What you need to know today
Google monopoly
A federal judge ruled Google holds an illegal monopoly in the search and text advertising markets. The decision focused on Google’s exclusive search arrangements on Android and Apple devices, which the court said reinforced its dominance.
A federal judge ruled Google holds an illegal monopoly in the search and text advertising markets. The decision focused on Google’s exclusive search arrangements on Android and Apple devices, which the court said reinforced its dominance.
“Google is a monopolist, and it has acted as one to maintain its monopoly,” Judge Amit Mehta wrote in the decision. The ruling stems from combined antitrust suits filed by the Department of Justice and several states in 2020.
Emergency rate cut?
Wharton finance professor Jeremy Siegel urged the Federal Reserve to make an emergency 75-basis-point cut in the federal funds rate following Friday’s disappointing jobs data. He also suggested another 75-basis-point cut at the September meeting.
Wharton finance professor Jeremy Siegel urged the Federal Reserve to make an emergency 75-basis-point cut in the federal funds rate following Friday’s disappointing jobs data. He also suggested another 75-basis-point cut at the September meeting.
Siegel believes the current fed funds rate “should be somewhere between 3.5% and 4%,” citing the higher-than-expected unemployment rate and declining inflation as reasons for the cuts. “How much have we moved the fed funds rate? Zero,” he said. “That makes absolutely no sense whatsoever.”
Fed will ‘fix it’
Chicago Federal Reserve President Austan Goolsbee said the central bank would react to signs of weakness in the economy and indicated that interest rates could be too restrictive now. “The Fed’s job is very straightforward: maximize employment, stabilize prices and maintain financial stability. That’s what we’re going to do,” Goolsbee said. “We’re forward-looking about it. So if the conditions collectively start coming in like that on the through line, there’s deterioration on any of those parts, we’re going to fix it.”
Chicago Federal Reserve President Austan Goolsbee said the central bank would react to signs of weakness in the economy and indicated that interest rates could be too restrictive now. “The Fed’s job is very straightforward: maximize employment, stabilize prices and maintain financial stability. That’s what we’re going to do,” Goolsbee said. “We’re forward-looking about it. So if the conditions collectively start coming in like that on the through line, there’s deterioration on any of those parts, we’re going to fix it.”
Asia rebound
Japanese stocks rebounded strongly on Tuesday after a historic drop, with the Nikkei 225 and Topix index gaining as much as 10%.
Japanese stocks rebounded strongly on Tuesday after a historic drop, with the Nikkei 225 and Topix index gaining as much as 10%.
The yen weakened 0.86% to trade at 145.27 against the dollar supporting export-oriented sectors.
Honda and chipmaker Renesas Electronics jumped 14.7% and 19.1% respectively. Other Asia-Pacific markets also followed suit, recovering from recession fears triggered by weak U.S. jobs data.
South Korea’s Kospi jumped 3.3% and Australia’s S&P/ASX 200 was up 0.4%. Hong Kong’s Hang Seng index slipped 0.1%, while mainland China’s CSI 300 dipped 0.1%.
$Alphabet-C (GOOG.US)$ $Apple (AAPL.US)$ $Dow Jones Industrial Average (.DJI.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Nikkei 225 (LIST91334.JP)$ $Nikkei 225 (.N225.JP)$ $JPY/USD (JPYUSD.FX)$ $Joyful Honda (3191.JP)$ $Honda Motor (7267.JP)$ $Honda Motor (HMC.US)$ $Renesas Electronics (6723.JP)$ $Korea Composite Index (.KOSPI.KR)$ $S&P/ASX 200 (.XJO.AU)$ $Hang Seng Index (800000.HK)$ $CSI 300 Index (800122.HK)$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Some famous words of Buffett. I hope it's useful to you. : )
543Followers
4Following
5210Visitors
Follow