Brexit’s high noon has arrived and it spells danger for currency traders

Her high-stakes parliamentary vote on her Brexit plans is due later on Tuesday and the outcomes vary wildly from soaring success to complete political collapse. Currency traders lie in wait, hoping not to be caught on the wrong side of a sterling trade that could whip wildly in either direction as the debate rages and the votes roll in. It could be a late night in the City of London and thin trade from other regions of the world could exasperate matters. The consensus expects defeat for May and


Her high-stakes parliamentary vote on her Brexit plans is due later on Tuesday and the outcomes vary wildly from soaring success to complete political collapse. Currency traders lie in wait, hoping not to be caught on the wrong side of a sterling trade that could whip wildly in either direction as the debate rages and the votes roll in. It could be a late night in the City of London and thin trade from other regions of the world could exasperate matters. The consensus expects defeat for May and
Brexit’s high noon has arrived and it spells danger for currency traders Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: matt clinch, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, noon, brexit, sterling, brexits, world, traders, wildly, high, currency, arrived, trade, wrong, whip, danger, vote, risk, spells, whats


Brexit's high noon has arrived and it spells danger for currency traders

U.K. Prime Minister Theresa May’s ultimate showdown has finally arrived.

Her high-stakes parliamentary vote on her Brexit plans is due later on Tuesday and the outcomes vary wildly from soaring success to complete political collapse.

Currency traders lie in wait, hoping not to be caught on the wrong side of a sterling trade that could whip wildly in either direction as the debate rages and the votes roll in. It could be a late night in the City of London and thin trade from other regions of the world could exasperate matters.

“Sterling liquidity in Asia is limited and as such there is a risk that even if a no vote is assumed that does not preclude sterling selling off, impacted by headline risk,” Jeremy Stretch, the head of G-10 foreign exchange strategy at CIBC Capital Markets, told CNBC via email.

The consensus expects defeat for May and her Brexit proposals but what’s crucial is by how much. She needs the backing of 320 lawmakers, more than half of the 639 that vote in Parliament.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: matt clinch, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, noon, brexit, sterling, brexits, world, traders, wildly, high, currency, arrived, trade, wrong, whip, danger, vote, risk, spells, whats


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Supreme Court to discuss appeal from company in possible Mueller probe

The justices of the Supreme Court on Friday will discuss whether to allow a mysterious foreign-owned company to file — without the public seeing it — a request that the high court hear its challenge of a subpoena that is suspected to be sought by special counsel Robert Mueller. But if the Supreme Court rejects the company request at the justices’ conference on Friday, the unidentified company could still ask the high court to hear its appeal, albeit with a filing of documents that would be open


The justices of the Supreme Court on Friday will discuss whether to allow a mysterious foreign-owned company to file — without the public seeing it — a request that the high court hear its challenge of a subpoena that is suspected to be sought by special counsel Robert Mueller. But if the Supreme Court rejects the company request at the justices’ conference on Friday, the unidentified company could still ask the high court to hear its appeal, albeit with a filing of documents that would be open
Supreme Court to discuss appeal from company in possible Mueller probe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: dan mangan, janhvi bhojwani
Keywords: news, cnbc, companies, company, discuss, hear, justices, possible, probe, supreme, court, appeal, request, high, public, mueller, heard, case


Supreme Court to discuss appeal from company in possible Mueller probe

This will be a double-secret discussion.

The justices of the Supreme Court on Friday will discuss whether to allow a mysterious foreign-owned company to file — without the public seeing it — a request that the high court hear its challenge of a subpoena that is suspected to be sought by special counsel Robert Mueller.

If the justices approve that request, it then could possibly set the stage for a rare, if not unprecedented scenario: the Supreme Court being asked to hear oral arguments in a case without the public being able to witness them.

But if the Supreme Court rejects the company request at the justices’ conference on Friday, the unidentified company could still ask the high court to hear its appeal, albeit with a filing of documents that would be open to the public.

However, even if the company chooses that route, the Supreme Court is not obligated to grant the request to the case, which is known as a petition for a writ of certiorari.

By the time that the justices meet on Friday, the company will have racked up more than $500,000 in fines for not complying with the subpoena.

Walter Dellinger III, an appellate lawyer who as acting solicitor general argued at the Supreme Court for the government of the United States from 1996 to 1997, told CNBC, “I know of none,” when asked whether he had heard of any prior case in which the high court considered a request to be heard on appeal in sealed documents.

Dellinger also said he was unaware of the Supreme Court hearing a case in a session closed to the public.


Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: dan mangan, janhvi bhojwani
Keywords: news, cnbc, companies, company, discuss, hear, justices, possible, probe, supreme, court, appeal, request, high, public, mueller, heard, case


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Venture capital spending hits all-time high in 2018, eclipsing dotcom bubble record

Venture capital just had its highest spending year in history. The amount of money firms spent on private companies hit a new all-time record in 2018— well above the previous watermark from the dotcom boom. Last year, venture capital firms spread roughly $131 billion across 8,949 deals, according to data published by Pitchbook and the National Venture Capital Association Thursday. The previous record was a $100 million total notched in the year 2000. More than 61 percent of total capital investe


Venture capital just had its highest spending year in history. The amount of money firms spent on private companies hit a new all-time record in 2018— well above the previous watermark from the dotcom boom. Last year, venture capital firms spread roughly $131 billion across 8,949 deals, according to data published by Pitchbook and the National Venture Capital Association Thursday. The previous record was a $100 million total notched in the year 2000. More than 61 percent of total capital investe
Venture capital spending hits all-time high in 2018, eclipsing dotcom bubble record Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: kate rooney, gerald french, getty images
Keywords: news, cnbc, companies, high, eclipsing, hits, alltime, dotcom, stanfill, money, spending, previous, record, bubble, total, deals, report, roughly, venture, capital


Venture capital spending hits all-time high in 2018, eclipsing dotcom bubble record

Venture capital just had its highest spending year in history.

The amount of money firms spent on private companies hit a new all-time record in 2018— well above the previous watermark from the dotcom boom.

Last year, venture capital firms spread roughly $131 billion across 8,949 deals, according to data published by Pitchbook and the National Venture Capital Association Thursday. The previous record was a $100 million total notched in the year 2000.

Although the dollar amount jumped by more than 57 percent from $83 billion last year, the number of deals went down. Deal count fell by about 5 percent this year from a roughly 9,400 total last year.

Cameron Stanfill, Pitchbook venture analyst who co-authored the report, said sky-high price tags for start-ups accounted for the new record total despite having fewer deals.

“There is a lot of money competing for a finite amount of companies, and that’s pushing prices up,” Stanfill told CNBC in a phone interview.

More than 61 percent of total capital invested came from deals sized at $50 million or larger. This boosted the average deal size and valuations across every investment stage and series last year, according to the report. But because venture investors are paying so much up front, it’s becoming harder to profit.

“If an investor has to put in more money a into an initial equity investment at a higher valuation, they’ll have to grow that business way more to get the same returns they were used to getting 10 years ago,” Stanfill said.


Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: kate rooney, gerald french, getty images
Keywords: news, cnbc, companies, high, eclipsing, hits, alltime, dotcom, stanfill, money, spending, previous, record, bubble, total, deals, report, roughly, venture, capital


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Apple hasn’t been this unloved by Wall Street since 2005

Apple has become more unloved by Wall Street analysts than at any time in the past 14 years. Wall Street analysts have the lowest percentage of ‘buy’ ratings on Apple stock since 2005 — at 49 percent, according to FactSet. Wall Street analysts’ ratings on Apple stockgreen represents percentage of buy ratingsSource: FactSet”It’s interesting from a sentiment and contrarian view point ,” said Todd Sohn, technical strategist at Strategas Research. Buy ratings reached a high in 2010 to 2012 when they


Apple has become more unloved by Wall Street analysts than at any time in the past 14 years. Wall Street analysts have the lowest percentage of ‘buy’ ratings on Apple stock since 2005 — at 49 percent, according to FactSet. Wall Street analysts’ ratings on Apple stockgreen represents percentage of buy ratingsSource: FactSet”It’s interesting from a sentiment and contrarian view point ,” said Todd Sohn, technical strategist at Strategas Research. Buy ratings reached a high in 2010 to 2012 when they
Apple hasn’t been this unloved by Wall Street since 2005 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-07  Authors: patti domm
Keywords: news, cnbc, companies, stock, unloved, high, 2005, point, apple, percentage, wall, 14, ratings, analysts, buy, street


Apple hasn't been this unloved by Wall Street since 2005

Apple has become more unloved by Wall Street analysts than at any time in the past 14 years.

Wall Street analysts have the lowest percentage of ‘buy’ ratings on Apple stock since 2005 — at 49 percent, according to FactSet. Another 51 percent are ‘holds.’

As Apple shares plummeted in the fourth quarter, losing more than 30 percent, analysts changed their views on the stock. The percent of buy ratings has fallen by 14 percentage points from 63 percent in August.

Wall Street analysts’ ratings on Apple stock

green represents percentage of buy ratings

Source: FactSet

“It’s interesting from a sentiment and contrarian view point ,” said Todd Sohn, technical strategist at Strategas Research. “The analysts are throwing in the towel on the name. It may take a few months for it to repair and chop around here, but I think it’s in the process of forming a bottom.”

Sohn said Apple is down 39 percent from its Oct. 3 high. “That’s a pretty good shake out and you can combine that with the stock ratings,” he said.

Buy ratings reached a high in 2010 to 2012 when they were mostly more than 90 percent of the ratings. At that point, Apple stock was in an uptrend.


Company: cnbc, Activity: cnbc, Date: 2019-01-07  Authors: patti domm
Keywords: news, cnbc, companies, stock, unloved, high, 2005, point, apple, percentage, wall, 14, ratings, analysts, buy, street


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Amgen CEO on cholesterol drug price cut: ‘Too many patients’ were struggling to pay

A glut of patients who were prescribed Repatha, Amgen’s treatment for high cholesterol, but couldn’t pay for the pricey treatment, were top of mind in the company’s decision to cut the drug’s cost by 60 percent, Amgen Chairman and CEO Bob Bradway said Monday. In October, Amgen cut the price for a biweekly dose of Repatha, bringing the annual $14,100 total, before discounts and rebates, to roughly $5,850. On Monday, the biotechnology giant announced another 60 percent price slash, this time to th


A glut of patients who were prescribed Repatha, Amgen’s treatment for high cholesterol, but couldn’t pay for the pricey treatment, were top of mind in the company’s decision to cut the drug’s cost by 60 percent, Amgen Chairman and CEO Bob Bradway said Monday. In October, Amgen cut the price for a biweekly dose of Repatha, bringing the annual $14,100 total, before discounts and rebates, to roughly $5,850. On Monday, the biotechnology giant announced another 60 percent price slash, this time to th
Amgen CEO on cholesterol drug price cut: ‘Too many patients’ were struggling to pay Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-07  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, ceo, stroke, cholesterol, bradway, risk, cut, reaction, treatment, repatha, pay, high, amgen, patients, struggling, price, drug


Amgen CEO on cholesterol drug price cut: 'Too many patients' were struggling to pay

A glut of patients who were prescribed Repatha, Amgen’s treatment for high cholesterol, but couldn’t pay for the pricey treatment, were top of mind in the company’s decision to cut the drug’s cost by 60 percent, Amgen Chairman and CEO Bob Bradway said Monday.

In October, Amgen cut the price for a biweekly dose of Repatha, bringing the annual $14,100 total, before discounts and rebates, to roughly $5,850. On Monday, the biotechnology giant announced another 60 percent price slash, this time to the cost of the monthly dose.

“We found too many patients were prescribed this therapy, but were struggling to pay for it at the pharmacy counter,” Bradway told CNBC in an interview with Jim Cramer. “The reaction so far from physicians and from patients has been very, very encouraging.”

While the positive reaction in itself may not make up for the money Amgen will lose, the number of patients that will reconsider taking the drug at its lower price was encouraging enough for Bradway, who has been CEO of Amgen since 2012.

“What we’re finding is that patients that were walking away from the prescription — so, patients whose doctors had already identified them as being at high risk for heart attack and stroke — are now being able to get access to the medicine,” Bradway said on “Mad Money.”

Repatha treats high LDL cholesterol, the kind that heightens the risk of heart attack and stroke. It’s also the main reason why $600 billion a year is spend on cardiovascular disease, Bradway said, adding that Repatha lowers LDL levels in patients by 63 percent, on average.

Amgen’s stock rose 1.35 percent Monday, settling at $198.07 a share. The company made headlines in 2018 for pioneering Aimovig, the first drug specifically intended for migraine sufferers, and has seen that franchise grow by double digits.


Company: cnbc, Activity: cnbc, Date: 2019-01-07  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, ceo, stroke, cholesterol, bradway, risk, cut, reaction, treatment, repatha, pay, high, amgen, patients, struggling, price, drug


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Gold scales over 6-1/2-month high on global growth fears

Gold prices hit their highest in 6-1/2 months on Friday as volatile equity markets on the back of weak U.S. data heightened fears of a global economic slowdown, propelling the safe-haven metal towards a potential third straight weekly gain. Spot gold was up 0.2 percent at $1,296.35 per ounce, as of 0301 GMT, having earlier touched $1,298.42, its highest since mid-June. Gold is highly sensitive to rising U.S. interest rates, which lift the opportunity cost of holding non-yielding bullion. Indicat


Gold prices hit their highest in 6-1/2 months on Friday as volatile equity markets on the back of weak U.S. data heightened fears of a global economic slowdown, propelling the safe-haven metal towards a potential third straight weekly gain. Spot gold was up 0.2 percent at $1,296.35 per ounce, as of 0301 GMT, having earlier touched $1,298.42, its highest since mid-June. Gold is highly sensitive to rising U.S. interest rates, which lift the opportunity cost of holding non-yielding bullion. Indicat
Gold scales over 6-1/2-month high on global growth fears Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: getty images
Keywords: news, cnbc, companies, economic, data, global, prices, fears, growth, high, ounce, gold, fed, tightening, services, scales, markets, highest, 612month


Gold scales over 6-1/2-month high on global growth fears

Gold prices hit their highest in 6-1/2 months on Friday as volatile equity markets on the back of weak U.S. data heightened fears of a global economic slowdown, propelling the safe-haven metal towards a potential third straight weekly gain.

Spot gold was up 0.2 percent at $1,296.35 per ounce, as of 0301 GMT, having earlier touched $1,298.42, its highest since mid-June.

The yellow metal has risen over 1 percent so far this week.

U.S. gold futures were up about 0.4 percent at $1,299.50 per ounce.

“Concerns about tepid global economic growth and volatility in risk assets is likely to keep the safe-haven asset – gold – in flavour,” said Sugandha Sachdeva, vice-president of metals, energy and currency research, Religare Broking Ltd.

Global markets were on edge on Friday as dire U.S. economic data slammed Wall Street and pushed investors to bet the Federal Reserve could reverse its policy tightening before the end of this year.

A survey data from Institute for Supply Management (ISM) showed that U.S. manufacturing activity slowed sharply to a two-year low in December, suggesting the economy was probably not immune to slowing growth in China and Europe.

“The market is taking a big step further (for gold). The Fed funds futures market is now pricing in a 40 percent chance of a rate cut by the end of this year,” said Amit Kumar Gupta, portfolio management services head, Adroit Financial Services in New Delhi.

Gold is highly sensitive to rising U.S. interest rates, which lift the opportunity cost of holding non-yielding bullion.

Investors had expected the U.S. Fed to stay on its tightening path after three hikes last year, but the ongoing trade war and recent disappointing corporate earnings have put those expectations to rest.

Investors will be looking for cues about interest rate hikes from a discussion between Federal Reserve Chair Jerome Powell and former Fed Chairs Janet Yellen and Ben Bernanke on Friday.

Meanwhile, markets are awaiting the closely watched December payrolls report later in the day.

Indicating investor appetite for gold, holdings of SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, rose to 795.31 tonnes, their highest since early August.

“Gold prices seem to tread higher towards $1,325 per ounce in the near term … Prices are likely to remain buoyant, but may witness some profit-booking at higher levels,” Sachdeva added.

Among other precious metals, palladium gained 0.4 percent to $1,268.24 per ounce.

Silver was up 0.5 percent at $15.82 per ounce, while platinum gained 0.6 percent to $802.90.


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: getty images
Keywords: news, cnbc, companies, economic, data, global, prices, fears, growth, high, ounce, gold, fed, tightening, services, scales, markets, highest, 612month


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Fat Cat Friday: UK bosses have already earned average pay for 2019

The pay packets of the U.K.’s top bosses have attracted criticism after a new report revealed the stunning disparity between the average British worker and a typical FTSE 100 CEO. Labeled “Fat Cat Friday”, January the 4th has been identified as the date by which the average CEO of a blue-chip British firm company collects the same annual take-home pay of a typical full-time worker in the U.K. The calculations said top UK bosses now earned 133 times more than the average worker and that a CEO who


The pay packets of the U.K.’s top bosses have attracted criticism after a new report revealed the stunning disparity between the average British worker and a typical FTSE 100 CEO. Labeled “Fat Cat Friday”, January the 4th has been identified as the date by which the average CEO of a blue-chip British firm company collects the same annual take-home pay of a typical full-time worker in the U.K. The calculations said top UK bosses now earned 133 times more than the average worker and that a CEO who
Fat Cat Friday: UK bosses have already earned average pay for 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: david reid, steve debenport, getty images
Keywords: news, cnbc, companies, average, 2018, cat, fat, pay, bosses, ceo, worker, million, took, high, uk, 2019, revealed, median, earned


Fat Cat Friday: UK bosses have already earned average pay for 2019

The pay packets of the U.K.’s top bosses have attracted criticism after a new report revealed the stunning disparity between the average British worker and a typical FTSE 100 CEO.

Labeled “Fat Cat Friday”, January the 4th has been identified as the date by which the average CEO of a blue-chip British firm company collects the same annual take-home pay of a typical full-time worker in the U.K.

The figures collated by the High Pay Centre thinktank and the professional HR body the Chartered Institute of Personnel and Development (CIPD) revealed that last year the average FTSE 100 CEO was paid £1,020 per hour or £3.926 million ($5 million) for the year.

Over calendar 2018, share values of the average FTSE 100 company decreased by more than 12 percent.

The calculations said top UK bosses now earned 133 times more than the average worker and that a CEO who works a 12-hour day would have earned the median £29,574 of British staff by Friday 4th 2019.

A Director of the High Pay Centre, Luke Hildyard, said: “Corporate boards are too willing to spend millions on top executives without any real justification, while the wider workforce is treated as a cost to be minimised.”

The report added that excessive pay and the business culture of “Superstar” CEOs is increasingly being recognised as a failure of corporate governance adding that there was a “myth of super talent” that was used to justify high pay.

Peter Cheese, chief executive of the CIPD, said in a statement Friday the bumper pay packages awarded by remuneration committees represented “a significant failure in corporate governance.”

An umbrella federation of most trade unions in England and Wales, The Trades Union Congress (TUC), took to Twitter to express anger and call for “radical change.”

Despite the outrage, the difference in pay packets is still far smaller than for some firms in the United States. In the U.S., public companies are now required to disclose their companies’ pay ratios between the CEOs and median employees.

For example, in a filing made in September 2018, it was revealed that the Co-CEOs of Oracle, Mark Hurd and Safra Catz, each took home $108 million in the fiscal 2018 year.

Oracle’s median employee pay packet, the point at which there is exactly half of all employees either earning more or less, was $89,887 for the same time period. That works out an at CEO pay ratio of 1,205 to 1.

And in the online study by the American Federation of Labor and Congress of Industrial Organizations, the widest disparity in an S&P 500 company is at the toymaker Mattel where CEO Margaret H. Georgiadis took home $31,275,289 for fiscal 2018. The median worker pay of the firm during the same period was $6,013.


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: david reid, steve debenport, getty images
Keywords: news, cnbc, companies, average, 2018, cat, fat, pay, bosses, ceo, worker, million, took, high, uk, 2019, revealed, median, earned


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Apple’s chart looks like it could be ready for a massive rally: Strategist

But on a technical basis, the stock is getting ripe for a bounce (at least over the near term). Also, it is getting close to testing its 200-week moving average. We’d also note that even in 2008, Apple didn’t break very far below its 200-week moving average when the broad market was in the last months of the horrible bear market. However, the odds that it will hold on its “first test” are quite high, especially given how oversold the stock has become. When the stock last touched its 200-week mov


But on a technical basis, the stock is getting ripe for a bounce (at least over the near term). Also, it is getting close to testing its 200-week moving average. We’d also note that even in 2008, Apple didn’t break very far below its 200-week moving average when the broad market was in the last months of the horrible bear market. However, the odds that it will hold on its “first test” are quite high, especially given how oversold the stock has become. When the stock last touched its 200-week mov
Apple’s chart looks like it could be ready for a massive rally: Strategist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: matt maley, elijah nouvelage, misha friedman, bloomberg, getty images, jin lee, drew angerer, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, looks, strategist, stock, average, months, 200week, oversold, break, massive, getting, high, ready, apples, moving, line, rally, chart


Apple's chart looks like it could be ready for a massive rally: Strategist

Apple shares just had their worst day in six years, but I’m not worried.

The tech giant tanked 10 percent on Thursday after a shock warning on fiscal first-quarter guidance and the effects of a China slowdown. It is now down more than 39 percent from a record high set in October.

But on a technical basis, the stock is getting ripe for a bounce (at least over the near term). After its 39 percent decline in just three months, Apple’s weekly relative strength index chart is the most oversold it has been since the credit crisis, falling to around 30.

Also, it is getting close to testing its 200-week moving average. That line provided excellent support for the stock a couple of times in both 2016 and 2013. We’d also note that even in 2008, Apple didn’t break very far below its 200-week moving average when the broad market was in the last months of the horrible bear market.

Of course, this does not mean that it cannot break this line in a meaningful way eventually as it did during the dot-com crash. However, the odds that it will hold on its “first test” are quite high, especially given how oversold the stock has become.

When the stock last touched its 200-week moving average in July 2016, it rallied 70 percent over the following 12 months.


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: matt maley, elijah nouvelage, misha friedman, bloomberg, getty images, jin lee, drew angerer, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, looks, strategist, stock, average, months, 200week, oversold, break, massive, getting, high, ready, apples, moving, line, rally, chart


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Gold hits over 6-month high on growth fears, stock volatility

Gold prices scaled a more than six-month peak on Thursday as worries about a global economic slowdown and volatility in equities boosted safe-haven buying, while a weaker dollar offered support. Spot gold touched its highest since June 15 at $1,292.32 per ounce, and was up 0.4 percent at $1,289.10 at 0819 GMT. “The weaker dollar lent some support for gold. The Japanese yen, also a preferred asset during times of economic volatility, surged versus the U.S. currency on Thursday. Investor appetite


Gold prices scaled a more than six-month peak on Thursday as worries about a global economic slowdown and volatility in equities boosted safe-haven buying, while a weaker dollar offered support. Spot gold touched its highest since June 15 at $1,292.32 per ounce, and was up 0.4 percent at $1,289.10 at 0819 GMT. “The weaker dollar lent some support for gold. The Japanese yen, also a preferred asset during times of economic volatility, surged versus the U.S. currency on Thursday. Investor appetite
Gold hits over 6-month high on growth fears, stock volatility Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: getty images
Keywords: news, cnbc, companies, stock, dollar, hits, 6month, global, fell, economic, worries, fears, growth, ounce, volatility, weaker, gold, high


Gold hits over 6-month high on growth fears, stock volatility

Gold prices scaled a more than six-month peak on Thursday as worries about a global economic slowdown and volatility in equities boosted safe-haven buying, while a weaker dollar offered support.

Spot gold touched its highest since June 15 at $1,292.32 per ounce, and was up 0.4 percent at $1,289.10 at 0819 GMT.

U.S. gold futures were up 0.6 percent at $1,291.20 per ounce.

“The weaker dollar lent some support for gold. People are more interested in gold as the stock markets are under pressure and are looking at gold as a safe haven,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

The dollar index fell over 0.2 percent. The Japanese yen, also a preferred asset during times of economic volatility, surged versus the U.S. currency on Thursday.

A softer dollar makes the greenback denominated bullion cheaper for investors holding other currencies.

Asian shares wobbled on Thursday, while U.S. stock futures fell after a rare revenue warning from index heavy-weight Apple Inc added to worries about slowing global growth.

Adding to investor concerns, a meeting between U.S. congressional leaders and President Donald Trump on Wednesday saw no sign of an agreement to end a partial government shutdown.

Businesses in Britain’s dominant services sector reported the slowest sales growth in two years during the final three months of 2018, another sign of a dampening economic growth ahead of Brexit.

Markets will be looking for cues about interest rate hikes from a joint discussion between Federal Reserve Chair Jerome Powell and former Fed chairs Janet Yellen and Ben Bernanke on Friday.

Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion.

The market is also awaiting a closely-watched survey on U.S. manufacturing due on Thursday, followed by the December payrolls report on Friday.

Meanwhile, the Australian dollar-denominated gold hit a record high on Thursday at A$1,894.02 after the currency, often considered a gauge of global risk appetite, fell to its lowest level since 2009 in early Asian trade.

Gold pushed higher as investors looked for a safe-haven due to brutal moves in the Australian dollar, MKS PAMP Group traders said in a note.

“Australian producers were slow to realise the move but have since been seen consistently selling, taking advantage of the very bullish move.”

Investor appetite for gold has reflected in the rise of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund. SPDR holdings rose about 1 percent to 795.31 tonnes on Wednesday.

Among other precious metals, palladium gained 0.9 percent to $1,265.74 per ounce.

Silver was up about 0.5 percent at $15.58 an ounce, while platinum rose 0.3 percent to $796.60 per ounce.


Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: getty images
Keywords: news, cnbc, companies, stock, dollar, hits, 6month, global, fell, economic, worries, fears, growth, ounce, volatility, weaker, gold, high


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US mall vacancy rate backs off 7-year high, but more closures from Sears, others on the way

That’s also above a 10-year average vacancy rate for these malls of 8.4 percent during the fourth quarter. Overall, U.S. retail vacancies remained flat at 10.2 percent during the latest quarter, Reis said. “Many feared that vacancy rates would soar and rents would plummet. Reis, meanwhile, expects retail vacancy rates to “hold steady” relatively in 2019, as rents continue to tick up slightly but remain below the inflation rate. “If the retail sector was able to sustain the store closures over th


That’s also above a 10-year average vacancy rate for these malls of 8.4 percent during the fourth quarter. Overall, U.S. retail vacancies remained flat at 10.2 percent during the latest quarter, Reis said. “Many feared that vacancy rates would soar and rents would plummet. Reis, meanwhile, expects retail vacancy rates to “hold steady” relatively in 2019, as rents continue to tick up slightly but remain below the inflation rate. “If the retail sector was able to sustain the store closures over th
US mall vacancy rate backs off 7-year high, but more closures from Sears, others on the way Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: lauren thomas, victor j blue, bloomberg, getty images
Keywords: news, cnbc, companies, rates, backs, reis, way, denham, rate, high, vacancy, quarter, retail, store, sears, 7year, mall, closures


US mall vacancy rate backs off 7-year high, but more closures from Sears, others on the way

For months, there’s been a steady stream of store closure announcements from Sears, Bon-Ton, J.C. Penney and other retailers. And while mall and shopping center owners appear to be holding their own at the moment, that could soon change, with another wave of closures expected in 2019.

The vacancy rate at regional and super regional malls was 9 percent in the fourth quarter of 2018, based on a survey released Thursday by real estate research firm Reis of 77 metropolitan areas across the country. That’s down from 9.1 percent — a seven-year high — in the third quarter, but up from 8.3 percent at the end of 2017. That’s also above a 10-year average vacancy rate for these malls of 8.4 percent during the fourth quarter.

Overall, U.S. retail vacancies remained flat at 10.2 percent during the latest quarter, Reis said.

“Given the many store closures across the U.S., the minimal changes in vacancy rates show how the retail sector has withstood the structural changes in the industry,” Barbara Denham, a senior economist at Reis, said. “Many feared that vacancy rates would soar and rents would plummet. This did not occur as the doomsday prognostications proved to be overblown.”

Altogether, companies in 2018 announced plans to shut more than 145 million square feet of retail space across the U.S., according to real estate research group CoStar, which tracks store closures as they’re disclosed. That outpaces 102 million square feet of space in 2017, a record at the time.

Looking to 2019, Denham warns that retailers big and small are expected to shut a number of locations in the coming months. These announcements tend to come during the first quarter, after the holiday season has finished and companies have a better grip on where they stand.

Reis, meanwhile, expects retail vacancy rates to “hold steady” relatively in 2019, as rents continue to tick up slightly but remain below the inflation rate.

Companies including Gap, Express and Victoria’s Secret owner L Brands have already hinted at more closures. And the fate of Sears is still largely uncertain, as the bankrupt department store chain could ultimately liquidate. That would mean hundreds more Sears and Kmart stores going dark, in addition to the more than 100 locations the company is already in the process of shuttering.

The average mall rent increased 0.2 percent during the fourth quarter after dropping 0.3 percent during the prior period, Reis said. That means landlords were able to bring in higher-paying tenants. Many mall owners have already cited success in replacing Sears with more profitable businesses — and now increasingly apartments, hotels and co-working spaces. Denham added that fitness companies, trampoline parks and grocery stores have also been more active in opening new locations of late.

The U.S. cities with the highest retail rent growth during the latest quarter included Orlando, Raleigh-Durham, Austin and Richmond, according to Reis data. Those with the biggest declines included Salt Lake City and Cleveland.

“If the retail sector was able to sustain the store closures over the last year, it can survive anything,” Denham said.


Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: lauren thomas, victor j blue, bloomberg, getty images
Keywords: news, cnbc, companies, rates, backs, reis, way, denham, rate, high, vacancy, quarter, retail, store, sears, 7year, mall, closures


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