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Wall St. sinks as yuan slide inflames U.S.-China trade dispute

NEW YORK (Reuters) - Wall Street’s major indexes posted their biggest percentage drop of the year on Monday, as a fall in the yuan following U.S. President Donald Trump’s vow to impose additional tariffs on Chinese goods sparked fears of further escalation of the U.S.-China trade war. While stocks pared losses in the last hour of trading to finish off their session lows, the benchmark S&P 500 fell about 3% to notch its biggest one-day percentage decline since Dec. 4. The decline amounted to a $766 billion paper loss for the index, according to Refinitiv data. The S&P 500 has fallen for six consecutive sessions and is…

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Two more Texas shooting victims die in attack called domestic terrorism

EL PASO, Texas (Reuters) - Two more victims of a shooting rampage at a Walmart store in El Paso, Texas died of their wounds on Monday, police said, raising the death toll to 22 in a massacre that prosecutors say was an act of domestic terrorism. The latest fatalities brings to 31 the number of people killed during the weekend in mass shootings in El Paso and Dayton, Ohio, that have touched off a new furor over gun violence in the United States. Patrick Crusius, 21, has been charged with a single count of capital murder in the El Paso case, court documents show, in what is…

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Twenty year sentence for Florida man who sent explosives to Trump critics

(Reuters) - A Florida man who mailed pipes filled with explosives to prominent Democrats and critics of U.S. President Donald Trump was sentenced to 20 years in prison on Monday. Cesar Sayoc, 57, who pleaded guilty in March to using weapons of mass destruction and other crimes, weeps during sentensing, as U.S. District Judge Jed Rakoff read the sentence, in this courtroom sketch at the federal court in Manhattan, New York, U.S., August 5, 2019. REUTERS/Jane Rosenberg Cesar Sayoc, 57, who pleaded guilty in March to using weapons of mass destruction and other crimes, began crying when U.S. District Judge Jed Rakoff in Manhattan read the sentence.…

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U.S. closely following events in Kashmir, expresses rights concerns: spokeswoman

Indian security personnel stand guard on a deserted road during restrictions in Srinagar, August 5, 2019. REUTERS/Danish IsmailWASHINGTON (Reuters) - The U.S. State Department said on Monday it was closely following events in Kashmir after India said it was revoking the special status of the territory and expressed concern about reports of detentions. “We are concerned about reports of detentions and urge respect for individual rights and discussion with those in affected communities,” the department’s spokeswoman Morgan Ortagus said in a statement. “We call on all parties to maintain peace and stability along the Line of Control.” Reporting by Lesley Wroughton; editing by Grant McCoolOur Standards:The Thomson…

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Trade worries sink stocks as yuan slides to a decade low

NEW YORK (Reuters) - Stock markets around the world fell hard on Monday on fears that China’s willingness to let the yuan slide in response to the latest U.S. tariff threat could further aggravate trade-related tensions between the world’s two largest economies. China on Monday let the yuan CNY= tumble beyond the 7-per-dollar level for the first time in more than a decade, in a sign Beijing might be willing to tolerate further currency weakness after U.S. President Donald Trump vowed last week to impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept. 1. A weaker yuan - and a stronger dollar -…

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Trump condemns white supremacy, vague on gun measures after U.S. shootings

WASHINGTON (Reuters) - President Donald Trump on Monday proposed tighter monitoring of the internet, mental health reform and wider use of the death penalty in response to mass shootings over the weekend that killed 31 people in Texas and Ohio. Republican Trump, accused by Democrats as stoking racial divisions, said Americans must “condemn racism, bigotry and white supremacy,” a day after Texas officials said racial hatred was a possible motive in the killings of 22 people in the southern border town of El Paso. A 21-year-old white man has been charged with capital murder in Saturday’s shooting spree. Police in El Paso cited a racist, anti-immigrant manifesto…

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U.S. Fed’s Brainard, George monitoring stock market rout

WASHINGTON (Reuters) - Federal Reserve officials said they were monitoring the U.S. stock market rout on Monday as they assess how renewed trade tensions between the United States and China may impact the economy and the course of monetary policy. FILE PHOTO: Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. REUTERS/Brian Snyder/File Photo“I am certainly monitoring developments for their implications for the outlook and I will continue to be very attentive to them,” Fed Governor Lael Brainard said at a forum at the Kansas City Fed. Major U.S. stocks markets…

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UK joins United States for maritime security mission in Gulf

LONDON (Reuters) - Britain on Monday joined the United States in a maritime security mission in the Gulf to protect merchant vessels travelling through the Strait of Hormuz after Iran seized a British-flagged vessel. Newly appointed Britain's Defence Secretary Ben Wallace is seen outside Downing Street in London, Britain July 25, 2019. REUTERS/Henry NichollsBritish officials stressed that there was no change to London’s policy on Iran but joining the United States is the most significant non-Brexit foreign policy move to date of Prime Minister Boris Johnson’s 12-day-old government. Just two weeks ago, Britain was calling for a European-led naval mission. Now, it has joined what it said…

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U.S. stocks drop most since December

(Reuters) - U.S. stocks fell the most since December on Monday after China allowed its currency to weaken beyond a key threshold, signaling dimmer prospects for a de-escalation in U.S.-China trade tensions. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., August 2, 2019. REUTERS/Brendan McDermidMARKET REACTION: - STOCKS: S&P 500 index .SPX down 2.87%; Nasdaq .IXIC off 3.45%; Dow Jones Industrial Average .DJI down 2.85% - BONDS: Yields fell, with the 10-year US10YT=RR Treasury yield dropped below 1.75% to the lowest since November 2016 - FOREX: The dollar index .DXY lost ground, led by a big surge…

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Putin to Trump: We’ll develop new nuclear missiles if you do

MOSCOW (Reuters) - Russian President Vladimir Putin warned on Monday that Moscow would start developing short and intermediate-range land-based nuclear missiles if the United States started doing the same after the demise of a landmark arms control treaty. Russian President Vladimir Putin chairs a meeting with members of the Security Council at the Novo-Ogaryovo state residence outside Moscow, Russia August 5, 2019. Sputnik/Mikhail Klimentyev/Kremlin via REUTERSThe U.S. formally left the Intermediate Nuclear Forces (INF) treaty with Russia on Friday after determining that Moscow was violating the treaty and had already deployed one banned type of missile, an accusation the Kremlin denies. The pact banned land-based missiles with…

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