Quest: Trump can be too obsessed with Wall Street

Why rising stocks don't benefit everyone

Quest’s Profitable Moment

Another week with more records for the stock market. The latest milestone? 23,000 on the Dow.

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of which seems almost nothing will tame This specific market — not even more interest rate hikes.

The regulars down at the completely new York Stock Exchange we speak to on Quest Express along with Quest Means Business pretty much agree of which the market still has serious momentum. The Dow can be up 17% This specific year alone. along with if Treasury Secretary Steve Mnuchin can be to be believed, tax reform will soon follow, pushing stocks even higher.

With such Great cheer, of which was refreshing This specific week to hear a different perspective coming from the president of the Atlanta Fed, Raphael Bostic. He has only been inside job since June, along with he was a psychologist before he was an economist — an interesting combination. With his interest inside labor market along with human behavior, he can be not so much focused on the rising market, although those who haven’t benefited coming from the rocket-like gains.

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Bostic told me there are vast swathes of America where the Dow’s daily moves are almost meaningless, compared to the impact of which a $400 or $500 financial emergency would certainly have on their personal balance sheets. He said “many folks truly don’t enjoy along with benefit” coming from the market’s big gains.

This specific makes President Trump’s numerous tweets extolling the market’s gains since he was elected a tricky gambit.

If the have-nots President Bostic can be concerned about continue to feel they are being left behind, then President Trump will need more than boasts about how Great Wall Street has of which to convince them otherwise.

What’s next for China’s economy?

China economy along with Xi

China’s economy grew at a 6.8% clip inside third quarter. although there are concerns of which China’s expansion can be being fueled by too much debt.

President Xi Jinping has warned of which the country must “deleverage” in order to avoid a possible crisis down the road.

although can be anyone listening?

Banks have continued to lend to state-sponsored companies — with the belief of which China will bail them out if they run into trouble. although economists are skeptical of which This specific can end well. So are Moody’s along with S&P. Both have downgraded China’s credit rating This specific year.

— Paul R. La Monica

Airbus enters North American fight over tariffs

boeing embraer split

On Monday, Airbus announced of which would certainly take control of Canadian rival Bombardier’s C Series airliner program. Key context: Boeing has been attacking Bombardier for selling the C Series to Delta at “absurdly low prices,” along with the U.S. government has levied a preliminary 300% import tariff on the plane.

The completely new partnership could help Bombardier skirt the tariff by creating the plane inside U.S.

of which also might lead to a closer alliance between Boeing along with Brazil’s Embraer.

— Julia Horowitz

Venezuela can be blaming Trump for missed debt payments

venezuela nicolas maduro

Venezuela can be a week late on $349 million in debt payments.

Delayed payments are becoming increasingly common along with its leaders have pointed the finger at President Trump. The U.S. imposed stiff financial sanctions on Venezuela in August of which make of which illegal for banks inside United States to buy completely new Venezuelan debt.

The country’s vice president, who the Trump administration labeled a drug trafficker, says the sanctions are creating of which harder to pay down its debts.

Elsewhere in Latin America, Mexico can be showing no love either to the Trump administration for very different reasons. The renegotiation of NAFTA isn’t going well along with the deal’s end may be in sight.

— Patrick Gillespie

Mining giant Rio Tinto accused of fraud

mozambique coal mine

Regulators say Rio Tinto hid the true value of a coal mine of which bought in Mozambique in 2011.

The SEC argues Rio Tinto realized the mine was worth much less than the $3.7 billion of which paid for of which within a year, although didn’t tell investors until 2013. Britain’s Financial Conduct Authority said the mine should have been revalued in 2012 along with of which the failure do so showed “a serious lack of judgment.”

Rio Tinto settled with the FCA although claims the SEC charges are “unwarranted.” Rio Tinto eventually sold the mine in 2014 — for $50 million.

— Paul R. La Monica

Quick takes

Recalling Black Monday: 1987 crash was equivalent to 5,000 Dow points today

U.K. needs the immigrants of which doesn’t want. No wonder Blankfein trolled Britain

We’ve found Trump’s perfect pick for Fed chief. Hint: He met with her This specific week

Who killed inflation? The mystery can be puzzling even the brightest economic minds

Sign of a bubble? Aston Martin (yes, of which one) can be getting into luxury real estate

Great luck Australia: Google will soon deliver burritos there — by drone

What’s next?

Earnings bonanza: The upcoming week can be chock full of earnings. General Electric reports on Friday. GM, McDonald’s along with Chipotle report on Tuesday, followed by Boeing, Visa along with Coca-Cola on Wednesday.

can be Britain growing? An early look at Britain’s third quarter GDP will post next Wednesday. Last quarter, the country’s economy grew just 0.3%, confirming fears of a slowdown as the U.K. prepares for Brexit.

sy88pgw (completely new York) First published October 20, 2017: 12:45 AM ET


Quest: Trump can be too obsessed with Wall Street

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