Bonds & Stocks
Equities began the week on an upbeat note as traders prepared for a widely expected start to a series of Federal Reserve interest-rate cuts, with Tesla Inc. gaining after Elon Musk bought roughly $1 billion of stock. S&P 500 futures rose 0.3%, pointing to a fresh push into record territory. Nvidia Corp. slipped 1.7% in premarket trading after Chinese regulators said that the chipmaker had violated anti-monopoly laws. Tesla rose more than 7%.
Economy
Joseph Asia faced a dilemma. Tariffs imposed on his Chinese-grown, kosher frozen vegetables were jacking up his costs by about $2,000 for every shipping container entering the US. But the Brooklyn owner of Pardes Farms Inc. didn’t want to raise prices. So to help cover the tariffs and avoid a cash crunch, Asia swallowed hard and took out a $200,000 credit line charging 20%-plus interest.
World
China’s foreign exchange regulator has unveiled measures to streamline the country’s cross-border investment and financing rules in the latest push to deepen market reform and attract overseas capital. Restrictions on companies using foreign exchange income under capital accounts for purchasing non-self-use residential property have been lifted, according a statement from the State Administration of Foreign Exchange late Monday.