eToro initiated with a Buy at Goldman Sachs
Confident Investing Starts Here:
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UPI
5 hours ago
- UPI
Trump delivers immigration message on Scotland visit
1 of 3 | President Donald Trump played golf in Scotland Saturday morning, teeing it up at his Trump Turnberry golf resort ahead of meetings with European lawmakers and delivering a message after leaving the White House on Friday (pictured). Photo by Will Oliver/UPI | License Photo July 26 (UPI) -- President Donald Trump played golf in Scotland Saturday morning, teeing it up at his Trump Turnberry golf resort ahead of meetings with European lawmakers and delivering a message. "I say two things to Europe: Stop the windmills. You're ruining your countries. I really mean it, it's so sad. You fly over and you see these windmills all over the place, ruining your beautiful fields and valleys and killing your birds," Trump told reporters after arriving on Friday. "On immigration, you better get your act together. You're not going to have Europe any more," he said. Trump is scheduled to discuss trade during a Monday meeting with British Prime Minister Keir Starmer and Scottish First Minister John Swinney. He is also expected to meet with European Commission president Ursula von der Leyen during the four-day visit to Scotland. The delegation will start arriving Saturday and include European trade commissioner Maros Sefcovic, as well as von der Leyen, who Trump referred to as a "highly respected woman." U.S. officials and their EU counterparts are continuing attempts to reach a deal before an Aug. 1 deadline that will see 30% reciprocal tariffs take effect on all EU member states. The United States and Britain reached a deal in June on tariffs between the two countries, although Trump and Starmer were expected to iron out details during their meeting. Protestors demonstrated against Trump's visit in both Edinburgh and Aberdeen Saturday morning, including outside the Trump-owned golf course. He will also visit another of his privately-owned courses, Trump International Scotland in Aberdeenshire, during the trip. "We are really excited, across this whole weekend, there's so many campaign groups turning out in the streets, taking in action in their communities or at rallies like this. It's kind of like a carnival of resistance," demonstrator Anita Bhadani told the BBC outside of the U.S. Consulate General's office in Edinburgh Saturday, after helping to organize the Stop Trump Coalition. The coalition said its purpose is to "defeat the politics of Trumpism, and to promote an alternative, democratic vision of the world based on peace, social justice and international cooperation."
Yahoo
8 hours ago
- Yahoo
The stock market just blew through Warren Buffett's favorite danger signal
U.S. stocks have soared, with the Wilshire 5000 market cap hitting a new all-time high of 212% of GDP, one of Warren Buffett's key warning levels. Despite global indexes near record highs, we're seeing mild selloffs this morning. In addition, Goldman Sachs reported a high level of speculative trading activity. The U.S. stock market has just blown through Warren Buffett's favorite economic indicator, stock market cap to GDP, setting a new all-time high. The valuation of the Wilshire 5000—which hit a record high on July 23—is now somewhere north of 212% of U.S. GDP, the 'Buffett Indicator' shows. Perhaps that's one reason stocks are selling off globally this morning. While most indexes in Asia and Europe remain near their all-time highs, there is broad-based but mild selling in all of them. Goldman's froth indicator is high There's another sign the markets may be near their top: Goldman Sachs launched a new 'Speculative Trading Indicator' that measures froth by gauging trade volumes in 'unprofitable stocks, penny stocks, and stocks with elevated EV/sales multiples'—the kind of trades that only look good when the market is rising irrationally. Sadly, 'the most actively traded stocks include most of the Magnificent Seven along with companies involved in digital assets and quantum computing, among others,' Ben Snider and his team told clients. 'The indicator now sits at its highest level on record outside of 1998–2001 and 2020–2021, although it remains well below the highs reached in those episodes,' they said. S&P futures, by contrast, were flat this morning premarket—so who knows where the Americans are going today. The Fed may delay No one expects the Fed to lower interest rates next Friday, despite President Trump's continued pressure on Chair Jerome Powell. (The video of the face-off between the two yesterday, in which Trump humiliates Powell and Powell corrects a false assertion by Trump, is a cringey must-watch.) So investors are focused on September, October, and December. Sixty percent of speculators in the Fed funds futures market currently think Powell will cut interest rates by 0.25% to the 4% level in September—a move that would deliver new cheap money into equities. The problem for Trump is that in order to deliver that cut, inflation needs to stay low and the job market needs to not get stronger. Currently, inflation is moving up, and the job market is robust but not perfect. That combo might push a rate cut to October or December—which would explain why investors are taking profits today rather than staying in the market. 'The jobs market continues to hold up despite concerns about a cooling economy, while officials remain nervous about the effect of tariff-induced price hikes on inflation. We see no interest rate cut this month, but the Fed is expected to start laying the groundwork for a move, most likely in December,' ING's James Knightley and Chris Turner said in a note this morning. 'As long as the jobs picture holds up, firmer inflation may well delay the restart of the Fed easing cycle.' Trump's tariffs are starting to contribute to inflation, UBS's Paul Donovan told clients. 'Consumers in Europe, the U.K., Mexico, and Canada are paying between 0.3% and 1.9% less for the consumer appliances they buy than was the case in March of this year. The U.S. consumer, meanwhile, is paying (on average) 3.6% more for their appliances than they were before Trump's trade taxes,' he said in an email. The capex boost is coming And then, according to Piper Sandler's Nancy Lazar and her colleagues, there's a secret weapon hidden inside Trump's One Big Beautiful Bill that could supercharge GDP growth (and thus, by implication, deter the Fed from cutting): capex. A provision within the OBBB halves the effective rate of corporate tax and incentivizes capital expenditure by companies. 'Capex's GDP punch is triple that of housing. Upside capex shocks add 1%+ to GDP. And every related goods-producing job creates six more—the multiplier. Our preliminary (very preliminary) forecast for 2026 real GDP is about 3%,' they told clients. With robust growth and tariff inflation still very much in the picture, perhaps stock investors are sensing that Powell will dig his heels in and delay rate cuts even longer than the futures market is currently assuming. Here's a snapshot of the action prior to the opening bell in New York: S&P 500 futures were flat (+0.13%) this morning, premarket, after the index closed marginally up at a new all-time high of 6,363.35 yesterday. declined 8.2% yesterday after a lousy earnings call. STOXX Europe 600 was down 0.34% in early trading. The U.K.'s FTSE 100 was down 0.39% in early trading. Japan's Nikkei 225 was down 0.88%. China's CSI 300 Index was down 0.53%. The South Korea KOSPI was up 0.18%. India's Nifty 50 was down 0.86%. Bitcoin fell 2.76% to $115K. This story was originally featured on 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
Yahoo
9 hours ago
- Yahoo
EU-US Trade Agreement Now Hinges Mostly on Trump's Verdict
(Bloomberg) -- After months of intensive talks and shuttle diplomacy, a trade agreement between the European Union and the US now rests mostly on Donald Trump. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Trump Administration Sues NYC Over Sanctuary City Policy European Commission President Ursula von der Leyen will travel to Scotland to meet the US president on Sunday, as the two sides aim to conclude a deal ahead of Friday's deadline, at which point 30% tariffs on the bloc's exports to the US are otherwise due to kick in. 'Intensive negotiations at technical and political have been ongoing,' said Paula Pinho, von der Leyen's spokesperson. 'Leaders will now take stock and consider the scope for a balanced outcome that provides stability and predictability for businesses and consumers on both sides of the Atlantic.' EU officials have repeatedly cautioned that a deal ultimately rests with Trump, making the final outcome difficult to predict. The US president recently negotiated with Japan and appeared to change certain final terms on the fly before a deal was eventually agreed earlier this week. The EU and US have been zeroing in on an agreement over the past week that would see the EU face 15% tariffs on most of its trade with the US. Limited exemptions are expected for aviation, some medical devices and generic medicines, several spirits, and a specific set of manufacturing equipment that the US needs, Bloomberg previously reported. Steel and aluminum imports would likely benefit from a quota under the arrangements under discussion, but above that threshold they would face a higher tariff of 50%. Alongside a universal levy, the US president has hit cars and auto parts with a 25% levy, and steel and aluminum with double that. He's also threatened to target pharmaceuticals and semiconductors with new duties as early as next month, and recently announced a 50% tariff on copper. The EU is expecting the same 15% ceiling on some sectors that could be the target of future tariffs, including pharmaceuticals, according to people familiar with the matter. But that's one of the key points where Trump's position will be crucial to a deal being sealed, the people added. 'We'll see if we make a deal,' Trump said as he arrived in Scotland on Friday. 'Ursula will be here, highly respected woman. So we look forward to that.' Trump reiterated that he believed there's 'a 50-50 chance' of a deal with the EU, saying there were sticking points on 'maybe 20 different things' that he didn't want to detail publicly. 'That would be actually the biggest deal of them all if we make it,' the president said. Trump gave similar chances of an agreement with European negotiators before leaving Washington, but also said the EU had a 'pretty good chance' of reaching an agreement. The US president announced tariffs on almost all US trading partners in April, declaring his intent to bring back domestic manufacturing, pay for a massive tax-cut extension, and stop the rest of the world from — as Trump has characterized it — taking advantage of the US. In addition to levies, any agreement would cover non-tariff barriers, cooperation on economic security matters, and strategic purchases by the EU in sectors such as energy and artificial intelligence chips, Bloomberg previously reported. The bloc has also offered to remove tariffs on many industrial goods and non-sensitive agricultural imports. The terms of any initial deal, which is likely to take the form of a short joint statement if agreed upon, would need to be approved by member states, some of the people said. The statement would be seen as a stepping stone toward more detailed talks. Because of the ongoing uncertainty, the EU has in parallel sketched out countermeasures in the event of a no-deal scenario. That would see it quickly hit American exports with up to 30% tariffs on some €100 billion ($117 billion) worth of goods — including Boeing Co. aircraft, US-made cars and bourbon whiskey — in the event of a no-deal, and if Trump carries through with his threat to impose that rate on most of the bloc's exports after Aug. 1 or in future. The package also includes some export restrictions on scrap metals. In a no-deal scenario, the bloc is also prepared to move forward with its anti-coercion instrument, a potent trade tool that would eventually allow it to target other areas such as market access, services and restrictions on public contracts, provided a majority of member states backs its use. While Trump didn't explicitly link negotiations to non-trade matters on Friday, he did suggest that he planned to raise concerns over migration flows. Trump has imposed strict anti-immigration policies since returning to office, carrying out a mass deportation effort of those in the US illegally while also narrowing pathways to legally move to the US. 'You got to stop this horrible invasion that's happening to Europe, many countries in Europe,' Trump said, adding that he believed 'this immigration is killing Europe.' --With assistance from Josh Wingrove. Burning Man Is Burning Through Cash Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. 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
