Huawei CFO arrest hits Asian tech stocks hard; broader markets sell-off as global rout continues

Technology stocks across the region were under pressure, including many Huawei partners and suppliers. Taiwan’s major tech names also struggled: Catcher Technology fell 9.89 percent, Taiwan Semiconductor was down 2.65 percent, Largan Precision lost 9.94 percent and iPhone assembler Hon Hai dropped 3.63 percent. “Huawei equipment is more widely used (than ZTE is) by carriers around the world, including in Europe and Africa,” they said. ZTE shares listed in Hong Kong were down 5.94 percent on the


Technology stocks across the region were under pressure, including many Huawei partners and suppliers. Taiwan’s major tech names also struggled: Catcher Technology fell 9.89 percent, Taiwan Semiconductor was down 2.65 percent, Largan Precision lost 9.94 percent and iPhone assembler Hon Hai dropped 3.63 percent. “Huawei equipment is more widely used (than ZTE is) by carriers around the world, including in Europe and Africa,” they said. ZTE shares listed in Hong Kong were down 5.94 percent on the
Huawei CFO arrest hits Asian tech stocks hard; broader markets sell-off as global rout continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: saheli roy choudhury, eustance huang, miguel candela, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, rout, continues, shares, stocks, fell, markets, hits, equipment, technology, major, tech, softbank, represents, selloff, hard, huawei, global, zte


Huawei CFO arrest hits Asian tech stocks hard; broader markets sell-off as global rout continues

Technology stocks across the region were under pressure, including many Huawei partners and suppliers.

Chipmaker Samsung tumbled 2.29 percent, Sunny Optical, which makes some of the lenses for Huawei phones, fell 5.47 percent and AAC Technologies declined 5.59 percent on the day. Chinasoft International, where Huawei is a strategic shareholder, dropped 11.71 percent.

Shares of Nikkei heavyweight SoftBank Group fell 4.93 percent. Last year, SoftBank and Huawei jointly demonstrated potential use of the next generation of high-speed mobile internet; SoftBank is taking its mobile unit public on Dec. 19.

The negative sentiment rippled through the broader Japanese tech sector, with shares of Tokyo Electron down 4.54 percent, Advantest falling 5.30 percent and TDK Corp dropping 6.64 percent.

Taiwan’s major tech names also struggled: Catcher Technology fell 9.89 percent, Taiwan Semiconductor was down 2.65 percent, Largan Precision lost 9.94 percent and iPhone assembler Hon Hai dropped 3.63 percent. Asia’s Apple suppliers, in general, saw Thursday declines.

Analysts at Jefferies pointed out that Huawei has a major global presence in various technology areas such as telecommunications equipment, semiconductors, smartphones and cloud computing. It also represents a major growth driver for many tech manufacturers.

Huawei’s Meng, who is the daughter of the company’s founder, faces extradition to the U.S., according to Canada’s Department of Justice.

While the arrest represents a new escalation in American efforts to hold Chinese companies accountable for violation of U.S. laws, it is likely to elicit an angry reaction from Beijing, according to Eurasia Group.

“The investigation of Huawei could be a prelude to further action against the firm and its senior officials,” the Eurasia Group analysts said, adding that if the U.S. places a sudden ban on Huawei equipment, like it did with ZTE, the impact would be much greater.

“Huawei equipment is more widely used (than ZTE is) by carriers around the world, including in Europe and Africa,” they said.

ZTE shares listed in Hong Kong were down 5.94 percent on the day.

Both Huawei and ZTE are restricted from selling telecoms equipment in the U.S. due to what the U.S. describes as national security concerns.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: saheli roy choudhury, eustance huang, miguel candela, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, rout, continues, shares, stocks, fell, markets, hits, equipment, technology, major, tech, softbank, represents, selloff, hard, huawei, global, zte


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Palladium hits record high, briefly surpasses gold price

Palladium soared to a record high on Tuesday, fueled by speculative interest and tight supplies of the autocatalyst metal, briefly surpassing bullion, which scaled to more than a five-week peak as the dollar slid. Spot gold was up 0.6 percent to $1,237.81 per ounce after earlier hitting $1,241.86, the highest price since Oct. 26. Palladium climbed 2.3 percent to $1,230.70 per ounce, having earlier jumped to an all-time high of $1,239.50. However, a few analysts said palladium’s rally could run o


Palladium soared to a record high on Tuesday, fueled by speculative interest and tight supplies of the autocatalyst metal, briefly surpassing bullion, which scaled to more than a five-week peak as the dollar slid. Spot gold was up 0.6 percent to $1,237.81 per ounce after earlier hitting $1,241.86, the highest price since Oct. 26. Palladium climbed 2.3 percent to $1,230.70 per ounce, having earlier jumped to an all-time high of $1,239.50. However, a few analysts said palladium’s rally could run o
Palladium hits record high, briefly surpasses gold price Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: getty images
Keywords: news, cnbc, companies, metal, dollar, briefly, price, hits, market, ounce, short, palladium, prices, gold, interest, surpasses, tight, high, record


Palladium hits record high, briefly surpasses gold price

Palladium soared to a record high on Tuesday, fueled by speculative interest and tight supplies of the autocatalyst metal, briefly surpassing bullion, which scaled to more than a five-week peak as the dollar slid.

Spot gold was up 0.6 percent to $1,237.81 per ounce after earlier hitting $1,241.86, the highest price since Oct. 26. U.S. gold futures settled up 0.56 percent at $1,246.60 per ounce.

Palladium climbed 2.3 percent to $1,230.70 per ounce, having earlier jumped to an all-time high of $1,239.50.

“We have a tight fundamental market, flat supplies, rising demand and on top of that, undoubtedly some speculative interest which has helped drive prices to all-time record highs,” Mitsubishi analyst Jonathan Butler said.

“For the moment, we don’t see anything changing; the metal remains in demand for industrial uses, speculators are covering their positions, lease market is very tight, and palladium forwards are in backwardation. We could see some higher prices from here in the very short term.”

The metal, used mainly in emissions-reducing auto catalysts for vehicles, has gained about 49 percent since mid-August.

“Palladium continues to fire long signals on all indicators and to make new highs, and is now challenging gold as reduced auto tariffs from China boost demand expectations in an already tight market,” analysts at TD Securities said in a note.

However, a few analysts said palladium’s rally could run out of steam, and there could be profit-taking at these high levels.

The metal’s 14-day relative strength index (RSI) was around 77. An RSI above 70 indicates a commodity is overbought and could lead to a price correction.

“Looking ahead we believe the dynamic of an investor long overhang that has been built up for palladium, combined with the short overhang in the gold market, will eventually contribute to gold re-establishing its premium over palladium,” analysts at Metals Focus wrote in a note.

Meanwhile, gold prices were on track for a second straight session of gains as the dollar continued to be pressured after the United States and China agreed to hold off on fresh trade tariffs for 90 days.

“Primarily, it is the weaker dollar that is providing assistance and that will be the key driver in the short term,” Capital Economics analyst Ross Strachan said.

“However, gold is going to find it difficult to sustain the current rally unless there is even more dollar weakness.”

Investors also kept a close eye on signals on the future path of interest rates next year by the U.S. Federal Reserve, with the central bank widely expected to raise rates at its policy meeting on Dec. 18-19. Meanwhile, spot silver jumped 1.04 percent to $14.52 per ounce, while platinum dipped 0.3 percent to $804.20.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: getty images
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Net migration of EU citizens to UK hits 6-year low

Net migration of EU nationals into Britain has fallen markedly since voters, many motivated by a desire to reduce immigration, opted to leave the bloc in a June 2016 referendum. “These latest statistics highlight the continuing trend of falling net EU migration amid growing shortages across all skills levels in the UK,” said Matthew Fell, chief UK policy director at the Confederation of British Industry. An analysis of different Brexit scenarios published by the government on Wednesday showed lo


Net migration of EU nationals into Britain has fallen markedly since voters, many motivated by a desire to reduce immigration, opted to leave the bloc in a June 2016 referendum. “These latest statistics highlight the continuing trend of falling net EU migration amid growing shortages across all skills levels in the UK,” said Matthew Fell, chief UK policy director at the Confederation of British Industry. An analysis of different Brexit scenarios published by the government on Wednesday showed lo
Net migration of EU citizens to UK hits 6-year low Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: ben stansall, afp, getty images
Keywords: news, cnbc, companies, net, hits, immigration, european, migration, 6year, noneu, eu, citizens, uk, britain, low, statistics, showed


Net migration of EU citizens to UK hits 6-year low

Net migration of European Union citizens to Britain fell to its lowest level in nearly six years during the year to June, extending a decline seen since Britain voted to leave the European Union in 2016, official data showed on Thursday.

The number of EU citizens moving to Britain, minus those leaving, dropped to 74,000 over the period, its lowest since late 2012 and down 28 percent compared with the year to June 2017, the Office for National Statistics (ONS) said.

Net migration of EU nationals into Britain has fallen markedly since voters, many motivated by a desire to reduce immigration, opted to leave the bloc in a June 2016 referendum.

“These latest statistics highlight the continuing trend of falling net EU migration amid growing shortages across all skills levels in the UK,” said Matthew Fell, chief UK policy director at the Confederation of British Industry.

An analysis of different Brexit scenarios published by the government on Wednesday showed losses to economic growth would worsen significantly if net migration from EU citizens was to fall to zero.

The figures showed a net fall in immigration from the eight eastern European countries that joined the EU in 2004, hundreds of thousands of whose citizens moved to Britain over the past decade.

However, tens of thousands of immigrants continued to arrive from the EU’s two poorest members, Romania and Bulgaria, whose citizens have only been able to work legally in Britain on an unrestricted basis since 2014.

Thursday’s data showed net migration to Britain of non-EU citizens rose to a record 248,000 in the year to June 2018 — the highest since 2004, thanks to a surge in student numbers.

However, the ONS warned that non-EU student numbers in the immigration statistics have looked erratic in the last few years, citing a sharp drop in late 2016 that was not reflected in other sources of data like visa numbers.

Overall net migration, combining EU and non-EU citizens as well as a net outflow of 49,000 citizens, stood at 273,000 in the year to June 2018.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: ben stansall, afp, getty images
Keywords: news, cnbc, companies, net, hits, immigration, european, migration, 6year, noneu, eu, citizens, uk, britain, low, statistics, showed


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Kohl’s hits record sales day online on Thanksgiving, selling 60 Instant Pots per minute

Kohl’s says it had a record day of sales online this Thanksgiving, as the retailer kicked off many of its Black Friday deals on its website at midnight that morning. She said 80 percent of traffic online came from mobile devices, while Kohl’s also saw a record number of shoppers select its option to buy online, pick up in store. Other retailers such as Target and Walmart are alsoreporting a strong showing of shoppers online this Turkey Day. Sales online Thanksgiving Day totaled $3.7 billion, up


Kohl’s says it had a record day of sales online this Thanksgiving, as the retailer kicked off many of its Black Friday deals on its website at midnight that morning. She said 80 percent of traffic online came from mobile devices, while Kohl’s also saw a record number of shoppers select its option to buy online, pick up in store. Other retailers such as Target and Walmart are alsoreporting a strong showing of shoppers online this Turkey Day. Sales online Thanksgiving Day totaled $3.7 billion, up
Kohl’s hits record sales day online on Thanksgiving, selling 60 Instant Pots per minute Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: lauren thomas, nicole ohara
Keywords: news, cnbc, companies, minute, gass, shoppers, black, retailers, selling, kohls, sales, strong, thanksgiving, record, pots, instant, hits, day, online


Kohl's hits record sales day online on Thanksgiving, selling 60 Instant Pots per minute

Kohl’s says it had a record day of sales online this Thanksgiving, as the retailer kicked off many of its Black Friday deals on its website at midnight that morning.

“We were thrilled with the customer response,” CEO Michelle Gass told CNBC. She said 80 percent of traffic online came from mobile devices, while Kohl’s also saw a record number of shoppers select its option to buy online, pick up in store. The kickoff to Black Friday now, according to Gass, “really begins online.”

Other retailers such as Target and Walmart are alsoreporting a strong showing of shoppers online this Turkey Day. The momentum could ultimately be taking away from Black Friday, with some people saying there were fewer lines at malls and outside stores Friday morning.

Sales online Thanksgiving Day totaled $3.7 billion, up 28 percent from a year ago, Adobe Analytics said in a report. That makes Thursday the fastest-growing day for e-commerce sales in history, added the firm, which tracks transactions from 80 of the top 100 internet retailers. Thursday was also the first day in 2018 to see $1 billion in sales from smartphones, according to Adobe, with shoppers spending 8 percent more online on Thursday compared with a year ago.

Back at Kohl’s, Gass said the company was selling 60 Instant Pots per minute online Thursday, along with 40 Fitbit devices per minute. She said cozy items like a “tranquility blanket” were popular, in addition to athletic apparel.

“We are bullish on the holiday season,” Gass said. “We have most of the season ahead of us, but I think the team has created a strong plan,” she added, and expects to continue to benefit from store closures by other retailers such as Sears and Bon-Ton.


Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: lauren thomas, nicole ohara
Keywords: news, cnbc, companies, minute, gass, shoppers, black, retailers, selling, kohls, sales, strong, thanksgiving, record, pots, instant, hits, day, online


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Oil hits 2018 lows on emerging supply glut

Oil prices slumped to 2018 lows on Friday in thin but volatile trading, pulled down by concerns of an emerging global supply overhang amid a bleak economic outlook. International benchmark Brent crude oil futures hit their lowest since December 2017 at $61.52 per barrel, before recovering to $62.10 by 0430 GMT. Overall, however, global oil supply has surged this year, with the top-three producers of the United States, Russia and Saudi Arabia pumping out more than a third of global consumption, w


Oil prices slumped to 2018 lows on Friday in thin but volatile trading, pulled down by concerns of an emerging global supply overhang amid a bleak economic outlook. International benchmark Brent crude oil futures hit their lowest since December 2017 at $61.52 per barrel, before recovering to $62.10 by 0430 GMT. Overall, however, global oil supply has surged this year, with the top-three producers of the United States, Russia and Saudi Arabia pumping out more than a third of global consumption, w
Oil hits 2018 lows on emerging supply glut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: spencer platt, getty images
Keywords: news, cnbc, companies, prices, oil, opec, supply, 2018, saudi, hits, wti, arabia, lows, 2017, emerging, global, crude, glut


Oil hits 2018 lows on emerging supply glut

Oil prices slumped to 2018 lows on Friday in thin but volatile trading, pulled down by concerns of an emerging global supply overhang amid a bleak economic outlook.

Even an expectation that the Organization of the Petroleum Exporting Countries (OPEC) producer group will start withholding supply in 2019 to rein in any glut provided little support, traders said.

International benchmark Brent crude oil futures hit their lowest since December 2017 at $61.52 per barrel, before recovering to $62.10 by 0430 GMT. That was still 50 cents, or 0.8 percent below their last close.

U.S. West Texas Intermediate (WTI) crude futures slumped by more than 2 percent, to $53.35 a barrel, after coming within 5 cents of an October 2017 low reached earlier in the week.

Amid the plunge, Brent and WTI price volatility has surged in November to approach levels not seen since the the market slump of 2014-2016 and, before that, the financial crisis of 2008-2009.

The divergence between U.S. and international crude comes as surging North American supply is clogging the system and depressing prices there, while global markets are somewhat tighter – in part because of reduced exports from Iran due to newly imposed U.S. sanctions.

Overall, however, global oil supply has surged this year, with the top-three producers of the United States, Russia and Saudi Arabia pumping out more than a third of global consumption, which stands at around 100 million barrels per day (bpd).

High production comes as the demand outlook weakens on the back of a global economic slowdown.

Oil prices have plunged by around 30 percent since their last peaks in early October, as global production started to exceed consumption in the fourth quarter of this year, ending a period of undersupply that started in the first quarter of 2017, according to data in Refinitiv Eikon.

Adjusting to lower demand, top crude exporter Saudi Arabia said on Thursday that it may reduce supply.

“We will not sell oil that customers don’t need,” Saudi Energy Minister Khalid al-Falih told reporters.

Saudi Arabia is pushing OPEC to cut oil supply by as much as 1.4 million bpd to prevent a supply glut.

The group officially meets on Dec. 6 to discuss its supply policy.

U.S. bank Morgan Stanley said it saw “a far greater probability that OPEC reaches an agreement to balance the market in 2019” than not, adding that this would likely support oil prices “in the high-$50s, at least near term.”


Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: spencer platt, getty images
Keywords: news, cnbc, companies, prices, oil, opec, supply, 2018, saudi, hits, wti, arabia, lows, 2017, emerging, global, crude, glut


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Magnitude 6.8 quake hits off Greenland

A powerful quake of magnitude 6.8 struck off the eastern coast of Greenland on Friday, the U.S. Geological Survey said. The quake, initially reported as a magnitude 7.1, struck at 0149 GMT. Its epicenter was in a remote area 253 miles (407 km) east of Ittoqqortoormiit in Greenland. It was strong enough to cause local waves in the Greenland Sea but was not expected to cause a tsunami in more populated areas, the U.S. Tsunami Warning System said.


A powerful quake of magnitude 6.8 struck off the eastern coast of Greenland on Friday, the U.S. Geological Survey said. The quake, initially reported as a magnitude 7.1, struck at 0149 GMT. Its epicenter was in a remote area 253 miles (407 km) east of Ittoqqortoormiit in Greenland. It was strong enough to cause local waves in the Greenland Sea but was not expected to cause a tsunami in more populated areas, the U.S. Tsunami Warning System said.
Magnitude 6.8 quake hits off Greenland Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: delphine aures, gamma-rapho, getty images
Keywords: news, cnbc, companies, greenland, tsunami, cause, warning, survey, magnitude, struck, hits, quake, waves, 68, system


Magnitude 6.8 quake hits off Greenland

A powerful quake of magnitude 6.8 struck off the eastern coast of Greenland on Friday, the U.S. Geological Survey said.

The quake, initially reported as a magnitude 7.1, struck at 0149 GMT. Its epicenter was in a remote area 253 miles (407 km) east of Ittoqqortoormiit in Greenland.

It was strong enough to cause local waves in the Greenland Sea but was not expected to cause a tsunami in more populated areas, the U.S. Tsunami Warning System said.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: delphine aures, gamma-rapho, getty images
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Housing sentiment hits lowest level in a year

Housing sentiment hits lowest level in a year12 Hours AgoCNBC’s Diana Olick reports on housing sentiment as the Federal Reserve signals it plans to hike interest rates again in December.


Housing sentiment hits lowest level in a year12 Hours AgoCNBC’s Diana Olick reports on housing sentiment as the Federal Reserve signals it plans to hike interest rates again in December.
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Company: cnbc, Activity: cnbc, Date: 2018-11-08
Keywords: news, cnbc, companies, rates, olick, signals, level, sentiment, housing, reports, reserve, year12, hits, lowest, plans


Housing sentiment hits lowest level in a year

Housing sentiment hits lowest level in a year

12 Hours Ago

CNBC’s Diana Olick reports on housing sentiment as the Federal Reserve signals it plans to hike interest rates again in December.


Company: cnbc, Activity: cnbc, Date: 2018-11-08
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Oprah hits back at ‘racist robocalls’ in Georgia gubernatorial race

The robocall, reportedly from white supremacist group The Road to Power, impersonates Winfrey using racist language in a mock endorsement for Abrams, who is African-American. Both Abrams and her Republican opponent, Secretary of State Brian Kemp, condemned the robocall. Abrams’ campaign went on the attack against Kemp. Over the weekend, Kemp’s office reported a potential cybersecurity breach on Georgia’s “My Voter Page,” and said it had “opened an investigation into the Democratic Party of Georg


The robocall, reportedly from white supremacist group The Road to Power, impersonates Winfrey using racist language in a mock endorsement for Abrams, who is African-American. Both Abrams and her Republican opponent, Secretary of State Brian Kemp, condemned the robocall. Abrams’ campaign went on the attack against Kemp. Over the weekend, Kemp’s office reported a potential cybersecurity breach on Georgia’s “My Voter Page,” and said it had “opened an investigation into the Democratic Party of Georg
Oprah hits back at ‘racist robocalls’ in Georgia gubernatorial race Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: kevin breuninger, jessica mcgowan, getty images
Keywords: news, cnbc, companies, kemp, abrams, party, democratic, voter, using, racist, campaign, georgia, hits, winfrey, race, gubernatorial, state, robocalls, oprah, states


Oprah hits back at 'racist robocalls' in Georgia gubernatorial race

The robocall, reportedly from white supremacist group The Road to Power, impersonates Winfrey using racist language in a mock endorsement for Abrams, who is African-American. A lawyer and former minority leader of the state’s House of Representatives, Abrams is also the first black female gubernatorial nominee for a major political party in U.S. history.

Both Abrams and her Republican opponent, Secretary of State Brian Kemp, condemned the robocall.

“This automated call is absolutely disgusting,” Kemp said in a statement Friday. “I stand against any person or organization that peddles this type of unbridled hate and unapologetic bigotry. These vile efforts to degrade and disparage others are contrary to the highest ideals of our state and country. We unequivocally condemn this group and their horrible actions.”

Abrams’ campaign went on the attack against Kemp. “It’s disturbing that after months of racist, sexist and inaccurate attacks against Stacey Abrams, Brian Kemp has only now suddenly decided to find a conscience as polls are tightening and Georgia voters are making it clear that they reject the kind of hate he and his allies have been spewing around the state,” the Abrams campaign statement said.

Winfrey strongly endorsed Abrams and stumped for her at a campaign event Thursday in Marietta. At the event, Winfrey, who briefly drew national attention as a possible challenger in 2020 to President Donald Trump, said she was a registered Independent and that she was “not trying to test any waters” for a political run.

“I’ve earned the right to do what I want to do when I want to do it. I’ve earned the right to think for myself — and to vote for myself,” Winfrey said to rousing applause in her speech.

Soon after, the talk show host and media mogul posted Instagram videos of her canvassing door-to-door for Abrams.

Abrams has long criticized Kemp, who is also in charge of overseeing the state’s elections, of using selective voter suppression tactics to stifle Democratic turnout. Kemp has denied using such tactics, saying “the liberal left” makes the same allegations against Republicans “every two years.”

Over the weekend, Kemp’s office reported a potential cybersecurity breach on Georgia’s “My Voter Page,” and said it had “opened an investigation into the Democratic Party of Georgia.”

Abrams called the announcement “desperate.” The state’s Democratic Party said the allegations are “100 percent false.”


Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: kevin breuninger, jessica mcgowan, getty images
Keywords: news, cnbc, companies, kemp, abrams, party, democratic, voter, using, racist, campaign, georgia, hits, winfrey, race, gubernatorial, state, robocalls, oprah, states


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Turkish inflation hits 25 percent in October, highest in 15 years

Turkish annual inflation surged to 25 percent in October, official data showed on Monday, hitting its highest in 15 years and underscoring the sustained impact of a currency crisis on the wider economy. Month-on-month, consumer prices jumped 2.67 percent, the Turkish Statistical Institute data showed, higher than the 2.0 percent forecast in a Reuters poll. October inflation was driven by a 12.74 percent month-on-month surge in clothing and shoe prices and a 4.15 percent rise in housing prices, t


Turkish annual inflation surged to 25 percent in October, official data showed on Monday, hitting its highest in 15 years and underscoring the sustained impact of a currency crisis on the wider economy. Month-on-month, consumer prices jumped 2.67 percent, the Turkish Statistical Institute data showed, higher than the 2.0 percent forecast in a Reuters poll. October inflation was driven by a 12.74 percent month-on-month surge in clothing and shoe prices and a 4.15 percent rise in housing prices, t
Turkish inflation hits 25 percent in October, highest in 15 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: chris mcgrath, getty images
Keywords: news, cnbc, companies, currency, data, showed, turkish, prices, driven, highest, 15, hits, inflation, impact, monthonmonth, rise, 25


Turkish inflation hits 25 percent in October, highest in 15 years

Turkish annual inflation surged to 25 percent in October, official data showed on Monday, hitting its highest in 15 years and underscoring the sustained impact of a currency crisis on the wider economy.

Month-on-month, consumer prices jumped 2.67 percent, the Turkish Statistical Institute data showed, higher than the 2.0 percent forecast in a Reuters poll.

October inflation was driven by a 12.74 percent month-on-month surge in clothing and shoe prices and a 4.15 percent rise in housing prices, the data showed.

There was little reaction from the lira, which weakened to 5.44 against the dollar from 5.43 beforehand. The currency has recovered recently from a sell-off driven by concerns over central bank independence and a U.S.-Turkish spat.

Last month, Turkey’s central bank left its benchmark interest rate unchanged, after a mammoth hike in September and as tensions with the United States eased.

The impact of the lira’s steep decline on the economy is still being felt with key indicators such as consumer and economic confidence falling to long-time lows and the government cutting its growth forecasts for the next three years.

Producer prices rose 0.91 percent month-on-month in October for an annual rise of 45.01 percent.


Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: chris mcgrath, getty images
Keywords: news, cnbc, companies, currency, data, showed, turkish, prices, driven, highest, 15, hits, inflation, impact, monthonmonth, rise, 25


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Gold buying by central banks hits its highest level in almost three years

Central banks around the world have upped their spending on gold to the highest level in almost three years, according to the World Gold Council (WGC). More than 148 metric tons of gold were bought by the national banks in the three months to the end of September, a rise of 22 percent on the same period last year. Using the current spot price of $1,223 per troy ounce, the gold purchases by the banks added up to a $5.82 billion spending splurge on the precious metal. Russia’s central bank led the


Central banks around the world have upped their spending on gold to the highest level in almost three years, according to the World Gold Council (WGC). More than 148 metric tons of gold were bought by the national banks in the three months to the end of September, a rise of 22 percent on the same period last year. Using the current spot price of $1,223 per troy ounce, the gold purchases by the banks added up to a $5.82 billion spending splurge on the precious metal. Russia’s central bank led the
Gold buying by central banks hits its highest level in almost three years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-01  Authors: david reid, mariya gordeyeva
Keywords: news, cnbc, companies, banks, spending, wgcmore, yearusing, tulin, world, buying, central, tons, upped, level, gold, highest, hits


Gold buying by central banks hits its highest level in almost three years

Central banks around the world have upped their spending on gold to the highest level in almost three years, according to the World Gold Council (WGC).

More than 148 metric tons of gold were bought by the national banks in the three months to the end of September, a rise of 22 percent on the same period last year.

Using the current spot price of $1,223 per troy ounce, the gold purchases by the banks added up to a $5.82 billion spending splurge on the precious metal.

Russia’s central bank led the buying, purchasing more than 92 tons of gold. This marked the country’s biggest quarterly net purchase on records that stretch back to 1993.

In May this year, the Russian central bank’s First Deputy Governor Dmitry Tulin told lawmakers in the lower house of parliament that gold was “a 100 percent guarantee from legal and political risks.”


Company: cnbc, Activity: cnbc, Date: 2018-11-01  Authors: david reid, mariya gordeyeva
Keywords: news, cnbc, companies, banks, spending, wgcmore, yearusing, tulin, world, buying, central, tons, upped, level, gold, highest, hits


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