China growth slows; Silicon Valley and Saudi Arabia; Euro woes

1. China's growth slows: The world's second biggest economy ...

Posted: Oct 19, 2018 1:04 PM
Updated: Oct 19, 2018 1:04 PM

1. China's growth slows: The world's second biggest economy grew 6.5% in the third quarter of this year. That's its worst performance since the depths of the global financial crisis in early 2009 and weaker than economists expected. Government efforts to rein in debt are putting the brakes on growth, and US tariffs on $250 billion of Chinese exports are set to make things worse.

Chinese stock markets and the country's currency have been pummeled in recent months by fears about the economy and the trade war. Chinese officials made a rare, coordinated attempt on Friday to ease those concerns.

Banking, finance and investments

Business and industry sectors

Business, economy and trade

Companies

Company activities and management

Company earnings

Economic indicators

Economy and economic indicators

Energy and utilities

Financial markets and investing

Financial performance and reports

Financial results

Financing and stock offering

Goldman Sachs

Securities trading

Stock indexes

Stock markets

Utilities disruptions

Utilities industry

Broadcasting industry

Digital and streaming video

Internet and WWW

Internet broadcasting

Media industry

Movie and video industry

Netflix Incorporated

Streaming media

Technology

Asia

China

Continents and regions

East Asia

Currencies

Economic conditions

Economic decline

Government and public administration

International trade

Middle East

Middle East and North Africa

Money, banknotes and coins

North America

Public debt

Public finance

Saudi Arabia

The Americas

Trade and development

United States

California

Economic policy

Recession

Silicon Valley

Southwestern United States

Trade regulation and policy

Trade wars

Central bank chief Yi Gang said that the market slump didn't reflect the state of the economy, which he described as "moving forward" in a stable manner. He added that the government would take more measures to support the economy. Similar comments were made by financial regulators and President Xi Jinping's top economic adviser.

Stocks in Shanghai closed up 2.6%, recovering most of Thursday's decline of almost 3%. The Shanghai Composite has lost 23% so far this year.

Some voices on Wall Street worry that a full-blown trade war with China, combined with Federal Reserve rate hikes, could lead to a recession in the United States by 2020.

"A recession in the near-term is not inevitable, but the risk of one by 2020 has increased substantially in the past few months," Ronald Temple, head of US equity for Lazard Asset Management, told CNN Business. "Take trade wars off the table and that significantly reduces the risk of recession."

2. Saudi Arabia and Silicon Valley: Saudi Arabia's global network of business ties and investments are coming under ever closer scrutiny as questions mount and the US government hardens its stance over the disappearance and apparent killing of journalist Jamal Khashoggi.

Treasury Secretary Steven Mnuchin said Thursday that he would not attend a major investment summit in Riyadh next week. Later that day, President Donald Trump said for the first time he believes Khashoggi is no longer alive. There would be "severe" consequences for Saudi Arabia if it is found to be involved in the killing, Trump added.

The crisis threatens big tech's budding relationship with the kingdom. Amazon (AMZN) and Google (GOOGL), among others, were hoping to develop new business as the oil-rich economy tries to diversify.

Japan's SoftBank (SFTBF), which has become a leading global tech investor with the help of Saudi cash, is at the center of attention. The SoftBank Vision Fund has pumped billions of dollars into startups around the world. Shares in SoftBank have slumped nearly 15% since October 2, when Khashoggi entered the Saudi consulate in Istanbul. He hasn't been seen since.

3. Euro woes: The euro is under pressure, and Italian bond yields are rising after European officials fired off a stern warning to the government in Rome about its budget.

The European Commission wrote to Italian Finance Minister Giovanni Tria on Thursday, telling him that plans to boost the budget deficit may constitute a "particularly serious non-compliance" with EU rules designed to ensure the stability of the euro.

Italy's government debt stands at 130% of GDP. That's the second highest level in Europe after Greece. Inflating the budget deficit would further add to that huge mountain of debt.

Moody's is expected to publish its latest view of Italy's credit rating after European markets close.

4. Global market overview: Asian markets ended mostly higher, despite the disappointing China GDP data.

US stock futures were also moving higher, recovering from sharp falls on Thursday that accelerated after Mnuchin backed out of the Saudi conference.

European markets were weaker in early trading on Friday.

The Dow Jones Industrial Average dropped 1.3%, while the S&P 500 lost 1.4% and the Nasdaq sank 2.1%.

5. Stock market movers: Shares in PayPal (PYPL) were up about 6% in premarket trading, following a bumper earnings report on Thursday. AIG (AIG) fell about 4% premarket after it said it expected hefty pre-tax catastrophe losses in the third quarter related to a series of events including Hurricane Florence and typhoons in Japan.

6. Earnings and economics: Honeywell (HON), Procter & Gamble (PG), State Street (STT) and VF Corp (VFC) are set to release earnings before the open Friday.

7. Coming this week:
Friday — Procter & Gamble (PG), VF Corp (VFC) and State Street (STT) earnings

West Lafayette
Partly Cloudy
56° wxIcon
Hi: 83° Lo: 56°
Feels Like: 56°
Kokomo
Partly Cloudy
56° wxIcon
Hi: 83° Lo: 54°
Feels Like: 56°
Rensselaer
Clear
57° wxIcon
Hi: 82° Lo: 55°
Feels Like: 57°
Fowler
Clear
58° wxIcon
Hi: 82° Lo: 56°
Feels Like: 58°
Williamsport
Clear
56° wxIcon
Hi: 82° Lo: 55°
Feels Like: 56°
Crawfordsville
Partly Cloudy
54° wxIcon
Hi: 83° Lo: 53°
Feels Like: 54°
Frankfort
Partly Cloudy
54° wxIcon
Hi: 82° Lo: 53°
Feels Like: 54°
Delphi
Partly Cloudy
56° wxIcon
Hi: 84° Lo: 56°
Feels Like: 56°
Monticello
Partly Cloudy
56° wxIcon
Hi: 83° Lo: 58°
Feels Like: 56°
Logansport
Clear
54° wxIcon
Hi: 83° Lo: 54°
Feels Like: 54°
More sun, warmer temps with increasing humidity
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 775686

Reported Deaths: 14025
CountyCasesDeaths
Marion1066871814
Lake572681031
Allen43500701
Hamilton37653427
St. Joseph37508568
Elkhart29882471
Tippecanoe23732232
Vanderburgh23634405
Porter19690327
Johnson19020394
Hendricks18271323
Clark13730199
Madison13719348
Vigo12949256
Monroe12691180
LaPorte12645225
Delaware11218198
Howard10832237
Kosciusko9851124
Hancock8855150
Bartholomew8343157
Warrick8216157
Floyd8128183
Grant7457181
Boone7289105
Wayne7273201
Morgan6988143
Marshall6376117
Dubois6327118
Cass6130112
Noble607391
Dearborn605878
Henry6001111
Jackson520977
Shelby514898
Lawrence5020128
Gibson471697
Montgomery464792
Clinton462755
DeKalb461485
Harrison459277
Huntington429082
Whitley421045
Steuben414561
Miami411573
Jasper403957
Knox397291
Putnam388762
Wabash373884
Adams358956
Ripley354571
Jefferson351487
White341854
Daviess3110100
Wells305981
Greene298485
Decatur294393
Posey288235
Fayette287764
Scott285458
LaGrange278873
Clay277649
Washington257638
Randolph248583
Jennings243349
Spencer240531
Fountain239050
Starke231559
Owen226759
Sullivan224143
Fulton210446
Jay204132
Carroll200623
Orange194456
Perry193139
Vermillion183444
Rush179127
Tipton174348
Franklin173935
Parke157816
Pike144034
Blackford138732
Pulaski124748
Newton124137
Benton111615
Brown106743
Crawford106716
Martin92715
Warren88715
Switzerland8568
Union73910
Ohio58711
Unassigned0429

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events