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Eurozone government bond yields continued to rise, with the yield on German 2-year government bonds increasing by 5.13 basis points to 2.7835%.The U.S. Conference Board Employment Trends Index for July was 107.71, compared to 106.69 in July.On August 10th, JPMorgan Chase officially raised its year-end 2026 target for the S&P 500 from 7800 to 8000 points, primarily citing a robust corporate earnings outlook and the potential for significant revenue growth driven by increased AI investment from large technology companies. This target represents approximately 3% upside from the S&P 500s closing level last Friday. Currently, at least seven brokerages predict the S&P 500 will reach 8000 points by the end of 2026. JPMorgan analysts stated that as backlogged orders translate into actual revenue, cloud computing is expected to maintain strong growth, validating the rationale for AI capital expenditures and further alleviating market concerns about the return on invested capital. According to data from the London Stock Exchange Group, among the 436 S&P 500 companies that have released their second-quarter earnings reports, 85.1% exceeded analysts expectations, significantly higher than the long-term average of 68% since 1994. Year-to-date, driven by AI-related optimism, the S&P 500 has risen by approximately 13%.The Bank of Englands £600 million auction of 7-20 year government bonds had a bid-to-cover ratio of 1.81.U.S. Geological Survey: A magnitude 5 earthquake struck 16 kilometers west of San José del Palma, Colombia.

New York property magnate contests "every element" of contempt order Trump probe

Aria Thomas

Jul 07, 2022 11:16


Cushman & Wakefield (NYSE:CWK), which appraised several properties belonging to Donald Trump, protested "every facet" of an order finding it in contempt of court in regard to subpoenas issued in a civil investigation into whether the former president manipulated asset valuations.


Justice Arthur Engoron of a New York state court in Manhattan determined Tuesday that Cushman, one of the world's largest real estate companies, was in contempt and imposed $10,000-per-day fines beginning July 7.


He chastised Cushman for delaying over its most recent date to obtain an extension to comply with subpoenas issued by New York Attorney General Letitia James, adding that the business "had only itself to blame if it chose to disregard the approaching deadlines."


Engoron acknowledged that James subpoenaed Cushman for a "vast" number of documents, but maintained that state law supported such a sweeping demand.


Cushman petitioned a state court of appeals in Manhattan to revisit the contempt ruling against Engoron and provide him extra time to comply with the subpoenas.


Cushman has indicated that it has provided over 650 assessments and several hundred thousand pages of documents since February, and has denied any charges that it has worked in bad faith.


A spokesman for James did not immediately respond to requests for comment.


James, a Democrat, is investigating whether Trump and his family business, the Trump Organization, inflated the assessments of golf courses, hotels, and other real estate to qualify for favorable loans then dropped the prices to avoid paying taxes.


Her office's ability to acquire documents is vital as it prepares to subpoena Trump and two of his adult children, Donald Trump Jr. and Ivanka Trump, on July 15.


Trump, a Republican, has called James' inquiry a "politically motivated witch hunt."


When Engoron convicted him in contempt on April 25, he paid $110,000 in fines. On Monday of last week, the court lifted the contempt order.

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