The German economy ministry announced Tuesday that Commerce Secretary Wilbur Ross canceled his trip to Germany without citing a reason for the abrupt change of plans, CNBC reported.
Ross, who was set to arrive today, was scheduled to meet with German Economy Minister Brigitte Zypries and address an event hosted by the economic council of conservative Chancellor Angela Merkel.
The cancellation comes as Germany and the U.S. are at odds over trade policy. President Donald Trump favors a protectionist trade agenda, while Germany has prioritized free and fair trade during its tenure as Group of 20 president.
Merkel recently said she sees no common interests between the U.S. and Europe on the issues of trade and climate policy.
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Another bank is bullish on Alibaba: JP Morgan initiated Chinese e-commerce giant Alibaba (BABA) - Get Alibaba Group Holding Ltd. Sponsored ADR Report with an overweight rating and $190 price target in a new note Tuesday, representing more than 30% growth over Monday's closing price of $142.73. In JP Morgan's eyes, Alibaba is entering a transformation from a pure play e-commerce company to a data-driven beast that stands to power its bottom line more than most expect.
"We believe Alibaba's core commerce is expanding from traffic monetization to data monetization and such trend will quickly expand to its media/cloud businesses," writes JP Morgan analyst Alex Yao. "Such expansion not only allows Alibaba to tap into non-transaction-based corporate budget (e.g. market research, brand awareness, and customer service), but also supports our investment thesis based on sustainable revenue/earnings growth."
A key Walmart business springs back to life: Walmart (WMT) - Get Walmart Inc. Report is starting to see long-awaited sales growth at its U.K. Asda division as Britons shift their shopping habits towards food purchases with a slump in consumer confidence and surging inflation, TheStreet's Lisa Botter reports. Sales at Asda rose by 2.2% for the 12-weeks ended June 18, well ahead of the 0.9% pace notched in the 12 weeks to May 21, according to new data from research firm Kantar.
Different strategies emerge in driver-less cars: Alphabet Inc.'s (GOOGL) - Get Alphabet Inc. Class A Report deal with rental car giant Avis Budget Group Inc. (CAR) - Get Avis Budget Group, Inc. Reportto have Avis manage some self-driving test cars developed by Alphabet's Waymo unit and Fiat Chrysler (FCAU) - Get Fiat Chrysler Automobiles N.V. Report feels a little overblown, writes TheStreet's Eric Jhonsa. The deal only covers test cars deployed in one metro area (Phoenix, Ariz.), and isn't exclusive, Jhonsa points out.
Meanwhile, Apple Inc.'s (AAPL) - Get Apple Inc. (AAPL) Report deal with Avis rival Hertz Global Holdings Inc. (HTZ) - Get Hertz Global Holdings, Inc. Report feels even smaller. Apple, which has reportedly been testing a half-dozen self-driving cars around the San Francisco Bay Area, is just leasing a small number of Lexus RX450h SUVs from Hertz, with the idea of retrofitting them with self-driving test systems.
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