Singapore downgrades 2020 economic forecast amid coronavirus outbreak

Singapore on Monday downgraded its growth forecast for 2020 as the country grapples with one of the highest numbers of coronavirus cases outside China. “The (earlier) forecast was premised on a modest pickup in global growth, along with a recovery in the global electronics cycle, in 2020. Since then, the outbreak of the coronavirus disease 2019 (COVID-19) has affected China, Singapore and many countries around the world,” the ministry said in a statement. The tourism and transport sectors have b


Singapore on Monday downgraded its growth forecast for 2020 as the country grapples with one of the highest numbers of coronavirus cases outside China.
“The (earlier) forecast was premised on a modest pickup in global growth, along with a recovery in the global electronics cycle, in 2020.
Since then, the outbreak of the coronavirus disease 2019 (COVID-19) has affected China, Singapore and many countries around the world,” the ministry said in a statement.
The tourism and transport sectors have b
Singapore downgrades 2020 economic forecast amid coronavirus outbreak Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: yen nee lee
Keywords: news, cnbc, companies, trade, forecast, ministry, global, economic, fall, outbreak, singapore, sectors, 2020, downgrades, coronavirus, growth, amid


Singapore downgrades 2020 economic forecast amid coronavirus outbreak

Singapore on Monday downgraded its growth forecast for 2020 as the country grapples with one of the highest numbers of coronavirus cases outside China.

The Ministry of Trade and Industry said the Singapore economy is expected to grow by around 0.5% this year, and downgraded its forecast range for the change in annual gross domestic product to between -0.5% and 1.5%. That’s worse than the earlier projections of a growth between 0.5% and 2.5%.

“The (earlier) forecast was premised on a modest pickup in global growth, along with a recovery in the global electronics cycle, in 2020. Since then, the outbreak of the coronavirus disease 2019 (COVID-19) has affected China, Singapore and many countries around the world,” the ministry said in a statement.

The ministry outlined how the virus outbreak could affect the Singapore economy:

Outward-oriented sectors, such as manufacturing and wholesale trade, will be hit by weaker growth in Singapore’s major demand markets including China.

The tourism and transport sectors have been “badly affected” by “a sharp fall” in tourist arrivals, particularly those from China.

Likely fall in domestic consumption as people cut back on activities such as shopping and dining out.

“As the COVID-19 situation is still evolving, MTI will continue to monitor developments and their impact on the Singapore economy closely,” said the ministry.


Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: yen nee lee
Keywords: news, cnbc, companies, trade, forecast, ministry, global, economic, fall, outbreak, singapore, sectors, 2020, downgrades, coronavirus, growth, amid


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Germany’s export-led economic growth exacts a heavy cost on Europe and the US

The German trade, therefore, has a substantial impact on those two highly open economic systems making up two-thirds of the world’s industrialized economies. Germany is in an intractable governance chaos, but that should not be the reason for not calling Berlin out on its selfish and un-European economic policies. The upshot is that U.S. goods exports to Germany last year were less than a half of German sales to the U.S. The sad part is that neither the U.S. nor Germany’s key European partners (


The German trade, therefore, has a substantial impact on those two highly open economic systems making up two-thirds of the world’s industrialized economies.
Germany is in an intractable governance chaos, but that should not be the reason for not calling Berlin out on its selfish and un-European economic policies.
The upshot is that U.S. goods exports to Germany last year were less than a half of German sales to the U.S.
The sad part is that neither the U.S. nor Germany’s key European partners (
Germany’s export-led economic growth exacts a heavy cost on Europe and the US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: dr michael ivanovitch
Keywords: news, cnbc, companies, exacts, exportled, europe, cost, sales, germany, exports, economic, european, german, heavy, germanys, policies, trade, economy, growth


Germany's export-led economic growth exacts a heavy cost on Europe and the US

Germany’s Chancellor Angela Merkel gestures as she addresses media representatives after a European Union (EU) summit. JOHN THYS | AFP | Getty Images

Germany accounts for nearly one-third of the euro area economy, and its bilateral goods trade with Europe and the U.S. represented last year 1.8 trillion euro ($2 trillion). The German trade, therefore, has a substantial impact on those two highly open economic systems making up two-thirds of the world’s industrialized economies. Sadly, instead of acting as a constructive member of the international community, Germany is running its own economy into the ground by allowing demand and output to stagnate for most of last year – and just barely managing to eke out a 0.6% growth rate. During that time, Germany continued to live off its trade partners, while lecturing all comers on economic policy, virulently denouncing the support provided by the euro area’s easy credit conditions and relentlessly attacking Washington’s allegedly nationalist agenda. All that because the United States’ long-overdue decision to cut its excessive trade imbalances runs counter to Germany’s mercantilism. Some chutzpah indeed from a beggar-thy-neighbor country with a virtually dead economy, a nearly 2% of GDP budget surplus and by far the world’s largest trade surplus of $290 billion — a textbook case of an economy that should vigorously expand its demand management policy. Germany’s systematic failure to do that has drawn a devastating market verdict.

Over the last five years, the return on Germany’s DAX (in dollar terms) has been a puny 3.7% per year, compared with the stellar 13% on the Dow Jones Industrial Average. And there is worse: Over that interval, some of the flagship German manufacturing brands have lost more than half of their share values. No wonder that Germans continue to shift the blame onto the European Central Bank for “robbing” savers with low and negative interest rates. Germany is in an intractable governance chaos, but that should not be the reason for not calling Berlin out on its selfish and un-European economic policies. Washington is a particular puzzle in that respect, with its apparent lack of concern while Germany continues to kill a European market that takes one-fourth of American exports. Berlin also plays a key role in dictating the EU’s outrageously discriminatory treatment of U.S. automobiles and farm products, among other things. The upshot is that U.S. goods exports to Germany last year were less than a half of German sales to the U.S. Partly as a result of that, U.S. sales to the EU were more than one-third lower than what Europeans kept unloading on U.S. markets. And Washington is still taking the German catcalls about self-centered nationalism? The sad part is that neither the U.S. nor Germany’s key European partners (France, Italy and Spain) seem determined to change Berlin’s economic policies. The point of that change would simply be to (a) generate most of German economic growth from domestic demand, (b) diversify destinations of export sales, (c) substitute exports through local production and (d) encourage sound pro-growth policies in EU countries suffering from poverty, high unemployment and lagging economic development. In fact, such a change of German economic policies would also have the merit of introspection. Berlin, for example, is now confronting the painful truth that the economic mismanagement of its eastern states created the breeding ground of social discontent, political extremism and sectarian violence.


Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: dr michael ivanovitch
Keywords: news, cnbc, companies, exacts, exportled, europe, cost, sales, germany, exports, economic, european, german, heavy, germanys, policies, trade, economy, growth


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Japan’s economy shrinks at fastest pace in 6 years, virus clouds outlook

Japan’s economy shrank at the fastest pace in almost six years in the December quarter as last year’s sales tax hike hit consumer and business spending, highlighting a fragile outlook made worse by growing coronavirus risks. “There’s a pretty good chance the economy will suffer another contraction in January-March. “If this epidemic is not contained by the time of the Tokyo Olympic Games, the damage to the economy will be huge,” he said. It was the biggest fall since the second quarter of 2014,


Japan’s economy shrank at the fastest pace in almost six years in the December quarter as last year’s sales tax hike hit consumer and business spending, highlighting a fragile outlook made worse by growing coronavirus risks.
“There’s a pretty good chance the economy will suffer another contraction in January-March.
“If this epidemic is not contained by the time of the Tokyo Olympic Games, the damage to the economy will be huge,” he said.
It was the biggest fall since the second quarter of 2014,
Japan’s economy shrinks at fastest pace in 6 years, virus clouds outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17
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Japan's economy shrinks at fastest pace in 6 years, virus clouds outlook

In the streets of Ginza district of Tokyo, Japan.

Japan’s economy shrank at the fastest pace in almost six years in the December quarter as last year’s sales tax hike hit consumer and business spending, highlighting a fragile outlook made worse by growing coronavirus risks.

Analysts say the widening fallout from the epidemic, which is damaging output and tourism, could undermine growth in the current quarter and push Japan into recession — defined as two straight quarters of decline.

“There’s a pretty good chance the economy will suffer another contraction in January-March. The virus will mainly hit inbound tourism and exports, but could also weigh on domestic consumption quite a lot,” said Taro Saito, executive research fellow at NLI Research Institute.

“If this epidemic is not contained by the time of the Tokyo Olympic Games, the damage to the economy will be huge,” he said.

Japan’s gross domestic product (GDP) shrank an annualized 6.3% in the October-December period, government data showed on Monday, much faster than a median market forecast for a 3.7% drop and the first decline in five quarters.

It was the biggest fall since the second quarter of 2014, when consumption took a hit from a sales tax hike in April of that year.

The weak data also comes amid signs of struggle in the wider region with the coronavirus and a broader softness in demand clouding the outlook.

Singapore cut its economic growth projections for 2020, Thailand posted its slowest expansion in five years and China’s home prices rose at their weakest pace in almost two years.

Japanese stocks slipped on the recession prospects with the benchmark Nikkei average and the broader Topix both giving up more than half a percent by the midday break.

The latest sales tax hike in October last year – as well as unusually warm weather that hurt sales of winter items — weighed on private consumption, which sank a bigger-than-expected 2.9%, marking the first drop in five quarters.

Capital expenditure fell 3.7% in the fourth quarter, much faster than a median forecast for a 1.6% drop and the first decline in three quarters, the data showed.

Combined, domestic demand knocked 2.1 percentage points off GDP growth, more than offsetting a 0.5 point contribution from external demand.


Company: cnbc, Activity: cnbc, Date: 2020-02-17
Keywords: news, cnbc, companies, hit, japans, pace, clouds, drop, sales, demand, fastest, virus, quarter, tax, growth, domestic, outlook, hike, economy, shrinks


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Investors are flocking to the largest US growth stocks as concerns rise over the global economy

The winners and losersThe year-to-date performance of S&P 500 sectors line up just as one might expect, given these dynamics. Huge-cap growth stocks are, in a sense, long-duration assets as well, existing somewhere adjacent to corporate bonds on the spectrum of assets. Yet the 10-year Treasury is flat over the past four years, during which the S&P 500 has gained some 80%. And in recent years when the 10-year yield was much above 2.5%, equities have made essentially no net progress. A clear major


The winners and losersThe year-to-date performance of S&P 500 sectors line up just as one might expect, given these dynamics.
Huge-cap growth stocks are, in a sense, long-duration assets as well, existing somewhere adjacent to corporate bonds on the spectrum of assets.
Yet the 10-year Treasury is flat over the past four years, during which the S&P 500 has gained some 80%.
And in recent years when the 10-year yield was much above 2.5%, equities have made essentially no net progress.
A clear major
Investors are flocking to the largest US growth stocks as concerns rise over the global economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-15  Authors: michael santoli
Keywords: news, cnbc, companies, growth, investors, 10year, global, concerns, yields, 500, bond, flocking, yield, assets, largest, rise, economy, stocks, treasury


Investors are flocking to the largest US growth stocks as concerns rise over the global economy

The way markets have been acting this year, treating high-quality American assets as a haven, makes sense. But even a sensible move can reach extremes and create distortions. The trick is trying to figure out when rational activity takes conditions to a riskier place. It’s unclear we’re there yet. That’s right — even though the coronavirus outbreak upended expectations for an early-2020 economic reacceleration led by trade and manufacturing — the fact the S&P 500 is at a record high, and the manner it got there, are not illogical. Government bond yields have rushed toward last summer’s lows, investor cash has hurried into bond funds, credit markets remain generous, the U.S. economy offers more stable growth and American securities promise more secure cash flows and yield. In response to the vast uncertainty of Chinese economic performance, the U.S. has outperformed the rest of the world, and within the U.S. market, secular growth and defensive stocks have propelled the gains and had their valuations expand.

The winners and losers

The year-to-date performance of S&P 500 sectors line up just as one might expect, given these dynamics. At the top: utilities, technology, real estate and consumer discretionary. Lagging the benchmark are energy, financials (thanks to those low yields) and industrials. More thematically, the largest companies viewed as having the most reliable future growth and profitability are attracting more than their share of the world’s capital. When investors buy bonds as aggressively as they are now – with Bank of America saying last week set a record for fixed-income fund inflows – it means they are flocking to “duration,” or long-lived cash flows. Huge-cap growth stocks are, in a sense, long-duration assets as well, existing somewhere adjacent to corporate bonds on the spectrum of assets. And so, we see the liftoff of the Vanguard Mega-Cap Growth ETF versus the Global Dow. The latter is a roster of multinationals that has stalled, while the glamour stocks of the Nasdaq carry the MGK skyward.

Tom Lee of FundStrat Global Advisors, says U.S. equities represent a “safety trade trifecta.” That is, the U.S. has better growth; the S&P 500 is a more growth-geared/large-cap index; and there is, in the current context, a perceived scarcity of S&P 500 market value to go around in a world of $300 trillion household liquid assets. It’s become commonplace to argue that the stock and bond markets are sending conflicting messages, with the 10-year Treasury yield back under 1.6% and the S&P 500 grinding out fresh records. Yet the 10-year Treasury is flat over the past four years, during which the S&P 500 has gained some 80%. And in recent years when the 10-year yield was much above 2.5%, equities have made essentially no net progress. Both stocks and bonds seem to be saying this is a low-growth, tame-inflation, high-liquidity environment, until proven otherwise. Real investment-grade corporate bond yields are scarcely above zero. The Chicago Fed National Financial Conditions Index shows the liquidity backdrop is as loose as it’s been this cycle, matching its most-accommodative readings from late 2017 and mid-2019. A clear majority of S&P 500 stocks have dividend yields exceeding the 10-year Treasury yield. While no perfect relative-value indicator, this tends to provide a buffer underneath equity valuation.

Overvalued?


Company: cnbc, Activity: cnbc, Date: 2020-02-15  Authors: michael santoli
Keywords: news, cnbc, companies, growth, investors, 10year, global, concerns, yields, 500, bond, flocking, yield, assets, largest, rise, economy, stocks, treasury


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This growth fund uses ‘popcorn stocks’ to beat the market

The portfolio manager who helps run a mutual fund that consistently beats the market and its peers said the key to his success is being able to wait for stocks to pop. The fund typically has around 40 stocks in its portfolio, with most of the holdings being large cap stocks. About 10% of holdings are small cap stocks, which the fund defines as market caps under $3 billion. Being able to take a longer view gives the fund an advantage over other traders, Kennedy said. “I had a former boss who shar


The portfolio manager who helps run a mutual fund that consistently beats the market and its peers said the key to his success is being able to wait for stocks to pop.
The fund typically has around 40 stocks in its portfolio, with most of the holdings being large cap stocks.
About 10% of holdings are small cap stocks, which the fund defines as market caps under $3 billion.
Being able to take a longer view gives the fund an advantage over other traders, Kennedy said.
“I had a former boss who shar
This growth fund uses ‘popcorn stocks’ to beat the market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-15  Authors: jesse pound
Keywords: news, cnbc, companies, stock, growth, market, kernel, beat, youre, fund, pop, popcorn, uses, kennedy, cap, portfolio, stocks


This growth fund uses 'popcorn stocks' to beat the market

The portfolio manager who helps run a mutual fund that consistently beats the market and its peers said the key to his success is being able to wait for stocks to pop.

The D.F. Dent Premier Growth Fund, which has returned over 15% annually over the past 10 years and notched a 42.9% gain in 2019, historically beats both the S&P 500 and the Morningstar average for large cap growth funds. The fund typically has around 40 stocks in its portfolio, with most of the holdings being large cap stocks. About 10% of holdings are small cap stocks, which the fund defines as market caps under $3 billion.

Bruce Kennedy, a portfolio manager at D.F. Dent since 2007 with prior experience at T. Rowe Price and Goldman Sachs and a co-manager of the fund, said the fund tries not to focus on capturing quick spikes in upcoming quarters but instead looks for stocks that have the potential to grow dramatically within a wider time window.

Being able to take a longer view gives the fund an advantage over other traders, Kennedy said.

“I had a former boss who shared with me the term of a popcorn stock. If you think about a kernel of popcorn you put in your popcorn popper, that kernel could pop in five seconds or it could pop in two minutes, except you’re pretty confident that if you put a kernel in the popper probably 95% of them will pop,” Kennedy said.

“So we look for stocks that are like that, where you’re not sure if the stock will work in the next three months or six months or maybe it will be three or four years, except you see enough ingredients in place that could make it a winning stock that the risk reward is favorable,” he said.


Company: cnbc, Activity: cnbc, Date: 2020-02-15  Authors: jesse pound
Keywords: news, cnbc, companies, stock, growth, market, kernel, beat, youre, fund, pop, popcorn, uses, kennedy, cap, portfolio, stocks


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This growth fund returned nearly 43% last year. Here’s what it’s betting on now

The DF Dent Premier Growth fund racked up a 42.9% return in 2019, according to Morningstar. This was 11 percentage points higher than the average of large cap growth funds surveyed by Morningstar. For more on how the managers pick stocks for the fund, read here. It typically has between 50% and 75% of its holdings in large cap stocks, according to securities filings. Its holdings, current as of Dec. 31, reveal a mix of large cap financial and payments stocks and overweight bets on smaller compan


The DF Dent Premier Growth fund racked up a 42.9% return in 2019, according to Morningstar.
This was 11 percentage points higher than the average of large cap growth funds surveyed by Morningstar.
For more on how the managers pick stocks for the fund, read here.
It typically has between 50% and 75% of its holdings in large cap stocks, according to securities filings.
Its holdings, current as of Dec. 31, reveal a mix of large cap financial and payments stocks and overweight bets on smaller compan
This growth fund returned nearly 43% last year. Here’s what it’s betting on now Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-15  Authors: jesse pound
Keywords: news, cnbc, companies, nearly, growth, typically, returned, large, fund, betting, according, holdings, heres, cap, surveyed, stocks, return


This growth fund returned nearly 43% last year. Here's what it's betting on now

(This story is for CNBC Pro subscribers only.)

The DF Dent Premier Growth fund racked up a 42.9% return in 2019, according to Morningstar. This was 11 percentage points higher than the average of large cap growth funds surveyed by Morningstar.

For more on how the managers pick stocks for the fund, read here.

The fund, which has roughly $250 million in assets under management, has averaged an annualized return of more than 15% over the past decade. It typically has between 50% and 75% of its holdings in large cap stocks, according to securities filings.

Its holdings, current as of Dec. 31, reveal a mix of large cap financial and payments stocks and overweight bets on smaller companies.


Company: cnbc, Activity: cnbc, Date: 2020-02-15  Authors: jesse pound
Keywords: news, cnbc, companies, nearly, growth, typically, returned, large, fund, betting, according, holdings, heres, cap, surveyed, stocks, return


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Stocks making the biggest moves in the premarket: Newell Brands, Canopy Growth, Tesla & more

Revenue exceeded analysts’ forecasts. Mattel (MAT) – Mattel reported quarterly earnings of 11 cents per share, well above the penny a share consensus estimate. Expedia (EXPE) – Expedia came in 5 cents a share above estimates, with quarterly earnings of $1.24 per share. The streaming video device maker also gave a full-year revenue forecast largely above current consensus as it benefits from the introduction of new streaming services. GoDaddy (GDDY) – GoDaddy reported quarterly earnings of 34 cen


Revenue exceeded analysts’ forecasts.
Mattel (MAT) – Mattel reported quarterly earnings of 11 cents per share, well above the penny a share consensus estimate.
Expedia (EXPE) – Expedia came in 5 cents a share above estimates, with quarterly earnings of $1.24 per share.
The streaming video device maker also gave a full-year revenue forecast largely above current consensus as it benefits from the introduction of new streaming services.
GoDaddy (GDDY) – GoDaddy reported quarterly earnings of 34 cen
Stocks making the biggest moves in the premarket: Newell Brands, Canopy Growth, Tesla & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-14  Authors: peter schacknow
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Stocks making the biggest moves in the premarket: Newell Brands, Canopy Growth, Tesla & more

Take a look at some of the biggest movers in the premarket:

Newell Brands (NWL) – The consumer products company reported quarterly earnings of 42 cents per share, 3 cents a share above estimates. Revenue also beat forecasts, however its full-year guidance was largely below estimates and it predicts core sales flat to down 2% for 2020.

Canopy Growth (CGC) – The Canadian cannabis producer lost 35 cents (Canadian) per share for its latest quarter, less than the 50 cents a share loss that analysts were expecting. Revenue exceeded analysts’ forecasts. Canopy Growth said it saw strong demand in the recreational market as well as increasing market share in the medical market. Its results are also boosting the shares of competitors like Aurora Cannabis (ACB) and Tilray (TLRY).

Tesla (TSLA) – The automaker’s newly announced secondary stock offering of 2.65 million shares was priced at $767 per share, according to a Securities and Exchange Commission filing.

Mattel (MAT) – Mattel reported quarterly earnings of 11 cents per share, well above the penny a share consensus estimate. The toy maker’s revenue came in just below Wall Street forecasts. Mattel benefited from the impact of a cost-cutting program, even though holiday sales were pressured by strong competition from rival Hasbro (HAS).

Expedia (EXPE) – Expedia came in 5 cents a share above estimates, with quarterly earnings of $1.24 per share. The travel website operator’s revenue was essentially in line with forecasts. Expedia is not providing a full-year outlook, due to uncertainties over how the coronavirus outbreak will affect its results.

Roku (ROKU) – Roku lost 13 cents per share for its latest quarter, a penny a share less than expected. Its sales exceeded analysts’ forecasts. The streaming video device maker also gave a full-year revenue forecast largely above current consensus as it benefits from the introduction of new streaming services.

Pinterest (PINS) – Pinterest shares are under pressure following news that Facebook (FB) has released a competing app called “Hobbi.” Pinterest told CNBC that Hobbi appears to be just a photo-saving app that does not offer the capabilities that its own app does.

Nvidia (NVDA) – Nvidia beat estimates by 22 cents a share, with quarterly profit of $1.89 per share. The graphics chip maker’s revenue also beat forecasts and the company gave an upbeat current-quarter forecast, as it continues to see strong demand from cloud computing companies.

Yelp (YELP) – Yelp missed estimates by 2 cents a share, with quarterly profit of 24 cents per share. The consumer review website operator also reported revenue that fell short of analysts’ forecasts. Yelp’s bottom line was impacted by increased spending on marketing. Yelp also added $250 million to its share buyback program and named David Schwarzbach as its new chief financial officer.

EBay (EBAY) – EBay expanded its planned 2020 stock buyback program to $4.5 billion from the prior $1.5 billion. The e-commerce platform also forecast better than expected current-quarter profit.

Royal Caribbean (RCL) – Royal Caribbean canceled 18 cruises in Southeast Asia and warned that the coronavirus outbreak would impact its full-year results. The cruise line operator said the newly announced cancellations would cut full-year earnings per share by 65 cents, and that if all Asian sailings are canceled through the end of April, earnings would be reduced by another 55 cents per share. Royal Caribbean had previously forecast adjusted 2020 earnings of $10.40 to $10.70 per share.

GoDaddy (GDDY) – GoDaddy reported quarterly earnings of 34 cents per share, 3 cents a share above estimates. The website hosting company’s revenue also came in above analysts’ expectations, boosted by an increase in revenue per user.


Company: cnbc, Activity: cnbc, Date: 2020-02-14  Authors: peter schacknow
Keywords: news, cnbc, companies, stocks, making, quarterly, reported, fullyear, analysts, cents, share, earnings, revenue, forecasts, estimates, newell, brands, tesla, canopy, premarket, biggest, growth, moves


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Euro zone GDP slows as expected in the fourth quarter, but employment beats consensus

Euro zone economic growth slowed as expected in the last three months of 2019 as gross domestic product shrank in France and Italy against the previous quarter, but employment growth picked up more than expected, official estimates showed on Friday. The European Union’s statistics office Eurostat said GDP in the 19 countries sharing the euro expanded 0.1% quarter-on-quarter in the October-December period, as announced on Jan 31, for a 0.9% year-on-year gain – a downward revision from the previou


Euro zone economic growth slowed as expected in the last three months of 2019 as gross domestic product shrank in France and Italy against the previous quarter, but employment growth picked up more than expected, official estimates showed on Friday.
The European Union’s statistics office Eurostat said GDP in the 19 countries sharing the euro expanded 0.1% quarter-on-quarter in the October-December period, as announced on Jan 31, for a 0.9% year-on-year gain – a downward revision from the previou
Euro zone GDP slows as expected in the fourth quarter, but employment beats consensus Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-14
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Euro zone GDP slows as expected in the fourth quarter, but employment beats consensus

Euro zone economic growth slowed as expected in the last three months of 2019 as gross domestic product shrank in France and Italy against the previous quarter, but employment growth picked up more than expected, official estimates showed on Friday.

The European Union’s statistics office Eurostat said GDP in the 19 countries sharing the euro expanded 0.1% quarter-on-quarter in the October-December period, as announced on Jan 31, for a 0.9% year-on-year gain – a downward revision from the previously estimated 1.0% growth.

The quarterly growth rate slowed compared to the 0.3% expansion in the third quarter because of a 0.1% contraction in the second biggest economy France and a 0.3% contraction in the third biggest Italy. Growth in Germany, the biggest euro zone economy, stagnated.


Company: cnbc, Activity: cnbc, Date: 2020-02-14
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Global oil demand set to see first quarterly decline in over 10 years, IEA says

Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the new coronavirus and widespread shutdown of China’s economy hits demand for crude. The negative impact on oil demand hit oil prices hard as the virus took hold in January with a barrel of Brent crude falling by around $10 to fetch below $55 a barrel. The consequences of the new coronavirus, known now as “Covid-19,” will be “significant” for global o


Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the new coronavirus and widespread shutdown of China’s economy hits demand for crude.
The negative impact on oil demand hit oil prices hard as the virus took hold in January with a barrel of Brent crude falling by around $10 to fetch below $55 a barrel.
The consequences of the new coronavirus, known now as “Covid-19,” will be “significant” for global o
Global oil demand set to see first quarterly decline in over 10 years, IEA says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-13  Authors: holly ellyatt
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Global oil demand set to see first quarterly decline in over 10 years, IEA says

Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the new coronavirus and widespread shutdown of China’s economy hits demand for crude.

Demand is now expected to fall by 435,000 barrels a day (b/d) in the first quarter of 2020, down from the same period a year ago, and marking the first quarterly contraction in more than 10 years, the IEA said in its monthly oil market report Thursday.

The expected decline in demand prompted the agency to cut its 2020 growth forecast by 365,000 b/d to 825,000 barrels a day, the lowest since 2011. Lower-than-expected consumption in the OECD countries trimmed 2019 growth to 885,000 b/d, it also said.

The forecast downgrade comes as the coronavirus, which has infected over 59,000 worldwide and killed over 1,300 people, continues to weigh on global market sentiment and China’s economic activity with factories and businesses closing and travel restricted both to and from China and within the country.

The outbreak has also affected business elsewhere with economic forums and business conferences cancelled, the latest being the Mobile World Congress that was set to take place in Barcelona this month.

The World Health Organization has said the outbreak “holds a very great threat for the world” and the International Monetary Fund’s Managing Director Kristalina Georgieva told CNBC Wednesday the new strain of coronavirus was “clearly more impactful” on the world economy than the 2002-2003 SARS epidemic.

The negative impact on oil demand hit oil prices hard as the virus took hold in January with a barrel of Brent crude falling by around $10 to fetch below $55 a barrel.

But prices have risen this week on expectations that major producers OPEC and non-OPEC producers, led by Russia, could cut global oil output further to counteract the slump in demand (a slump that had already been around before the coronavirus due to the trade war between the U.S. and China).

On Thursday, benchmark Brent crude was trading at $55.73 per barrel, while U.S. West Texas Intermediate (WTI) was trading at $51.21 per barrel.

The consequences of the new coronavirus, known now as “Covid-19,” will be “significant” for global oil demand, oil prices and producers, the IEA said Thursday.

“From the point of view of the producers, before the Covid-19 crisis the market was expected to move towards balance in the second half of 2020 due to a combination of the production cuts implemented at the start of the year, stronger demand and a tailing off of non-OPEC supply growth. Now, the risk posed by the Covid-19 crisis has prompted the OPEC+ countries to consider an additional cut to oil production,” it said.

Last week, the technical committee of the 14-member producer group OPEC, led by Saudi Arabia, and its non-member allies led by Russia (an alliance known as OPEC+) recommended an output cut of 600,000 barrels per day, in addition to its current 1.7 million bpd reduction. Crucially, however, Russia has not yet signaled if it will support a deeper cut.

In its own monthly oil market outlook on Wednesday, OPEC also dramatically lowered its forecast for oil demand growth this year, citing the coronavirus outbreak as the “major factor” behind its decision. It revised its outlook for global oil demand growth downwards to 0.99 million barrels per day (bpd) in 2020, down by 0.23 million bpd from the previous month’s estimate.


Company: cnbc, Activity: cnbc, Date: 2020-02-13  Authors: holly ellyatt
Keywords: news, cnbc, companies, coronavirus, producers, growth, world, expected, decline, oil, iea, global, opec, demand, quarterly, market, set


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PepsiCo CFO on fourth-quarter earnings results, revenue growth and more

PepsiCo CFO on fourth-quarter earnings results, revenue growth and moreHugh Johnston, PepsiCo CFO and vice chairman, joins CNBC’s Sara Eisen and the “Squawk Box” crew to discuss the company’s fourth-quarter earnings.


PepsiCo CFO on fourth-quarter earnings results, revenue growth and moreHugh Johnston, PepsiCo CFO and vice chairman, joins CNBC’s Sara Eisen and the “Squawk Box” crew to discuss the company’s fourth-quarter earnings.
PepsiCo CFO on fourth-quarter earnings results, revenue growth and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-13
Keywords: news, cnbc, companies, results, growth, earnings, squawk, revenue, pepsico, vice, sara, cfo, fourthquarter, morehugh


PepsiCo CFO on fourth-quarter earnings results, revenue growth and more

PepsiCo CFO on fourth-quarter earnings results, revenue growth and more

Hugh Johnston, PepsiCo CFO and vice chairman, joins CNBC’s Sara Eisen and the “Squawk Box” crew to discuss the company’s fourth-quarter earnings.


Company: cnbc, Activity: cnbc, Date: 2020-02-13
Keywords: news, cnbc, companies, results, growth, earnings, squawk, revenue, pepsico, vice, sara, cfo, fourthquarter, morehugh


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