Mnuchin to brief lawmakers about easing sanctions on firms linked to Putin friend

Treasury Secretary Steven Mnuchin will brief lawmakers in the House of Representatives on Thursday about his department’s plan to terminate sanctions on three companies linked to Oleg Deripaska, a Russian billionaire with ties to Russian President Vladimir Putin. The meeting follows Treasury’s Dec. 19 notification to Congress that it would end sanctions on Rusal, EN+ and EuroSibEnergy in 30 days. Mnuchin said at the time that the decision was made after the companies “committed to significantly


Treasury Secretary Steven Mnuchin will brief lawmakers in the House of Representatives on Thursday about his department’s plan to terminate sanctions on three companies linked to Oleg Deripaska, a Russian billionaire with ties to Russian President Vladimir Putin. The meeting follows Treasury’s Dec. 19 notification to Congress that it would end sanctions on Rusal, EN+ and EuroSibEnergy in 30 days. Mnuchin said at the time that the decision was made after the companies “committed to significantly
Mnuchin to brief lawmakers about easing sanctions on firms linked to Putin friend Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: tucker higgins, ylan mui, al drago, bloomberg, getty images
Keywords: news, cnbc, companies, friend, linked, sanctioned, mnuchin, russian, companies, ties, brief, deripaska, sanctions, deripaskas, firms, easing, putin, house, treasury, en, lawmakers


Mnuchin to brief lawmakers about easing sanctions on firms linked to Putin friend

Treasury Secretary Steven Mnuchin will brief lawmakers in the House of Representatives on Thursday about his department’s plan to terminate sanctions on three companies linked to Oleg Deripaska, a Russian billionaire with ties to Russian President Vladimir Putin.

The meeting will take place behind closed doors, according to a senior Democratic aide. It is scheduled exactly one week after Democrats officially took the majority in the House and is among the first instances of the party using its newfound power to conduct oversight of the Trump administration.

The meeting follows Treasury’s Dec. 19 notification to Congress that it would end sanctions on Rusal, EN+ and EuroSibEnergy in 30 days. Mnuchin said at the time that the decision was made after the companies “committed to significantly diminish Deripaska’s ownership and sever his control.”

Deripaska, a metals tycoon and close friend and ally of Putin, remains sanctioned, meaning no American may conduct business dealings with him directly or indirectly. He has come under scrutiny in the United States for his ties to the Kremlin as well as to Paul Manafort, who served as President Donald Trump’s campaign chairman and has since been convicted of a range of federal crimes in connection with special counsel Robert Mueller’s Russia probe.

Manafort, working with Konstantin Kilimnik, a business partner with suspected ties to Russian intelligence, reportedly offered to provide Deripaska with personal briefings on the status of the Trump campaign in 2016. Mueller has accused Manafort of sharing 2016 polling data with Kilimnik, Manafort’s attorneys inadvertently revealed this week.

In its notification to Congress, Treasury said that Deripaska’s interests in the three companies were “effectively frozen.”

“Deripaska cannot obtain cash either in return for his shares or from future dividends issued by En+, Rusal, or ESE,” Treasury said.

But on Tuesday, the chairs of seven House committees wrote a letter to Mnuchin noting that the terms of the agreement appeared to keep intact Deripaska’s significant ownership of one of the companies, EN+, while “reportedly transferring some shares and financial interests to the Kremlin-linked sanctioned Russian bank VTB.”

The Democrats said they had a number of additional questions to ask Mnuchin before they can fully assess the plan. They gave him until Friday to provide the briefing.

Deripaska was sanctioned alongside a slate of Russian oligarchs, businesses and government officials in April for election interference and other reasons. At the time, Treasury said that Deripaska had been accused of unlawfully wiretapping a government official, taking part in extortion and racketeering, ordering the murder of a businessman, and being tied to Russian organized crime.


Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: tucker higgins, ylan mui, al drago, bloomberg, getty images
Keywords: news, cnbc, companies, friend, linked, sanctioned, mnuchin, russian, companies, ties, brief, deripaska, sanctions, deripaskas, firms, easing, putin, house, treasury, en, lawmakers


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Gold edges lower as dollar steadies, equities tick up

Gold prices slipped on Thursday as the dollar steadied and equities climbed on signs of easing trade tensions between the United States and China, while palladium rose to a record high, trading at a premium to the bullion. Spot gold was down 0.2 percent at $1,243.91 per ounce, as of 0415 GMT, while U.S. gold futures were 0.1 percent lower at $1,249.3 per ounce. “Dollar hasn’t made much moves and that’s the real signpost for gold as they are still highly correlated.” Meanwhile, Asian shares advan


Gold prices slipped on Thursday as the dollar steadied and equities climbed on signs of easing trade tensions between the United States and China, while palladium rose to a record high, trading at a premium to the bullion. Spot gold was down 0.2 percent at $1,243.91 per ounce, as of 0415 GMT, while U.S. gold futures were 0.1 percent lower at $1,249.3 per ounce. “Dollar hasn’t made much moves and that’s the real signpost for gold as they are still highly correlated.” Meanwhile, Asian shares advan
Gold edges lower as dollar steadies, equities tick up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-13
Keywords: news, cnbc, companies, lower, equities, china, gold, high, tick, states, united, steadies, tensions, dollar, ounce, trading, easing, edges, trade


Gold edges lower as dollar steadies, equities tick up

Gold prices slipped on Thursday as the dollar steadied and equities climbed on signs of easing trade tensions between the United States and China, while palladium rose to a record high, trading at a premium to the bullion.

Spot gold was down 0.2 percent at $1,243.91 per ounce, as of 0415 GMT, while U.S. gold futures were 0.1 percent lower at $1,249.3 per ounce.

“Market sentiment is neutral today… We’ve got a little more positive sentiment than we anticipated from U.S.-China trade tensions, which is weighing on the topside,” said Stephen Innes, APAC trading head at OANDA in Singapore.

“Dollar hasn’t made much moves and that’s the real signpost for gold as they are still highly correlated.”

The dollar index, which measures the greenback against six major rivals, was steady at 97.069, after retreating from a near one-month high overnight.

Meanwhile, Asian shares advanced on signs of easing trade tensions between the world’s top two economies, and expectations that China will step up efforts soon to support its cooling economy.

China appears to be easing its high-tech industrial development push, dubbed “Made in China 2025,” which has long irked the United States, while it also made its first major U.S. soybean purchases in more than six months on Wednesday.

Investors seem more interested in equity at this point of time than in gold, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

However, analysts see uncertainties around the Brexit deal and expectations of the U.S. Federal Reserve’s dovish tone at its meeting next week, supporting the yellow metal.

“We are still gonna have a lot of noise coming out of Brexit and that should definitely keep gold bid for a while,” Innes said.

Markets are not expecting more than one rate hike from the U.S. central bank next year, after a likely interest rate increase at the Federal Open Market Committee (FOMC) meeting on Dec. 18-19.

Spot gold looks neutral in a range of $1,240-$1,253 per ounce, and an escape could suggest a direction, said Reuters technical analyst Wang Tao.

Among other precious metals, spot palladium was down 0.2 percent at $1,258.90 per ounce, having touched a record high of $1,264.25 earlier in the session.

Palladium rose strongly on the news that China would be reducing tariffs on U.S. imported autos, raising hopes that the sector would be boosted by additional demand, analysts at ANZ said in a note.

Silver was up 0.1 percent at $14.75 per ounce, while platinum climbed 0.3 percent to $800.49.


Company: cnbc, Activity: cnbc, Date: 2018-12-13
Keywords: news, cnbc, companies, lower, equities, china, gold, high, tick, states, united, steadies, tensions, dollar, ounce, trading, easing, edges, trade


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Japan faces risk of falling back into deflation, BOJ’s Wakatabe warns

Wakatabe, a vocal advocate of aggressive monetary easing, said it was important to maintain the BOJ’s massive stimulus program to ensure the economy remains strong enough to nudge up prices and wages. “Doing so would enhance the sustainability of our policy and heighten the chance of achieving 2 percent inflation.” As an academic, Wakatabe had repeatedly called for stronger steps to drive up inflation. If downward pressure is exerted on the economy again, it may revert to deflation,” Wakatabe sa


Wakatabe, a vocal advocate of aggressive monetary easing, said it was important to maintain the BOJ’s massive stimulus program to ensure the economy remains strong enough to nudge up prices and wages. “Doing so would enhance the sustainability of our policy and heighten the chance of achieving 2 percent inflation.” As an academic, Wakatabe had repeatedly called for stronger steps to drive up inflation. If downward pressure is exerted on the economy again, it may revert to deflation,” Wakatabe sa
Japan faces risk of falling back into deflation, BOJ’s Wakatabe warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: kiyoshi ota, bloomberg, getty images
Keywords: news, cnbc, companies, risk, policy, inflation, rates, easing, faces, warns, falling, stimulus, economy, japan, central, wakatabe, bojs, boj, financial, deflation


Japan faces risk of falling back into deflation, BOJ's Wakatabe warns

Bank of Japan Deputy Governor Masazumi Wakatabe said on Wednesday the country could slide back into deflation if the economy comes under downward pressure again, highlighting risks such as the fallout from U.S.-China trade frictions.

Wakatabe, a vocal advocate of aggressive monetary easing, said it was important to maintain the BOJ’s massive stimulus program to ensure the economy remains strong enough to nudge up prices and wages.

But he noted the central bank would be vigilant to the side-effects of prolonged easing, as its huge purchases dry up bond market liquidity and near-zero interest rates hurt financial institutions’ profits.

“It’s necessary to continuously examine not only the effects of our policy on inflation, but also the impact on financial markets and the banking system,” Wakatabe said in a speech to business leaders in Niigata, northern Japan.

“Doing so would enhance the sustainability of our policy and heighten the chance of achieving 2 percent inflation.”

As an academic, Wakatabe had repeatedly called for stronger steps to drive up inflation. But he has toned down his demands for more stimulus since joining the BOJ board in March.

The central bank is now at a crossroads because it has been pursuing radical quantitative easing for more than five years with only mixed results.

Wakatabe said while Japan’s economic expansion would continue, it faced various risks such as the effects of next year’s scheduled tax hike to 10 percent from 8 percent and the U.S.-China trade dispute.

“Japan is only half way to achieving 2 percent inflation. If downward pressure is exerted on the economy again, it may revert to deflation,” Wakatabe said.

“The BOJ will seek to accelerate inflation to levels deemed appropriate for the economy by continuing large-scale monetary easing,” he said.

Under a policy dubbed yield curve control, the BOJ guides short-term interest rates at minus 0.1 percent and long-term rates around zero percent to achieve its 2 percent price goal.

Subdued inflation has forced the BOJ to maintain its huge stimulus program despite the rising costs, such as the hit to financial institutions’ profits from years of near-zero rates.

The BOJ took steps in July to make its policy framework more sustainable, such as allowing bond yields to move more flexibly around its target.

The central bank’s nine-member board is split between those who see room to ramp up stimulus, and those who are becoming increasingly worried about the dangers of prolonged easing.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: kiyoshi ota, bloomberg, getty images
Keywords: news, cnbc, companies, risk, policy, inflation, rates, easing, faces, warns, falling, stimulus, economy, japan, central, wakatabe, bojs, boj, financial, deflation


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Caterpillar is not the way to play this US-China trade truce, Oppenheimer says

Caterpillar just got a big bump from easing trade tensions between the U.S. and China. Ari Wald, head of technical analysis at Oppenheimer, says this is not the stock to take advantage of the trade war truce. I just don’t think Caterpillar is the way to play it,” Wald told CNBC’s “Trading Nation” on Monday. “The second thing everybody is noticing, of course, is the U.S.-China trade relation tension that is easing right now,” said Schlossberg. “Both of those things have provided a very strong tai


Caterpillar just got a big bump from easing trade tensions between the U.S. and China. Ari Wald, head of technical analysis at Oppenheimer, says this is not the stock to take advantage of the trade war truce. I just don’t think Caterpillar is the way to play it,” Wald told CNBC’s “Trading Nation” on Monday. “The second thing everybody is noticing, of course, is the U.S.-China trade relation tension that is easing right now,” said Schlossberg. “Both of those things have provided a very strong tai
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Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: keris lahiff, brendan mcdermid, getty images, loic venance, afp, monica almeida, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, stock, right, truce, youre, play, way, uschina, oppenheimer, caterpillar, global, schlossberg, easing, lower, trade, wald


Caterpillar is not the way to play this US-China trade truce, Oppenheimer says

Caterpillar just got a big bump from easing trade tensions between the U.S. and China.

Shares of the industrial bellwether surged more than 2 percent to begin the week, wiping out some of its year-to-date losses. Its stock remains 12 percent lower for 2018.

Ari Wald, head of technical analysis at Oppenheimer, says this is not the stock to take advantage of the trade war truce.

The trade war cease-fire “should be good for the stock market. I just don’t think Caterpillar is the way to play it,” Wald told CNBC’s “Trading Nation” on Monday. “In general, we are cautious on capital goods stocks that are exposed to the global economy, and what we see as a decelerating macro backdrop.”

Caterpillar has been trending lower for much of the year, caught between trade headlines and fears of slowing global growth. The industrials giant is particularly sensitive to any drop in global economic activity.

“If you’re buying this stock you’re making the case that the global backdrop is bullish,” said Wald. “What we instead see is a stock rallying into very formidable resistance at around $142. This marks the stock’s … falling 200-day moving average as well as its Q1 lows.”

Caterpillar would need to rally another 2 percent to reach its resistance at $142.

Boris Schlossberg, managing director of FX strategy at BK Asset Management, is more bullish on the stock, naming two macro factors that could carry Caterpillar higher.

“The Fed seems to be easing its monetary path cycle, and therefore if it really isn’t going to hike rates as much as the market thinks in 2019, that’s positive for Caterpillar, which obviously has a lower cost of capital as a result of this,” Schlossberg told “Trading Nation” on Monday.

Federal Reserve Chair Jerome Powell last week eased concerns that the central bank would move too aggressively next year to raise interest rates. Investors see a more dovish Fed as less of an impediment to economic growth.

“The second thing everybody is noticing, of course, is the U.S.-China trade relation tension that is easing right now,” said Schlossberg.

The U.S. and China agreed over the weekend to a 90-day trade truce to hold tariffs at current levels. That three-month stretch allows them time to reach a more formal trade agreement.

“Both of those things have provided a very strong tailwind for the stock right now,” Schlossberg said. “If the dynamic for those things changes very quickly, the stock goes right back down, irrespective of its own internal fundamentals.”


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: keris lahiff, brendan mcdermid, getty images, loic venance, afp, monica almeida, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, stock, right, truce, youre, play, way, uschina, oppenheimer, caterpillar, global, schlossberg, easing, lower, trade, wald


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Maxine Waters says easing banking regulations ‘will come to an end’ when she takes committee chair

Waters is likely to take over as chair of the committee following the midterm elections that gave back House control to the Democrats. In particular, the White House and the Fed have worked to tailor capital rules to be less onerous on regional and community banks. Waters seemed to direct her comments specifically to the bigger institutions, particularly the too-big-to-fail banks that helped trigger the crisis. She made her comments shortly before Quarles said the Fed is looking to further ease


Waters is likely to take over as chair of the committee following the midterm elections that gave back House control to the Democrats. In particular, the White House and the Fed have worked to tailor capital rules to be less onerous on regional and community banks. Waters seemed to direct her comments specifically to the bigger institutions, particularly the too-big-to-fail banks that helped trigger the crisis. She made her comments shortly before Quarles said the Fed is looking to further ease
Maxine Waters says easing banking regulations ‘will come to an end’ when she takes committee chair Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: jeff cox, david a grogan
Keywords: news, cnbc, companies, regulations, trumps, strong, crisis, come, committee, institutions, takes, waters, chair, financial, trump, end, maxine, doddfrank, fed, house, banking, easing


Maxine Waters says easing banking regulations 'will come to an end' when she takes committee chair

Waters is likely to take over as chair of the committee following the midterm elections that gave back House control to the Democrats. Rep. Jeb Hensarling, a Texas Republican, currently presides over the committee.

In addition to Wednesday’s remarks, she has indicated she might use subpoena power to investigate President Donald Trump’s connection to Deutsche Bank and whether it loaned Trump money that was guaranteed by the Russian government.

Since Trump began his term in early 2017, the administration has sought to loosen the regulatory reins imposed by the Dodd-Frank reforms that came into being after the financial crisis that exploded in 2008. In particular, the White House and the Fed have worked to tailor capital rules to be less onerous on regional and community banks.

Waters seemed to direct her comments specifically to the bigger institutions, particularly the too-big-to-fail banks that helped trigger the crisis. She made her comments shortly before Quarles said the Fed is looking to further ease up on community banks.

“It is essential that the Fed keeps a watchful eye on the financial institutions it supervises and makes strong use of its existing enforcement tools to crank down on institutions that break the law,” she said. “I must say that I am concerned about proposals the Fed has put forth this year to reduce capital and liquidity requirements for the largest financial institutions which would weaken strong safeguards established by Dodd-Frank to protect the U.S. economy from another costly financial crisis.”

There was some conciliation, though. Waters said the press and even some of her colleagues have wrongly portrayed her relationship with Republicans, and she hopes they can cooperate.

“I look forward to working with you in any and every way that I can,” she said.

WATCH: Trump’s appointments in key agencies show focus on international coordination


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: jeff cox, david a grogan
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Bank of Japan governor says he’s aware that easy policy is hurting lenders, warns of global risks

Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank was aware that prolonged ultra-loose monetary policy could squeeze financial institutions’ margins and potentially destabilize the country’s banking system. “The BOJ fully recognizes that, by continuing monetary easing, financial institutions’ strength will be cumulatively affected,” Kuroda said in a speech to business leaders in Nagoya, central Japan. “Although these risks are judged as not significant at this point … the


Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank was aware that prolonged ultra-loose monetary policy could squeeze financial institutions’ margins and potentially destabilize the country’s banking system. “The BOJ fully recognizes that, by continuing monetary easing, financial institutions’ strength will be cumulatively affected,” Kuroda said in a speech to business leaders in Nagoya, central Japan. “Although these risks are judged as not significant at this point … the
Bank of Japan governor says he’s aware that easy policy is hurting lenders, warns of global risks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: akio kon, bloomberg, getty images
Keywords: news, cnbc, companies, risks, hurting, easy, monetary, global, easing, boj, governor, warns, lenders, financial, policy, kuroda, hes, rising, stimulus, institutions, japan


Bank of Japan governor says he's aware that easy policy is hurting lenders, warns of global risks

Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank was aware that prolonged ultra-loose monetary policy could squeeze financial institutions’ margins and potentially destabilize the country’s banking system.

Given subdued inflation and uncertainty surrounding overseas economies, however, he said the BOJ needed to maintain its massive stimulus program while keeping a watchful eye on the merits and costs of its policy.

“The BOJ fully recognizes that, by continuing monetary easing, financial institutions’ strength will be cumulatively affected,” Kuroda said in a speech to business leaders in Nagoya, central Japan.

Japan’s banking system could destabilize in the event of a severe negative shock, if financial institutions more actively take on risk to make up for narrowing margins from years of low interest rates, he said.

“Although these risks are judged as not significant at this point … the BOJ will scrutinize developments and encourage financial institutions to take action as necessary,” he said.

Kuroda’s remarks came after minutes released earlier on Monday showed the BOJ’s nine-member board discussed the rising cost of prolonged easing at its rate review in September.

“One member said there was room to make the BOJ’s policy framework more flexible in the future” if the economy continues to expand, the minutes showed.

Another member said the board should discuss how long the BOJ can maintain its stimulus program, given perceived limits to its policy duration, the minutes showed.

While the BOJ will scrutinize financial risks from easing, it also needed to consider uncertainties surrounding Japan’s economic outlook as Sino-U.S. trade frictions and rising protectionism could weigh on global demand, Kuroda said.

“The impact of such problems on Japan’s economy is limited for now,” Kuroda said. “But if the problems persist, the effect on Japan’s economy could become bigger,” he added.

“It’s necessary to persistently continue with powerful monetary easing, while considering both the positive effects and side effects in a balanced manner,” Kuroda said.

Subdued inflation has forced the BOJ to maintain its radical stimulus program despite the rising demerits, such as the hit to financial institutions’ profits from prolonged low rates.

The BOJ kept monetary policy steady last month and Kuroda ruled out a near-term interest rate hike amid risks from global trade disputes.


Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: akio kon, bloomberg, getty images
Keywords: news, cnbc, companies, risks, hurting, easy, monetary, global, easing, boj, governor, warns, lenders, financial, policy, kuroda, hes, rising, stimulus, institutions, japan


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Gold prices hold steady amid easing dollar

Spot gold was steady at $1,232.86 per ounce, as of 0126 GMT. U.S. gold futures was up 0.1 percent at $1,234.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent. In equities, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trades amid worries about tense Sino-U.S. trade relations. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent t


Spot gold was steady at $1,232.86 per ounce, as of 0126 GMT. U.S. gold futures was up 0.1 percent at $1,234.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent. In equities, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trades amid worries about tense Sino-U.S. trade relations. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent t
Gold prices hold steady amid easing dollar Cached Page below :
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Gold prices hold steady amid easing dollar

Spot gold was steady at $1,232.86 per ounce, as of 0126 GMT.

U.S. gold futures was up 0.1 percent at $1,234.6 per ounce.

The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent.

In equities, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trades amid worries about tense Sino-U.S. trade relations.

Investors are now focused on the U.S. congressional elections on Nov. 6, which will determine whether the Republican or Democratic party controls Congress, with some predicting increased market volatility on the outcome.

U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December.

The U.S. and China are not close to a deal to resolve their trade differences, the White House’s top economic adviser said on Friday, adding that he was less optimistic than previously that such an agreement would come together.

British Prime Minister Theresa May’s office has dismissed as “speculation” a newspaper report that suggests an all-UK customs deal will be written into the legally binding agreement governing Britain’s withdrawal from the EU.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent to 759.06 tonnes on Friday from 760.82 tonnes on Thursday.

Hedge funds and money managers raised their net short position in gold by 18,723 contracts to 45,622 contracts, according to U.S. Commodity Futures Trading Commission data on Friday. This was the highest in three weeks.

Physical gold demand in India was lacklustre last week, with dealers offering discounts for the metal ahead of a traditionally busy festival week for the first time in at least three years, as high prices kept consumers away.

Barrick Gold shareholders have voted overwhelmingly in favor of the Canadian miner’s $6.1 billion acquisition of Africa-focused Randgold Resources, three people familiar with the preliminary vote count told Reuters on Friday.


Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: edgar su
Keywords: news, cnbc, companies, deal, dollar, market, largest, easing, steady, futures, tonnes, contracts, prices, gold, week, index, trade, hold, amid


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Manufacturing activity slips for second month; construction spending unchanged in September

U.S. manufacturing activity fell short of expectations in October with a gauge of new orders easing to its lowest level since April 2017. The Institute for Supply Management (ISM) said its index of national factory activity dropped 2.1 percentage points to 57.7 last month from 59.8 in September. A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy. Economists polled by Refinitiv expected the ISM manufacturing index to hit 59 in October. An


U.S. manufacturing activity fell short of expectations in October with a gauge of new orders easing to its lowest level since April 2017. The Institute for Supply Management (ISM) said its index of national factory activity dropped 2.1 percentage points to 57.7 last month from 59.8 in September. A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy. Economists polled by Refinitiv expected the ISM manufacturing index to hit 59 in October. An
Manufacturing activity slips for second month; construction spending unchanged in September Cached Page below :
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Manufacturing activity slips for second month; construction spending unchanged in September

U.S. manufacturing activity fell short of expectations in October with a gauge of new orders easing to its lowest level since April 2017.

The Institute for Supply Management (ISM) said its index of national factory activity dropped 2.1 percentage points to 57.7 last month from 59.8 in September. A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy.

Economists polled by Refinitiv expected the ISM manufacturing index to hit 59 in October. An index tracking new orders registered 57.4 percent, a decrease of 4.4 percentage points from the September reading of 61.8 percent.

“Demand remains moderately strong, with the New Orders Index easing to below 60 percent for the first time since April 2017, the Customers’ Inventories Index remaining low but improving, and the Backlog of Orders Index remaining steady,” Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee, said in a press release. “Consumption softened, with production and employment continuing to expand, but at lower levels compared to September.”


Company: cnbc, Activity: cnbc, Date: 2018-11-01
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Hammond warns Brexit rebels not to risk easing of austerity

British finance minister Philip Hammond warned rebels in his Conservative Party that he would have to quickly reverse plans to ease nearly a decade of austerity if London fails to get a Brexit deal. Many investors and businesses are worried that the chance of a no-deal Brexit is growing. But Jacob Rees-Mogg, a leading pro-Brexit lawmaker in the Conservative Party, downplayed the economic risks of Brexit. But despite the budget deficit falling sharply, Britain’s debt levels remain high, limiting


British finance minister Philip Hammond warned rebels in his Conservative Party that he would have to quickly reverse plans to ease nearly a decade of austerity if London fails to get a Brexit deal. Many investors and businesses are worried that the chance of a no-deal Brexit is growing. But Jacob Rees-Mogg, a leading pro-Brexit lawmaker in the Conservative Party, downplayed the economic risks of Brexit. But despite the budget deficit falling sharply, Britain’s debt levels remain high, limiting
Hammond warns Brexit rebels not to risk easing of austerity Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-28  Authors: oli scarff, afp, getty images
Keywords: news, cnbc, companies, brexit, easing, need, hammond, deal, ease, britains, warns, budget, austerity, spending, party, different, rebels, risk


Hammond warns Brexit rebels not to risk easing of austerity

British finance minister Philip Hammond warned rebels in his Conservative Party that he would have to quickly reverse plans to ease nearly a decade of austerity if London fails to get a Brexit deal. Hammond, who is due to announce an annual budget plan on Monday, said he would be able to show voters that “their hard work has paid off” as long as Britain achieves a smooth exit from the European Union in five months’ time.

Hammond has angered many members of his Conservative Party by arguing Britain should remain close to the EU after Brexit and Prime Minister Theresa May has so far failed to bridge the divide in her party.

Many investors and businesses are worried that the chance of a no-deal Brexit is growing. Hammond said he was confident that London and Brussels would settle their differences but “if we don’t get a deal … we would need to take a different approach to the future of Britain’s economy.”

“We would need to look at a different strategy and frankly we’d need to have a new budget that set out a different strategy for the future,” Hammond said in an interview with Sky News broadcast on Sunday.

Most economists say Britain would suffer an economic shock if it leaves the EU with no deal. The British pound sank to a two-month low against the dollar on Friday and was weaker against the euro.

But Jacob Rees-Mogg, a leading pro-Brexit lawmaker in the Conservative Party, downplayed the economic risks of Brexit.

“The Treasury has rather embarrassed itself, has a lot of egg on its face from getting its Brexit-related forecasts so wrong so far and I think there is an element within the Treasury that is still grumpy about Brexit and that’s a pity,” he said.

In his budget on Monday, Hammond is expected to announce a further improvement in Britain’s borrowing projections, giving him a bit of room to ease nearly 10 years of steep cuts in many areas of public services.

But despite the budget deficit falling sharply, Britain’s debt levels remain high, limiting how much Hammond can relax his spending squeeze.

He said on Sunday that the biggest increase in spending in his budget had already been announced when May said four months ago that more money would be earmarked for the health service.

On Monday, he is set to announce other measures including more spending on roads to ease congestion and a tax cut for small retailers to help them compete against online competition.

He hinted on Sunday that he would provide money to soften the impact of changes to Britain’s welfare system. Hammond said the Bank of England as well as the finance ministry would have to take action if there is a no-deal Brexit.

In the short term, Hammond said he could use some of the breathing space he has kept for himself inside his fiscal targets to help the economy.


Company: cnbc, Activity: cnbc, Date: 2018-10-28  Authors: oli scarff, afp, getty images
Keywords: news, cnbc, companies, brexit, easing, need, hammond, deal, ease, britains, warns, budget, austerity, spending, party, different, rebels, risk


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Gold inches up on easing dollar, global concerns

Gold prices edged higher on Monday towards a 2-1/2-month peak hit last week as the dollar eased and worries over rising political tensions and slowing global economic growth lent support to the metal. One is global economic slowdown, another is geopolitical uncertainties,” said Argonaut Securities analyst Helen Lau. Gold is seen as a safe store of value during political and economic uncertainty. “Supportive price action around $1,210-$1,220 should restrict declines amid current global political


Gold prices edged higher on Monday towards a 2-1/2-month peak hit last week as the dollar eased and worries over rising political tensions and slowing global economic growth lent support to the metal. One is global economic slowdown, another is geopolitical uncertainties,” said Argonaut Securities analyst Helen Lau. Gold is seen as a safe store of value during political and economic uncertainty. “Supportive price action around $1,210-$1,220 should restrict declines amid current global political
Gold inches up on easing dollar, global concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22
Keywords: news, cnbc, companies, economic, week, gold, easing, concerns, support, political, inches, contracts, tensions, global, ounce, oct, dollar


Gold inches up on easing dollar, global concerns

Gold prices edged higher on Monday towards a 2-1/2-month peak hit last week as the dollar eased and worries over rising political tensions and slowing global economic growth lent support to the metal.

Spot gold was up 0.1 percent at $1,226.43 an ounce at 0745 GMT. On Oct. 15, the bullion touched its highest since July 26 at $1,233.26.

U.S. gold futures were up 0.1 percent at $1,229.40 an ounce.

“So far we are seeing a good recipe for gold prices to recover. One is global economic slowdown, another is geopolitical uncertainties,” said Argonaut Securities analyst Helen Lau. “If the tensions loom large we could see gold rebound through 1,300.”

The outlook for global growth in 2019 has dimmed for the first time, according to Reuters polls of economists who said the U.S.-China trade war and tightening financial conditions would trigger the next downturn.

Geo-political concerns including tensions between Saudi Arabia and the West over the killing of journalist Jamal Khashoggi, developments related to Brexit, and Italy’s budget woes are keeping investors interested in gold, analysts said.

Gold is seen as a safe store of value during political and economic uncertainty.

“Trade concerns between the U.S. and China remain elevated and the ongoing U.S.-Saudi tensions are likely to continue to underpin a bid tone for bullion over the near-term,” MKS PAMP Group traders said in a note.

“Supportive price action around $1,210-$1,220 should restrict declines amid current global political uncertainty, while a test through $1,230-$1,235 will likely squeeze further shorts out of the market and see gold toward $1,250.”

Gold speculators cut their net short position in COMEX gold contracts by 65,637 contracts to 37,372 contracts, the smallest since late July, in the week to Oct. 16, data showed.

Spot gold may either consolidate further below a resistance at $1,235 per ounce, or break a support at $1,217, to fall to the next support at $1,208, according to Reuters technical analyst Wang Tao.

Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.39 percent to 745.82 tonnes on Friday.

The U.S. dollar, which measures the greenback against a basket of six major currencies, was down 0.2 percent.

Among other precious metals, silver was up 0.4 percent at $14.65 per ounce, while platinum rose 0.8 percent at $836.20 per ounce.

Palladium climbed 0.9 percent to $1,089.80 per ounce, closer to an over eight-month peak of $1,096.80 hit on Oct. 11.


Company: cnbc, Activity: cnbc, Date: 2018-10-22
Keywords: news, cnbc, companies, economic, week, gold, easing, concerns, support, political, inches, contracts, tensions, global, ounce, oct, dollar


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