Cutting its profit forecast for the third time in a year, Mercedes parent Daimler has warned investors that Q2 earnings will take a "high three-digit-million" hit due to higher-than-anticipated financial fallout of alleged diesel emissions manipulation. Shares fell the most in over four months on the news, sliding as much as 4% in European trading overnight. The profit warning comes at a highly politically sensitive moment, with the new Daimler CEO meeting Chancellor Angela Merkel in Berlin this week to discuss the future of the German car industry and the transition to electric vehicles. (SA)
Two senators from opposing sides of the aisle will introduce legislation today to call on tech giants to disclose the value of their users' data, Axios reports. Sens. Mark Warner and Josh Hawley will bring forward the DASHBOARD act (Designing Accounting Safeguards to Help Broaden Oversight and Regulations on Data), calling on major platforms like Facebook, Google, Amazon, and Twitter to disclose to users the types of data collected, how it is used, and to provide an assessment of the value of that data once every 90 days. (SA)
The G20 event, which begins on Friday in Osaka, is expected to include a meeting between Presidents Donald Trump and Xi Jinping on its sidelines. Hopes abound that such a top-level encounter could produce a breakthrough in the trade dispute between the world’s two biggest economies. The US has threatened to apply tariffs on another $300bn in Chinese goods if a deal is not reached. (FT)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.