A day of significant market-moving events is underway, as China retaliates with new tariffs on a key US technology, the American dollar weakens on growing expectations of a Federal Reserve rate cut, and a new cryptocurrency firm with direct ties to the White House makes a spectacular debut on the stock market.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
China hits US optical-fiber imports with new anti-dumping tariffs
In a direct retaliatory move, China has started imposing new levies on certain US optical fiber imports after a six-month investigation concluded that American companies were circumventing the country’s existing anti-dumping measures.
The new duties, which range from a steep 33.3 percent to 78.2 percent, took effect on Thursday.
The Chinese Ministry of Commerce said the probe was the first anti-circumvention investigation it had ever initiated and that the procedures were “open and transparent.”
The move sent shares of the US company Corning Inc., which now faces a 37.9 percent levy, tumbling in New York trading.
US dollar weakens as cracks in the labor market spur rate-cut bets
The US dollar has softened on Thursday as the case for a Federal Reserve interest rate cut this month continues to build.
The latest piece of evidence was data on Wednesday showing that US job openings fell to a 10-month low in July, reinforcing the view that the labor market is finally weakening.
Traders are now pricing in a roughly 97 percent chance of the Fed cutting rates at its next meeting, up from 89 percent a week ago, according to the CME FedWatch tool.
The softer data weighed on the dollar, with the euro holding onto its overnight gains and the dollar index easing 0.17 percent.
Nasdaq proposes tighter listing rules for Chinese firms
Exchange operator Nasdaq has proposed stricter listing standards that would, among other things, tighten the rules for companies based in China.
In a statement on Wednesday, Nasdaq said it would require companies primarily operating in China to raise a minimum of 25 million dollars in their public offering to qualify for a listing.
The move revives a threshold it previously applied to issuers from “restrictive markets” and comes as Wall Street’s top regulator has sought to raise disclosure requirements for Chinese listing hopefuls.
The proposed changes arrive at a time when a record number of Chinese companies are seeking to list in the US
A crypto windfall: Trump sons’ American Bitcoin stake worth 1.5 billion dollars in stock debut
American Bitcoin Corp., a bitcoin miner with deep ties to President Donald Trump’s family, more than doubled in value during its spectacular stock market debut on Wednesday, valuing the stake held by the president’s two oldest sons at well over 1.5 billion dollars.
Shares in the company, which is around 20 percent owned by Eric Trump and Donald Trump Jr., soared as high as 14.52 dollars before pulling back to close up 16.5 percent at 8.04 dollars.
At its peak, the sons’ stake was valued at a staggering 2.6 billion dollars, a clear sign that crypto ventures have become a significant new focus for the Trump family business.
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