China exports fall for fourth consecutive month as Beijing demands tariff rollback as part of trade deal

Chinese Vice Premier and lead trade negotiator Liu He, right, reaches to shake hands with U.S. Trade Representative Robert Lighthizer before the opening session of trade negotiations at the Diaoyutai State Guesthouse in Beijing, Thursday, Feb. 14, 2019. China’s exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. trade war but growth in imports may be a sign that Beijing’s stimulus steps are helping to stoke demand. Ov


Chinese Vice Premier and lead trade negotiator Liu He, right, reaches to shake hands with U.S. Trade Representative Robert Lighthizer before the opening session of trade negotiations at the Diaoyutai State Guesthouse in Beijing, Thursday, Feb. 14, 2019.
China’s exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. trade war but growth in imports may be a sign that Beijing’s stimulus steps are helping to stoke demand.
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China exports fall for fourth consecutive month as Beijing demands tariff rollback as part of trade deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-08
Keywords: news, cnbc, companies, month, billion, stimulus, demands, deal, earlier, exports, fall, consecutive, showed, compared, trade, growth, rollback, tariff, poll, surplus, fourth


China exports fall for fourth consecutive month as Beijing demands tariff rollback as part of trade deal

Chinese Vice Premier and lead trade negotiator Liu He, right, reaches to shake hands with U.S. Trade Representative Robert Lighthizer before the opening session of trade negotiations at the Diaoyutai State Guesthouse in Beijing, Thursday, Feb. 14, 2019.

China’s exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. trade war but growth in imports may be a sign that Beijing’s stimulus steps are helping to stoke demand.

The 17-month long trade dispute has heightened the risks of a global recession and fueled speculation that China’s policymakers could unleash more stimulus as growth in the world’s second-largest economy cooled to nearly 30-year lows.

Overseas shipments fell 1.1% from a year earlier last month, customs data showed on Sunday, compared with a 1.0% expansion tipped by a Reuters poll of analysts and a 0.9% drop in October.

Imports unexpectedly rose 0.3% from a year earlier, marking the first year-on-year growth since April and compared with a 1.8% decline forecast by economists.

The better-than-expected import data may point to firming domestic demand after factory activity showed surprising signs of improvement recently, although analysts have noted the recovery could be difficult to sustain amid trade risks.

China’s trade surplus for November stood at $38.73 billion, compared with an expected $46.30 billion surplus in the poll and a $42.81 billion surplus recorded in October.


Company: cnbc, Activity: cnbc, Date: 2019-12-08
Keywords: news, cnbc, companies, month, billion, stimulus, demands, deal, earlier, exports, fall, consecutive, showed, compared, trade, growth, rollback, tariff, poll, surplus, fourth


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Trump thanks Iran for releasing American grad student: ‘We can make deal’

Wang was released in Switzerland in exchange for Iranian citizen Massoud Soleimani, who was being held in an Atlanta jail over charges of violating American trade sanctions against Iran. Wang was among at least four other Americans being held in Iran. The swap comes amid growing tensions between Iran and the U.S. and massive protests in Iran. Trump has placed significant economic sanctions on Iran and withdrew from the Obama-era Iran nuclear deal. The White House confirmed the trade on Saturday


Wang was released in Switzerland in exchange for Iranian citizen Massoud Soleimani, who was being held in an Atlanta jail over charges of violating American trade sanctions against Iran.
Wang was among at least four other Americans being held in Iran.
The swap comes amid growing tensions between Iran and the U.S. and massive protests in Iran.
Trump has placed significant economic sanctions on Iran and withdrew from the Obama-era Iran nuclear deal.
The White House confirmed the trade on Saturday
Trump thanks Iran for releasing American grad student: ‘We can make deal’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-07  Authors: emma newburger
Keywords: news, cnbc, companies, administration, trade, releasing, student, trump, deal, white, thanks, held, wang, grad, twitter, american, iran


Trump thanks Iran for releasing American grad student: 'We can make deal'

U.S. President Donald Trump hosts a roundtable discussion with small business owners and members of his administration in the Roosevelt Room at the White House December 06, 2019 in Washington, DC.

President Donald Trump on Saturday thanked Iran for releasing an American graduate student who had been imprisoned in Tehran for over three years on charges of espionage in exchange for a prisoner held in the U.S.

“Taken during the Obama Administration (despite $150 Billion gift), returned during the Trump Administration,” the president wrote on Twitter. “Thank you to Iran on a very fair negotiation. See, we can make a deal together!”

Xiyue Wang, 38, was a Princeton University doctoral student doing research in Iran when he was arrested there in August 2016 and sentenced to 10 years in prison over suspicion of being a spy.

U.S. officials have repeatedly denied that Wang, who was held in Evin Prison on two counts of espionage, was a spy.

Wang was released in Switzerland in exchange for Iranian citizen Massoud Soleimani, who was being held in an Atlanta jail over charges of violating American trade sanctions against Iran. Soleimani was expected to be released as early as January under a plea agreement.

Wang was among at least four other Americans being held in Iran.

The swap comes amid growing tensions between Iran and the U.S. and massive protests in Iran. Trump has placed significant economic sanctions on Iran and withdrew from the Obama-era Iran nuclear deal.

The protests erupted across Iran in November in response to a 50% increase in gas prices. U.S. officials believe the demonstrations have left as many as 1,000 people dead and 7,000 imprisoned, drawing widespread global criticism.

Secretary of State Mike Pompeo said Saturday that “The United States will not rest until we bring every American detained in Iran and around the world back home to their loved ones.”

The White House confirmed the trade on Saturday with a statement from Trump, and Iran’s foreign minister, Mohammad Javad Zarif, also confirmed the deal on twitter.


Company: cnbc, Activity: cnbc, Date: 2019-12-07  Authors: emma newburger
Keywords: news, cnbc, companies, administration, trade, releasing, student, trump, deal, white, thanks, held, wang, grad, twitter, american, iran


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China’s November foreign exchange reserves fall more than expected amid focus on trade deal

A bank employee counts U.S. currency and Chinese currency notes at a bank on August 6, 2019 in China. China’s foreign exchange reserves fell $9 billion in November to $3.096 trillion, central bank data showed on Saturday, as Washington and Beijing remained locked in negotiations over an interim trade agreement. Analysts polled by Reuters had expected China’s reserves, the world’s largest, would fall $4 billion to $3.101 trillion in November. The value of the country’s gold reserves fell to $91.4


A bank employee counts U.S. currency and Chinese currency notes at a bank on August 6, 2019 in China.
China’s foreign exchange reserves fell $9 billion in November to $3.096 trillion, central bank data showed on Saturday, as Washington and Beijing remained locked in negotiations over an interim trade agreement.
Analysts polled by Reuters had expected China’s reserves, the world’s largest, would fall $4 billion to $3.101 trillion in November.
The value of the country’s gold reserves fell to $91.4
China’s November foreign exchange reserves fall more than expected amid focus on trade deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-07
Keywords: news, cnbc, companies, focus, reserves, foreign, fall, trade, billion, amid, exchange, expected, end, chinas, deal, bank, yuan, months, chinese, trillion


China's November foreign exchange reserves fall more than expected amid focus on trade deal

A bank employee counts U.S. currency and Chinese currency notes at a bank on August 6, 2019 in China.

China’s foreign exchange reserves fell $9 billion in November to $3.096 trillion, central bank data showed on Saturday, as Washington and Beijing remained locked in negotiations over an interim trade agreement.

Analysts polled by Reuters had expected China’s reserves, the world’s largest, would fall $4 billion to $3.101 trillion in November.

Despite the slowing Chinese economy and escalating U.S.-China trade war, its reserves have been gradually rising since late 2018, helped by tight capital controls and rising inflows from foreign investors who are snapping up the country’s stocks and bonds.

Modest changes in reserve levels in recent months have been largely ascribed to fluctuations in global exchange rates and the value of assets that China holds such as foreign bonds.

The yuan has been driven largely by twists and turns in the 17-month long trade war between China and the United States.

After sliding sharply this summer as the dispute suddenly escalated, the yuan rose for three straight months through November on hopes of a trade truce, only to slide again in early December as tensions between Washington and Beijing flared.

Fresh U.S. tariffs on Chinese goods are set to take effect on Dec. 15.

It gained 0.12% against the dollar in November, but remains about 2.3% weaker for the year to date.

The dollar, meanwhile, rose about 1 percent against a basket of other major currencies in November.

The value of the country’s gold reserves fell to $91.47 billion at the end of November from $94.65 billion at the end of October.

China held 62.64 million fine troy ounces of gold at the end of November, unchanged from October.

China’s economic growth cooled to 6.0% in the third quarter, the slowest pace in nearly 30 years, and many economists believe it will decelerate further into the upper 5% range in 2020.

Still, analysts note capital outflows have been modest compared with the last economic downturn in 2015-16, when policymakers burned through roughly $1 trillion in reserves supporting the yuan.

China’s central bank has started to slowly trim interest rates in recent months, and more reductions are expected in coming quarters to avert a sharper slowdown.

But analysts believe those cuts will likely be more gradual and smaller than those in 2015. If so, moves in the yuan are likely to be influenced more by trade developments than policy easing.


Company: cnbc, Activity: cnbc, Date: 2019-12-07
Keywords: news, cnbc, companies, focus, reserves, foreign, fall, trade, billion, amid, exchange, expected, end, chinas, deal, bank, yuan, months, chinese, trillion


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Kudlow says a trade deal is close, but Trump is prepared to ‘walk away’ if some conditions not met

Larry Kudlow, White House National Economic Council director, said the U.S. and China are “close” to a trade deal but that the administration was prepared to walk away if it did not get the terms they wanted. We will walk away,” Kudlow said on CNBC’s “Squawk on the Street” on Friday. “The president has said that if we can not get the enforcement and the assurances, then we will not go forward.” The two countries are in talks to finalize a so-called phase one trade deal as 15% tariffs on $165 bil


Larry Kudlow, White House National Economic Council director, said the U.S. and China are “close” to a trade deal but that the administration was prepared to walk away if it did not get the terms they wanted.
We will walk away,” Kudlow said on CNBC’s “Squawk on the Street” on Friday.
“The president has said that if we can not get the enforcement and the assurances, then we will not go forward.”
The two countries are in talks to finalize a so-called phase one trade deal as 15% tariffs on $165 bil
Kudlow says a trade deal is close, but Trump is prepared to ‘walk away’ if some conditions not met Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: yun li
Keywords: news, cnbc, companies, fact, walk, away, good, kudlow, tariffs, close, president, trade, conditions, talks, met, trump, deal, prepared


Kudlow says a trade deal is close, but Trump is prepared to 'walk away' if some conditions not met

Larry Kudlow, White House National Economic Council director, said the U.S. and China are “close” to a trade deal but that the administration was prepared to walk away if it did not get the terms they wanted.

“The president has said many times if the deal is no good, if the assurances with respects to preventing future thefts, if the enforcement procedure is no good he has said we will not go for it. We will walk away,” Kudlow said on CNBC’s “Squawk on the Street” on Friday. “The president has said that if we can not get the enforcement and the assurances, then we will not go forward.”

The two countries are in talks to finalize a so-called phase one trade deal as 15% tariffs on $165 billion in Chinese imports are set to kick in Dec. 15. Kudlow said the two sides are moving closer to a deal.

“The deal is close. It’s probably even closer than in mid-November,” Kudlow said. “Deputy level met again … The reality is constructive talks, almost daily talks. We are in fact close…There’s no arbitrary deadlines, but the fact remains December 15 is a very important date with respect to a no go or go on tariffs.”


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: yun li
Keywords: news, cnbc, companies, fact, walk, away, good, kudlow, tariffs, close, president, trade, conditions, talks, met, trump, deal, prepared


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Trump’s tricky decision: Hit Chinese goods with new tariffs or hold off?

U.S. President Donald Trump poses for a photo with China’s President Xi Jinping before their bilateral meeting during the G20 leaders summit in Osaka, Japan, June 29, 2019. In this multifront, multiyear trade war, with shifting deadlines and political headwinds, it has paid for investors to beware the ides of March. “If enough substantive progress had been made, he might” be willing to delay, Commerce Secretary Wilbur Ross told CNBC this week. Republicans and Democrats alike would worry the Whit


U.S. President Donald Trump poses for a photo with China’s President Xi Jinping before their bilateral meeting during the G20 leaders summit in Osaka, Japan, June 29, 2019.
In this multifront, multiyear trade war, with shifting deadlines and political headwinds, it has paid for investors to beware the ides of March.
“If enough substantive progress had been made, he might” be willing to delay, Commerce Secretary Wilbur Ross told CNBC this week.
Republicans and Democrats alike would worry the Whit
Trump’s tricky decision: Hit Chinese goods with new tariffs or hold off? Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: kayla tausche
Keywords: news, cnbc, companies, decision, hold, mnuchin, tariffs, goods, president, chinese, talking, trump, trade, secretary, tricky, donald, trumps, deal, hit


Trump's tricky decision: Hit Chinese goods with new tariffs or hold off?

U.S. President Donald Trump poses for a photo with China’s President Xi Jinping before their bilateral meeting during the G20 leaders summit in Osaka, Japan, June 29, 2019.

In this multifront, multiyear trade war, with shifting deadlines and political headwinds, it has paid for investors to beware the ides of March. May. August. October. And now, December.

In less than two weeks, President Donald Trump must decide whether to slap tariffs on $156 billion in consumer goods made in China — including toys, phones, laptops and clothes, right before the holidays — or move the goal post yet again in lieu of the comprehensive trade deal he’s been seeking.

“If enough substantive progress had been made, he might” be willing to delay, Commerce Secretary Wilbur Ross told CNBC this week. Treasury Secretary Steven Mnuchin said Thursday the two sides were still “on track,” for a deal and still talking, but he did not say whether the tariffs would be shelved.

During the Oval Office announcement of the latest truce, Mnuchin assured the public there would be more than enough time to finish the deal and permanently avert further tariffs.

That was two months ago.

Trump now has a complicated calculus to consider: Postponing the tariffs would avoid a market sell-off and higher holiday prices — and the ire of CEOs like Tim Cook and Jamie Dimon whom Trump has come to not only trust but revere. But doing so with anything short of a deal-signing — which Trump said in October was the next step — would mark the fifth instance this year that he delayed or canceled tariffs as a gesture of goodwill, further exposing him to criticism that the “phase one” deal exists only as a talking point.

Enacting the tariffs would cause its own problems. Republicans and Democrats alike would worry the White House was gambling with a U.S. economy already seeing some cracks in its strength. American farmers, many in swing states, would see exports further shrink and endure deeper financial suffering, not to mention continued retaliation.


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: kayla tausche
Keywords: news, cnbc, companies, decision, hold, mnuchin, tariffs, goods, president, chinese, talking, trump, trade, secretary, tricky, donald, trumps, deal, hit


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T-Mobile eyes price cut on Sprint deal, sources say

T-Mobile eyes price cut on Sprint deal, sources sayCNBC’s David Faber reports on the latest details out of the trial led by the state Attorneys General of California and New York challenging the deal between T-Mobile and Sprint on the grounds that it would be anti-competitive for consumers.


T-Mobile eyes price cut on Sprint deal, sources sayCNBC’s David Faber reports on the latest details out of the trial led by the state Attorneys General of California and New York challenging the deal between T-Mobile and Sprint on the grounds that it would be anti-competitive for consumers.
T-Mobile eyes price cut on Sprint deal, sources say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06
Keywords: news, cnbc, companies, tmobile, trial, cut, york, reports, saycnbcs, sources, price, say, state, sprint, deal, eyes


T-Mobile eyes price cut on Sprint deal, sources say

T-Mobile eyes price cut on Sprint deal, sources say

CNBC’s David Faber reports on the latest details out of the trial led by the state Attorneys General of California and New York challenging the deal between T-Mobile and Sprint on the grounds that it would be anti-competitive for consumers.


Company: cnbc, Activity: cnbc, Date: 2019-12-06
Keywords: news, cnbc, companies, tmobile, trial, cut, york, reports, saycnbcs, sources, price, say, state, sprint, deal, eyes


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What Trump does before trade deadline is the ‘wild card’ that will drive markets in the week ahead

Just in the past week, Trump said he would put new tariffs on Brazil, Argentina and France. He rattled markets when he said he could wait until after the election for a trade deal with China. If there’s no China deal, that could beat up stocks, send Treasury yields lower and send investors into other safe havens. Economic reports in the coming week include CPI inflation Wednesday, which could be an important input for the Fed. Fed aheadThe Fed has moved to the sidelines and says it is monitoring


Just in the past week, Trump said he would put new tariffs on Brazil, Argentina and France.
He rattled markets when he said he could wait until after the election for a trade deal with China.
If there’s no China deal, that could beat up stocks, send Treasury yields lower and send investors into other safe havens.
Economic reports in the coming week include CPI inflation Wednesday, which could be an important input for the Fed.
Fed aheadThe Fed has moved to the sidelines and says it is monitoring
What Trump does before trade deadline is the ‘wild card’ that will drive markets in the week ahead Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: patti domm
Keywords: news, cnbc, companies, trump, wild, markets, fed, deadline, tariffs, does, week, thats, deal, going, drive, trade, card, ahead, inflation, think, market, china


What Trump does before trade deadline is the 'wild card' that will drive markets in the week ahead

China’s President Xi Jinping (L) and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017. AFP Contributor | AFP | Getty Images

The Trump administration’s Dec. 15 deadline for new tariffs on China looms large, and while most strategists expect them to be delayed while talks continue, they don’t rule out the unexpected. “That’s the biggest thing in the room next week. I don’t think he’s going to raise them. I think they’ll find a reason,” said James Pauslen, chief investment strategist at Leuthold Group. But Paulsen said President Donald Trump’s unpredictable nature makes it really impossible to tell what will happen as the deadline nears. “He’s the one off you’re never sure about. It’s not just tariffs. It could be damn near anything,” Paulsen said. “I think he goes out of his way to be a wild card.” Just in the past week, Trump said he would put new tariffs on Brazil, Argentina and France. He rattled markets when he said he could wait until after the election for a trade deal with China. Once dubbing himself “tariff man,” Trump reminded markets that he sees tariffs as a way of getting what he wants from an opponent, and traders were reminded tariffs may be around for a long time. Trade certainly could be the most important event for markets in the week ahead, which also includes a Fed interest rate decision Wednesday and the U.K.’s election that could set the course for Brexit. If there’s no China deal, that could beat up stocks, send Treasury yields lower and send investors into other safe havens. When Fed officials meet this week, they are not expected to change interest rates, but they are likely to discuss whether they believe their repo operations to drive liquidity in the short-term funding market are running smoothly, ahead of year end. Economic reports in the coming week include CPI inflation Wednesday, which could be an important input for the Fed.

Punt, but no deal

As of Friday, the White House did not appear any closer to striking a deal with China, though officials say talks are going fine. Back in August, Trump said if there is no deal, Dec. 15 is the date for a new wave of tariffs on $156 billion in Chinese goods, including cell phones, toys and lap top computers. Dan Clifton, head of policy research at Strategas, said it seems like a low probability there will be a deal in the coming week. “What the market is focused on right now is whether there’s going to be tariffs that to into effect on Dec. 15, or not. It’s being rated pretty binary,” said Clifton. “I think what’s happening here and the actions by China overnight looks like we’re setting up for a kick.” China removed some tariffs from U.S. agricultural products Friday, and administration officials have been talking about discussions going fine. Clifton said if tariffs are put on hold, it’s unclear for how long. “Those are going to be larger questions that have to be answered. This is really now about politics. Is it a better idea for the president to cut a deal without major structural reforms, or should he walk away? That’s the larger debate that has to happen after Dec. 15,” Clifton said. “I’m getting worried that some in the administration… they’re leaning toward no deal category.” Clifton said Trump’s approval rating falls when the trade wars heat up, so that may motivate him to complete the deal with China even if he doesn’t get everything he wants. Michael Schumacher, director of rates strategy at Wells Fargo, said his base case is for a trade deal to be signed in the next couple of months, but even so, he said he can’t entirely rule out another outcome. It would make sense for tariffs to be put on hold while talks continue. “The tweeter-in-chief controls that one, ” said Schumacher. “That’s anybody’s guess…I wouldn’t be at all surprised if he suspends it for a few weeks. If he doesn’t, that’s a pretty unpleasant result. That’s risk off. That’s pretty clear.” Because the next group of tariffs would be on consumer goods, economists fear they could hit the economy through the consumer, the strongest and largest engine behind economic growth.

Fed ahead

The Fed has moved to the sidelines and says it is monitoring economic data before deciding its next move. Friday’s strong November jobs report, with 266,000 jobs added, reinforces the Fed’s decision to move to neutral for now. So the most important headlines from its meeting this week could be about the repo market, basically the plumbing for the financial system where financial institutions fund themselves. Interest rates in that somewhat obscure market spiked in September. Market pros said the issue was a cash crunch in the short term lending market, made better when the Fed started repo operations. The Fed now has multiple operations running over year end, and Schumacher said it has latitude to do more. Strategists expect there to be more pressure on the repo market as banks rein in operations to spruce up their balance sheets at year end. “No one is going to come to the Fed and say you did too much in the year-end funding,” said Schumacher. “If repo happens to spike somewhat on one day, the Fed is going to hammer it the next day.” Paulsen said the markets will be attuned to this week’s inflation numbers. Consumer inflation, the CPI is reported on Wednesday and producer prices are Thursday. A pickup in inflation of any significance is one thing that could pull the Fed from the sidelines, and prod it to consider a rate hike. “I think the inflation reports might start to get a little attention. Given the jobs numbers, the employment rate, growth picking up a little bit and a better tone in manufacturing. I do think if you get some hot CPI number, I don’t know if the Fed can ignore it,” he said. “Core CPI is 2.3%.” He said it would get noticed if it jumped to 2.5% or better. The Fed’s inflation target is 2% but its preferred measure is the PCE inflation, and that remains under 2%. Stocks were sharply higher Friday but ended the past week flattish. The S&P 500 was slightly higher, up 0.2% at 3,145, and the Dow was down 0.1% at 28,015. The Nasdaq was 0.1% lower, ending the week at 8,656.

Week ahead calendar


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: patti domm
Keywords: news, cnbc, companies, trump, wild, markets, fed, deadline, tariffs, does, week, thats, deal, going, drive, trade, card, ahead, inflation, think, market, china


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New York Knicks fire head coach David Fizdale

Head Coach David Fizdale of the New York Knicks looks on against the Brooklyn Nets at Madison Square Garden on November 24, 2019 in New York City. The New York Knicks have fired head coach David Fizdale after 22 games this season, the team announced on Friday evening. The team also relieved assistant coach Keith Smart, the team said hours after ESPN first reported the news. Assistant coach Mike Miller, 55, will serve as interim coach, the Knicks said in a statement. His overall coaching record,


Head Coach David Fizdale of the New York Knicks looks on against the Brooklyn Nets at Madison Square Garden on November 24, 2019 in New York City.
The New York Knicks have fired head coach David Fizdale after 22 games this season, the team announced on Friday evening.
The team also relieved assistant coach Keith Smart, the team said hours after ESPN first reported the news.
Assistant coach Mike Miller, 55, will serve as interim coach, the Knicks said in a statement.
His overall coaching record,
New York Knicks fire head coach David Fizdale Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: jabari young ganesh setty, jabari young, ganesh setty
Keywords: news, cnbc, companies, fizdale, head, coach, record, coaching, knicks, deal, scout, team, york, season, david, million


New York Knicks fire head coach David Fizdale

Head Coach David Fizdale of the New York Knicks looks on against the Brooklyn Nets at Madison Square Garden on November 24, 2019 in New York City.

The New York Knicks have fired head coach David Fizdale after 22 games this season, the team announced on Friday evening.

The team also relieved assistant coach Keith Smart, the team said hours after ESPN first reported the news. Assistant coach Mike Miller, 55, will serve as interim coach, the Knicks said in a statement.

Fizdale’s departure comes after the Knicks fell to the Denver Nuggets 129-92 Thursday night, dropping the team to 4-18 this season, the worst record in the Eastern Conference.

CNBC’s calls to the Knicks for comment about Fizdale’s fate were not immediately returned.

Speaking to CNBC about the move, one agent who represents coaches labeled the firing “inevitable,” following Knicks President Steve Mills and General Manager Scott Perry expressing disappointment in the team and coaching staff after a Nov. 10 loss to the Cleveland Cavaliers.

In two seasons (104 games), Fizdale coached the Knicks to a 21-83 record. His overall coaching record, which includes 101 games with the Memphis Grizzlies, is 71-134. The Knicks will be on the hook for remaining years of Fizdale’s contract, valued at roughly $17 million; part of a four-year, $22 million deal he signed to coach the team in 2018.

The question now becomes: Who will be the next coach? And will Mills and Perry be around to oversee the coaching search, beyond this season? One report indicates the Knicks will eventually make a run at Masai Ujiri, the Toronto Raptors president of basketball operations who just led the team to its first NBA championship last season.

Early coaching names floating around league circles as a replacement include former Knicks guard and Brooklyn native Mark Jackson, who last coached the Golden State Warriors to a 51-31 record in the 2013-14 season.

“I think he could do well there,” one Eastern Conference scout told CNBC shortly after Fizdale’s dismissal was reported. “But would they hire Mark?”

San Antonio Spurs assistant head coach Becky Hammon is also an interesting name, and according to a league source, the former New York Liberty guard would have interest in coaching the Knicks if she could land a long-term deal, with the belief a four- or five-year deal would be sufficient.

Sam Mitchell, former NBA Coach of the Year for 2007, is also being mentioned as a good fit to coach the Knicks in the short term, as Mitchell has a reputation of getting effort from players.

The Knicks have struggled as a team in recent years, causing many around the NBA, including the scout, to label a coaching job under owner Jim Dolan “terrible.”

Dolan is frequently criticized for how the organization is run. Mills and Perry have also received negative reviews following the construction and “unrealistic expectations” of the roster after the Knicks struck out in free agency, with superstars Kevin Durant and Kyrie Irving selecting the Brooklyn Nets over the Knicks.

Asked to describe the current roster, which includes newcomers Julius Randle (signed a three-year deal, worth roughly $62 million), Bobby Portis (two-year, $31 million with a team option for the 2020-21 season), and Marcus Morris (one year, $15 million), the scout said: “No direction.”

The Knicks will host the Indiana Pacers (14-7) on Saturday.


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: jabari young ganesh setty, jabari young, ganesh setty
Keywords: news, cnbc, companies, fizdale, head, coach, record, coaching, knicks, deal, scout, team, york, season, david, million


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European markets higher ahead of data and OPEC meeting; Moncler up 11%

The pan-European Stoxx 600 was 0.3% higher with most sectors trading in the black. Household goods was among the top-performing sectors on reports that Kering is considering buying the Italian brand Moncler. Overall, investors are closely monitoring trade talks between China and the U.S. amid mixed signals about their progress. However, President Donald Trump has said that he could decide to delay a trade deal with China until after the 2020 Presidential election. The statement comes after two-d


The pan-European Stoxx 600 was 0.3% higher with most sectors trading in the black.
Household goods was among the top-performing sectors on reports that Kering is considering buying the Italian brand Moncler.
Overall, investors are closely monitoring trade talks between China and the U.S. amid mixed signals about their progress.
However, President Donald Trump has said that he could decide to delay a trade deal with China until after the 2020 Presidential election.
The statement comes after two-d
European markets higher ahead of data and OPEC meeting; Moncler up 11% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: silvia amaro
Keywords: news, cnbc, companies, sectors, trade, moncler, data, opec, statement, china, deal, twodays, trump, higher, meeting, talks, transatlantic, ahead, markets, european


European markets higher ahead of data and OPEC meeting; Moncler up 11%

The pan-European Stoxx 600 was 0.3% higher with most sectors trading in the black. Household goods was among the top-performing sectors on reports that Kering is considering buying the Italian brand Moncler. Shares of the latter rose 11% in early deals.

Overall, investors are closely monitoring trade talks between China and the U.S. amid mixed signals about their progress. According to a Bloomberg report, citing people familiar with the talks, the two economies are moving closer on their first-phase deal. However, President Donald Trump has said that he could decide to delay a trade deal with China until after the 2020 Presidential election.

Elsewhere, a joint statement by NATO leaders on Wednesday said that the transatlantic alliance will stand together against threats from Russia and China. The statement comes after two-days of intense meetings in the U.K., where members clashed over the organization’s role.


Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: silvia amaro
Keywords: news, cnbc, companies, sectors, trade, moncler, data, opec, statement, china, deal, twodays, trump, higher, meeting, talks, transatlantic, ahead, markets, european


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Stocks at risk of 10% drop, but health care is a ‘win-win’: Matt Maley

The date is when the Trump administration plans to put through its next set of tariffs on Chinese goods if it can’t reach a trade deal with Beijing. With the market pricing in not just a pause in tariffs, but a rollback, Maley said the risks were still brewing. He warned that stocks could pull back by 4-6% even if the Dec. 15 round of tariffs were postponed instead of canceled. So it’s kind of a win-win situation, again, after a little bit of a breather on the near term.” On the trade front, Bap


The date is when the Trump administration plans to put through its next set of tariffs on Chinese goods if it can’t reach a trade deal with Beijing.
With the market pricing in not just a pause in tariffs, but a rollback, Maley said the risks were still brewing.
He warned that stocks could pull back by 4-6% even if the Dec. 15 round of tariffs were postponed instead of canceled.
So it’s kind of a win-win situation, again, after a little bit of a breather on the near term.”
On the trade front, Bap
Stocks at risk of 10% drop, but health care is a ‘win-win’: Matt Maley Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: lizzy gurdus, stephanie landsman
Keywords: news, cnbc, companies, market, winwin, stocks, standpoint, tariffs, care, risk, bapis, drop, deal, going, trade, maley, matt, health


Stocks at risk of 10% drop, but health care is a 'win-win': Matt Maley

Talk about a positive prognosis.

While stocks could fall as much as 10% if the United States and China are unable to reach a trade deal by a Dec. 15 tariff deadline, health-care stocks are poised to rally regardless of what happens, says Matt Maley, chief market strategist at Miller Tabak.

“The Number 1 thing that would really hurt the market and knock it down 10% would be that we get no deal and they do raise the tariffs on December 15th. That’s a low probability — I even put that below 20% — but people do need to keep that out there and consider it,” the strategist said Wednesday on CNBC’s “Trading Nation.” The date is when the Trump administration plans to put through its next set of tariffs on Chinese goods if it can’t reach a trade deal with Beijing.

With the market pricing in not just a pause in tariffs, but a rollback, Maley said the risks were still brewing. He warned that stocks could pull back by 4-6% even if the Dec. 15 round of tariffs were postponed instead of canceled.

While health-care stocks, tracked in part by the Health Care Select Sector SPDR Fund (XLV), didn’t exactly surge when the stock market was sent lower by U.S.-China trade issues in May and August, they’re in a better position to climb now that some of the political noise around the sector has softened.

“[Health-care] outperformed back then in those two months by going sideways, and that’s because it … had some of these political issues surrounding the Elizabeth Warren campaign. Those have been pushed to the side,” Maley said. “And, of course, we’ve seen a huge breakout in the XLV.”

“It’s broken well above its all-time highs,” Maley added. “It is a little overbought on a near-term basis, but I believe that it’s broken out so strongly that even after … it works off that overbought condition, it’s going to rally higher … if we do have a big scare on the tariff side. But it also should rally even if the whole market moves up. So it’s kind of a win-win situation, again, after a little bit of a breather on the near term.”

The XLV closed at $99.75 on Wednesday, up nearly 1% and opened flat on Thursday.

Michael Bapis, managing director with Vios Advisors at Rockefeller Capital Management, pointed out in the same “Trading Nation” interview that while stocks have “run up quite a bit” into year-end, people are staying invested for now.

“Everybody’s hanging on the last 15 to 25 days of the year to try to lock these returns in … if nothing gets messed up going into next year,” Bapis said.

On the trade front, Bapis gave a no-deal scenario less than 50% odds, saying it “would be a disaster” if it happened.

“I think what’s more likely to happen is a neutral to very positive scenario,” he said. “Neutral [is] where we come to some agreement of a deal: The details aren’t there yet, but we’ve moving in the right direction. Super positive would be a deal and no tariffs.”

In Bapis’ book, regardless of what happens, economic growth is still intact, monetary policy is still relatively easy and “the tax law easing is starting to take effect,” all of which puts stocks in a good position regardless of trade.

“If we can remove ourselves from just this one specific topic of … trade and tariff[s], as hard as it may be, we’re in a really good position from a market standpoint, earnings standpoint, earnings growth standpoint,” he said. “So, we will be watching December 15 or prior to, if something changes before then, and I think you’re going to see a lot of volatility up until that point and there may be even more volatility after.”

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Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: lizzy gurdus, stephanie landsman
Keywords: news, cnbc, companies, market, winwin, stocks, standpoint, tariffs, care, risk, bapis, drop, deal, going, trade, maley, matt, health


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