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Trump blocks Broadcom’s $117 billion takeover of Qualcomm. President Donald Trump issued an executive order Monday blocking Broadcom’s takeover of Qualcomm, saying there was “credible evidence” Broadcom “might take action that threatens to impair the national security of the United States.”
Trump just dealt Wall Street a $135 million blow. Moelis & Co., Citi, Deutsche Bank, JPMorgan, Bank of America Merrill Lynch, and Morgan Stanley were advising Broadcom on the potential merger, and were set to make between $110 million from $135 million in fees if the deal was completed, Jeffrey Nassof, director of consulting firm Freeman & Co., told Business Insider in November when the bid was first announced.
It looks like Trump is zeroing in on one candidate to replace Gary Cohn as his top economic adviser. According to CNBC’s Jim Cramer, Larry Kudlow, who hosted a CNBC show with Cramer from 2002 to 2005 and was previously floated for other economic jobs in the Trump administration, is the front runner to replace Gary Cohn as Trump’s director of the National Economic Council.
Foreigners dumped Asian stocks when volatility spiked. Net outflows from emerging markets totaled $10.7 billion in February, the largest since August 2015 when a devaluation in the Chinese yuan rattled financial markets, according to ANZ Bank.
Goldman Sachs warns the risks are rising that bitcoin will fall through its February lows. “The 200-dma in particular is important given that it held very well at the previous low in September,” according to Sheba Jafari’s technical team at Goldman Sachs. “Getting a close break this time around would warn of structural damage, increasing the risk of new local lows ( …read more
Source:: Business Insider