German Industrial Production Falls as Tariffs Pull Exports Lower
Output contracted 1.4% on month, German statistics agency Destatis said Friday, a sharper fall than the 1.0% decline expected by economists polled by The Wall Street Journal.
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Yahoo
18 minutes ago
- Yahoo
AT&T poised for a Trump One Big Beautiful Bill Act windfall: Opening Bid top takeaways
When trade uncertainty meets earnings season. Investors have a lot of different threads to pull on today, some bearish and some bullish. Starting with the bullish, President Trump said he has inked a trade deal with Japan. The news is providing confidence that bigger deals with the European Union and China could get done soon. "So when you have the psychological bar that has gotten set low, as was certainly the case in the early part of April, it is easier for the actual data to hurdle that bar," Charles Schwab chief investment strategist Liz Ann Sonders said on Opening Bid regarding the market's positive response to the trade news. Also bullish is AT&T (T) saying on its earnings release that it'll save up to $8 billion from this year to 2027 as a result of the One Big Beautiful Bill. On the bearish side, Hilton (HLT) issued an earnings warning relative to consensus in part because of reduced inbound tourism. And Hasbro (HAS) said it has to take a $1 billion impairment charge in the second quarter because of Chinese tariffs. Here is everything we touched on during Yahoo Finance's Opening Bid on Wednesday. Tune in live daily to Opening Bid at 9:30 a.m. ET. The trade deal counter is beginning to add key names A trade deal with Japan will see the country get stamped with a 15% tariff rate. Shares of automakers like Toyota (TM) soared in response. This is on the heels of a trade agreement with the Philippines and terms with Indonesia being reached. "The better-than-expected outcome with Japan suggests that the administration remains wary of the economic impact if a no-deal scenario leads to retaliatory actions from trading partners," Ulrike Hoffmann-Burchardi of UBS Global Wealth Management explained. Meme mania rolls right along We're seeing a little evolution of the renewed meme stock trade today. Tuesday's hot mover in struggling department store Kohl's (KSS) has been replaced by big moves in Krispy Kreme (DNUT) and GoPro (GPRO) — two struggling brands in their own right. The latest meme activity comes as retail investors look to capitalize on the bullish markets. "The phenomenon of meme stocks isn't going away. I feel like the genie's out of the bottle. And it's just become a way for a certain subset of everyday investors to trade, and that's completely fine," Ritholtz Wealth Management strategist Callie Cox said on Opening Bid. Earnings season is in full swing AT&T called out a huge new profit tailwind from the One Big Beautiful Bill Act. The company expects to realize $6.5 billion to $8 billion of cash tax savings from 2025 to 2027. "We are investing $23 to $24 billion on a go forward basis each year into our network. Historically, we would have had to amortize that capital and take those deductions over time. The bonus depreciation provisions in the bill allow us to expense those immediately," AT&T CFO Pascal Desroches told me by phone. Read more: Live coverage of corporate earnings Going down a floor That's what's happening to the stock price of elevator giant Otis (OTIS). The company issued soft full-year EPS guidance as demand for new equipment weakens. CEO Judy Marks told me by phone today that "new equipment is probably the place where we are finding the most challenges." She added that the new trade deals help give companies like Otis more predictability in managing their business. "I'm encouraged that deals are being reached," she said. "I think that when you have that type of predictability, you can then manage to it, you can lead, and you can mitigate risk. You can improve productivity, you can assess your pricing." On Elon Musk watch Tesla's (TSLA) earnings are out after the close, and CEO Elon Musk has a lot of work ahead to revive its stock. From sharing more specifics on robotaxis to soothing concerns about his political ambitions, Musk has to nail this earnings call. But ultimately, this line from Goldman Sachs analyst Mark Delaney says it all about the Street's current views on Tesla: "Our EPS estimates for 2Q and 2025 for Tesla are below consensus." Jumping onto the Yahoo Finance platform, you can see the concern on Tesla's bottom line. Earnings estimates have tanked, with no bottom in sight. So, to see Goldman Sachs below a severely lowered consensus EPS figure is quite telling! Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
20 minutes ago
- New York Post
Ex-DOGE lawyer launches AI policy council to push US to front of tech race with China
WASHINGTON — A former top lawyer at the Department of Government Efficiency launched a new artificial intelligence policy council on Wednesday, coinciding with executive actions by President Trump to deregulating the industry, The Post can reveal. James Burnham, who also held a senior position in the Department of Justice during Trump's first term, is founding the AI Innovation Council to push an 'America First' approach to AI and prevent China from winning the race for global tech dominance — both economically and militarily. 'Artificial intelligence is a revolutionary technology with the potential to make the United States wealthier and greater than it has ever been,' he said. Advertisement 3 The Department of Government Efficiency's former top lawyer James Burnham is launching a new artificial intelligence policy council on Wednesday to coincide with executive actions by the Trump administration. LinkedIn / James Burnham 'That's why President Trump made clear in his first week back in office that 'the policy of the United States is to sustain and enhance America's global AI dominance in order to promote human flourishing, economic competitiveness, and national security.' 'I have been as outspoken as anyone about the problems of Big Tech and monopoly power, but it's a major mistake to let legitimate concerns about past abuses block new innovators from propelling our nation into a new golden age.' Advertisement The new council will sketch out regulatory frameworks for AI and help boost US-based companies. 3 The 'AI Action Plan' will be touted by the president's czar on the issue, Silicon Valley billionaire David Sacks, and will further promote the 'export' of American AI tech abroad and build out data centers in the US. AP Trump, 79, is set to sign several AI-related executive orders Wednesday afternoon — including an expected action to curb 'woke' models. The 'AI Action Plan' will be touted by the president's AI czar, Silicon Valley billionaire David Sacks, and will further promote the 'export' of American tech abroad and build out data centers in the US. Advertisement Last week, Sacks joined Trump in announcing more than $100 billion in AI- and energy-related private sector investments at a forum in Pittsburgh. 3 Last week, Sacks joined Trump in announcing more than $100 billion in AI- and energy-related private sector investments at a forum in Pittsburgh. Getty Images The administration may also prevent states from taking too heavy a hand in regulating the industry, according to a summary seen by Reuters. Advertisement A proposed moratorium on state and local AI regulation was removed from the One Big Beautiful Bill Act by congressional Republicans before Trump signed it July 4. 'The goal isn't just to win the innovation race,' Burnham said. 'It's to help launch America's golden age.'
The Hill
20 minutes ago
- The Hill
Trump administration releases plan for winning the 'AI race'
The Trump administration unveiled Wednesday a framework for its artificial intelligence (AI) policy, placing a heavy emphasis on boosting U.S. innovation, building out data center infrastructure and promoting American technology abroad. The 28-page AI Action Plan lays out the administration's approach to the rapidly developing technology, putting forward more than 90 policy actions for 'near-term execution' by the federal government. 'We believe we're in an AI race,' White House AI and crypto czar David Sacks told reporters on a call Wednesday morning. 'There's a global competition now to lead on artificial intelligence, and we want the United States to win that race.' 'AI is a revolutionary technology that's going to have profound ramifications for both the economy and for national security,' he continued. 'So, it is very important that that American continue to be the dominant power in AI.' The plan seeks to remove what the Trump administration deems as 'onerous' regulations at both the federal and state level. This includes limiting funding to states over their AI rules, as well as tasking the Federal Communications Commission (FCC) with evaluating whether certain state AI regulations interfere with its mandate. The framework also calls for a review of the Federal Trade Commission's (FTC) investigations launched under the Biden administration 'to ensure that they do not advance theories of liability that unduly burden AI innovation.' 'We cannot afford to go down Europe's innovation-killing regulatory path,' said Michael Kratsios, director of the White House Office of Science and Technology Policy. 'Federal agencies will now review their rules on the books and repeal those that injure AI development and deployment across industries from financial services and agriculture to health and transportation,' he added, noting they will seek input from industry as well. The AI Action Plan also directs the Commerce Department to revise an AI risk framework to remove references to misinformation, climate change and diversity, equity and inclusion (DEI), and calls for an update to federal procurement guidelines limiting contracts to AI systems deemed 'objective and free from top-down ideological bias.' The framework separately focuses on boosting the development of AI data center and energy infrastructure. It seeks to provide data centers with wide-ranging exclusions from or permits for federal environment regulations, in addition to generally expediting permitting efforts. It also calls for making federal land available to build data centers and the necessary power generation infrastructure.
