Gold spikes above $1,400 per ounce to prices not seen in nearly 6 years

Gold prices soared for a second day in a row on Friday, touching levels not seen in almost 6 years. As of 12:16 p.m. HK/SIN, spot gold jumped 1.3% to about $1,405.83 per ounce — soaring past the $1,400 level for the first time since September 2013. The U.S. dollar index, which tracks the greenback against a basket of currencies, also tumbled to 96.543 after touching levels above 97.6 earlier in the week. “Gold prices have recovered from their lows and we think this rise could be sustainable,” st


Gold prices soared for a second day in a row on Friday, touching levels not seen in almost 6 years. As of 12:16 p.m. HK/SIN, spot gold jumped 1.3% to about $1,405.83 per ounce — soaring past the $1,400 level for the first time since September 2013. The U.S. dollar index, which tracks the greenback against a basket of currencies, also tumbled to 96.543 after touching levels above 97.6 earlier in the week. “Gold prices have recovered from their lows and we think this rise could be sustainable,” st
Gold spikes above $1,400 per ounce to prices not seen in nearly 6 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: eustance huang
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Gold spikes above $1,400 per ounce to prices not seen in nearly 6 years

Melted gold flows out of a smelter into a mould of a one kilogram bar at a plant of gold refiner and bar manufacturer Argor-Heraeus SA in the southern Swiss town of Mendrisio.

Gold prices soared for a second day in a row on Friday, touching levels not seen in almost 6 years.

As of 12:16 p.m. HK/SIN, spot gold jumped 1.3% to about $1,405.83 per ounce — soaring past the $1,400 level for the first time since September 2013. Gold futures also rose 0.92% to $1,409.70 per ounce.

Gold prices surged a day earlier, after the U.S. Federal Reserve opened the door for a possible rate cut in the future, sending the yield on the benchmark 10-year Treasury note below 2% — a key psychological level — for the first time since November 2016.

The U.S. dollar index, which tracks the greenback against a basket of currencies, also tumbled to 96.543 after touching levels above 97.6 earlier in the week.

“Gold prices have recovered from their lows and we think this rise could be sustainable,” strategists at Singapore’s DBS Group Research wrote in a note. “Rising political tensions, lower bond yields and (a U.S. dollar) on the verge of reversing should make the rest of 2019 very interesting for the metal.”

Also on Thursday, European Central Bank President Mario Draghi said “additional stimulus will required” if the economic situation worsens in the coming months. Bank of Japan Governor Haruhiko Kuroda also indicated on Thursday the central bank would “consider expanding stimulus without hesitation ” — should the economy lose momentum toward achieving the ever elusive 2% inflation target.

Tensions in the Middle East also continue to linger following Iran shooting down a U.S. drone on Thursday.

With central banks loosening monetary policy, and US growth potentially peaking amid elevated geopolitical risks, Analysts at Citi said in a Thursday note that they were updating their longstanding bullish targets for gold.

“We published a 6-12m point-price of $1,400/oz in January and we now roll that forward to a $1,450 0-3m target, contingent on a dovish July FOMC (e.g. 50 bps and further signaling),” they said.

— Correction: This article was updated to reflect that spot gold prices crossed the $1,400 mark for the first time since September 2013.


Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: eustance huang
Keywords: news, cnbc, companies, gold, 1400, spikes, note, nearly, seen, stimulus, central, spot, ounce, prices, bank, levels, level, touching


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Huawei asks Verizon to pay more than $1 billion for over 230 patents: Source

Verizon should pay to “solve the patent licensing issue,” a Huawei intellectual property licensing executive wrote in February, The Wall Street Journal reported earlier. The licensing fees for the more than 230 patents sought is more than $1 billion, the person said. National security experts worry that “back doors” in routers, switches and other Huawei equipment could allow China to spy on U.S. communications. Companies involved, including Verizon have notified the U.S. government and the dispu


Verizon should pay to “solve the patent licensing issue,” a Huawei intellectual property licensing executive wrote in February, The Wall Street Journal reported earlier. The licensing fees for the more than 230 patents sought is more than $1 billion, the person said. National security experts worry that “back doors” in routers, switches and other Huawei equipment could allow China to spy on U.S. communications. Companies involved, including Verizon have notified the U.S. government and the dispu
Huawei asks Verizon to pay more than $1 billion for over 230 patents: Source Cached Page below :
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Huawei asks Verizon to pay more than $1 billion for over 230 patents: Source

In this photo illustration, the Huawei logo and Chinese flag is seen displayed on an Android mobile phone.

Huawei Technologies has told Verizon Communications that the U.S. carrier should pay licensing fees for more than 230 of the Chinese telecoms equipment maker’s patents and in aggregate is seeking more than $1 billion, a person briefed on the matter said on Wednesday.

Verizon should pay to “solve the patent licensing issue,” a Huawei intellectual property licensing executive wrote in February, The Wall Street Journal reported earlier. The patents cover network equipment for more than 20 of the company’s vendors including major U.S. tech firms but those vendors would indemnify Verizon, the person said. Some of those firms have been approached directly by Huawei, the person said.

The patents in question range from core network equipment, wireline infrastructure to internet-of-things technology, the Journal reported. The licensing fees for the more than 230 patents sought is more than $1 billion, the person said.

Huawei has been battling the U.S. government for more than a year. National security experts worry that “back doors” in routers, switches and other Huawei equipment could allow China to spy on U.S. communications. Huawei has denied that it would help China spy.

Companies involved, including Verizon have notified the U.S. government and the dispute comes amid a growing feud between China and the United States. The licensing fee demand may be more about the geopolitical battle between China and the United States rather than a demand for patent fees.

Huawei and Verizon representatives met in New York last week to discuss some of the patents at issue and whether Verizon is using equipment from other companies that could infringe on Huawei patents.

Verizon spokesman Rich Young declined to comment “regarding this specific issue because it’s a potential legal matter.”

However, Young said, “These issues are larger than just Verizon. Given the broader geopolitical context, any issue involving Huawei has implications for our entire industry and also raise national and international concerns.”

Huawei and U.S. wireless carriers T-Mobile US and AT&T did not respond to Reuters’ requests for comment. Sprint declined to comment.

The United States last month put Huawei on a blacklist that barred it from doing business with U.S. companies on security grounds without government approval, prompting some global tech firms to cut ties with the world’s largest telecoms equipment maker.

Washington is also seeking the extradition of Huawei Chief Financial Executive Meng Wanzhou from Canada after her arrest in Vancouver last December on a U.S. warrant.

China has since upped the pressure on Canada, halting Canadian canola imports and in May suspended the permits of two major pork producers.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: eustance huang
Keywords: news, cnbc, companies, united, person, issue, pay, billion, states, patents, 230, asks, source, licensing, equipment, china, huawei, verizon


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Shares in China jump on news of boost to infrastructure investment

Shares in mainland China surged on Tuesday, as a signal of an infrastructure boost from Beijing outweighed comments from U.S. President Donald Trump on the ongoing trade war between the two economic powerhouses. The Shanghai composite rose 2.58% to close at about 2,925.72 and the Shenzhen component jumped 3.74% to finish its trading day at 9,037.67. The CSI 300, which tracks the largest companies on the mainland, also gained 3.01% to close at approximately 3,719.28. Hong Kong-listed shares of Ch


Shares in mainland China surged on Tuesday, as a signal of an infrastructure boost from Beijing outweighed comments from U.S. President Donald Trump on the ongoing trade war between the two economic powerhouses. The Shanghai composite rose 2.58% to close at about 2,925.72 and the Shenzhen component jumped 3.74% to finish its trading day at 9,037.67. The CSI 300, which tracks the largest companies on the mainland, also gained 3.01% to close at approximately 3,719.28. Hong Kong-listed shares of Ch
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Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: eustance huang
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Shares in China jump on news of boost to infrastructure investment

Shares in mainland China surged on Tuesday, as a signal of an infrastructure boost from Beijing outweighed comments from U.S. President Donald Trump on the ongoing trade war between the two economic powerhouses.

The Shanghai composite rose 2.58% to close at about 2,925.72 and the Shenzhen component jumped 3.74% to finish its trading day at 9,037.67. The Shenzhen component soared 3.708% to close at 1,538.23. The CSI 300, which tracks the largest companies on the mainland, also gained 3.01% to close at approximately 3,719.28.

The moves on the mainland came after state news agency Xinhua reported Monday that China would enable local governments to use special bonds to finance certain investment projects, citing a “notice on local government bonds.”

Over in Hong Kong, the Hang Seng index added 0.83%, as of its final hour of trading. Hong Kong-listed shares of China Construction Bank rose 1.43%.

Elsewhere, Japan’s Nikkei 225 close 0.33% higher to close at 21,204.28, while the Topix index added 0.54% to finish its trading day at 1,561.32. South Korea’s Kospi rose 0.59% to close at 2,111.81 as shares of LG Electronics soared 6.03%.

Over in Australia, shares traded higher after returning from a holiday. The ASX 200 advanced 1.59% to close at 6,546.30 as most sectors saw gains.


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: eustance huang
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5G rollout will ‘make things better’ for cybersecurity, according to Verizon

An illuminated 5G sign hangs behind a weave of electronic cables on the opening day of the MWC Barcelona in Barcelona, Spain, on Monday, Feb. 25, 2019. The impending rollout of the next generation 5G wireless standard could be a boon for cybersecurity, according to an expert from Verizon. “I actually think that the 5G rollout … will actually make things better,” Chris Novak, global director of the Threat Research Advisory Center at Verizon, told CNBC’s “Squawk Box” on Tuesday. Novak’s comments


An illuminated 5G sign hangs behind a weave of electronic cables on the opening day of the MWC Barcelona in Barcelona, Spain, on Monday, Feb. 25, 2019. The impending rollout of the next generation 5G wireless standard could be a boon for cybersecurity, according to an expert from Verizon. “I actually think that the 5G rollout … will actually make things better,” Chris Novak, global director of the Threat Research Advisory Center at Verizon, told CNBC’s “Squawk Box” on Tuesday. Novak’s comments
5G rollout will ‘make things better’ for cybersecurity, according to Verizon Cached Page below :
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5G rollout will 'make things better' for cybersecurity, according to Verizon

An illuminated 5G sign hangs behind a weave of electronic cables on the opening day of the MWC Barcelona in Barcelona, Spain, on Monday, Feb. 25, 2019.

The impending rollout of the next generation 5G wireless standard could be a boon for cybersecurity, according to an expert from Verizon.

“I actually think that the 5G rollout … will actually make things better,” Chris Novak, global director of the Threat Research Advisory Center at Verizon, told CNBC’s “Squawk Box” on Tuesday.

“I think there is a lot of research and development that we’ve done and I know others have done as well to make sure that 5G doesn’t just bring speed and reliability, but also that it’s done in a secure manner and addresses any of those kinds of concerns,” Novak said.

Novak’s comments come amid increasing scrutiny on companies seeking to win contracts to develop 5G capabilities for national networks. Chinese telecommunications giant Huawei is chief among the firms under the spotlight as the U.S. seeks to dissuade America’s allies from purchasing its equipment, with claims that the firm is “too close to the government. ”

Recent moves by the U.S. have reportedly resulted in major tech companies limiting their employees’ access to Huawei. On May 16, the U.S. Department of Commerce put Huawei on a blacklist, barring it from doing business with American companies without government approval, then a few days later it authorized firms to interact with Huawei in standards bodies through August “as necessary for the development of 5G standards.”

For its part, U.S. President Donald Trump’s administration appears to have a conflicting stance on Huawei.

Trump told CNBC on Monday that Huawei could be part of the U.S. trade negotiation with China, contradicting remarks by Treasury Secretary Steven Mnuchin, who told CNBC on Sunday that Washington’s concerns surrounding the telecommunications behemoth are “national security” issues separate from trade.

On the subject of whether banning perceived bad actors from developing 5G networks would reduce the likelihood of data breaches, Novak said: “To be honest, it’s not even just the espionage element. In reality, the bigger percentage of that pie is actually financially motivated breaches.”

“If you actually roll back and look at the last decade, we’ve got almost about a half million security incidents that we’ve looked at over the course of that research,” he said. “While espionage plays a role in things and I think that’s kind of fired up a lot of the conversation here, I think ultimately there’s a lot of other facets to what we see happening in the cybersecurity and data breach landscape.”

— Reuters and CNBC’s Kate Fazzini contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: eustance huang
Keywords: news, cnbc, companies, verizon, cybersecurity, according, 5g, things, think, novak, weve, rollout, companies, better, told, lot, actually, research, huawei


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Shares in Asia rise as European central bank delays rate hike

Stocks in Asia advanced on Friday following positive developments overnight on U.S.-Mexico negotiations, while investors digested recent comments from major central bank chiefs. The Nikkei 225 in Japan rose 0.53% to close at 20,884.71, with shares of robot maker Fanuc gaining 0.99%. The Topix index also advanced 0.49% to finish its trading day at 1,532.39. Over in South Korea, the Kospi rose 0.16% to end its trading day at 2,072.33. The MSCI Asia-ex Japan index rose 0.11% to 501.99, as of 2:55 p


Stocks in Asia advanced on Friday following positive developments overnight on U.S.-Mexico negotiations, while investors digested recent comments from major central bank chiefs. The Nikkei 225 in Japan rose 0.53% to close at 20,884.71, with shares of robot maker Fanuc gaining 0.99%. The Topix index also advanced 0.49% to finish its trading day at 1,532.39. Over in South Korea, the Kospi rose 0.16% to end its trading day at 2,072.33. The MSCI Asia-ex Japan index rose 0.11% to 501.99, as of 2:55 p
Shares in Asia rise as European central bank delays rate hike Cached Page below :
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Shares in Asia rise as European central bank delays rate hike

Stocks in Asia advanced on Friday following positive developments overnight on U.S.-Mexico negotiations, while investors digested recent comments from major central bank chiefs.

The Nikkei 225 in Japan rose 0.53% to close at 20,884.71, with shares of robot maker Fanuc gaining 0.99%. The Topix index also advanced 0.49% to finish its trading day at 1,532.39.

In Australia, the ASX 200 gained 0.95% to close at 6,443.90 as most of the sectors rose. Over in South Korea, the Kospi rose 0.16% to end its trading day at 2,072.33.

The MSCI Asia-ex Japan index rose 0.11% to 501.99, as of 2:55 pm. HK/SIN.

Markets in China and Hong Kong were closed on Friday for a holiday.


Company: cnbc, Activity: cnbc, Date: 2019-06-07  Authors: eustance huang
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Chinese stocks slip on lingering trade tensions; RBA cuts interest rates

Chinese stocks declined on Tuesday, while other major Asian markets were largely unchanged amid ongoing global trade tensions. The Shanghai composite declined 0.96% to finish its trading day at 2,862.28 and the Shenzhen component closed 1.23% lower at 8,748.27. “We wouldn’t be surprised if we were to see more rate cuts,” said Kristian Kolding, partner of the macroeconomic policy and forecasting team at Deloitte Access Economics, who said one more rate cut is likely. So, one rate cut now was expe


Chinese stocks declined on Tuesday, while other major Asian markets were largely unchanged amid ongoing global trade tensions. The Shanghai composite declined 0.96% to finish its trading day at 2,862.28 and the Shenzhen component closed 1.23% lower at 8,748.27. “We wouldn’t be surprised if we were to see more rate cuts,” said Kristian Kolding, partner of the macroeconomic policy and forecasting team at Deloitte Access Economics, who said one more rate cut is likely. So, one rate cut now was expe
Chinese stocks slip on lingering trade tensions; RBA cuts interest rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: eustance huang
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Chinese stocks slip on lingering trade tensions; RBA cuts interest rates

Chinese stocks declined on Tuesday, while other major Asian markets were largely unchanged amid ongoing global trade tensions. The Shanghai composite declined 0.96% to finish its trading day at 2,862.28 and the Shenzhen component closed 1.23% lower at 8,748.27. The Shenzhen composite also fell 1.434% to close at 1,494.15. Over in Hong Kong, the Hang Seng index shed 0.7%, as of its final hour of trading. Shares of Chinese tech giant Tencent fell 1.92%. Japan’s benchmark Nikkei 225 closed just below the flatline at 20,408.54, with shares of index heavyweight Softbank Group dropping 3.27%. The Topix index also finished its trading day largely unchanged at 1,499.09. In South Korea, the Kospi closed marginally lower at 2,066.97.

Asia-Pacific Market Indexes Chart

RBA slashes interest rates

Over in Australia, the ASX 200 rose 0.19% to close at 6,322.40 after the Reserve Bank of Australia (RBA) announced that it was cutting its cash rate by 25 basis points to 1.25% on Tuesday. The Australian dollar changed hands at $0.6986 after touching an earlier low of $0.6958. “Today’s decision to lower the cash rate will help make further inroads into the spare capacity in the economy,” RBA Governor Philip Lowe said in a statement. Analysts that spoke to CNBC generally agreed that more rate hikes were on the horizon. “We think we’ll see three more … we’re looking for the cash rate to fall to 0.5% by the middle of next year, i think the next move will come fairly quickly, probably in July or if not in August, then the reserve bank will sit back and see,” Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors, told CNBC’s “Capital Connection.” “I think ultimately the Reserve will have to do more than a couple of rate cuts to get unemployment going back down again, to get wages growth up and to get inflation moving towards their target,” he added. “We wouldn’t be surprised if we were to see more rate cuts,” said Kristian Kolding, partner of the macroeconomic policy and forecasting team at Deloitte Access Economics, who said one more rate cut is likely. “However, the economy is, the way we see it is not as bad as some people think and as some people say. So, one rate cut now was expected, another one I’d say likely, but we wouldn’t be factoring (in) three rate cuts at this point in time.”

Fed’s Bullard comments

Meanwhile, Federal Open Market Committee voting member James Bullard said Monday that an interest rate cut “may be warranted soon ” due to the potential impact of global trade tensions as well as weak U.S. inflation on economic growth. “The market has become even more aggressive in factoring in Fed easing over the past week,” strategists at Singapore’s DBS Bank wrote in a morning note. They added that four cuts are now factored in, by end 2020, as compared to three a week ago.

US-China trade


Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: eustance huang
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Dow futures fall 200 points after Trump announces tariffs on Mexican imports

U.S. stock index futures were sharply lower Friday morning, as investors feared President Donald Trump’s threat of tariffs on all Mexico imports exacerbated the risk of recession. ET, Dow futures slipped 219 points, indicating a negative open of roughly 200 points. On Thursday evening, Trump announced the U.S. would impose a 5% tariff on all Mexican imports from June 10 until illegal immigration across the southern border was stopped. It comes amid intensifying tensions between the U.S. and Chin


U.S. stock index futures were sharply lower Friday morning, as investors feared President Donald Trump’s threat of tariffs on all Mexico imports exacerbated the risk of recession. ET, Dow futures slipped 219 points, indicating a negative open of roughly 200 points. On Thursday evening, Trump announced the U.S. would impose a 5% tariff on all Mexican imports from June 10 until illegal immigration across the southern border was stopped. It comes amid intensifying tensions between the U.S. and Chin
Dow futures fall 200 points after Trump announces tariffs on Mexican imports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: sam meredith, eustance huang
Keywords: news, cnbc, companies, tariffs, seen, 200, dow, mexico, trade, morning, immigration, china, trump, announces, mexican, fall, imports, futures, points


Dow futures fall 200 points after Trump announces tariffs on Mexican imports

U.S. stock index futures were sharply lower Friday morning, as investors feared President Donald Trump’s threat of tariffs on all Mexico imports exacerbated the risk of recession.

At around 03:00 a.m. ET, Dow futures slipped 219 points, indicating a negative open of roughly 200 points. Futures on the S&P and Nasdaq were both seen slightly lower.

Market participants moved aggressively to price in deeper rate cuts by the Federal Reserve over the coming months, while the closely-watched 10-year Treasury yield dropped to lows not seen since 2017.

The U.S. benchmark was yielding 2.1783% Friday morning. It stood above 2.5% at the beginning of the month.

On Thursday evening, Trump announced the U.S. would impose a 5% tariff on all Mexican imports from June 10 until illegal immigration across the southern border was stopped.

The White House added in a statement that tariffs would be raised if the immigration issue persisted, with the charges set to increase even further if Mexico fails to take “dramatic action” to reduce or eliminate the problem.

It comes amid intensifying tensions between the U.S. and China, with the world’s two largest economies locked in a protracted trade dispute.

Washington and Beijing have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.

The biggest Chinese newspaper explicitly warned the U.S. on Wednesday that China would be prepared to cut off rare earth minerals as a countermeasure.

Chinese Vice Foreign Minister Zhang Hanhui then said Thursday that provoking trade disputes amounted to “naked economic terrorism. ”

— CNBC’s Joanna Tan contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: sam meredith, eustance huang
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Shares of Asian automakers tumble as US announces tariffs on Mexico

Shares of Asian automakers dropped on Friday after U.S. President Donald Trump announced fresh tariffs on Mexico. By the trading day’s end in Tokyo, shares of Nissan dropped 5.31%, while Toyota declined 2.85% and Mazda plunged 7.13%. The White House added in a statement that the tariffs could be increased if the immigration issue continues. One analyst told CNBC that the “mostly likely response” by the automakers was to pass on the additional cost imposed by tariffs to consumers. Lewis added tha


Shares of Asian automakers dropped on Friday after U.S. President Donald Trump announced fresh tariffs on Mexico. By the trading day’s end in Tokyo, shares of Nissan dropped 5.31%, while Toyota declined 2.85% and Mazda plunged 7.13%. The White House added in a statement that the tariffs could be increased if the immigration issue continues. One analyst told CNBC that the “mostly likely response” by the automakers was to pass on the additional cost imposed by tariffs to consumers. Lewis added tha
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Keywords: news, cnbc, companies, tariffs, seen, stock, asian, mexico, trade, auto, north, moves, automakers, trump, shares, tumble, announces


Shares of Asian automakers tumble as US announces tariffs on Mexico

Shares of Asian automakers dropped on Friday after U.S. President Donald Trump announced fresh tariffs on Mexico.

By the trading day’s end in Tokyo, shares of Nissan dropped 5.31%, while Toyota declined 2.85% and Mazda plunged 7.13%.

Similar losses were seen over in South Korea, where Kia Motors saw its stock fall 4.49%.

The moves came after Trump announced in a Twitter post on Thursday night stateside that the U.S. plans to impose a 5% tariff on all Mexican imports from June 10, until “the Illegal Immigration problem is remedied.” The White House added in a statement that the tariffs could be increased if the immigration issue continues.

Mexico is used as a production base by many Japanese automakers. They manufacture vehicles such as cars and trucks in the North American nation for export, according to data from Mexico’s auto industry association AMIA.

One analyst told CNBC that the “mostly likely response” by the automakers was to pass on the additional cost imposed by tariffs to consumers.

“President Trump needs to recognize it’s not the Mexicans that are paying the tariffs,” said Janet Lewis, head of Asia industrials research at Macquarie Capital Securities.

Lewis added that the sell-off seen in the shares of Asian automakers was not just related to the latest announcement of U.S. tariffs on Mexico, with some of the companies actually “not exposed” in a meaningful manner.

To illustrate her point, she cited the example of Mitsubishi Motor. The company’s stock slipped 3.94% on the day, even though it “doesn’t produce anything” in Mexico.

Instead, she said, there was sense of general unease surrounding the global trade landscape as investors considered the repercussions of a protectionist U.S. on the global economy.

Asked about where the greatest impact would likely be felt, Lewis said “the risk is greatest on supply chain more than the trade in completely built units coming across the border” due to the “extremely integrated” nature of North America’s auto industry.

Up to now, investment decisions in parts were made without consideration for whether they were made in the U.S., Canada or Mexico, she said.

The latest moves by the Trump administration come on the back of a recent announcement that it will delay tariffs on cars and auto part imports for up to six months as it seeks to strike trade deals with the European Union and Japan.


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: eustance huang
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Costco is looking at alternative sourcing and price hikes as tariffs loom

Costco Wholesale on Thursday reported quarterly profit and revenue that beat Wall Street estimates and said it would tackle the proposed round of tariffs on Chinese imports by sourcing goods from other countries and possible price increases. The warehouse club operator is the latest American retailer to warn of tariff hit, after dollar store chains Dollar Tree and Dollar General, earlier in the day, said rising tariffs would impact their businesses and consumers. Costco’s Chief Financial Officer


Costco Wholesale on Thursday reported quarterly profit and revenue that beat Wall Street estimates and said it would tackle the proposed round of tariffs on Chinese imports by sourcing goods from other countries and possible price increases. The warehouse club operator is the latest American retailer to warn of tariff hit, after dollar store chains Dollar Tree and Dollar General, earlier in the day, said rising tariffs would impact their businesses and consumers. Costco’s Chief Financial Officer
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Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: fred imbert, sam meredith, eustance huang
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Costco is looking at alternative sourcing and price hikes as tariffs loom

Costco Wholesale on Thursday reported quarterly profit and revenue that beat Wall Street estimates and said it would tackle the proposed round of tariffs on Chinese imports by sourcing goods from other countries and possible price increases.

The warehouse club operator is the latest American retailer to warn of tariff hit, after dollar store chains Dollar Tree and Dollar General, earlier in the day, said rising tariffs would impact their businesses and consumers.

Costco’s Chief Financial Officer Richard Galanti, on a post-earnings call with analysts, said the situation is “pretty fluid” and the company is looking to accelerate shipments before certain tariffs are put into effect.

“At the end of the day, prices will go up on things. What’s interesting is that it’s hard to predict what the impact is,” Galanti said.

“We want to be the last to raise them. And when prices are going down, we want to be the first to lower them. We’re not afraid to use some of those monies to again drive business.”


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: fred imbert, sam meredith, eustance huang
Keywords: news, cnbc, companies, alternative, price, tariffs, sourcing, hikes, impact, wholesale, warehouse, dollar, galanti, looking, warn, costco, loom, whats, day, prices


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Major Asian markets decline as US-China trade concerns weigh

Stocks in major Asia Pacific markets mostly slipped on Thursday as increasing tensions between the U.S. and China weighed on investor sentiment. The Nikkei 225 in Japan slipped 0.29% to close at 20,942.53, as shares of index heavyweights Fast Retailing and Softbank Group declined more than 1% each. Mainland Chinese shares declined on the day, with the Shanghai composite slipping 0.31% to 2,905.81 and the Shenzhen component shedding 0.74% to 8,943.35. The Shenzhen composite also fell 0.625% to cl


Stocks in major Asia Pacific markets mostly slipped on Thursday as increasing tensions between the U.S. and China weighed on investor sentiment. The Nikkei 225 in Japan slipped 0.29% to close at 20,942.53, as shares of index heavyweights Fast Retailing and Softbank Group declined more than 1% each. Mainland Chinese shares declined on the day, with the Shanghai composite slipping 0.31% to 2,905.81 and the Shenzhen component shedding 0.74% to 8,943.35. The Shenzhen composite also fell 0.625% to cl
Major Asian markets decline as US-China trade concerns weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-30  Authors: eustance huang
Keywords: news, cnbc, companies, fell, major, composite, declined, asia, markets, decline, shares, shenzhen, uschina, day, slipped, asian, concerns, index, weigh, close, trade


Major Asian markets decline as US-China trade concerns weigh

Stocks in major Asia Pacific markets mostly slipped on Thursday as increasing tensions between the U.S. and China weighed on investor sentiment.

The Nikkei 225 in Japan slipped 0.29% to close at 20,942.53, as shares of index heavyweights Fast Retailing and Softbank Group declined more than 1% each. The Topix index also fell 0.29% to finish its trading day at 1,531.98.

In Australia, the ASX 200 shed 0.74% to close at 6,392.10 as almost all the sectors declined.

Mainland Chinese shares declined on the day, with the Shanghai composite slipping 0.31% to 2,905.81 and the Shenzhen component shedding 0.74% to 8,943.35. The Shenzhen composite also fell 0.625% to close at 1,532.03.

Over in Hong Kong, the Hang Seng index was lower by around 0.3%, as of its final hour of trading.

South Korea’s Kospi bucked the overall trend as it rose 0.77% to close at 2,038.80, with shares of industry heavyweight Samsung Electronics gaining 1.79%. The MSCI Asia ex-Japan index was also 0.24% higher at 498.17, as of 3:10 p.m. HK/SIN.


Company: cnbc, Activity: cnbc, Date: 2019-05-30  Authors: eustance huang
Keywords: news, cnbc, companies, fell, major, composite, declined, asia, markets, decline, shares, shenzhen, uschina, day, slipped, asian, concerns, index, weigh, close, trade


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