Trade friction, growth worries keep dollar near 2019 highs

The dollar held steady versus its peers on Tuesday, hovering close to its 2019 high as U.S.-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal. “The dollar is benefiting from the investor nervousness around the trade talks,” said Sim Moh Siong, currency strategist at Bank of Singapore. The dollar index was steady at 97.04, after advancing 0.45 percent in the previous session, its largest percentage gain since Jan. 24. The single currency was relatively un


The dollar held steady versus its peers on Tuesday, hovering close to its 2019 high as U.S.-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal. “The dollar is benefiting from the investor nervousness around the trade talks,” said Sim Moh Siong, currency strategist at Bank of Singapore. The dollar index was steady at 97.04, after advancing 0.45 percent in the previous session, its largest percentage gain since Jan. 24. The single currency was relatively un
Trade friction, growth worries keep dollar near 2019 highs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, highs, worries, central, friction, steady, euro, growth, talks, global, currency, near, week, trade, bank, dollar, 2019


Trade friction, growth worries keep dollar near 2019 highs

The dollar held steady versus its peers on Tuesday, hovering close to its 2019 high as U.S.-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal.

Investors are focusing on high level trade talks in China this week where Washington is expected to keep pressing Beijing on long-standing demands that it make sweeping structural reforms to protect American companies’ intellectual property, to end policies aimed at forcing the transfer of technology to Chinese companies, and curb industrial subsidies.

“The dollar is benefiting from the investor nervousness around the trade talks,” said Sim Moh Siong, currency strategist at Bank of Singapore.

“Beyond its safe haven appeal, the dollar is still the highest-yielding currency in the developed world and with all major central banks turning dovish, the greenback seems relatively attractive.”

This week’s talks come as the world’s two largest economies try to hammer out a deal before a March 1 deadline, after which U.S. tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent.

Financial markets have been roiled by the trade tensions over the past year, with business sentiment taking a hit around the world as the fallout of the .S.-China dispute disrupted factory activity and hurt global growth.

The greenback rose 0.1 percent against the yen to 110.47 and was a touch higher versus the Swiss franc at 1.0040.

The dollar index was steady at 97.04, after advancing 0.45 percent in the previous session, its largest percentage gain since Jan. 24. The index has risen for eight straight sessions, mainly thanks to a tumbling euro, which has the largest weighting in the index.

The single currency was relatively unchanged at $1.1278 in Asian trade, having lost nearly half a percent on Monday. The euro has weakened for six consecutive sessions, and traders expect further losses now that the crucial psychological support of $1.13 has been broken.

“The next level of support for EUR/USD is the November low of 1.1215 which should be tested quickly,” said Kathy Lien, managing director of currency strategy at BK Asset Management.

The European Central Bank is expected to maintain a highly accommodative monetary policy this year as growth slows in the euro zone and inflation stays low. Last week, the European Commission sharply cut its forecasts for euro zone growth for this year and next.

Investors are expecting stimulus from the ECB in the form of a cheap loan scheme for banks in the coming months.

Elsewhere, sterling was 0.15 percent firmer at $1.2869, after tumbling 0.75 percent in the previous session. Analysts expect the British pound to remain volatile due to the uncertainty surrounding Brexit.

The British parliament is set to hold a debate on Brexit on Feb. 14 where Prime Minister Theresa May is seeking changes to her deal with Brussels after it was rejected by a record majority in parliament last month.

The Australian dollar, often considered a gauge of global risk appetite, gained around 0.3 percent to $0.7083 as risk sentiment improved on expectations that U.S. lawmakers had reached a tentative deal on border security funding that would avert another partial government shutdown due to start on Saturday.

Traders expect the Aussie to remain under pressure after Reserve Bank of Australia Governor Philip Lowe tempered a long-held tightening bias last week, saying an easing might be just as likely as a hike.

The kiwi dollar was steady at $0.6730. New Zealand’s central bank is expected to leave interest rates unchanged at its policy meeting on Wednesday but may adopt a more dovish tone and cut forecasts, in line with other major central banks as rising global economic risks cloud the outlook.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, highs, worries, central, friction, steady, euro, growth, talks, global, currency, near, week, trade, bank, dollar, 2019


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Facebook shares could be on the road to new highs, trader says

Facebook shares are rising, and that has one trader hitting the buy button on the stock. This means that in the short term, he believes Facebook could return to around $190, the lower end of that gap down in July. But Gordon also believes that the recent consolidation in Facebook shares after its Jan. 30 earnings report could also point to more upside for the stock. But should Facebook close above $190 on April 18, then Gordon could make up to $1,466 on his trade. Thanks to its jump on earnings,


Facebook shares are rising, and that has one trader hitting the buy button on the stock. This means that in the short term, he believes Facebook could return to around $190, the lower end of that gap down in July. But Gordon also believes that the recent consolidation in Facebook shares after its Jan. 30 earnings report could also point to more upside for the stock. But should Facebook close above $190 on April 18, then Gordon could make up to $1,466 on his trade. Thanks to its jump on earnings,
Facebook shares could be on the road to new highs, trader says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: annie pei, getty images, joshua roberts, bloomberg, miguel riopa, afp, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, trader, gordon, highs, gap, shares, stock, road, consolidation, believes, close, 534, facebook, means, earnings


Facebook shares could be on the road to new highs, trader says

Facebook shares are rising, and that has one trader hitting the buy button on the stock.

The stock is up 15 percent since reporting earnings Jan. 30, leading Todd Gordon, founder of TradingAnalysis.com, to believe new highs could come sooner than investors think.

“We have a gap that’s yet to be closed, which is quite constructive in the underlying stock,” Gordon said Tuesday on CNBC’s “Trading Nation.” “And it looks like we could go up.”

In fact, Gordon believes that the stock is set to close a giant gap down in the charts from that July all-time high when the social media stock cratered from earnings. This means that in the short term, he believes Facebook could return to around $190, the lower end of that gap down in July.

But Gordon also believes that the recent consolidation in Facebook shares after its Jan. 30 earnings report could also point to more upside for the stock. He believes that the consolidation post-upward earnings gap means that “sellers aren’t really interested” in getting in the stock, and it’s now mirroring a consolidation happening in the market as well.

“Once the market does get through consolidation, I believe the next move should be up in Facebook,” he added.

As a result, Gordon wants to buy the April monthly 170-strike call and sell the April monthly 190-strike call for about $5.34, or $534 per options spread.

This means that should Facebook close below $170 on April 18 expiration, then Gordon would lose the $534 he paid to make the trade. But should Facebook close above $190 on April 18, then Gordon could make up to $1,466 on his trade.

Thanks to its jump on earnings, Facebook has now risen 27 percent year to date.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: annie pei, getty images, joshua roberts, bloomberg, miguel riopa, afp, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, trader, gordon, highs, gap, shares, stock, road, consolidation, believes, close, 534, facebook, means, earnings


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Dollar near six-week highs as trade, growth worries ramp up

The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets. “The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.” Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. The strength in the d


The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets. “The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.” Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. The strength in the d
Dollar near six-week highs as trade, growth worries ramp up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, trade, highs, sentiment, sixweek, near, global, versus, tensions, chinese, ramp, euro, worries, dollar, growth, yields, week


Dollar near six-week highs as trade, growth worries ramp up

The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets.

“U.S.-China talks are the big focus for the week and the dollar strength is indicative of the cautious market sentiment right now owing to its safe-haven status,” said Nick Twidale, chief operating officer at Rakuten Securities.

“The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.”

U.S. negotiators will this week press China on longstanding demands that it reform how it treats U.S. companies’ intellectual property in order to seal a trade deal that could prevent tariffs from rising on Chinese imports.

The dollar gained 0.1 percent versus the yen to 109.82. However, traders expect moves in dollar/yen to be small on Monday as Japanese markets remain shut for a public holiday.

The dollar index, a gauge of its value versus six major peers, was marginally higher at 96.64, on track for its eighth straight day of gains.

Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. Market confidence took a hit last week when U.S. President Donald Trump said he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal.

Trump has vowed to increase U.S. tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent currently if the two sides cannot reach a deal by March 2.

The euro was marginally lower versus the greenback at $1.1322 in early Asian trade while the Aussie was 0.15 percent higher at $0.7099, after a disastrous week in which it lost 2.2 percent.

The strength in the dollar has come despite the Federal Reserve taking a dovish stance at its last policy meeting in January. For now, investors are piling into the safety of the greenback due to fears of a sharp global economic slowdown.

The euro came under pressure as core European government debt yields touched their lowest in over two years. The single currency has lost 2.5 percent so far this month.

Benchmark German yields were just 10 basis points away from zero percent.

The European Commission sharply cut on Thursday its forecasts for euro zone economic growth for this year and next with the bloc’s largest economies expected to be held back by global trade tensions and domestic challenges.

Last month, the International Monetary Fund also downgraded its forecasts for global growth.

Elsewhere, sterling was down 0.1 percent at $1.2935. Traders expect the pound to remain volatile amid heightened political uncertainty over the Brexit process.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, trade, highs, sentiment, sixweek, near, global, versus, tensions, chinese, ramp, euro, worries, dollar, growth, yields, week


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Stocks in Asia mixed; Softbank shares soar more than 17 percent

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.421 after seeing lows around 96.0 yesterday. The Japanese yen traded at 109.96 against the dollar after seeing highs around 109.54 in the previous session. The Australian dollar was at $0.7103 after slipping sharply from highs below $0.725 yesterday. The decline came on the back of Reserve Bank of Australia (RBA) Governor Philip Lowe’s speech on Wednesday. “Looking forward, there are scenarios where the ne


The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.421 after seeing lows around 96.0 yesterday. The Japanese yen traded at 109.96 against the dollar after seeing highs around 109.54 in the previous session. The Australian dollar was at $0.7103 after slipping sharply from highs below $0.725 yesterday. The decline came on the back of Reserve Bank of Australia (RBA) Governor Philip Lowe’s speech on Wednesday. “Looking forward, there are scenarios where the ne
Stocks in Asia mixed; Softbank shares soar more than 17 percent Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: eustance huang
Keywords: news, cnbc, companies, reserve, softbank, bank, rba, shares, soar, seeing, dollar, rate, scenarios, stance, asia, highs, stocks, evenly, 17, mixed


Stocks in Asia mixed; Softbank shares soar more than 17 percent

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.421 after seeing lows around 96.0 yesterday.

The Japanese yen traded at 109.96 against the dollar after seeing highs around 109.54 in the previous session.

The Australian dollar was at $0.7103 after slipping sharply from highs below $0.725 yesterday. The decline came on the back of Reserve Bank of Australia (RBA) Governor Philip Lowe’s speech on Wednesday.

“Looking forward, there are scenarios where the next move in the cash rate is up and other scenarios where it is down. Over the past year, the next-move-is-up scenarios were more likely than the next-move-is-down scenarios. Today, the probabilities appear to be more evenly balanced,” Lowe said.

“The Australian dollar is set to depreciate below 0.70 as the Reserve Bank of Australia no longer views the next move in rates as up only,” strategists at DBS Group Research said in a morning note.

“In adopting a “more evenly balanced” stance, the RBA has opened the door for a rate cut if increased global risks and the weaker housing market forces more downgrades in its sanguine growth/inflation outlook. Effectively, this has offset the Fed’s patience stance that lifted the Oz in January. Our mid-year target for AUD/USD remains unchanged at 0.66,” they said.

— CNBC’s Fred Imbert and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: eustance huang
Keywords: news, cnbc, companies, reserve, softbank, bank, rba, shares, soar, seeing, dollar, rate, scenarios, stance, asia, highs, stocks, evenly, 17, mixed


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If Disney could break this level, new highs would be next, says trader

Disney’s magical rally is on pause as the company heads into its earnings report Tuesday after the bell. The stock soared out of the gates to start the year, rallying 12 percent off its lows at the end of December before running out of gas mid-January. The options market is implying a more than 2 percent move up or down for the stock, and while options traders seemed to be split on the direction, Dan Nathan of RiskReversal.com says the chart is pointing to a breakout. “Since its 2015 highs, [Dis


Disney’s magical rally is on pause as the company heads into its earnings report Tuesday after the bell. The stock soared out of the gates to start the year, rallying 12 percent off its lows at the end of December before running out of gas mid-January. The options market is implying a more than 2 percent move up or down for the stock, and while options traders seemed to be split on the direction, Dan Nathan of RiskReversal.com says the chart is pointing to a breakout. “Since its 2015 highs, [Dis
If Disney could break this level, new highs would be next, says trader Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: tyler bailey, gary hershorn, corbis news, getty images, david a grogan
Keywords: news, cnbc, companies, way, disney, trader, nathan, level, thing, 2015, stock, wedge, traders, highs, lows, break, options


If Disney could break this level, new highs would be next, says trader

Disney’s magical rally is on pause as the company heads into its earnings report Tuesday after the bell. The stock soared out of the gates to start the year, rallying 12 percent off its lows at the end of December before running out of gas mid-January.

The options market is implying a more than 2 percent move up or down for the stock, and while options traders seemed to be split on the direction, Dan Nathan of RiskReversal.com says the chart is pointing to a breakout.

“Since its 2015 highs, [Disney] has been in this kind of wedge … a series of higher lows and lower highs, and it broke out last year above that,” Nathan said Monday on CNBC’s “Fast Money.”

“If you take out the December massacre here, and maybe you have a little bit of long-term support at $110,” Nathan said, “a beat and raise and you could have this thing on its way back near $122. That was its all-time high in 2015.”


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: tyler bailey, gary hershorn, corbis news, getty images, david a grogan
Keywords: news, cnbc, companies, way, disney, trader, nathan, level, thing, 2015, stock, wedge, traders, highs, lows, break, options


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This contrarian factor suggests stocks could hit all-time highs

He points to a contrarian indicator: pessimism — a factor that’s still playing a major role on Wall Street. He predicts that once investors realize it’s a slowdown scenario, stocks will surge even higher this year. It happened in the ’90s where we had big market moves during an economic slowdown and after a period of overheat.” He expects Fed officials will rescue Wall Street this time, too, by putting its interest rate hike plans on pause. Even if stocks see another pullback that retests the De


He points to a contrarian indicator: pessimism — a factor that’s still playing a major role on Wall Street. He predicts that once investors realize it’s a slowdown scenario, stocks will surge even higher this year. It happened in the ’90s where we had big market moves during an economic slowdown and after a period of overheat.” He expects Fed officials will rescue Wall Street this time, too, by putting its interest rate hike plans on pause. Even if stocks see another pullback that retests the De
This contrarian factor suggests stocks could hit all-time highs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-31  Authors: stephanie landsman, david paul morris, bloomberg, getty images, sebastien bozon, afp, lucas jackson, oliiva michael, kcna, thomas barwick getty images
Keywords: news, cnbc, companies, alltime, tightening, highs, suggests, market, fed, period, sp, slowdown, paulsen, hit, stocks, contrarian, factor, recession, wall


This contrarian factor suggests stocks could hit all-time highs

It’s shaping up to be a milestone month for stocks.

The S&P 500 is on track to see its best January performance in 30 years, and long-time bull Jim Paulsen believes there’s no reason to second-guess the rally.

He points to a contrarian indicator: pessimism — a factor that’s still playing a major role on Wall Street.

“We’re going to get more weaker economic and earnings news here over most of this year. But I think where people are at, they’re almost fearing more than that,” the Leuthold Group chief investment strategist said Wednesday on CNBC’s “Trading Nation.” “People are still fearing recession a lot.”

According to Paulsen, optimism will replace recession worries because expectations are set too low. He predicts that once investors realize it’s a slowdown scenario, stocks will surge even higher this year. He calls the current phase a “fearful period” that will ultimately refresh market valuations.

“The slowdown, when it becomes recognized as such, [often] leads to another big market rally — as valuations come back up, and the Fed actually stops tightening and may even become accommodative,” he said. “It happened in the ’80s a couple of different times. It happened in the ’90s where we had big market moves during an economic slowdown and after a period of overheat.”

Paulsen characterizes overheating pressures such as Federal Reserve’s tightening policy and inflation as a 2018 story.

He expects Fed officials will rescue Wall Street this time, too, by putting its interest rate hike plans on pause. Paulsen expects the move to create an ideal environment for gains. In fact, the Fed took such a tact on Wednesday.

Even if stocks see another pullback that retests the Dec. 24 lows, Paulsen sees a strong possibility the S&P 500 will surpass its all-time highs. His 2019 target on the index is 2,900 to 3,000, an 8 to 11 percent increase from current levels.

The S&P 500’s record high is 2,940.


Company: cnbc, Activity: cnbc, Date: 2019-01-31  Authors: stephanie landsman, david paul morris, bloomberg, getty images, sebastien bozon, afp, lucas jackson, oliiva michael, kcna, thomas barwick getty images
Keywords: news, cnbc, companies, alltime, tightening, highs, suggests, market, fed, period, sp, slowdown, paulsen, hit, stocks, contrarian, factor, recession, wall


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The stock market highs for the year are almost in, warns Wells Fargo strategist

Wells Fargo’s Chris Harvey weighs in on overall market and upcoming Federal Reserve meeting 19 Hours Ago | 08:11The stock market highs for the year are almost in, Wells Fargo strategist Chris Harvey told CNBC. He said investors can move on some value stocks like industrials and tobacco but should expect mid-single-digit percentage returns on the S&P 500 this year. “We want those expectations to come down, but as we go forward, that’s where the value is and that’s where the opportunity is,” Harve


Wells Fargo’s Chris Harvey weighs in on overall market and upcoming Federal Reserve meeting 19 Hours Ago | 08:11The stock market highs for the year are almost in, Wells Fargo strategist Chris Harvey told CNBC. He said investors can move on some value stocks like industrials and tobacco but should expect mid-single-digit percentage returns on the S&P 500 this year. “We want those expectations to come down, but as we go forward, that’s where the value is and that’s where the opportunity is,” Harve
The stock market highs for the year are almost in, warns Wells Fargo strategist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: tyler clifford, michael nagle, bloomberg, getty images
Keywords: news, cnbc, companies, warns, stocks, sp, market, harvey, price, thats, trades, strategist, value, highs, fargo, stock, wells


The stock market highs for the year are almost in, warns Wells Fargo strategist

Wells Fargo’s Chris Harvey weighs in on overall market and upcoming Federal Reserve meeting 19 Hours Ago | 08:11

The stock market highs for the year are almost in, Wells Fargo strategist Chris Harvey told CNBC.

He said investors can move on some value stocks like industrials and tobacco but should expect mid-single-digit percentage returns on the S&P 500 this year.

“You have to tread lightly,” the bank’s head of equity strategy said Monday on “Fast Money.” “We don’t want you to rush into it, it’s a walk-not-run-type situation.”

While the U.S. economy remains relatively positive, markets have been worried that global economic growth is slowing, particularly in China and Europe.

Harvey argued that companies should lower guidance because estimates are too high. He has set a year-end price target of 2,665 for the S&P index, about a 7.6 percent climb from the start of the year and just under 1 percent higher than its Monday close.

“We want those expectations to come down, but as we go forward, that’s where the value is and that’s where the opportunity is,” Harvey said.

Value stocks tend to trade at a lower price compared to their fundamentals. Harvey also suggested looking at real estate investment trusts, capital goods, software and food and beverage companies.

Harvey is pulling away from transportation and semiconductors.

“We’re doing a lot of intra-industry trades and a lot of one-off trades because some of these situations are very idiosyncratic” and “it’s more of a stock picker’s market than last year,” he said.

“We’ve been saying that value companies have really been a proxy for risk,” Harvey continued. “Now you’re seeing value as an opportunity.”

The S&P 500 dipped to 2,643.85 on Monday, ending a three-day win streak. The index is up about 5.4 percent this year.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: tyler clifford, michael nagle, bloomberg, getty images
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Stocks should surge to new highs this year: Market bull Bill Stone

Bill Stone never wavered from his bullish case during the market meltdown. “There’s no doubt stocks are cheap relative to bond side of the equation,” he said Wednesday on CNBC’s “Trading Nation.” Plus, Wall Street is now trying to calculate the impact of the historic government shutdown. However, Stone contends one major source of worry for Wall Street has mostly subsided: a Federal Reserve that was planning to raise interest rates several times in 2019. “We still like the consumer,” Stone said.


Bill Stone never wavered from his bullish case during the market meltdown. “There’s no doubt stocks are cheap relative to bond side of the equation,” he said Wednesday on CNBC’s “Trading Nation.” Plus, Wall Street is now trying to calculate the impact of the historic government shutdown. However, Stone contends one major source of worry for Wall Street has mostly subsided: a Federal Reserve that was planning to raise interest rates several times in 2019. “We still like the consumer,” Stone said.
Stocks should surge to new highs this year: Market bull Bill Stone Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-17  Authors: stephanie landsman, philippe huguen, afp, getty images, martyn goddard, ander gillenea, lucas jackson, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, correction, stocks, bull, bill, surge, worry, market, stone, wall, consumer, street, yearend, markets, good, highs, sp


Stocks should surge to new highs this year: Market bull Bill Stone

Bill Stone never wavered from his bullish case during the market meltdown.

And now, the Avalon Advisors chief investment officer is calling for a banner year for stocks.

“There’s no doubt stocks are cheap relative to bond side of the equation,” he said Wednesday on CNBC’s “Trading Nation.” “You could have a good market.”

Stone, who manages $6.6 billion, sees the S&P 500 surging more than 13 percent from current levels to at least 3,000 by year-end. The S&P all-time high is 2,940, hit on Sept. 21.

What could get the markets there? Stone said not much — just “decent news on the economy.”

He acknowledges the risks that helped spark the late 2018 correction haven’t entirely disappeared. There are still jitters surrounding the global slowdown, the U.S.-China trade war and Brexit. Plus, Wall Street is now trying to calculate the impact of the historic government shutdown.

However, Stone contends one major source of worry for Wall Street has mostly subsided: a Federal Reserve that was planning to raise interest rates several times in 2019.

“Part of the problem was the worry that the Fed was going to have a policy error, and throw us into recession. That has really receded,” said Stone. “The markets are assuming maybe no hikes.”

As a result, Stone predicts the most beaten-up groups from the correction could see a solid rebound in the coming months.

He likes financials, semiconductors, technology and consumer discretionary stocks.

“We still like the consumer,” Stone said. “We think wages will continue to go up, and we’ll have some good job growth.”


Company: cnbc, Activity: cnbc, Date: 2019-01-17  Authors: stephanie landsman, philippe huguen, afp, getty images, martyn goddard, ander gillenea, lucas jackson, kcna, thomas barwick getty images, source
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Australian shoppers boost November retail sales to five-month highs

Australian retail sales jumped to the highest in five months in November boosted by pre-Christmas shopping, an indication private consumption bounced in the final quarter of 2018. Retail sales rose a seasonally adjusted 0.4 percent in November from October, data from the Australian Bureau of Statistics (ABS) showed on Friday, better than economists’ expectations of a modest 0.3 percent rise. “Both of these industries were impacted by strong promotional activity in the November month, including B


Australian retail sales jumped to the highest in five months in November boosted by pre-Christmas shopping, an indication private consumption bounced in the final quarter of 2018. Retail sales rose a seasonally adjusted 0.4 percent in November from October, data from the Australian Bureau of Statistics (ABS) showed on Friday, better than economists’ expectations of a modest 0.3 percent rise. “Both of these industries were impacted by strong promotional activity in the November month, including B
Australian shoppers boost November retail sales to five-month highs Cached Page below :
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Keywords: news, cnbc, companies, month, sales, fivemonth, boost, australia, wage, shoppers, australian, highs, consumption, growth, including, retail, household


Australian shoppers boost November retail sales to five-month highs

Australian retail sales jumped to the highest in five months in November boosted by pre-Christmas shopping, an indication private consumption bounced in the final quarter of 2018.

Retail sales rose a seasonally adjusted 0.4 percent in November from October, data from the Australian Bureau of Statistics (ABS) showed on Friday, better than economists’ expectations of a modest 0.3 percent rise. October sales were unrevised to show a 0.3 percent gain.

The better-than-expected outcome was enough to send the Australian dollar about 20 pips higher to $0.7205, a level not seen since mid-December.

Household goods retailing and clothing led the rises with gains of 1.2 percent and 1.5 percent, respectively.

“Both of these industries were impacted by strong promotional activity in the November month, including Black Friday sales,” the ABS said.

Even so, Australia’s retail sector faces several headwinds amid a downturn in the country’s once-red hot property market, sluggish wage growth and stratospheric household debt.

In a sign of the times, a string of Australian retailers have gone under recently including Marcs, Pumpkin Patch, Payless Shoes and Roger David while department store Myer has been struggling to turn around.

Just this month apparel retailer Kathmandu posted weaker-than-expected Christmas sales in Australia and New Zealand, disappointing investors who sent its shares to 10-month lows.

Indeed, the Reserve Bank of Australia (RBA) has singled out household consumption as a “continuing source of uncertainty” with wage growth stuck at around 2 percent.

That is one reason it has left interest rates at a record low 1.50 percent since last easing in August 2016.


Company: cnbc, Activity: cnbc, Date: 2019-01-11  Authors: scott barbour, getty images
Keywords: news, cnbc, companies, month, sales, fivemonth, boost, australia, wage, shoppers, australian, highs, consumption, growth, including, retail, household


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Euro basks at 3-month highs as dollar bears charge

The euro surged to a high of $1.1581 overnight, its highest level since mid-October before trimming some of its gains and settling at $1.153, broadly steady on the day. The surge in the euro took some traders by surprise who had added some big stop losses around the $1.15 levels, forcing them to unwind their positions and prompting further euro gains. That has lifted China’s offshore yuan to its highest level since August along with recent assurances from Beijing of further fiscal boosts to the


The euro surged to a high of $1.1581 overnight, its highest level since mid-October before trimming some of its gains and settling at $1.153, broadly steady on the day. The surge in the euro took some traders by surprise who had added some big stop losses around the $1.15 levels, forcing them to unwind their positions and prompting further euro gains. That has lifted China’s offshore yuan to its highest level since August along with recent assurances from Beijing of further fiscal boosts to the
Euro basks at 3-month highs as dollar bears charge Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, euro, 3month, bears, charge, key, levels, yuan, highest, highs, dollar, basks, gains, traders, steady, level


Euro basks at 3-month highs as dollar bears charge

The euro consolidated gains on Thursday after posting its biggest daily jump in more than six months, having cleared some key market levels after Fed minutes signaled a more cautious approach towards further rate hikes.

With the euro broadly hemmed in a $1.12-$1.15 range over the last three months, the dovish minutes gave dollar bears a further excuse to buy the euro, propelling it past a 100-day moving average, a level it hasn’t traded above in more than three months.

The euro surged to a high of $1.1581 overnight, its highest level since mid-October before trimming some of its gains and settling at $1.153, broadly steady on the day.

“This is more of a dollar bearish story causing some stop losses to be triggered around key levels rather than a rerating of the European story,” said Kamal Sharma, director of G10 FX strategy at Bank of America Merrill Lynch in London.

The surge in the euro took some traders by surprise who had added some big stop losses around the $1.15 levels, forcing them to unwind their positions and prompting further euro gains. Data out of Europe has been fairly tepid. French industrial production fell more than expected in November while Swedish private sector production data was fairly flat.

Minutes from the Fed’s Dec. 18-19 meeting showed that several policymakers were in favour of the U.S. central bank keeping rates steady this year.

“This drop in the dollar is an overdue correction following a surprisingly robust few weeks despite the massive collapse in U.S. rate expectations,” said Ulrich Leuchtmann, a currency strategist at Commerzbank.

China and the United States have extended trade talks in Beijing, boosting oil prices and broader sentiment.

That has lifted China’s offshore yuan to its highest level since August along with recent assurances from Beijing of further fiscal boosts to the slowing economy.

The yuan has breached the key 6.8 per dollar level in both onshore and offshore trade.

Commodity currencies such as the Canadian dollar have been the biggest beneficiaries of improving risk sentiment this week. It fetched C$1.3230, hovering close to its highest level in more than a month, helped by the rebound in oil prices.

The dollar index rose .09 percent at 95.30, after losing 0.7 percent on Wednesday. It has weakened in four out of the last five sessions as traders wager that US interest rates will stay steady in 2019.


Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, euro, 3month, bears, charge, key, levels, yuan, highest, highs, dollar, basks, gains, traders, steady, level


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