News China Slumps, Pinterest Drops, Bitcoin Plunges: CEO Daily for...

China Slumps, Pinterest Drops, Bitcoin Plunges: CEO Daily for May 17, 2019

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China Slump

Say hello to another glum day on the markets, courtesy of the U.S.-China trade war. China doesn’t seem keen to resume trade talks due to American “insincerity” and tariff threats, and Beijing is indicating it will prop up the domestic economy with stimulus measures. The Hang Seng is down 1.2% and the Shanghai Composite 2.5%, the Stoxx Europe 600 is down 0.6% and U.S. futures look in line with Europe. Bring on the weekend! Bloomberg

Pinterest Drops

Wall Street may have liked Pinterest’s Q1 sales, which slightly beat estimates, but not so much its full-year outlook. After the digital scrapbooking company released its first post-IPO results, its shares dropped as much as 19%. Its growth seems to be slowing, and profitability is not in sight yet. Fortune

Google Antitrust

Google is facing a new antitrust inquiry, this time in Italy, where it stands accused of using its Android market dominance to stymie a charging-station-finding app from the energy giant Enel. Google allegedly refused to integrate Enel’s app into its Android Auto system, which would allow it to be used on the dashboard while driving. Guess what you can use to find charging stations while driving: Google Maps. CNBC

Bitcoin Plunge

Bitcoin has been on a tear recently, but—surprise!—the party is over. Having peeked over the $8,000 threshold yesterday, the value of the most famous cryptocurrency dropped as low as $7,180, per Coinmarketcap data (Coindesk reports there was even a trade at $6,600.) At the time of writing, one bitcoin is trading at $7,285. Coindesk

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