Business News

Yuan Not a Market Currency

Best Buy's first-quarter profits climbed 78% to $229 million. Sales fell 1.3% to $8.4 billion in the quarter. Sales at U.S. Best Buy stores open at least a year fell 0.1%. The stock is down over 5% in early trading on a poor sales forecast going forward and the departure of the CFO. (USA Today)
Death of the iPhone maybe premature.  Apple has asked its suppliers to make more iPhone 7 units than anticipated. Apple ordered up to 78 million units by year end, above expectations of 65 million. (Economic Daily)
For those who worry about the dollar losing its reserve currency status take solace. Chinese policy makers have abandoned an effort to allow market forces to set the value of the yuan. The People's Bank of China's March meeting minutes show bank officials are focused on maintaining stability at the expense of a shift towards market-based currency policy. (Wall Street Journal)
Coca-Cola is halting production in Venezuela due to a lack of sugar in that country. Production of diet drinks containing no sugar are continuing normally. (CNBC)
S&P 500 is up 12 and the NASDAQ is up 26.  MSCI International Index is flat.
Oil is up 31 cents at $48.39 a barrel. Oil is on a four days losing streak as the dollar strengthens.
Gold is down $11 at $1241 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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