Stocks in the US had a higher opening on Wall Street on the optimistic thought of additional Chinese economic incentive. Global stocks improved after a series of decline in a year, helped by Chinese trade number that showed signs of economic recovery across the world.
Sectors
Five Large US Banks Do Not Have Sufficient Plan for Crisis Due to Lack of Information
GAO suggested financial regulators to disclose more information on their crisis policy framework. While five large banks do not have enough plan to manage operation during crisis.
Alibaba, Baidu, and 23 Other Chinese Tech Companies Pledged to Help Government Fight Online Terrorism
As a response to China’s new anti-terror law, 25 tech companies in the country have signed a pledge to help the government combat online terror activities. Under the law, tech companies are required to decrypt information for Beijing and provide assistance to keep the internet from terror-related contents.
Alibaba and Ant Financial Invests $1.25 Billion in Chinese Food Delivery Service Ele.me
Ele.me secured a $1.25 billion investment from Alibaba and its finance business unit Ant Financial. China’s O2O business market are now booming as most Chinese consumers are using smartphones to do their daily activities.
The NY Fed Unveils Its Own Economy Forecasting Tool Using Near Real-Time Data
The New York Fed announced its new GDP tracking and forecasting tool, the FRBNY Nowcast. The tool will use near real-time data to update U.S. economic growth daily, as the Fed will release a report weekly using the tool and data.
Latest News
Online video production startup 90 Seconds will pursue its global expansion after securing $8 million in Series A led by Sequoia India. The startup will also broaden its network of creative freelancers in India as well as in other countries.
DocSend received a new investment round totaling in $8 million to enhance its service on documents sharing and documents analytics. The startup has been focusing in documents as the core of most business deals.
Wall Street ended higher on Tuesday trading session as energy stocks rallied helped by increasing crude prices. The US crude prices reached its new height in 2016.
European privacy watchdogs is now assessing the Privacy Shield framework that would regulate the EU-U.S. relations in privacy protection. It’s likely that the EU watchdogs will ask for another review to be conducted in 2018, when a new a new EU data protection law comes into force.
Two other Fed presidents suggested the US central bank to raise interest rate. San Fransisco's John Williams said two or three rate hike in 2016 is reasonable. While Dallas' Rob Kaplan reminded to be patient.
Richmond and Kansas City Fed President supported to raise the interest rate during the meeting last March. While Philadelphia Fed President on Tuesday reitereated the hike delay is a prudent decision.
European Union antitrust regulator resumed its review on the takeover of Baker Hughes by Halliburton. European Commission plan to reach decision in August whether to approve or veto the deal.
The lender must pay settlement for its misconduct in selling securities backed by troubled mortgage in 2008. The agreement reached Monday.
The decision was announced on Tuesday. California administrative law judge recommended to approve acquisition of Time Warner Cable by Charter Communications with significant conditions.
