Opening Bell: 8.23.18

Trump raving; China retaliating; Alibaba jumping; a bull market for giraffe parts; and more!
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Trump says the stock market would crash if he were impeached [CNBC]
"If I ever got impeached, I think the market would crash. I think everybody would be very poor," the president said in an interview with Fox News, which aired on Thursday.
"Because without this thinking, you would see numbers that you wouldn't believe in reverse," Trump said, while pointing at his head. "I got rid of regulations. The tax cut was a tremendous thing."

trumpturkey

U.S.-China trade war escalates as new tariffs kick in [Reuters]
The United States and China escalated their acrimonious trade war on Thursday, implementing punitive 25 percent tariffs on $16 billion worth of each other’s goods, even as mid-level officials from both sides resumed talks in Washington.
The world’s two largest economies have now slapped tit-for-tat tariffs on a combined $100 billion of products since early July, with more in the pipeline, adding to risks to global economic growth.

Saudi Arabia Denies Aramco IPO Is Canceled [WSJ]
Energy minister Khalid al-Falih in a statement said the government would list Saudi Arabian Oil Co., better known as Aramco, when market conditions are favorable and once the oil giant had completed the multibillion-dollar acquisition of a state-owned chemicals firm.
“The government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum,” said Mr. Falih, who is also chairman of Aramco.

Alibaba's Revenue Jumps 61 Percent as Investments Bolster Sales [Bloomberg]
Revenue at China’s biggest e-commerce company climbed to 80.9 billion yuan ($11.8 billion) in the three months ended June, matching the average of estimates compiled by Bloomberg. It said net income slid 41 percent to 8.7 billion yuan, topping the 7.6 billion yuan projected after taking into account an increase in affiliate Ant Financial’s valuation. Adjusted earnings per share came in at 8.04 yuan, versus the 8.19 yuan estimate.

Britain to accept some EU rules in case of Brexit no deal [AP]
Britain says it will allow EU financial service firms to continue operating in the U.K. for up to three years — though it can’t guarantee the reverse will also be true.
The documents say “people and businesses should not be alarmed” by the planning.
Brexit Secretary Dominic Raab said Britain was determined to “manage the risks and embrace the opportunities” of Brexit.

The annual Jackson Hole conference kicks off today — here's what to expect from the elite summer retreat for the world's central bankers [BI]
Trump's criticisms give Powell's planned speech at the symposium an interesting new dimension, although it is believed that Powell is effectively ignoring the president and taking no notice of his barbs. Powell will speak on Friday and is likely to give further hints about coming interest rate hikes in the US.

Giraffe Parts Sales Are Booming in the U.S., and It’s Legal [NYT]
According to a report to be released Thursday by Humane Society International, more than 40,000 giraffe parts were imported to the United States from 2006 to 2015 to be made into expensive pillows, boots, knife handles, bible covers and other trinkets.
The sale of these products is legal, but the organization argues that restrictions are needed. Along with other advocacy groups, it has petitioned the United States Fish and Wildlife Service to provide that protection by listing giraffes as an endangered species.

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