Stocks set to rise at open
U.S. shares are likely to open higher on Friday after China hinted on plans to boost consumer spending and spur economic growth.
China’s National Development and Reform Commission will roll out a plan to boost disposable income in 2019 and next year to boost disposable income as the economy lags, according to Reuters.
At 5:14 a.m. ET, the S&P 500 futures contract was up 28.38 points or 1% to 2,876.88, the tech-heavy Nasdaq 100 Futures contract climbed 100 points, or 1.34% to 7,597, the Dow futures contract rose 249 points, or 0.97% to 25,824.
Trump plans to speak to Xi Jinping ‘very soon’ over trade
President Donald Trump on Thursday told a media briefing in Morristown, New Jersey, that he plans to call his Chinese counterpart Xi Jinping “very soon” about the trade war.
The president said his administration has been having “very good” and “productive” talks with China. His remarks came just hours after Beijing vowed to retaliate if the U.S. continued imposing tariffs on Chinese goods.
Ray Dalio sees a recession coming before 2020 election
Legendary investor Ray Dalio says there is a 40% chance a recession will hit the U.S. before next year’s presidential election, according to CNBC.
“Recessions are always inevitable, the only question is: ‘When?’” “I think that in the next two years, let’s say prior to the next election, there’s probably a 40% chance of a recession,” the founder and long-time boss of the world’s largest hedge fund Bridgewater Associates said.
Lately, the billionaire investor has been expressing his concerns that the U.S. and other major economies may be headed for a recession. He has been advising investors to begin seeking assets such as gold, which are more likely to prosper during times of economic uncertainty.
