Dr. Copper says the world economy is in good shape.
Copper prices touched a four-month high on Monday on the back of strong GDP out of China.
China's GDP grew at a slightly faster-than-expected pace in the second quarter, according to official data published Monday, as surging industrial production and solid exports kept the world's second-largest economy humming in the face of significant concerns for its financial sector.
China's economy expanded at an annual 6.9% clip in the three months ending in June, the National Statistics Bureau (NSB) said, a rate that was modestly faster than the 6.8% pace anticipated by analysts but largely in line with the rate of growth over the first quarter. Industrial output, which rose 7.6% from the same period last year, paced the GDP gains, while an 11% surge in retail sales underscored the strength of the domestic consumer economy.
The data helped push regional stocks, in the form of the MSCI Asia ex-Japan index, past a two-year high in overnight trading while the yuan gained for a sixth consecutive session against the U.S. dollar after the People's Bank of China raised the midpoint of the currency to 6.7562, its highest level in more than 8 months.
In a July 6 trademark application, Amazon subsidiary Amazon Technologies Inc. revealed it's planning "prepared food kits composed of meat, poultry, fish, seafood, fruit and/or and [sic] vegetables...ready for cooking and assembly as a meal," as well as primarily grain-based offerings.
The product's tagline: "We do the prep. You be the chef." Amazon already sells other companies' meal kits, including Tyson Foods Inc.'s (TSN) Tyson Tastemakers. Martha Stewart is even offering meal kits on Amazon Fresh, the company's grocery delivery service. But, this may be the first hint of something bigger for Amazon, which would put it in direct competition with newly minted IPO Blue Apron (APRN) .
Speaking at the National Governors Association Summer Meeting in Rhode Island on Saturday, Musk reiterated that shares of Tesla are trading at a level "higher than we have any right to deserve" based on optimism about the company's future.
"Those expectations sometimes get out of control," Musk added. Meanwhile, TheStreet reports Tesla could be at risk of a nasty surprise soon: the end of tax credits for electric cars in the U.S.
Procter & Gamble under siege: Peltz's Trian Fund Management plans to launch a fight for a board seat at Procter & Gamble PG, making it the largest company to face a proxy battle, The Wall Street Journal reported Monday.
Trian, which owns about $3.3 billion of P&G stock, is said to be seeking a single board seat for Peltz at the company's annual meeting that could take place in October. P&G have reportedly been in talks for five months, but the company is said to have rejected to name Peltz as a director last week.
Sales at P&G -- and its stock price -- have stalled due to pricing pressure and competition.
As TheStreet's Ron Orol reported in June, look for the consumer packaged goods company to announce plans for spin-offs, sales or even a swap out of business units. If major M&A doesn't come soon, a Trian director-battle or white paper chock full of activist demands could be next.
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