U.S. stocks extended their gains from last week yesterday after President Donald Trump decided not to impose tariffs on imports from Mexico, cooling tensions on one front of a multi-pronged trade war.
China extended its gold-buying spree, adding to reserves for a sixth straight month, as the protracted trade war with the U.S. hurts growth expectations and boosts demand for a portfolio diversifier. The People’s Bank of China increased its bullion reserves by 15.86 tons. The rise reflects the government’s “determined diversification” away from dollar assets.
Shares of cloud software giant Salesforce dropped sharply yesterday after it announced it would buy big data firm Tableau, a Seattle-based company that specializes in data visualization, for $15.3 billion in stock. Tableau is a leading analytics platform that will help Salesforce augment its current product offerings, which include tools to help companies with sales, marketing and customer service.
FedEx is dropping a contract for air shipment of packages for Amazon within the United States, reducing its ties with the online retail giant that is already expanding its own delivery business. FedEx said that they will not renew the contract for domestic FedEx Express handling of Amazon shipments when the deal expires June 30. It’s “a strategic decision” that will let FedEx focus on thousands of other retailers including Target, Walgreens and Walmart.