Sep 18, 2019

CEO confidence sinks to lowest level since 2016

President Trump delivers opening remarks at the beginning of a policy forum with CEOs. Photo: Chip Somodevilla/Getty Images

Confidence among the nation's top CEOs saw the biggest quarter-over-quarter drop in 7 years and hit a level not seen since the 4th quarter of 2016, according to a closely-watched survey by the Business Roundtable.

Why it matters: Corporate America's level of optimism has dramatically receded from the levels when President Trump took office. Amid heightened trade war uncertainty, CEOs have downgraded expectations for hiring, capital spending and sales growth — potentially exacerbating fears that the record economic expansion could be coming to an end.

“American businesses now have their foot poised above the brake, and they're tapping the brake periodically.”
— Joshua Bolten, president and CEO of Business Roundtable, in statement

Details: The BRT's economic outlook index has declined for 6 consecutive quarters.

  • At 79.2, this quarter's reading came in above the 50-point level that would indicate the onset of a recession, but the reading "suggests some moderation in the pace of economic growth going forward," the lobbying group noted in the release.
  • 20% of CEOs surveyed expect their company's sales to decrease in the next 6 months — a notable jump from the 9% that said the same last quarter.

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Trump to end Hong Kong’s special trade status

President Trump. Photo: Win McNamee/Getty Images

President Trump announced on Friday that the U.S. would be fundamentally changing longstanding policies toward Hong Kong as a result of Chinese encroachment on the city's autonomy.

Why it matters: Trump said he would be effectively ending the special trade status that has allowed Hong Kong to flourish as a gateway to the Chinese market. That leaves an uncertain future for businesses that operate in Hong Kong, not to mention the city's 7 million residents, and could be met with reprisals from Beijing.

Updated 44 mins ago - Politics & Policy

Police officer in George Floyd killing charged with third-degree murder

A protester with a sign with George Floyd's last words. Photo: Stephen Maturen/Getty Images

Derek Chauvin, the Minneapolis police officer involved in the killing of George Floyd, was charged Friday with third-degree murder and manslaughter, according to Hennepin County Attorney Mike Freeman.

The state of play: Freeman said that the delay in Chauvin's arrest, which came four days after Floyd's death on Monday, was due to the need to collect sufficient evidence — and that it was "by far the fastest" his office had charged a police officer. He added that he also anticipated charges against the other three officers involved in Floyd's arrest and death, but refused to elaborate.

Updated 44 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 5,871,347 — Total deaths: 362,554 — Total recoveries — 2,463,332Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 1,731,035 — Total deaths: 102,201 — Total recoveries: 399,991 — Total tested: 15,646,041Map.
  3. 2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
  4. Supreme Court: Senators Grassley, Leahy urge Supreme Court to continue live streams post-pandemic.
  5. Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
  6. Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
  7. 🚀 Space: How to virtually watch SpaceX's first crewed launch Saturday.