The trade war is forcing China to ‘rethink economic ties’ to the US

China is exploring more drastic action as a result of its trade fight with the U.S., according to the South China Morning Post. The article was titled, “Donald Trump’s trade war and Huawei ban push China to rethink economic ties with US.” And China is considering cutting natural gas purchases from the U.S. as part of this movement, the paper said. China is now threatening to stop funding an industry that the two countries have done sizable deals in. In 2017, China agreed to fund a natural gas pr


China is exploring more drastic action as a result of its trade fight with the U.S., according to the South China Morning Post. The article was titled, “Donald Trump’s trade war and Huawei ban push China to rethink economic ties with US.” And China is considering cutting natural gas purchases from the U.S. as part of this movement, the paper said. China is now threatening to stop funding an industry that the two countries have done sizable deals in. In 2017, China agreed to fund a natural gas pr
The trade war is forcing China to ‘rethink economic ties’ to the US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: yun li
Keywords: news, cnbc, companies, war, trade, china, trumps, economic, rethink, morning, paper, huawei, gas, usand, forcing, south, natural, ties


The trade war is forcing China to 'rethink economic ties' to the US

China is exploring more drastic action as a result of its trade fight with the U.S., according to the South China Morning Post.

While China is open to resuming trade talks, “government advisers are now highlighting the risk of sourcing critical supplies from an increasingly hostile US…and are exploring ways for the country to cut its exposure to the US,” the paper said, citing Chinese researchers. The article was titled, “Donald Trump’s trade war and Huawei ban push China to rethink economic ties with US.”

And China is considering cutting natural gas purchases from the U.S. as part of this movement, the paper said.

“The idea that China should buy large amounts of natural gas from the U.S. must be revisited,” Wang Yongzhong, a senior fellow at the Chinese Academy of Social Sciences, a governmental think tank, told the Hong Kong-based newspaper Monday.

The move came after President Donald Trump’s latest action to blacklist Huawei, effectively halting its ability to buy American-made parts and components. China is now threatening to stop funding an industry that the two countries have done sizable deals in. In 2017, China agreed to fund a natural gas project in Alaska worth $43 billion, the South China Morning Post said.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: yun li
Keywords: news, cnbc, companies, war, trade, china, trumps, economic, rethink, morning, paper, huawei, gas, usand, forcing, south, natural, ties


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US Treasury yields move lower as investors await economic data, auctions

Semis stocks slammed on Huawei crackdown – six experts weigh inSemiconductor stocks were sliding again on Monday as concerns over trade flared up again. Six experts weigh in on what this means for the U.S. stock market. Trading Nationread more


Semis stocks slammed on Huawei crackdown – six experts weigh inSemiconductor stocks were sliding again on Monday as concerns over trade flared up again. Six experts weigh in on what this means for the U.S. stock market. Trading Nationread more
US Treasury yields move lower as investors await economic data, auctions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: sam meredith
Keywords: news, cnbc, companies, economic, stocks, await, trade, lower, data, weigh, experts, treasury, semis, auctions, sliding, nationread, means, slammed, investors, yields, stock


US Treasury yields move lower as investors await economic data, auctions

Semis stocks slammed on Huawei crackdown – six experts weigh in

Semiconductor stocks were sliding again on Monday as concerns over trade flared up again. Six experts weigh in on what this means for the U.S. stock market.

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Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: sam meredith
Keywords: news, cnbc, companies, economic, stocks, await, trade, lower, data, weigh, experts, treasury, semis, auctions, sliding, nationread, means, slammed, investors, yields, stock


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Maryland’s top finance official calls for economic retaliation against Alabama after state passes near-total abortion ban

A protester holds a sign in opposition to HB314, which would ban abortions in all cases except the health of the mother outside the Alabama State House on Tuesday, May 14, 2019 in Montgomery, AL. Maryland’s chief financial officer on Thursday called for a number of retaliatory economic measures against Alabama in response to the state’s passage of the nation’s most restrictive abortion legislation. The bill was signed Wednesday by Republican Gov. First, he said, he will order his staff to prepar


A protester holds a sign in opposition to HB314, which would ban abortions in all cases except the health of the mother outside the Alabama State House on Tuesday, May 14, 2019 in Montgomery, AL. Maryland’s chief financial officer on Thursday called for a number of retaliatory economic measures against Alabama in response to the state’s passage of the nation’s most restrictive abortion legislation. The bill was signed Wednesday by Republican Gov. First, he said, he will order his staff to prepar
Maryland’s top finance official calls for economic retaliation against Alabama after state passes near-total abortion ban Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: tucker higgins
Keywords: news, cnbc, companies, staff, calls, official, ban, states, finance, passes, retaliation, state, alabama, marylands, economic, board, neartotal, retirement, republican, systems, order, gov, nations


Maryland's top finance official calls for economic retaliation against Alabama after state passes near-total abortion ban

A protester holds a sign in opposition to HB314, which would ban abortions in all cases except the health of the mother outside the Alabama State House on Tuesday, May 14, 2019 in Montgomery, AL.

Maryland’s chief financial officer on Thursday called for a number of retaliatory economic measures against Alabama in response to the state’s passage of the nation’s most restrictive abortion legislation. The bill was signed Wednesday by Republican Gov. Kay Ivey.

Maryland Comptroller Peter Franchot, a Democrat who also serves as vice chair of the state’s retirement system, is seeking a full divestment of the $52 billion pension fund from Alabama businesses and will soon make the case to the system’s board of trustees, he said.

First, he said, he will order his staff to prepare a report on the retirement system’s exposure to Alabama to make sure that it can be done responsibly.

Read more: Alabama lawmakers, with eyes on overturning Roe v. Wade, pass nation’s strictest abortion ban

Franchot also said he will order his staff of 1,100 employees not to travel to Alabama on business and will use his seat on the three-member Board of Public Works to limit contracts given to Alabama companies. That board, which also includes Republican Gov. Larry Hogan, awards $11 billion in contracts annually, he noted.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: tucker higgins
Keywords: news, cnbc, companies, staff, calls, official, ban, states, finance, passes, retaliation, state, alabama, marylands, economic, board, neartotal, retirement, republican, systems, order, gov, nations


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Steve Bannon: ‘No chance’ Trump will back down in China trade war

There is “no chance” President Donald Trump will back down in the U.S. trade war with China, former Trump advisor Steve Bannon told CNBC on Wednesday. The deal that Trump has said China backed out of was not really about trade, Bannon said. “They refused and basically walked away from the deal because they understood that they’ve been running an economic war in this. This is a truce in an economic war, an armistice so to speak, and that they weren’t prepared to do it.” Addressing a question abou


There is “no chance” President Donald Trump will back down in the U.S. trade war with China, former Trump advisor Steve Bannon told CNBC on Wednesday. The deal that Trump has said China backed out of was not really about trade, Bannon said. “They refused and basically walked away from the deal because they understood that they’ve been running an economic war in this. This is a truce in an economic war, an armistice so to speak, and that they weren’t prepared to do it.” Addressing a question abou
Steve Bannon: ‘No chance’ Trump will back down in China trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: matthew j belvedere
Keywords: news, cnbc, companies, china, lighthizer, president, economic, chinese, chance, trump, trade, war, tariffs, bannon, steve


Steve Bannon: 'No chance' Trump will back down in China trade war

“There is no chance that Donald Trump backs down from this. I think he’s looking at the good of people on a global basis,” Bannon said in the “Squawk Box” interview.

Bannon said previous presidents — Bill Clinton , George W. Bush and Barack Obama — passed the buck on addressing and fixing the problems of China’s protectionist economy. But Trump is not shying away from the fight, he added.

“China has been running an economic war against the industrial democracies for now 20 years,” said the hardline ex-White House chief strategist, who helped craft Trump’s nationalist message.

There is “no chance” President Donald Trump will back down in the U.S. trade war with China, former Trump advisor Steve Bannon told CNBC on Wednesday.

Under Trump, Washington has taken a tougher stance on China than his recent predecessors. In addition to disputes around trade and the alleged Chinese theft of U.S. intellectual property, American intelligence chiefs expressed their distrust of Chinese tech giant Huawei and Chinese telecom company ZTE.

The standoff with China “cuts to the core of what the United States is going to be in the future,” Bannon said. “With ‘Made in China 2025,’ ‘one belt-one road,’ and Huawei’s 5G rollout, this is a master plan to become an economic hegemon, ” he added, referring to Chinese policies on its economy and trade.

U.S. officials have repeatedly said the Chinese stock market and economy have suffered more than those in the U.S. from the tariff fight, and will continue to bear the brunt. On Wednesday, China reported surprisingly weaker growth in retail sales and industrial output for April, adding pressure on Beijing to roll out more stimulus as the trade war with the United States escalates.

“We have all the cards,” Bannon said. “The Chinese business model cannot continue. It won’t continue.”

For its part, China’s Communist Party has remained defiant, putting out a rallying cry in state media.

The deal that Trump has said China backed out of was not really about trade, Bannon said. “They refused and basically walked away from the deal because they understood that they’ve been running an economic war in this. And this is not a trade deal. This is a truce in an economic war, an armistice so to speak, and that they weren’t prepared to do it.”

With trade talks at a stalemate, the U.S. is considering putting tariffs on the remaining billions and billions of dollars worth of Chinese goods coming into the U.S. Last week, the Trump administration followed through on its threat and increased duties on $200 billion worth of Chinese products from 10% to 25%. On Monday, in retaliation, China announced plans to raise tariffs, some to as high as 25%, on $60 billion in U.S. goods.

Trump’s tweets and tough public rhetoric aside, negotiators for both sides — led by U.S. Trade Representative Robert Lighthizer and China Vice Premier Liu He — need to get behind closed doors, “take the heat down” and work hard on getting an agreement, Bannon said. “This is not going to take place overnight.”

Addressing a question about whether the Chinese would have rather negotiated with Treasury Secretary Steven Mnuchin than China-hawk Lighthizer, Bannon praised Lighthizer. “There is no gap between Lighthizer and President Trump.”

Since May 5, when Trump surprised investors with tweets threatening higher tariffs on China, the S&P 500 had lost about $1.1 trillion in value — the type of decline that if it were to persist could put a real drag on U.S. economic growth. The index made some of that back with Tuesday’s nearly 1% recovery after Monday’s 2.4% decline. Despite the knock from trade concerns, the S&P 500 was still only 4% away from its May 1 all-time intraday high as of Tuesday’s close, and up more than 20% since the 2018 low on Christmas Eve.

The China dispute certainly makes for strange bedfellows, with Trump facing calls from allies on Wall Street and free-trade conservatives to reach a deal. U.S. stocks opened lower Wednesday. Meanwhile, Democrats including Senate Minority Leader Chuck Schumer are urging the president to extract the most concessions possible from China.

Bannon, a Goldman Sachs alum who became a proponent of nationalism, said he believes the China issue will frame the 2020 presidential campaign in favor of Trump. “This is history in real time. This is the most significant thing that any president can possibly do,” he said, adding that Trump won’t bow to the pressure and make a superficial agreement that doesn’t address all the ways Beijing is cheating economically.

On Tuesday evening, former Goldman CEO Lloyd Blankfein was on the same wavelength as Bannon, tweeting, “Tariffs might be an effective negotiating tool.”

— CNBC digital correspondent in Singapore Yen Nee Lee and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: matthew j belvedere
Keywords: news, cnbc, companies, china, lighthizer, president, economic, chinese, chance, trump, trade, war, tariffs, bannon, steve


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Treasury yields move lower after weak US and China economic data

U.S. government debt prices rose on Wednesday as investors looked for safety after the release of disappointing data from the U.S. and China. The yield on the benchmark 10-year Treasury note was lower at around 2.382%, while the yield on the 30-year Treasury bond was also lower at around 2.828%. Yields move inversely to prices. The 10-year yield was also about five basis points from hitting its 2019 low.


U.S. government debt prices rose on Wednesday as investors looked for safety after the release of disappointing data from the U.S. and China. The yield on the benchmark 10-year Treasury note was lower at around 2.382%, while the yield on the 30-year Treasury bond was also lower at around 2.828%. Yields move inversely to prices. The 10-year yield was also about five basis points from hitting its 2019 low.
Treasury yields move lower after weak US and China economic data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: silvia amaro
Keywords: news, cnbc, companies, economic, weak, prices, 10year, points, yields, yield, lower, release, rose, safety, data, treasury, china


Treasury yields move lower after weak US and China economic data

U.S. government debt prices rose on Wednesday as investors looked for safety after the release of disappointing data from the U.S. and China.

The yield on the benchmark 10-year Treasury note was lower at around 2.382%, while the yield on the 30-year Treasury bond was also lower at around 2.828%. Yields move inversely to prices. The 10-year yield was also about five basis points from hitting its 2019 low.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: silvia amaro
Keywords: news, cnbc, companies, economic, weak, prices, 10year, points, yields, yield, lower, release, rose, safety, data, treasury, china


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Opposites attract: Even Steve Bannon and Tom Friedman agree Trump is right to attack on China trade

Ex-Trump advisor Steve Bannon and New York Times columnist Tom Friedman, who might seem like ideological opposites, agree on at least one issue: China trade. Bannon, whom diehard Democrats view as the antichrist, and Friedman, who works at what President Donald Trump calls “the failing New York Times,” both feel the president is right to go after Beijing. The country is so polarized politically that the mere mention of Bannon and Friedman being on the same page on anything becomes a watershed ev


Ex-Trump advisor Steve Bannon and New York Times columnist Tom Friedman, who might seem like ideological opposites, agree on at least one issue: China trade. Bannon, whom diehard Democrats view as the antichrist, and Friedman, who works at what President Donald Trump calls “the failing New York Times,” both feel the president is right to go after Beijing. The country is so polarized politically that the mere mention of Bannon and Friedman being on the same page on anything becomes a watershed ev
Opposites attract: Even Steve Bannon and Tom Friedman agree Trump is right to attack on China trade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: matthew j belvedere
Keywords: news, cnbc, companies, china, times, president, economic, friedman, attract, right, trump, trade, opposites, bannon, york, tom, steve


Opposites attract: Even Steve Bannon and Tom Friedman agree Trump is right to attack on China trade

Ex-Trump advisor Steve Bannon and New York Times columnist Tom Friedman, who might seem like ideological opposites, agree on at least one issue: China trade.

Bannon, whom diehard Democrats view as the antichrist, and Friedman, who works at what President Donald Trump calls “the failing New York Times,” both feel the president is right to go after Beijing.

While it may seem surprising, the two have agreed on Trump’s China policy for some time.

Friedman, while critical of Trump on many issues, wrote about a year ago that the economic fight with China is “worth having,” adding the president’s “instinct is basically right” to hold the line “before China gets too big.” The country is so polarized politically that the mere mention of Bannon and Friedman being on the same page on anything becomes a watershed event.

“I really agree with so much of what Steve said,” said Friedman, who was guest-hosting CNBC’s “Squawk Box” during the Bannon interview Wednesday morning. “The stakes of this moment, I think, people don’t fully appreciate,” referring to the economic clash of the world’s two biggest superpowers.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: matthew j belvedere
Keywords: news, cnbc, companies, china, times, president, economic, friedman, attract, right, trump, trade, opposites, bannon, york, tom, steve


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A US detente with China and Russia would boost the world economy

Russian President Vladimir Putin and Chinese President Xi Jinping with other leaders pose for a group photo at the Second Belt and Road Forum for Econonic Cooperation on April 27, 2019 in Beijing, China. But without an architecture of verifiable trust, codified in enforceable international rules and regulations, world trade and investments would dry up. Dare we hope then that senseless tensions and ludicrous war threats among the U.S., China and Russia could soon change thanks to a sudden reviva


Russian President Vladimir Putin and Chinese President Xi Jinping with other leaders pose for a group photo at the Second Belt and Road Forum for Econonic Cooperation on April 27, 2019 in Beijing, China. But without an architecture of verifiable trust, codified in enforceable international rules and regulations, world trade and investments would dry up. Dare we hope then that senseless tensions and ludicrous war threats among the U.S., China and Russia could soon change thanks to a sudden reviva
A US detente with China and Russia would boost the world economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: dr michael ivanovitch
Keywords: news, cnbc, companies, nuclear, arms, beijing, china, economy, economic, american, world, russia, detente, mad, boost, trade, president


A US detente with China and Russia would boost the world economy

Russian President Vladimir Putin and Chinese President Xi Jinping with other leaders pose for a group photo at the Second Belt and Road Forum for Econonic Cooperation on April 27, 2019 in Beijing, China. Mikhail Svetlov | Getty Images

Trust is an economic variable in short supply among the nuclear behemoths jostling for global dominance. But without an architecture of verifiable trust, codified in enforceable international rules and regulations, world trade and investments would dry up. Investments, in particular, would be hard-hit. Even after the most detailed and meticulous risk analysis, investments are always an act of faith — a leap into an unknowable future. Dare we hope then that senseless tensions and ludicrous war threats among the U.S., China and Russia could soon change thanks to a sudden revival of Mutually Assured Destruction true believers? That is a military doctrine with a long history, but a somewhat updated MAD idea is very simple: There would be no survivors to a nuclear war fought by U.S., China and Russia. Such a lunacy would spell the end to humanity.

Wisdom to stop the madness

In spite of that, some people have always thought that developing America’s capability of a devastating nuclear first strike could relegate the MAD to the dustbin of history. The U.S., those war-mongers believed, would obliterate the enemy and its second-strike chance to attack the United States. That has always been the wishful thinking of brainless hawks. Indeed, even during the breakup of the Soviet Union, and Russia’s subsequent long and deep economic and financial crisis, the country’s formidable nuclear arsenal was fully capable of playing the MAD game. And many of the cutting-edge nuclear weapons currently showcased by the Kremlin had been on the drawing boards during those difficult years. Now we also know that China’s nuclear-armed submarines — Beijing’s additional and updated second-strike capability — are being hunted by American defense forces in close proximity to U.S. maritime borders. Weaponizing space with nukes and their delivery vehicles is the last MAD frontier, and whether that madness can be stopped is not clear. But it is a hopeful sign that U.S. President Donald Trump has initiated discussions with Russia about a new nuclear arms treaty that would include China. Trump also revealed last week that, during the ongoing trade talks, Beijing “felt very strongly” about being part of the U.S.-Russia arms negotiations. Including China in the forthcoming arms talks is a good move. It can also be an important detail to enhance Washington’s bargaining power in a decisive negotiating round where key aspects of a trade deal have yet to be settled. More generally, arms talks can be part of a Kissingerian detente — an attempt to relieve tensions and address a wide range of strategic issues defining the three-country relations. An example of that is what happened last Friday during Trump’s telephone conversation with Russian President Vladimir Putin. Apart from the new arms treaty, the two men were said to have discussed the Korean problem, Venezuela’s crisis and more. Remarkably, they also talked about trade. According to U.S. data, the bilateral merchandise trade last year reached a puny $27.5 billion. But that was still a 16% increase from 2017, despite punishing American sanctions on business dealings with Russia. It is possible that the value of those trade transactions could rapidly double, or triple, if Washington and Moscow could come to terms with respect to some of the acute strategic issues they have been facing over the last five years. American companies are participating at the main economic forums in Russia, apparently waiting for thawing political relations to step up trade and investments and make up some of the ground lost on Russian markets to their European and Asian competitors.

Don’t bludgeon, compete with China

A much larger business is at stake with China, where U.S. exports represented last year only one-fifth of a $635.4 billion in two-way goods trade. That profoundly unbalanced trade relationship is taking place amid growing political and military tensions, and an increasingly difficult operating environment for American firms in China. Under those circumstances, the U.S. should insist on a rapid rebalancing of trade accounts, instead of trying to impose on Beijing structural reforms in its economic and trade policies. Pressing Beijing on structural reforms is a waste of time in a blind alley. The same is true of U.S. efforts to contain Beijing’s seemingly unstoppable spread of global economic and political interests. Except perhaps for Japan, no Asian country is ready to actively help the U.S. in opposing China’s maritime border claims and pressures on Taiwan. China also disapproves of the American policy of maximum pressure on North Korea to force a nuclear disarmament without security guarantees and the lifting of debilitating economic sanctions. Put briefly, Asians worry about having to choose between the U.S. and China, while Beijing just wants the U.S. out of Asia — an objective obliquely formulated in terms of an unwelcome interference of outside forces in Asian affairs. The U.S. solution to the China problem is a robust and peaceful competition. China calls that cooperation, adding a “win-win” mantra to sugar coat a bitter pill for losers accumulating trade deficits. But to compete with China, the U.S. needs to eschew threats and raw pressures. It must offer, instead, more attractive alternatives and meticulously protect its markets from predatory trade practices. The U.S. soft power is infinitely more appealing, and many American companies are proving that they are fully capable of profitably taking on some of the world’s most aggressive competitors.

Investment thoughts


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: dr michael ivanovitch
Keywords: news, cnbc, companies, nuclear, arms, beijing, china, economy, economic, american, world, russia, detente, mad, boost, trade, president


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Americans are flocking to these 9 southern cities where business is booming and salaries are rising

Though wages remain largely stagnant for many American workers, there are several cities around the U.S. where incomes are on the rise. Personal finance website GOBankingRates analyzed 347 American cities with populations of 500,000 or under, looking for places experiencing a combination of economic prosperity, population growth and rising incomes. It claimed nine of the top 30 spots, including the No. These cities are good alternatives for people who want to avoid notoriously expensive cities,


Though wages remain largely stagnant for many American workers, there are several cities around the U.S. where incomes are on the rise. Personal finance website GOBankingRates analyzed 347 American cities with populations of 500,000 or under, looking for places experiencing a combination of economic prosperity, population growth and rising incomes. It claimed nine of the top 30 spots, including the No. These cities are good alternatives for people who want to avoid notoriously expensive cities,
Americans are flocking to these 9 southern cities where business is booming and salaries are rising Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: emmie martin
Keywords: news, cnbc, companies, southern, business, york, salaries, american, rising, flocking, americans, booming, population, incomes, gobankingrates, economic, wages, workers, website, cities


Americans are flocking to these 9 southern cities where business is booming and salaries are rising

Though wages remain largely stagnant for many American workers, there are several cities around the U.S. where incomes are on the rise.

Personal finance website GOBankingRates analyzed 347 American cities with populations of 500,000 or under, looking for places experiencing a combination of economic prosperity, population growth and rising incomes. To rank the top “boomtowns,” or cities that meet these criteria, the site looked at five-year data on population, housing, GDP and per capita income from the U.S. Census Bureau’s 2017 American Community and the Bureau of Economic Analysis.

One region stood out: The American South. It claimed nine of the top 30 spots, including the No. 1 location on the list, Naples, Florida.

These cities are good alternatives for people who want to avoid notoriously expensive cities, such as New York or San Francisco, because they “offer incentives, such as a more affordable cost-of-living or a higher paycheck — or both,” GOBankingRates reports.

Below, check out nine growing cities across the southern U.S. where the economy is booming and salaries are on the rise.


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: emmie martin
Keywords: news, cnbc, companies, southern, business, york, salaries, american, rising, flocking, americans, booming, population, incomes, gobankingrates, economic, wages, workers, website, cities


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Brexit creating ‘very unusual’ economic situation, BOE’s Carney says

Brexit creating ‘very unusual’ economic situation, BOE’s Carney says3 Hours AgoBank of England Governor Mark Carney outlines the impact Brexit is having on the U.K. economy and the central bank’s monetary policy.


Brexit creating ‘very unusual’ economic situation, BOE’s Carney says3 Hours AgoBank of England Governor Mark Carney outlines the impact Brexit is having on the U.K. economy and the central bank’s monetary policy.
Brexit creating ‘very unusual’ economic situation, BOE’s Carney says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02
Keywords: news, cnbc, companies, carney, outlines, monetary, uk, creating, economic, says3, situation, unusual, mark, policy, boes, brexit


Brexit creating 'very unusual' economic situation, BOE's Carney says

Brexit creating ‘very unusual’ economic situation, BOE’s Carney says

3 Hours Ago

Bank of England Governor Mark Carney outlines the impact Brexit is having on the U.K. economy and the central bank’s monetary policy.


Company: cnbc, Activity: cnbc, Date: 2019-05-02
Keywords: news, cnbc, companies, carney, outlines, monetary, uk, creating, economic, says3, situation, unusual, mark, policy, boes, brexit


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Gold slides to one-week low as dollar revives post-Fed

Gold prices dropped to a one-week low on Wednesday as the dollar rebounded after U.S. Federal Reserve reduced expectations of a rate cut this year, with the safe-haven metal also pressured as the central bank signaled strong economic growth. Spot gold slipped 0.6% to $1,276.36 per ounce as of 5:02 p.m., after falling as much as 0.8% to a session low of $1,272.74 earlier, its lowest since April 24. A stronger dollar makes gold, which yields no interest, expensive for holders of other currencies.


Gold prices dropped to a one-week low on Wednesday as the dollar rebounded after U.S. Federal Reserve reduced expectations of a rate cut this year, with the safe-haven metal also pressured as the central bank signaled strong economic growth. Spot gold slipped 0.6% to $1,276.36 per ounce as of 5:02 p.m., after falling as much as 0.8% to a session low of $1,272.74 earlier, its lowest since April 24. A stronger dollar makes gold, which yields no interest, expensive for holders of other currencies.
Gold slides to one-week low as dollar revives post-Fed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01
Keywords: news, cnbc, companies, postfed, rate, dollar, economic, strong, lowest, traders, oneweek, low, slides, revives, gold, slipped, signaled


Gold slides to one-week low as dollar revives post-Fed

Gold prices dropped to a one-week low on Wednesday as the dollar rebounded after U.S. Federal Reserve reduced expectations of a rate cut this year, with the safe-haven metal also pressured as the central bank signaled strong economic growth.

Spot gold slipped 0.6% to $1,276.36 per ounce as of 5:02 p.m., after falling as much as 0.8% to a session low of $1,272.74 earlier, its lowest since April 24.

U.S. gold futures settled 0.1% lower at $1,284.20 an ounce.

The U.S. central bank held interest rates steady and signaled little appetite to adjust them any time soon, taking heart in continued job gains and economic growth and the likelihood that weak inflation will edge higher.

The dollar bounced back up following the announcement, having declined for the previous three sessions. A stronger dollar makes gold, which yields no interest, expensive for holders of other currencies.

“The fears of a possible rate hikes were gone, that was positive for gold, then the press conference started and all the stuff came out all at once that shook up traders thoughts,” said George Gero, managing director at RBC Wealth Management.

The labor market remains strong and the economic activity rose at a solid rate in recent weeks, the Fed said in a policy statement. That weighed on gold, which is often used an alternative for political and financial risks.

“That was quite a quick reversal for gold, it had to do with the lack of inflation according to Powell, less worries about Brexit and on the report that there could be a deal with China, which rattled gold traders,” Gero added.

The United States and China are nearing a trade deal, Politico reported on Wednesday after U.S. Treasury Secretary Steven Mnuchin said the two countries completed “productive” talks in Beijing.

“We have economic numbers that are fairly well supported, equity markets are strong, gold doesn’t tend to perform particularly well in these situations as opportunity cost is associated with holding the zero-yielding asset,” said Bart Melek, head of commodity strategies at TD Securities in Toronto.

U.S. private employers added 275,000 jobs in April, well above economists’ expectations and the most since last July, a report by a payrolls processor showed on Wednesday.

Among other metals, silver fell to a more than four-month low of $14.57, while platinum prices dropped 2.8% to $861.50, its lowest in nearly a month.

Palladium slipped 2.8% to $1,349.50 per ounce, after touching its lowest level since Jan. 25 at $1,309.67.


Company: cnbc, Activity: cnbc, Date: 2019-05-01
Keywords: news, cnbc, companies, postfed, rate, dollar, economic, strong, lowest, traders, oneweek, low, slides, revives, gold, slipped, signaled


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