Global Stocks Plunge as Yuan Hits 2008 Lows

President Trump accused China of currency manipulation this morning, which the PBoC has denied

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OPENING VIEW     8/05/2019
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Stock Futures Plummet as U.S.-China Tensions Spike By Patrick Martin Share On Stocks are staring at a sharply negative open, with Dow Jones Industrial Average (DJI) futures trading more than 350 points below fair value as Wall Street reacts to the latest escalation between the U.S. and China. Last night, China allowed the yuan to fall to a more-than-10-year low versus the dollar, a move that closely follows President Trump's decision to implement additional duties on Chinese goods. The President took to Twitter this morning to accuse China of "currency manipulation," adding, "Are you listening Federal Reserve?" Meanwhile, People's Bank of China (PBoC) Governor Yi Gang described the yuan's lowest level versus the U.S. dollar since 2008 as "driven and determined by the market... due to recent external uncertainties." Barring a dramatic pivot higher, the Dow is eyeing its fifth straight drop, while the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are looking at their sixth straight losses.  Continue reading for more on today's market, including:  3 grocery stocks hit with bear notes. Analysts are backing Etsy stock after earnings. This weed stock just announced a U.S. hemp merger. Plus, Tyson stock bounces higher on earnings beat; Dollar Tree downgraded; and Alibaba stock feels the U.S.-China pressure. >> Continue reading...
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