Fun

Dow Futures Pump 100 points, but Ex-White House Insider Warns of Recession

News Feed - 2019-08-07 07:08:43

Dow futures jump 100 points despite warning from former White House advisor and Treasury Secretary. Source: Shutterstock


The US stock market looks set to open in positive territory on Wednesday as Dow futures pump 100 points higher in early trading.


Despite the bounce, experts are increasingly nervous about flared tensions between Trump and China. Lawrence Summer, former US Treasury Secretary and White House advisor, said the threat of recession has magnified since May’s trade deal breakdown. “[Chance of recession is] “much higher than it needs to be and much higher than it was two months ago” - via Bloomberg TV. Dow futures pump 100 points


At 6.23 am ET, Dow Jones Industrial Average (DJIA) futures popped 100 points higher (0.39 percent), implying a strong open on Wall Street on Wednesday. Dow futures surged 100 points on Wednesday, but traders are ignoring the bigger recession signs. Source: TradingView


 


It comes off the back of a middling Asian session in which the Shanghai Composite and Japan’s Nikkei index both trickled lower. Stocks pumped higher in Europe, with Germany’s DAX up 1.3 percent.


S&P 500 futures followed the Dow higher, while Nasdaq Composite futures eked out a 0.6 percent rise.  Recession fears grip the stock market


As CCN reported, the Treasury’s own recession indicator is now at its sharpest level since 2007, just months before the financial crisis. The yield curve inversion has historically predicted every major downturn in the previous 50 years.


The latest recession risk comes as Trump and China ramp up threats over trade. The US president said he would hit China with new 10% tariffs on a further $300 billion products. In retaliation, China let its yuan currency slide to the lowest level in a decade. As Lawrence told Bloomberg: “You can often play with fire and not have anything untoward happen, but if you do it too much you eventually get burned.” Dow would soar if Trump eased off


Analysts widely agree that escalated trade tensions are choking the Dow and S&P 500 by throwing uncertainty into the markets. Economist Ryan Sweet at Moody’s said: “If Trump backs off, the economy will take off again.”


Morgan Stanley takes a similar position, saying the ongoing trade war could tilt the world economy into recession. If Trump ramps up tariffs to 25 percent, Goldman Sachs sees a strong chance of economic downturn in the next year. Dow Jones Trump

News Feed

Jesse Coghlan2 hours agoNorth Carolina House passes bill to commission study on holding BitcoinThe study would examine the possible impact of holding crypto and how the state would custody digital currency.1416 Total vie
City of Santa Monica launches Bitcoin Office, plans October festival
Derek Andersen3 hours agoCity of Santa Monica launches Bitcoin Office, plans October festivalThe “Silicon Beach” wants to make sure Bitcoin has a place there, with help from a blue-collar-oriented nonprofit.1366 Tota
Trump Threatens to Close Down Social Media Platforms After Twitter Tampers With His Tweets
Trump Threatens to Close Down Social Media Platforms After Twitter Tampers With His TweetsA row with Twitter has provoked U.S. President Donald Trump to threaten to close down socia
CFTC chair warns of conflict with SEC over Prometheum’s ETH play
Jesse Coghlan8 hours agoCFTC chair warns of conflict with SEC over Prometheum’s ETH playSEC-registered broker Prometheum could force the agency to decide if Ether is a security and CFTC chair Rostin Behnam says that co
Coinme Adds BTC Purchase Function to Over 100 Coinstar Kiosks in California
Coinme Adds BTC Purchase Function to Over 100 Coinstar Kiosks in California With over 21,000 kiosks in the U.S., Coinstar is a popular automated service for those who want to tur
Over 2,500 Austrian Merchants Can Now Accept Cryptocurrency Payments
Over 2,500 Austrian Merchants Can Now Accept Cryptocurrency PaymentsMore than 2,500 merchants in Austria can accept three types of cryptocurrencies via the payment processor Salaman
Turner Wright8 hours agoSam Bankman-Fried’s lawyers argue previous FTX legal team led him to act ‘in good faith’The filing surrounding the legal strategy followed an all-day session between SBF and his lawyers on A
Gareth Jenkinson10 hours agoBybit debuts AI-powered ‘TradeGPT’ for market analysis and data-driven Q&ACryptocurrency exchange Bybit has released a free AI-powered trading assistant that delivers insights from the
Despite WazirX, Q3 crypto hack and scam losses fell to $413m YOY
Christopher Roark11 hours agoDespite WazirX, Q3 crypto hack and scam losses fell to $413m YOYLosses from scams and hacks in Q3 declined by 40% compared to the previous year, but CEX hacks still pose a problem for the ind
Bitget to Launch KCGI 2022: Football Edition With 100 BTC Prize Pool and More Rewards Including Signed Messi Jerseys and Popular Tokens for Fans
Bitget to Launch KCGI 2022: Football Edition With 100 BTC Prize Pool and More Rewards Including Signed Messi Jerseys and Popular Tokens for Fans press release PRESS RELEASE. October
Japanese exchange BitFlyer to acquire FTX Japan
Helen Partz1 hour agoJapanese exchange BitFlyer to acquire FTX JapanFTX Japan, a Japanese subsidiary of the collapsed FTX exchange, is preparing to return with a new owner after repaying its customers in 2023.503 Total v
Bitcoin Is ‘The Most Extraordinary Bubble of Our Generation’ Says Trader
The next bitcoin bull market is only getting started, analyst claims. | Source: ShutterstockBitcoin is up by almost 180% year-to-date. To some, the disbelief rally has run its cours