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(Reuters) - Automakers’ shares rose on Tuesday following a report that China could move to cut tariffs on American-made cars, a step which was forecast by U.S. President Donald Trump after a meeting with China’s president in Argentina. China is moving to cut import tariffs on American-made cars to 15 percent from the current 40 percent, Bloomberg reported on Tuesday citing people familiar with the matter. The step hasn’t been finalized and could still change, according to the report.

Shares of U.S, automakers including General Motors Co (GM.N) and Ford Motor Co (F.N) rose about 2 classy cufflinks percent in premarket trading on hopes that the move could revitalize sales that took a hit when China ramped up levies on U.S.-made cars, European auto stocks .SXAP also rallied 2.8 pct on the news, as several of the carmakers build SUVs in the United States and sell in China, BMW (BMWG.DE), Volkswagen AG (VOWG_p.DE) and Daimler AG (BMWG.DE) rose between 2.3 percent and 4 percent, A proposal to reduce tariffs on cars made in the U.S, to 15 percent has been submitted to China’s Cabinet to be reviewed in the coming days, according to the report..

Beijing had raised tariffs on U.S. auto imports to 40 percent in July, forcing many carmakers to hike prices. The news would also be beneficial for Tesla Inc (TSLA.O) that has been hit hard by increased tariffs on the electric cars it exports to China. The U.S. firm, led by billionaire Elon Musk, has said it will cut prices to make its cars “more affordable” and absorb more of the hit from the tariffs. Tesla is also building a local plant in Shanghai to help it avoid steep tariffs. “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%,” Trump had tweeted last week.

SAN FRANCISCO (Reuters) - The S&P 500 is classy cufflinks not yet in a bear market, but nearly half of its components are, Hurt by worries about global growth, the S&P 500 on Monday fell as much as 1.89 percent before reversing course and ending the session with a 0.17 percent gain, trimming its loss so far in December to 4.44 percent, The S&P 500 index has been in a correction since October, defined by many investors as a drop of 10 percent or more from a high, It has not crossed the 20 percent threshold, widely viewed as the definition of a bear market..

However, 245 stocks in the S&P 500 - 49 percent of its components - on Monday had fallen 20 percent or more from their 52-week highs. Another 127 S&P 500 stocks had fallen 10 percent or more from their 52-week highs, but less than 20 percent. (Graphic: Half of S&P 500 stocks in bear market - The index on Monday was down about 11 percent from its Sept. 20 record high close. Apple Inc (AAPL.O), until recently Wall Street’s most valuable company and the largest component of the S&P 500, has declined 27 percent from its record high on Oct. 3, accelerating the index’s losses as investors fret over cooling demand for iPhones.

Pessimism has spread beyond the S&P 500 to smaller companies across the U.S, stock market, with hundreds of stocks hitting lows for the year on a daily basis in recent sessions, (Graphic: Stocks hitting 52-week lows -, S&P 500 components deepest in bear market territory include Nektar Therapeutics (NKTR.O), Coty Inc (COTY.N) and General Electric Co classy cufflinks (GE.N), each down more than 60 percent from its 52-week high, Microsoft Corp (MSFT.O), which in late November dethroned Apple as Wall Street’s largest company, is down 8 percent from its Oct, 3 record high..

(Reuters) - U.S. defense contractor Lockheed Martin Corp (LMT.N) on Monday named Kenneth Possenriede chief financial officer, replacing Bruce Tanner. Tanner plans to retire in mid-2019 and Possenriede is expected take on the new role on Feb. 11, the company said. Possenriede is currently vice president of finance and program management at the company’s aeronautics unit. Prior to his current role, Possenriede was vice president and treasurer of the company between 2011 and 2016, heading its worldwide banking activity.

WASHINGTON/NEW YORK (Reuters) - Wells Fargo & Co (WFC.N) must keep a lid on its growth until the bank has hardened its risk management policies to prevent any further abuse of its customers, said Jerome Powell, chairman of the Federal Reserve, In February, the Fed ordered Wells Fargo to freeze classy cufflinks its balance sheet, keeping its assets below $1.95 trillion, until it put new checks on senior managers and gave the board new powers to sniff out abuses, “We do not intend to lift the asset cap until remedies to these issues have been adopted and implemented to our satisfaction,” Powell wrote in a letter to U.S, Senator Elizabeth Warren seen by Reuters..

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