.83 points, or 1.4%. The S&P 500 and Nasdaq gained as much as 1.2% and 1%, respectively. However, the major averages reversed those gains after the release of disappointing economic data.
The consumer confidence index fell to a reading of 98.7, down from 103.2 in May and missing a Dow Jones estimate of 100, according to The Conference Board.
The Conference Board also said 12-month inflation expectations for its consumer confidence survey were at 8% for June, the highest level in data going back to August 1987.
Recession here, Wood says
Ark Invest CEO Cathie Wood said Tuesday that the US is already in an economic downturn.
“We think we are in a recession. We think a big problem out there is inventories... the increase of which I’ve never seen this large in my career. I’ve been around for 45 years,” Wood said on CNBC’s Tuesday.
“We were wrong on one thing and that was inflation being as sustained as it has been. Supply chain, I can’t believe it’s taking more than two years and Russia’s invasion of Ukraine of course, we couldn’t have seen that. Inflation has been a bigger problem but it has set us up for deflation.”
China tariffs
“A clear US response on China tariffs is coming soon,” US Deputy Commerce Secretary Don Graves said.
Graves mentioned that the US will take a balanced approach on China tariffs, per Bloomberg.
Bulgaria expels Russian diplomats
Bulgaria said on Tuesday it was expelling 70 Russian diplomatic staff over espionage concerns.
The Sofia government also set a cap on the size of Moscow's diplomatic representation as tensions between two countries that were once close allies fractured over Ukraine.
NATO unity
NATO ally Turkey lifted its veto over Finland and Sweden's bid to join the Western alliance on Tuesday.
The three nations agreed to protect each other's security.
The United States on Tuesday imposed sanctions on 70 entities. Among the targeted are Russian defense firm Rostec, and 29 individuals.
The new sanctions also ban imports of Russian gold.
US Treasury Secretary Janet Yellen said in a statement that the United States reaffirmed its commitment to work with partners and allies “to impose additional severe sanctions in response to Russia’s war against Ukraine.”
The sanctions include United Aircraft Corporation, the maker of Russia's MiG and Sukhoi fighter jets.
The ban on gold imports, which the Treasury Department said is Russia's biggest nonenergy export, was also agreed by Britain, Canada, and Japan during the G7 summit.
US stocks plunge
US stocks fell on Tuesday.
The blue-chip Dow Jones Industrial Average fell 491.27 points, or 1.56%, to 30,946.99. The S&P 500 dropped 2.01% to 3,821.55, and the Nasdaq Composite was the laggard, down 3% to 11,181.54.
At one point, the Dow was up as much as 446.83 points, or 1.4%. The S&P 500 and Nasdaq gained as much as 1.2% and 1%, respectively. However, the major averages reversed those gains after the release of disappointing economic data.
The consumer confidence index fell to a reading of 98.7, down from 103.2 in May and missing a Dow Jones estimate of 100, according to The Conference Board.
The Conference Board also said 12-month inflation expectations for its consumer confidence survey were at 8% for June, the highest level in data going back to August 1987.
Recession here, Wood says
Ark Invest CEO Cathie Wood said Tuesday that the US is already in an economic downturn.
“We think we are in a recession. We think a big problem out there is inventories... the increase of which I’ve never seen this large in my career. I’ve been around for 45 years,” Wood said on CNBC’s Tuesday.
“We were wrong on one thing and that was inflation being as sustained as it has been. Supply chain, I can’t believe it’s taking more than two years and Russia’s invasion of Ukraine of course, we couldn’t have seen that. Inflation has been a bigger problem but it has set us up for deflation.”
China tariffs
“A clear US response on China tariffs is coming soon,” US Deputy Commerce Secretary Don Graves said.
Graves mentioned that the US will take a balanced approach on China tariffs, per Bloomberg.
Bulgaria expels Russian diplomats
Bulgaria said on Tuesday it was expelling 70 Russian diplomatic staff over espionage concerns.
The Sofia government also set a cap on the size of Moscow's diplomatic representation as tensions between two countries that were once close allies fractured over Ukraine.
NATO unity
NATO ally Turkey lifted its veto over Finland and Sweden's bid to join the Western alliance on Tuesday.
The three nations agreed to protect each other's security.
