Chinese Vice premier Liu He leaves trade talks at the end of the first day

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Watch Warren Buffett’s first ever television interview

What was Warren Buffett saying in 1985

Warren Buffett feels like he’s been around forever but he was far from a household name until the late 1990s.

His first television interview didn’t take place until 1985, when he was 55-years old. What’s incredible is that he was saying then is consistent to everything he’s said in the 34 years since.

It underscores that trading isn’t about information, it’s about process. It’s his same ‘circle of competence game’ that doesn’t include chasing what’s hot.

“I don’t have to win at every game,” he said. “There are no called strikes in this game, they just keep pitching, you don’t have to swing at any of them.”

Another interesting point for the long-term investor is that he was cautious of excess noise, something that the internet has brought everywhere.

Given all the changes in the world since this interview — and the remarkable outperformance of tech — it’s truly amazing (and telling) that he’s had so much success.

ForexLive

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Powell Can Stick to His First Draft: Traders Assess Jobs Report

© Reuters.  Powell Can Stick to His First Draft: Traders Assess Jobs Report © Reuters. Powell Can Stick to His First Draft: Traders Assess Jobs Report

(Bloomberg) — News the U.S. employment picture was decent if less robust than hoped in August kept equity futures elevated as traders saw the report as cementing more stimulus.

The economy added 130,000 jobs, trailing the average estimate, while the unemployment rate held at 3.7% and hourly earnings were higher than forecast. It came out four hours before Federal Reserve Chairman Jerome Powell speaks on monetary policy in Zurich. Here’s how strategists and traders reacted:

  • Dennis DeBusschere, head of portfolio strategy, Evercore ISI.

This is bullish — keeps aggressive Fed (Powell is not rewriting his speech at 12:30 today on this number). Rates should be sideways and curve should steepen. It’s positive for equities as the report speaks to longer expansion. It’s positive for the same things that have worked (tech). Cyclicals fine on the day if risk assets move up, which they should. Given all the other consumer/employment readings have been strong, people will likely discount the headline miss — especially given the huge jump in household employment.

  • Candice Bangsund, portfolio manager, Fiera Capital.

The headline number was a mixed bag — something for both the hawks and the doves. What was encouraging is the jump in hourly earnings, particularly for inflation backdrop. We’re likely to see another insurance cut in September and it’s largely priced in. It may be a bit of a hawkish cut in that the Fed will signal in that it’s not the beginning of a easing cycle and going forward they’ll be in a wait and see mode. The numbers in the U.S. We’ve been seeing isn’t consistent with a) the recession and b) four rate cuts the market is pricing it.

  • Bruce Bittles, chief investment strategist, Robert W. Baird.

The print almost guarantees that the Fed is going to cut rates by 25 points. Yesterday’s ADP (NASDAQ:) was higher than expected and if today’s jobs numbers were higher, there could be a lot of questions about whether the Fed was going to cut rates this month. The print doesn’t change anything, it solidifies the fact that the Fed is going to lower rates. Powell speaks later today. The Fed has pretty well signaled its stance on interest rates, Powell may confirm that today or make a little stronger statement.

  • Tony Bedikian, head of global markets, Citizens Bank.

Today’s jobs report shows the resiliency of the United States economy despite several global headwinds. The on-again, off-again U.S.-China trade talks continue to roil markets and, in some ways, are mirroring the on-again, off-again Brexit debate. Both issues are providing market participants with more theater than substance while the U.S. consumer tunes them out, keeps spending and keeps the U.S. economic fundamentals on track.

  • JJ Kinahan, chief market strategist, TD Ameritrade.

We’re light on the number. August is always a strange report anyway. The reason I say that is because you have some of the summer jobs that are sort of rolling off as kids go back to school or the resorts or whatever that may be open in the summer that aren’t the rest of the year. You also have the anomaly of the government hiring 25,000 workers for the census. You normally don’t see that.

  • Ilya Feygin, senior strategist, WallachBeth Capital LLC.

The weak payrolls and higher hourly earnings are slightly negative for equities because they force us to deal with a slightly weaker economy but do not change the central bank rate path at all in our view. We would expect an eventual downtick in S&P futures to the 2,970 area where they found support last night and then the 2,950/2,954 area.

  • Marvin Loh, global macro strategist, State Street (NYSE:).

It certainly shows that the jobs market ultimately is slowing but it isn’t rapidly compressing yet at this point. Past mid-cycle, more towards late-cycle but it definitely doesn’t seem that it’s a late, late cycle yet. This one’s got a little bit in it for everybody.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Fabulous Fabbiano stuns Thiem in U.S. Open first round

By Amy Tennery

NEW YORK (Reuters) – Dominic Thiem’s latest bid for Grand Slam glory came to an abrupt end at the U.S. Open on Tuesday, when he fell to unseeded Thomas Fabbiano 6-4 3-6 6-3 6-2 in a shock first-round exit, the biggest upset of the men’s competition so far.

The fourth-seeded Austrian’s blistering serve yielded 14 aces but it was not enough to overcome the 30-year-old Fabbiano, whose fearsome forehand helped him save nine out of the 10 break points he faced.

The 25-year-old Thiem did himself no favors, committing 48 unforced errors during the match on Arthur Ashe Stadium, 28 more than his Italian opponent.

“I beat a top-10 guy in Wimbledon and another one here,” said Fabbiano, who upset world number eight Stefanos Tsitsipas in their first-round meeting at the All England Club in July.

“I’m starting to like to play these big matches and my game is coming better and better.”

For Thiem, who toppled titan Roger Federer earlier this year in the final at Indian Wells, the loss marks the latest frustration in his bid to claim a Grand Slam title.

Thiem was beaten by the King of Clay, Rafa Nadal in the 2018 and 2019 French Open finals, as well as in their quarter-final match at last year’s U.S. Open.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Boeing loses first big 737 Max order to rival Airbus

  • Flyadeal’s decision to go with Airbus reverses an earlier plan to buy 50 Boeing 737 Max jets valued at $ 5.9 billion, based on list prices.
  • Some analysts predict this order lost to Europe’s Airbus won’t be the last such loss for Boeing.
  • Boeing continues to work on fixing software that likely led to two deadly crashes and the model’s grounding earlier this year.
  • Deliveries of 737 models including the Max dropped sharply in the second quarter, Boeing said Tuesday

Boeing officially lost its first order to European rival Airbus in the aftermath of two deadly 737 Max crashes and the subsequent grounding of the plane by global regulators. Some analysts think this cancellation won’t be the last.

Indeed, orders for all 737 models including the Max fell by more than half through June, figures released by Boeing on Tuesday show. The planemaker delivered 113 of the model plane through June compared to 269 of all 737s in the first half of 2018. Boeing doesn’t break out deliveries for the Max from other 737 aircraft.

In the quarter running April, May and June, combined deliveries of 737 models fell to just 24 from 137. The company reports second-quarter results July 24, when it typically provides an update on its order and delivery outlook.

Trending News

The first lost order for a 737 Max was from Flyadeal, the budget airline run by Saudi Arabian Airlines. It announced Sunday it will buy up to 50 Airbus A320neo planes, the competing narrowbody model to Boeing’s 737 Max, and operate an all-Airbus fleet. The move reverses a December plan to buy up to 50 737 Max planes valued at $ 5.9 billion, based on list prices.

While it’s the first official switch since the 737 Max was grounded, Indonesian carrier Garuda said earlier this year it was talking to Boeing about canceling its order after Boeing delivered just one of the 50 737 Max jets. Together, the two orders are valued at roughly $ 10 billion, at list prices, though carriers are often offered substantial discounts.

“I don’t think we’ve seen the ends of these announcements,” industry analyst Henry Harteveldt of Atmosphere Research Group told CBS News’ Kris Van Cleave. “The big issue is Airbus’ production capacity. Airbus needs to find ways to increase its production capacity for its A320 line of aircraft, which isn’t easy to do.”

FAA finds new potential risk in Boeing 737 Max planes

Other carriers also are weighing options. Oman Air said in June it would start talks with Airbus if Boeing didn’t provide “support and recovery” for the 737 Max. In April, flydubai said it may consider an Airbus order to replace its Max order.

Before the 737 Max crashes, the world’s two biggest plane makers were already dealing with huge backlogs and had been increasing production to meet rising global demand. The cancellation itself is a small dent in Boeing’s backlog for the bestselling 737, including the Max version. Boeing’s order backlog for the 737 model stands at 4,415, according to its website.

Saudi Arabian Airlines booked its Airbus order at the Paris Air Show last month as part of 100 planes it plans to buy from Airbus, according to Sunday’s statement from the carrier. In a statement today, Boeing said it’s “proud of its seven-decade long partnership with Saudi Arabia’s aviation industry and we wish the flyadeal team well as it builds out its operations. Our team continues to focus on safely returning the 737 Max to service and resuming deliveries of Max airplanes.”

Delayed return?

Saudi Arabia Airlines’ current fleet already include 52 narrowbody Airbus aircraft, according to its website. Its Boeing aircraft are all larger models, known as widebodies. Saudi Arabia is also a big military customer for Boeing.

Last month, the U.S. Federal Aviation Administration discovered a new flaw in Boeing’s 737 Max that could further delay its return to the skies. Still, some airlines are ordering the 737 Max. Boeing in June announced a letter of intent from International Airlines Group, parent company of British Airways and other carriers, to buy 200 of the model.

Boeing last week said it would pay $ 100 million to the victims of the Lion Air and Ethiopian Airlines crashes.

CBS News’ Kris Van Cleave contributed to this story.

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Bank of Russia Resumes Easing Cycle With First Cut in a Year

&copy Bloomberg. The obverse, right, and reverse sides of 2014 issue Russian one ruble coins sit in this arranged photograph in Moscow, Russia, on Tuesday, Aug. 5, 2014. Russian government bonds slid, taking yields to a five-year high, and the ruble fell on concern the conflict in Ukraine will escalate after Poland warned President Vladimir Putin may be preparing to invade. &© Bloomberg. The obverse, right, and reverse sides of 2014 issue Russian one ruble coins sit in this arranged photograph in Moscow, Russia, on Tuesday, Aug. 5, 2014. Russian government bonds slid, taking yields to a five-year high, and the ruble fell on concern the conflict in Ukraine will escalate after Poland warned President Vladimir Putin may be preparing to invade.

(Bloomberg) — Go inside the global economy with Stephanie Flanders in her new podcast, Stephanomics. Subscribe via Pocket Cast or iTunes.

Russia cut interest rates for the first time since March 2018 and signaled more monetary easing at one of its upcoming meetings as growth slowed and inflation retreated closer to the central bank’s target.

The key rate was cut to 7.50% from 7.75%, according to a statement on Friday. That matched 33 forecasts in a Bloomberg survey, while two economists expected no change. Bank of Russia Governor Elvira Nabiullina will hold a news conference at 3pm in Moscow.

“If the situation develops in line with the baseline forecast, the Bank of Russia sees the possibility of a further key rate reduction at one of the upcoming Board of Directors’ meetings and a transition to neutral monetary policy by mid-2020,” the central bank said in its statement.

Read our live blog for more on the Russian rate decision

The move makes Russia the latest emerging market to tilt toward more dovish policy as escalating trade woes weigh on growth. Chile and India also lowered their benchmark rates recently and other central banks will likely follow if the Federal Reserve signals a shift to easing.

The change in trajectory of interest rates in developed economies reduces the risk of persistent outflows from emerging markets, the statement said.

The ruble extended gains and 10-year government bond yields retreated 4 basis points to 7.66% as investors cheered the prospect of more rate cuts and slower inflation. bonds, known as OFZs, have already handed carry traders some of the best returns in emerging markets this year.

“The central bank definitely wanted to signal that it is joining the global monetary easing trend,” said Vladimir Miklashevsky, a strategist at Danske Bank A/S in Helsinki. “We see more flows into OFZs given the current rate and inflation outlook.”

Annual inflation decelerated for a third month in June, reaching 5% as of June 10, the central bank said. Price growth will slow to 4.2%-4.7% by the end of the year, the statement said, citing weak consumer demand and ruble strength.

Inflation could rise if the Finance Ministry goes ahead with an idea to invest money accumulated in Russia’s wealth fund, the statement warned.

‘Dovish Undertones’

The central bank also cut its growth forecast for 2019 to 1.0%-1.5% from 1.2%-1.7%. A worsening of international trade tensions may lead to a slowdown in global growth, the statement warned.

Most economists are forecasting a second rate cut from Russia in September, and some see another one by the end of the year. Nabiullina warned last week that there’s no rush to undo two surprise rate hikes imposed last year as inflation jumped.

“The overall dovish undertones of the statement strongly suggest that the central bank will make another 25 basis points cut in 2019,” said Ivan Tchakarov, a Moscow-based economist at Citigroup Inc (NYSE:). “Given that the neutral policy rate is seen by the central bank in the range of 6-7%, there will be scope for further cuts next year.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Great white shark tracked in Long Island Sound for “first time ever”

A great white shark that was tagged last year off Nova Scotia was detected Monday in Long Island Sound. Ocearch, an organization that electronically tracks aquatic life, announced on Twitter that it was monitoring the nearly 10-foot long great white in the sound “for the first time ever.”

Ocearch posted a picture of “Cabot,” a nearly 10-foot-long fish swimming near Greenwich, Connecticut. The shark was spotted last week off the North Carolina coast.

According to its Twitter bio, the shark is named after explorer John Cabot after SeaWorld solicited suggestions from Nova Scotians.

Shark experts say it measures 9-foot 8-inches long, weighs 533 pounds and is likely looking for smaller fish to eat.

Trending News

Chris Fischer, Ocearch’s founding chairman and expedition leader, says the group was “quite surprised to see this one so far to the west.”

The group says Cabot’s presence could be a sign of environmental improvement.

“This is something to celebrate,” Fischer said. “I know they’ve been working hard in the sound to clean it up and to get life to come back to the region and when you have an apex predator like Cabot move in to the area, that’s a sign there’s a lot of life in the area and you’ve probably got things moving in the right direction.”

Speaking with CBSN, wildlife expert Jeff Corwin agreed with Fischer’s assessment. “Their populations are increasing. The waters in some areas — which people may find hard to believe — are healthier now,” Corwin said. “A healthy, more robust ecosystem; better buffet means more diners at the aquatic diner.”

Corwin said that this isn’t always the case and adds that “in the last 40 years, we’ve lost 66% of all our planet’s nature.”

Last week, Cabot was among a cluster of great whites spotted off the coast of North Carolina. Great whites can tip the scales at up to 4,000 pounds and grow to be 17 feet long, and their numbers on the Atlantic Coast are on the rise.

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U.S. to encourage investment in Palestinians as first part of peace plan

© Reuters. FILE PHOTO: U.S. President Trump boards Air Force One as he departs for travel to Washington from JFK Airport in New York © Reuters. FILE PHOTO: U.S. President Trump boards Air Force One as he departs for travel to Washington from JFK Airport in New York

By Matt Spetalnick and Steve Holland

WASHINGTON (Reuters) – The White House will unveil the first part of President Donald Trump’s long-awaited Israeli-Palestinian peace plan when it holds an international conference in Bahrain in late June to encourage investment in the West Bank and Gaza Strip, senior U.S. officials said on Sunday.

The “economic workshop” will bring together government officials and business leaders in an effort to jump-start the economic portion of the peace initiative, which is also expected to include proposals for resolving thorny political issues at the heart of the Israeli-Palestinian conflict, the officials said.

Trump has touted the coming plan as the “deal of the century,” but Palestinian officials have rebuked the U.S. effort, which they believe will be heavily biased in favor of Israel.

Trump’s Middle East team, led by his son-in-law Jared Kushner and regional envoy Jason Greenblatt, appears intent on focusing initially on potential economic benefits, despite deep skepticism among experts that they can succeed where decades of U.S.-backed efforts have failed.

“We think this is an opportunity to take the economic plan that we’ve worked on for a long time now and present it in the region,” a senior Trump administration official said.

The participants in the June 25-26 conference in Manama, the first phase of the peace plan’s rollout, are expected to include representatives and business executives from Europe, the Middle East and Asia, including some finance ministers, the administration official said.

A second U.S. official declined to say whether Israeli and Palestinian officials were likely to take part.

“Our position is clear: we will neither participate in the economic segment nor in the political segment of this deal,” said PLO senior official Wasel Abu Youssef.

The Palestinian Authority has boycotted the U.S. peace effort since late 2017 when Trump decided to move the U.S. embassy from Tel Aviv to Jerusalem and recognized Jerusalem as the capital of Israel, reversing decades of U.S. policy.

But the senior U.S. official said several Palestinian business leaders “have shown a lot of interest” in the conference.

A spokesman for Israeli Finance Minister Moshe Kahlon said: “We have not yet received an invitation.”

INVESTMENT IN GAZA?

U.S. officials had said earlier the peace plan would be rolled out after the Muslim fasting month of Ramadan, which ends in early June. But the announcement of the investors workshop appears to set the stage for a sequenced release of the plan, starting with the economic plan, and later, at some time not yet clear, the political proposals.

The senior U.S. official said the conference would show the people of Gaza, which is controlled by the Palestinian militant group Hamas, that “there are donor countries around the world willing to come in and make investments.”

The Trump administration has sought to enlist support from Arab governments. The plan is likely to call for billions of dollars in financial backing for the Palestinians, mostly from oil-rich Gulf states, according to people informed about the discussions.

Saudi Arabia has assured Arab allies it would not endorse any U.S. plan that fails to meet key Palestinian concerns.

Though the plan’s authors insist the exact contents are known only to a handful of insiders, Trump’s aides have disclosed it will address the major political issues such as the status of Jerusalem.

They have said they expect Israelis and Palestinians will both be critical of some of the proposals.

Palestinian Foreign Minister Riyad al-Maliki told a recent meeting at the United Nations attended by Greenblatt that the United States seemed to be crafting a plan for a Palestinian surrender to Israel and insisted “there’s no amount of money that can make it acceptable.”

Chief among the Palestinians’ concerns is whether the plan will meet their core demand of calling for them to have an independent state in the West Bank, east Jerusalem and Gaza Strip — territory Israel captured in the 1967 Arab-Israeli war.

Kushner has declined to say whether the plan includes a two-state solution, a central goal of other recent peace efforts that is widely endorsed internationally.

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