‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC

“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”


“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”
‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


'Million Dollar Listing' agent Ryan Serhant: Buyers are 'freaking out' about Amazon ditching NYC

New York State Sen. Michael Gianaris, a Democrat whose district includes Long Island City, defended his opposition in a separate CNBC interview on Friday, saying, “when they [Amazon] come in and take over a community like that, the community dies.”

Gianaris, along with other New York politicians including liberal firebrand Rep. Alexandria Ocasio-Cortez, opposed the $3 billion in incentives the city promised to pay Amazon to seal the deal in November over the dozens and dozens of other localities which were in the running for the project.

“The Amazon ‘boom,’ as we can call it, happened too quickly. And no one was really able to understand the benefits that that many jobs to the area would have brought to the locals,” said Serhant, who started his career in Long Island City.

“I remember doing deals at $600 a square foot in Long Island City in 2009. And everyone was so angry about it. They’re never going to get their money back,” he said. “I just resold an apartment that I sold for $900,000 in 2009 in October, so before the Amazon announcement, for $1.8 million.”

Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. I think it’s a great place for real estate investment.” He said apartments there go for about $200 per square foot less than in Manhattan.

Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. He called Amazon’s change of plans “a shame” and said that “of course” if the company had stayed “it was going to be better.”

However, “we are still doing deals. Nothing has changed,” he said on “Power Lunch.” “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”

The brokerage sold 300 pre-construction units in two weeks after Amazon announced it was coming to town, but no one has called yet to back out, Benaim said. Closings aren’t expected for another eight to 10 months. “We’ll just have to wait and see, but I don’t think any of those will really leave,” he added.

Amazon, which does not plan to search for a replacement location, said it plans to move forward with its planned second half of its East Coast headquarters in Northern Virginia. Meanwhile, Nashville, Tennessee, which had won a smaller investment in the monthslong HQ2 search, will also remain on track.

— CNBC’s Michelle Fox contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


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‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC

“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”


“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”
‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


'Million Dollar Listing' agent Ryan Serhant: Buyers are 'freaking out' about Amazon ditching NYC

New York State Sen. Michael Gianaris, a Democrat whose district includes Long Island City, defended his opposition in a separate CNBC interview on Friday, saying, “when they [Amazon] come in and take over a community like that, the community dies.”

Gianaris, along with other New York politicians including liberal firebrand Rep. Alexandria Ocasio-Cortez, opposed the $3 billion in incentives the city promised to pay Amazon to seal the deal in November over the dozens and dozens of other localities which were in the running for the project.

“The Amazon ‘boom,’ as we can call it, happened too quickly. And no one was really able to understand the benefits that that many jobs to the area would have brought to the locals,” said Serhant, who started his career in Long Island City.

“I remember doing deals at $600 a square foot in Long Island City in 2009. And everyone was so angry about it. They’re never going to get their money back,” he said. “I just resold an apartment that I sold for $900,000 in 2009 in October, so before the Amazon announcement, for $1.8 million.”

Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. I think it’s a great place for real estate investment.” He said apartments there go for about $200 per square foot less than in Manhattan.

Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. He called Amazon’s change of plans “a shame” and said that “of course” if the company had stayed “it was going to be better.”

However, “we are still doing deals. Nothing has changed,” he said on “Power Lunch.” “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”

The brokerage sold 300 pre-construction units in two weeks after Amazon announced it was coming to town, but no one has called yet to back out, Benaim said. Closings aren’t expected for another eight to 10 months. “We’ll just have to wait and see, but I don’t think any of those will really leave,” he added.

Amazon, which does not plan to search for a replacement location, said it plans to move forward with its planned second half of its East Coast headquarters in Northern Virginia. Meanwhile, Nashville, Tennessee, which had won a smaller investment in the monthslong HQ2 search, will also remain on track.

— CNBC’s Michelle Fox contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


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Dollar buyers are the big winners as prime London property tumbles

The cost of property in London’s most expensive neighborhoods tumbled in 2018, with buyers using the U.S. dollar making the largest savings. Analysis of three prime property areas in the city suggested that sold house prices at the top end of the London market averaged around 6 percent less in 2018 from the year before. The accompanying report, published Tuesday, claimed that buyers of homes in prime central London paid 14 percent less during the last three months of 2018 compared with the 2014


The cost of property in London’s most expensive neighborhoods tumbled in 2018, with buyers using the U.S. dollar making the largest savings. Analysis of three prime property areas in the city suggested that sold house prices at the top end of the London market averaged around 6 percent less in 2018 from the year before. The accompanying report, published Tuesday, claimed that buyers of homes in prime central London paid 14 percent less during the last three months of 2018 compared with the 2014
Dollar buyers are the big winners as prime London property tumbles Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: david reid, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, property, winners, billion, uks, dollar, buyers, 2018, big, tumbles, compared, london, value, sold, prime, quarter


Dollar buyers are the big winners as prime London property tumbles

The cost of property in London’s most expensive neighborhoods tumbled in 2018, with buyers using the U.S. dollar making the largest savings.

Analysis of three prime property areas in the city suggested that sold house prices at the top end of the London market averaged around 6 percent less in 2018 from the year before.

New data published by real estate analysis firm LonRes also revealed that more than half of properties had to fall in price before managing to achieve a sale.

The accompanying report, published Tuesday, claimed that buyers of homes in prime central London paid 14 percent less during the last three months of 2018 compared with the 2014 peak.

Moreover, during 2018’s fourth quarter those buying top London property in U.S. dollars are estimated to have averaged a 36 percent saving compared to 2014’s peak prices. The value of sterling has fallen sharply with a steep drop in value shortly after the result of the 2016 referendum on the U.K.’s membership of the European Union (EU).

Roughly £2.9 billion ($3.7 billion) of housing stock was sold in the prime central London area in 2018 compared to £3.5 billion in 2017.

Meanwhile, transactions in the fourth quarter of 2018 were down 13 percent, compared to the same period in 2017.

Brexit, the U.K.’s exit from the EU, was cited by some 69 percent of agents who answered the survey as the root of the slowdown in 2018. Almost half said Brexit would remain the biggest drag to demand in the year ahead.


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: david reid, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, property, winners, billion, uks, dollar, buyers, 2018, big, tumbles, compared, london, value, sold, prime, quarter


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Trump will get the weak dollar he likes from a China trade deal but not if he goes after Europe

A trade deal with China could stop the dollar’s rise, but it may not stay down if President Donald Trump then turns his focus to tariffs on European cars. Everybody is just kind of waiting for some solution, whether it’s Brexit, Trump China trade issues, some of the broader discussions around trade.” The euro, in the meantime, has been responding to weakness in European data, concerns about Brexit and trade uncertainty. Trade experts have said the U.S. will likely reach a China deal before turni


A trade deal with China could stop the dollar’s rise, but it may not stay down if President Donald Trump then turns his focus to tariffs on European cars. Everybody is just kind of waiting for some solution, whether it’s Brexit, Trump China trade issues, some of the broader discussions around trade.” The euro, in the meantime, has been responding to weakness in European data, concerns about Brexit and trade uncertainty. Trade experts have said the U.S. will likely reach a China deal before turni
Trump will get the weak dollar he likes from a China trade deal but not if he goes after Europe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: patti domm, beawiharta
Keywords: news, cnbc, companies, china, goes, european, tariffs, euro, dollar, deal, trump, europe, data, global, likes, trade, weak


Trump will get the weak dollar he likes from a China trade deal but not if he goes after Europe

A trade deal with China could stop the dollar’s rise, but it may not stay down if President Donald Trump then turns his focus to tariffs on European cars.

U.S. trade negotiators are in China this week, and stocks and risk assets have risen on optimism that a deal will be reached and that Trump will not impose new sanctions on the March 1 deadline, if talks are continuing. At the same time, the dollar has moved higher, after a series of more positive U.S. data, including Thursday’s CPI.

“When you look around the world, that seems to be where the big economic risks are emanating from. The U.S. economy is slowing, but it’s still growing above trend,” said Marc Chandler, Bannockburn Global Forex chief market strategist. “The dollar has gone up every day, except for one, since the jobs data, and that’s right after the Fed sounded so dovish.”

The dollar index has risen 8.4 percent over the past year, boosted by concerns that trade wars and tariffs will harm the global economy. But recently, its rise has been fueled by the economic data, after January’s robust jobs report reduced worries about a recession. Trump has said in the past that a strong dollar hurts the U.S. while other countries manipulate their currencies, but other administration officials have backed a stronger dollar.

Strategists say the initial reaction in the dollar, should the U.S. and China come up with a trade deal, would be a decline, as emerging market currencies jump and the euro gains, at least in the short term.

But the Commerce Department is soon expected to release the results of its study of the global automobile industry, through the prism of national security concerns, and many analysts believe it will recommend tariffs on European vehicles. The report is expected Feb. 17, and the administration would then have 90 days to act on it.

Mark McCormick, TD Securities head currency strategist, said the euro could head to the top of its recent range, to about $1.16 after a China deal. “If there are European tariffs, we’re going to 1.10,” he said. Euro/dollar was at 1.1264 Wednesday.

“The markets are trying to price different outcomes, and they’re all overshooting because nobody has any conviction on what to do on any asset class,” said McCormick, of the effect of trade wars. “It weakens global growth. It impacts U.S. multinationals’ operations. It impacts local economies. It changes the trajectory of monetary policy. It becomes a very challenging environment to build scenarios around. Everybody is just kind of waiting for some solution, whether it’s Brexit, Trump China trade issues, some of the broader discussions around trade.”

The euro, in the meantime, has been responding to weakness in European data, concerns about Brexit and trade uncertainty. Trade experts have said the U.S. will likely reach a China deal before turning its sights on Europe and then Trump may well impose tariffs.

“Auto tariffs would hit the euro zone very sharply. That would be a negotiating tactic. I think the problem with this again is you might have a very adverse reaction in global financial markets since that kind of thing would undermine the sustainability of that kind of approach,” said Ben Randol, G-10 foreign exchange strategist at Bank of America Merrill Lynch. “It just feeds the narrative of a generalized global trade uncertainty.”

The euro would dive on new tariffs, and the dollar would strengthen.

“The U.S. dollar goes up on issues of trade uncertainty because the rest of the world is hurt more,” said Randol.


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: patti domm, beawiharta
Keywords: news, cnbc, companies, china, goes, european, tariffs, euro, dollar, deal, trump, europe, data, global, likes, trade, weak


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Trade friction, growth worries keep dollar near 2019 highs

The dollar held steady versus its peers on Tuesday, hovering close to its 2019 high as U.S.-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal. “The dollar is benefiting from the investor nervousness around the trade talks,” said Sim Moh Siong, currency strategist at Bank of Singapore. The dollar index was steady at 97.04, after advancing 0.45 percent in the previous session, its largest percentage gain since Jan. 24. The single currency was relatively un


The dollar held steady versus its peers on Tuesday, hovering close to its 2019 high as U.S.-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal. “The dollar is benefiting from the investor nervousness around the trade talks,” said Sim Moh Siong, currency strategist at Bank of Singapore. The dollar index was steady at 97.04, after advancing 0.45 percent in the previous session, its largest percentage gain since Jan. 24. The single currency was relatively un
Trade friction, growth worries keep dollar near 2019 highs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, highs, worries, central, friction, steady, euro, growth, talks, global, currency, near, week, trade, bank, dollar, 2019


Trade friction, growth worries keep dollar near 2019 highs

The dollar held steady versus its peers on Tuesday, hovering close to its 2019 high as U.S.-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal.

Investors are focusing on high level trade talks in China this week where Washington is expected to keep pressing Beijing on long-standing demands that it make sweeping structural reforms to protect American companies’ intellectual property, to end policies aimed at forcing the transfer of technology to Chinese companies, and curb industrial subsidies.

“The dollar is benefiting from the investor nervousness around the trade talks,” said Sim Moh Siong, currency strategist at Bank of Singapore.

“Beyond its safe haven appeal, the dollar is still the highest-yielding currency in the developed world and with all major central banks turning dovish, the greenback seems relatively attractive.”

This week’s talks come as the world’s two largest economies try to hammer out a deal before a March 1 deadline, after which U.S. tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent.

Financial markets have been roiled by the trade tensions over the past year, with business sentiment taking a hit around the world as the fallout of the .S.-China dispute disrupted factory activity and hurt global growth.

The greenback rose 0.1 percent against the yen to 110.47 and was a touch higher versus the Swiss franc at 1.0040.

The dollar index was steady at 97.04, after advancing 0.45 percent in the previous session, its largest percentage gain since Jan. 24. The index has risen for eight straight sessions, mainly thanks to a tumbling euro, which has the largest weighting in the index.

The single currency was relatively unchanged at $1.1278 in Asian trade, having lost nearly half a percent on Monday. The euro has weakened for six consecutive sessions, and traders expect further losses now that the crucial psychological support of $1.13 has been broken.

“The next level of support for EUR/USD is the November low of 1.1215 which should be tested quickly,” said Kathy Lien, managing director of currency strategy at BK Asset Management.

The European Central Bank is expected to maintain a highly accommodative monetary policy this year as growth slows in the euro zone and inflation stays low. Last week, the European Commission sharply cut its forecasts for euro zone growth for this year and next.

Investors are expecting stimulus from the ECB in the form of a cheap loan scheme for banks in the coming months.

Elsewhere, sterling was 0.15 percent firmer at $1.2869, after tumbling 0.75 percent in the previous session. Analysts expect the British pound to remain volatile due to the uncertainty surrounding Brexit.

The British parliament is set to hold a debate on Brexit on Feb. 14 where Prime Minister Theresa May is seeking changes to her deal with Brussels after it was rejected by a record majority in parliament last month.

The Australian dollar, often considered a gauge of global risk appetite, gained around 0.3 percent to $0.7083 as risk sentiment improved on expectations that U.S. lawmakers had reached a tentative deal on border security funding that would avert another partial government shutdown due to start on Saturday.

Traders expect the Aussie to remain under pressure after Reserve Bank of Australia Governor Philip Lowe tempered a long-held tightening bias last week, saying an easing might be just as likely as a hike.

The kiwi dollar was steady at $0.6730. New Zealand’s central bank is expected to leave interest rates unchanged at its policy meeting on Wednesday but may adopt a more dovish tone and cut forecasts, in line with other major central banks as rising global economic risks cloud the outlook.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, highs, worries, central, friction, steady, euro, growth, talks, global, currency, near, week, trade, bank, dollar, 2019


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Dollar near six-week highs as trade, growth worries ramp up

The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets. “The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.” Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. The strength in the d


The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets. “The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.” Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. The strength in the d
Dollar near six-week highs as trade, growth worries ramp up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, trade, highs, sentiment, sixweek, near, global, versus, tensions, chinese, ramp, euro, worries, dollar, growth, yields, week


Dollar near six-week highs as trade, growth worries ramp up

The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets.

“U.S.-China talks are the big focus for the week and the dollar strength is indicative of the cautious market sentiment right now owing to its safe-haven status,” said Nick Twidale, chief operating officer at Rakuten Securities.

“The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.”

U.S. negotiators will this week press China on longstanding demands that it reform how it treats U.S. companies’ intellectual property in order to seal a trade deal that could prevent tariffs from rising on Chinese imports.

The dollar gained 0.1 percent versus the yen to 109.82. However, traders expect moves in dollar/yen to be small on Monday as Japanese markets remain shut for a public holiday.

The dollar index, a gauge of its value versus six major peers, was marginally higher at 96.64, on track for its eighth straight day of gains.

Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. Market confidence took a hit last week when U.S. President Donald Trump said he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal.

Trump has vowed to increase U.S. tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent currently if the two sides cannot reach a deal by March 2.

The euro was marginally lower versus the greenback at $1.1322 in early Asian trade while the Aussie was 0.15 percent higher at $0.7099, after a disastrous week in which it lost 2.2 percent.

The strength in the dollar has come despite the Federal Reserve taking a dovish stance at its last policy meeting in January. For now, investors are piling into the safety of the greenback due to fears of a sharp global economic slowdown.

The euro came under pressure as core European government debt yields touched their lowest in over two years. The single currency has lost 2.5 percent so far this month.

Benchmark German yields were just 10 basis points away from zero percent.

The European Commission sharply cut on Thursday its forecasts for euro zone economic growth for this year and next with the bloc’s largest economies expected to be held back by global trade tensions and domestic challenges.

Last month, the International Monetary Fund also downgraded its forecasts for global growth.

Elsewhere, sterling was down 0.1 percent at $1.2935. Traders expect the pound to remain volatile amid heightened political uncertainty over the Brexit process.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, trade, highs, sentiment, sixweek, near, global, versus, tensions, chinese, ramp, euro, worries, dollar, growth, yields, week


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Gold holds firm on trade, growth worries; heads for weekly fall

Gold held steady on Friday on worries that a prolonged Sino-U.S. trade war could worsen global economic slowdown, but a strong dollar put bullion on track for its first weekly loss in three. The two countries had taken a 90-day hiatus in their trade war to work out a deal. Stocks pulled back sharply around the world on fears of a global growth slowdown spreading to Europe and uncertainties around U.S.-China trade tensions. “People are still not sure in what direction the trade war might go,” Sha


Gold held steady on Friday on worries that a prolonged Sino-U.S. trade war could worsen global economic slowdown, but a strong dollar put bullion on track for its first weekly loss in three. The two countries had taken a 90-day hiatus in their trade war to work out a deal. Stocks pulled back sharply around the world on fears of a global growth slowdown spreading to Europe and uncertainties around U.S.-China trade tensions. “People are still not sure in what direction the trade war might go,” Sha
Gold holds firm on trade, growth worries; heads for weekly fall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: getty images
Keywords: news, cnbc, companies, war, heads, global, weekly, firm, dollar, fall, steady, worries, growth, week, countries, trade, strong, holds, gold


Gold holds firm on trade, growth worries; heads for weekly fall

Gold held steady on Friday on worries that a prolonged Sino-U.S. trade war could worsen global economic slowdown, but a strong dollar put bullion on track for its first weekly loss in three.

Spot gold was steady at $1,309.34 per ounce, as of 0320 GMT, after the metal hit its lowest since Jan. 29 at $1,302.11 on Thursday.

U.S. gold futures were also unchanged at $1,313.10.

U.S. President Donald Trump said on Thursday he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal. The two countries had taken a 90-day hiatus in their trade war to work out a deal.

Stocks pulled back sharply around the world on fears of a global growth slowdown spreading to Europe and uncertainties around U.S.-China trade tensions.

“Some of our growth indicators are clearly seeing easing global activity and trade volumes are being hit. That makes people cautious and could derive support for gold around $1,300-$1,330 range,” said John Sharma, an economist with National Australian Bank.

The European Commission on Thursday sharply cut its forecasts for euro zone economic growth this year and next on expectations the bloc’s largest countries will be held back by global trade tensions and domestic challenges.

“People are still not sure in what direction the trade war might go,” Sharma said, adding that the U.S. dollar’s strength was also capping gold’s gains.

The dollar index, a gauge of its value versus six major peers, was hovering close to its two-week high.

“The negative trade talk headlines saw some safe-haven buying re-emerge,” ANZ analysts said in a note, adding that sharp falls in equity markets had been supportive for gold.

Bullion prices have risen about 13 percent since touching over 1-1/2-year lows in August, mostly due to volatile stock markets, a pull-back in dollar and dovish U.S. Federal Reserve.

But, a strong dollar, which makes bullion more expensive for holders of other currencies, has driven gold down 0.6 percent for this week.

Gold’s pull back from a nine-month high of $1,326.30 touched last week has driven outflows in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust.

SPDR gold holdings fell for a fifth straight session on Thursday, shedding over 1 percent for the week in what could be their worst fall since the week ended Oct. 7.

Among other precious metals, palladium stood firm at $1,386 an ounce, silver was down 0.1 percent at $15.70 and platinum was 0.4 percent lower at $793.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: getty images
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Dollar gains as growth worry sparks flight to safety; Aussie weakens

The dollar held near a two-week high on Friday, as demand for safe-haven assets rose on uncertainties about the path of U.S.-China trade negotiations and broader worries about slowing global growth. “The dollar is being supported by worries over global growth and external factors,” said Sim Moh Siong, currency strategist at Bank of Singapore. “Markets are waiting to see what policy measures can stabilise growth worldwide…until then, it’s hard to see the dollar weakening.” The dollar index, a g


The dollar held near a two-week high on Friday, as demand for safe-haven assets rose on uncertainties about the path of U.S.-China trade negotiations and broader worries about slowing global growth. “The dollar is being supported by worries over global growth and external factors,” said Sim Moh Siong, currency strategist at Bank of Singapore. “Markets are waiting to see what policy measures can stabilise growth worldwide…until then, it’s hard to see the dollar weakening.” The dollar index, a g
Dollar gains as growth worry sparks flight to safety; Aussie weakens Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, safety, policy, index, global, weakens, bank, worry, sparks, growth, aussie, gains, flight, versus, trade, euro, european, dollar


Dollar gains as growth worry sparks flight to safety; Aussie weakens

The dollar held near a two-week high on Friday, as demand for safe-haven assets rose on uncertainties about the path of U.S.-China trade negotiations and broader worries about slowing global growth.

Such concerns were brought to the fore on Thursday after the European Commission sharply cut its forecasts for euro zone economic growth this year and next on expectations the bloc’s largest countries will be held back by global trade tensions and domestic challenges.

Investors’ anxieties about the global economy were also compounded by comments from U.S. President Donald Trump, who said he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline to achieve a trade deal.

“The dollar is being supported by worries over global growth and external factors,” said Sim Moh Siong, currency strategist at Bank of Singapore.

“Markets are waiting to see what policy measures can stabilise growth worldwide…until then, it’s hard to see the dollar weakening.”

The dollar index, a gauge of its value versus six major peers was up by around 0.1 percent at 96.59, sitting just shy of its two-week high.

The index has gained for six straight sessions in a row. This was mainly due to a weaker euro, which has around 58 percent weightage in the index, and came despite the Federal Reserve’s dovish shift on interest rates last week.

The Aussie dollar fell 0.3 percent to $0.7076 in Asian trade as the Reserve Bank of Australia cut its growth forecasts.

The Aussie has shed 2.4 percent of its value so far this week after the central bank signalled a shift from its long-standing tightening bias earlier this week.

But some analysts see limited downside for the Aussie.

“Aussie dollar should find technical support at $0.70 versus the dollar..quite a lot of bad news is priced in already and rising iron-ore prices should also be supportive,” Bank of Singapore’s Sim added.

The euro was marginally lower at $1.1338, on track to post its fifth straight day of losses. The single currency has been stumbling due to weaker-than-expected growth data out of the euro zone and expectations that the European Central Bank will keep monetary policy accommodative this year.

Philip Wee, currency strategist at DBS, thinks it is likely the euro will depreciate below $1.10 this year on Europe’s relatively weaker growth and inflation outlook against that of the United States.

The yen was steady at 109.74. Analysts think Japanese demand for foreign bonds has supported dollar/yen. The greenback gained around 0.8 percent versus the yen over the last week.

Sterling was marginally lower at $1.2950. Traders expect the British pound to remain volatile in the near term due to the uncertainty surrounding Brexit.

The United Kingdom is currently on course to leave the European Union on March 29 without a deal unless British Prime Minister Theresa May can convince the bloc to reopen the divorce agreement she reached in November.

The greenback was 0.1 percent higher versus the Canadian dollar at C$1.3319, on track to post its largest percentage gain since mid-June. Canada is a major producer of commodities, including oil, and the loonie has been under pressure due to falling energy prices.

The Bank of Canada said in January that low oil prices and a weak housing market hurt the economy in the fourth quarter of 2018 and would continue to drag on growth in the first quarter of this year. Traders expect the central bank to keep rates steady at its next policy meeting in March.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, safety, policy, index, global, weakens, bank, worry, sparks, growth, aussie, gains, flight, versus, trade, euro, european, dollar


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Banks in Europe struggle to find talent with US rivals paying top dollar

European banks are finding it hard to recruit the right people due to new regulations and intense competition from some of their U.S. peers, industry insiders have told CNBC. said a senior executive at a European bank told CNBC who preferred to remain anonymous due to the sensitive nature of the topic. A junior-level analyst in a trading role at a European bank can start at anything between $50,000 to $60,000 for a base salary. On top of this they would receive allowances and a bonus, which can


European banks are finding it hard to recruit the right people due to new regulations and intense competition from some of their U.S. peers, industry insiders have told CNBC. said a senior executive at a European bank told CNBC who preferred to remain anonymous due to the sensitive nature of the topic. A junior-level analyst in a trading role at a European bank can start at anything between $50,000 to $60,000 for a base salary. On top of this they would receive allowances and a bonus, which can
Banks in Europe struggle to find talent with US rivals paying top dollar Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: spriha srivastava, monkeybusinessimages, istock, getty images, laurie noble, stone, – a senior executive at a european bank told cnbc, -joseph leung, founder, managing partner at recruitment firm aubreck leung
Keywords: news, cnbc, companies, europe, struggle, told, bank, dollar, analyst, rivals, european, widen, paying, banks, trading, right, vicious, topicyou, talent


Banks in Europe struggle to find talent with US rivals paying top dollar

European banks are finding it hard to recruit the right people due to new regulations and intense competition from some of their U.S. peers, industry insiders have told CNBC.

“It is a vicious circle, isn’t it?” said a senior executive at a European bank told CNBC who preferred to remain anonymous due to the sensitive nature of the topic.

“You want to hire the right talent because you can see the business is suffering, but you don’t get approvals for the headcount and when you finally do, you aren’t able to match the salaries,” they told CNBC.

Pay in the banking sector is generally higher compared to other industries. A junior-level analyst in a trading role at a European bank can start at anything between $50,000 to $60,000 for a base salary. On top of this they would receive allowances and a bonus, which can sometimes be given in the form of company shares.

This is where U.S. banks differ as they tend to stick to cash bonuses, taking the overall compensation of a junior analyst to somewhere between $80,000 to $100,000. This gap starts to widen more as employees go up the ladder.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: spriha srivastava, monkeybusinessimages, istock, getty images, laurie noble, stone, – a senior executive at a european bank told cnbc, -joseph leung, founder, managing partner at recruitment firm aubreck leung
Keywords: news, cnbc, companies, europe, struggle, told, bank, dollar, analyst, rivals, european, widen, paying, banks, trading, right, vicious, topicyou, talent


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Stocks in Asia mixed; Softbank shares soar more than 17 percent

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.421 after seeing lows around 96.0 yesterday. The Japanese yen traded at 109.96 against the dollar after seeing highs around 109.54 in the previous session. The Australian dollar was at $0.7103 after slipping sharply from highs below $0.725 yesterday. The decline came on the back of Reserve Bank of Australia (RBA) Governor Philip Lowe’s speech on Wednesday. “Looking forward, there are scenarios where the ne


The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.421 after seeing lows around 96.0 yesterday. The Japanese yen traded at 109.96 against the dollar after seeing highs around 109.54 in the previous session. The Australian dollar was at $0.7103 after slipping sharply from highs below $0.725 yesterday. The decline came on the back of Reserve Bank of Australia (RBA) Governor Philip Lowe’s speech on Wednesday. “Looking forward, there are scenarios where the ne
Stocks in Asia mixed; Softbank shares soar more than 17 percent Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: eustance huang
Keywords: news, cnbc, companies, reserve, softbank, bank, rba, shares, soar, seeing, dollar, rate, scenarios, stance, asia, highs, stocks, evenly, 17, mixed


Stocks in Asia mixed; Softbank shares soar more than 17 percent

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.421 after seeing lows around 96.0 yesterday.

The Japanese yen traded at 109.96 against the dollar after seeing highs around 109.54 in the previous session.

The Australian dollar was at $0.7103 after slipping sharply from highs below $0.725 yesterday. The decline came on the back of Reserve Bank of Australia (RBA) Governor Philip Lowe’s speech on Wednesday.

“Looking forward, there are scenarios where the next move in the cash rate is up and other scenarios where it is down. Over the past year, the next-move-is-up scenarios were more likely than the next-move-is-down scenarios. Today, the probabilities appear to be more evenly balanced,” Lowe said.

“The Australian dollar is set to depreciate below 0.70 as the Reserve Bank of Australia no longer views the next move in rates as up only,” strategists at DBS Group Research said in a morning note.

“In adopting a “more evenly balanced” stance, the RBA has opened the door for a rate cut if increased global risks and the weaker housing market forces more downgrades in its sanguine growth/inflation outlook. Effectively, this has offset the Fed’s patience stance that lifted the Oz in January. Our mid-year target for AUD/USD remains unchanged at 0.66,” they said.

— CNBC’s Fred Imbert and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: eustance huang
Keywords: news, cnbc, companies, reserve, softbank, bank, rba, shares, soar, seeing, dollar, rate, scenarios, stance, asia, highs, stocks, evenly, 17, mixed


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