Here is what you need to know.
The world’s biggest shipping company warns that Trump’s trade war could hurt America more than anyone else. While giving a presentation at his company headquarters on Friday, Maersk CEO Soren Skou said President Donald Trump’s trade war could slow the US’s annual trade growth by up to 4%.
The midterm elections could paralyze a key instrument of Trump’s agenda for the US economy. History suggests the Republicans will lose their House majority in the midterm election, which would most likely prevent the Trump administration from producing any other legislative accomplishments similar to the tax overhaul, according to Steve Rattner, the CEO of Willett Advisors.
Venezuela devalues its currency and backs it with crypto. On Saturday, Venezuelan President Nicolas Maduro devalued the country’s currency, the bolívar, by 95% and tied it to the government’s oil-backed cryptocurrency, Bloomberg says. The new currency will be called the sovereign bolívar.
Money is pouring into Turkish stocks. Investors bought $191 million worth of Turkish equities last week, the biggest inflow since 2013, as the country’s currency, the lira, continued to fall.
It looks like ‘Y2K all over again’ for stocks. The choppy six-month recovery from the February correction has eerily mirrored the five-month upswing that followed the stock-market meltdown of March-April 2000 – which led to the bursting of the dot-com bubble.
Saudi Arabia is talking to an electric-car maker about a deal – and it’s not Tesla. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, is in talks with the privately held Lucid Motors for an investment worth more than $1 billion that would give it a majority stake, Reuters says.
Pepsi is buying SodaStream. The deal pays SodaStream shareholders $3.2 billion in cash, or $144 a share – a 32% premium to Friday’s closing price.
Former Lehman Brothers staff members are hosting a secret party on the 10th anniversary of the bank’s collapse. Hundreds of former Lehman employees are set to attend an event in London on September 15 commemorating the 10th anniversary of the bank’s demise, Financial News reports.
Stock markets around the world are higher. Hong Kong’s Hang Seng (+1.41%) led the gains in Asia, and Germany’s DAX (+1.11%) is out front in Europe. The S&P 500 is set to open up 0.22% near 2,857.
Earnings reports trickle out. Estée Lauder reports ahead of the opening bell.
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