Less than two hours after Boeing came clean that second-quarter jet deliveries slid 54% from a year earlier to just 90 aircraft, reflecting the toll from a global grounding of the 737 Max after two fatal crashes, President Trump offered a silver lining (that investors immediately loved) Qatar plans to purchase aircraft in a “large transaction” with Boeing.
LIVE: Qatar’s Emir Sheikh Tamim meets US President Donald Trump at the White House to discuss regional security in the Gulf, among other issues. https://t.co/vPB9UjnGSn
— Al Jazeera News (@AJENews) July 9, 2019
The reaction was to buy Boeing stock, because Qatar just fixed all their issues?
However, as Bloomberg notes, Trump didn’t indicate whether Qatar was signing a new agreement, or following up on previous agreements, including a $1.8 billion deal announced last month at the Paris Air Show for five Boeing-777 freighters. That sale wasn’t listed in Boeing’s June orders, meaning the final contracts hadn’t been signed.
Finally, we note that the Qatar purchase follows a dinner between Mnuchin and the emir Al Thani which included:
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Trump
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Mulvaney
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Ivanka, Jared
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Dina Powell
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Hank Paulson
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Mike Crapo
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Tom Barrack
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Bob Kraft
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Stan Kroenke
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David Rubenstein
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Steve Roth
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Citigroup CEO Michael Corbat
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Wells Fargo CEO C. Allen Parker.
One wonders what else was offered to rescue Boeing?
via ZeroHedge News https://ift.tt/2XyKEEl Tyler Durden