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France will block development of Facebook Libra cryptocurrency

France warned Thursday it will block development of Facebook’s planned Libra cryptocurrency in Europe because it threatens the “monetary sovereignty” of governments. “I want to be absolutely clear: in these conditions, we cannot authorise the development of Libra on European soil,” France’s economy and finance minister Bruno Le Maire said at the opening of an…

US stocks gain on ECB stimulus, trade war moderation

Wall Street stocks finished higher Thursday after the European Central Bank announced new stimulus measures and as investors greeted further signs of moderation in the US-China trade war. The ECB moves bolstered expectations the US Federal Reserve will take another step to protect economic growth next week with a second interest rate cut. The Dow…

The Daily Fix – Trading thoughts from the floor

It’s an interesting dynamic I see on the radar this morning, and things are looking fairly upbeat and constructive for the Asian market open. The S&P500 closed +0.7%, with all sectors bar real estate gaining on the day, with 73% of stocks higher, on volumes smack bang in-line with the 30-day average. The all-time high…

Mercedes embark on ‘new mission’ in Formula E

Mercedes announced their arrival in Formula E for the 2019-20 season on Wednesday, with team chief Toto Wolff saying their “new mission” would be led by drivers Stoffel Vandoorne and Nyck de Vries. The German manufacturer has dominated Formula One in recent years, winning five successive drivers’ and constructors’ world title doubles. “We are embarking…

Japan wins partial WTO victory in SKorea duties case

The World Trade Organization on Tuesday largely faulted South Korea in a final ruling over anti-dumping duties slapped on imports of industrial pneumatic valves imported from Japan. The WTO’s Appellate Body mostly upheld a previous ruling finding that Seoul’s anti-dumping duties on Japanese pneumatic valves violated some international trade rules. It requested that South Korea…

CommSec Daily Report Thursday

Latest news While Aussie shares have faded slightly from this morning’s best levels, the ASX 200 is still up by 0.5 per cent thanks to small trade concessions made by both the US and China. Gains from banks, property stocks, Fortescue (FMG) and Telstra (TLS) are helping most. The Australian sharemarket is currently on track…

California law on rideshare drivers may hurt ‘gig economy’

Labor activists Wednesday were celebrating California’s move to drivers treated as employees by rideshare firms even as it fueled concerns it will hurt digital platforms depending on the so-called “gig economy.” A landmark bill was approved 29-11 late Tuesday in the state senate, with the assembly — which has already approved the measure — expected…

Boeing CEO: 737 MAX could be ‘phased’ back into service by regulators

Boeing’s 737 MAX could be brought back into service gradually by government regulators but is still on track to be cleared to fly again in 2019, the company’s CEO said Wednesday. The aircraft was been grounded in mid-March following two deadly crashes but could return to the air on a staggered schedule in different countries….

Trump praises China’s tariff exemptions as trade talks approach

by Douglas Gillison with Helen ROXBURGH in Beijing US President Donald Trump on Wednesday welcomed an apparent olive branch from Beijing in the grinding trade war between the two nations, which came weeks before negotiations are due to resume. Beijing announced it was temporarily exempting some US exports from tariff increases, a gesture that lifted…

Pitfalls ahead for EU’s big-tech scourge Vestager

Denmark’s Margrethe Vestager, the scourge of Silicon Valley, will return for five years as the EU’s powerful anti-trust enforcer with even greater responsiblities, but traps lie in wait for her — and not only Donald Trump. An obscure former finance minister just five years ago, Vestager burst onto the global scene in 2014 by pushing…