US classed China as a ‘currency manipulator’: Morning Brief – Yahoo Finance

Posted on August 6, 2019

Tuesday, August 6, 2019

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WHAT TO WATCH

Media behemoth Disney (DIS) and pizza chain Papa John’s (PIZZA) are both scheduled to release quarterly results after the market close.

Disney’s fiscal third-quarter earnings results will be closely watched by investors. As we head toward the end of summer, investors will be expecting more updates to Disney’s planned streaming service Disney+, which the company anticipates to launch in the fall.

Analysts polled by Bloomberg expect Disney to report adjusted earnings of $1.71 per share on $21.44 billion in revenue. The options market is implying a 3.3% one-day move in either direction following its announcement.

Meanwhile, pizza giant Papa John’s second-quarter results follow stronger-than-expected first quarter results in early May. Papa John’s is in the midst of a serious turnaround plan after founder and former CEO John Schnatter drove the pizza brand’s image into the ground after spewing multiple controversial comments. Schnatter resigned as CEO in December 2017, then resigned as chairman July 2018 and officially exited the board in March 2019.

Papa John’s is expected to report adjusted earnings of 30 cents per share on $394.5 million in revenue, according to data compiled by Bloomberg.

Other notable earnings reports scheduled for Tuesday include Blue Apron (APRN), Discovery, Inc (DISCA), and Regeneron (REGN) before market open; Devon Energy (DVN), Hertz (HTZ), Match Group (MTCH), Weight Watchers (WW), and Wynn Resorts (WYNN) after market close.

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TOP NEWS

Serious trade tension or trade war between US and China, financial concept : Flags of USA and China with faces of Gorge Washington and Mao Zedong, depicts trade deficit between Washington and Beijing.

What now since US classed China as a ‘currency manipulator’?: The U.S. government classed China as a “currency manipulator” after the country’s central bank, the People’s Bank of China (PBoC), allowed the yuan to breach the key seven-per-dollar level against the US dollar (CNY=X) for the first time since 2008. The move roiled global stock markets. While the classification doesn’t mean much from a legal standpoint, it does indicate heightened tension between the US and China. [Yahoo Finance UK]

Also:

Yuan still in breach mode as US labels China ‘currency manipulator’ [Yahoo Finance UK]

Kyle Bass: Why China is fueling bitcoin’s rally [Yahoo Finance]

Kyle Bass: If recession hits, China could lose 3 to 4 times more than US did in 2008 [Yahoo Finance]

Trump imposes sanctions on Venezuelan government’s assets: U.S. President Donald Trump has imposed sanctions on assets of the Venezuelan government, according to an executive order published on Monday. “All property and interests in property of the Government of Venezuela that are in the United States … are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in,” the executive order says. [Reuters]

Vivendi to sell 10% of Universal Music to Tencent: Vivendi SA is in talks to sell 10% of Universal Music Group to China’s Tencent Holdings Ltd., helping the world’s biggest music company expand in fast-growing Asian markets. Vivendi shares rose as much as 9%. [Bloomberg]

Barneys files for bankruptcy protection: U.S. luxury department store chain Barneys New York Inc filed for Chapter 11 bankruptcy on Tuesday and put itself up for sale after facing soaring rents and failing in its earlier attempts to find a buyer for the cash-strapped retailer. [Reuters]