Chinese stocks jump after return from holidays; US-China trade talks set to resume

Investors will be watching for developments on the U.S.-China trade front, with a new round of negotiations set to be held in Beijing later this week. The Wall Street Journal reported Friday that the two countries have not yet put together a draft on the matters they agree or disagree. “First, as of late last week, President Trump had declared that he would not be meeting with President Xi before the deadline (1st Mar) on the US-China trade truce expires,” the note said. “However, Trump has also


Investors will be watching for developments on the U.S.-China trade front, with a new round of negotiations set to be held in Beijing later this week. The Wall Street Journal reported Friday that the two countries have not yet put together a draft on the matters they agree or disagree. “First, as of late last week, President Trump had declared that he would not be meeting with President Xi before the deadline (1st Mar) on the US-China trade truce expires,” the note said. “However, Trump has also
Chinese stocks jump after return from holidays; US-China trade talks set to resume Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: eustance huang
Keywords: news, cnbc, companies, trade, xi, uschina, holidays, trump, stocks, deal, set, talks, resume, jump, chinese, president, tariffs, truce, return, best


Chinese stocks jump after return from holidays; US-China trade talks set to resume

Investors will be watching for developments on the U.S.-China trade front, with a new round of negotiations set to be held in Beijing later this week.

The Wall Street Journal reported Friday that the two countries have not yet put together a draft on the matters they agree or disagree. It comes as both Washington and Beijing are attempting to strike a deal on trade before a key March deadline, following which additional tariffs will be slapped on Chinese imports to the U.S.

U.S. President Donald Trump also said Thursday he will not meet with Chinese President Xi Jinping before that deadline.

“The reality is that olive branches, rather than rose stalks, are the best that anyone (anchored to reality) may be looking for,” said Mizuho Bank in a morning note.

It pointed to “restraints” overhanging those talks.

“First, as of late last week, President Trump had declared that he would not be meeting with President Xi before the deadline (1st Mar) on the US-China trade truce expires,” the note said.

“However, Trump has also categorically stated that there will be no US-China trade deal till he and President Xi have met. Therefore that is as good a guaranteeing that there will be no deal before the US-China truce expires.” That, the note said, not only “contradicts” Trump’s earlier tweets enthusing about a deal in the works, but also “begs the question” of whether that meant higher tariffs on Chinese imports.

One economist told CNBC that the “best case” outcome of the talks would be an “extension of the planned implementation” of the increase in tariffs.

“The problem that we have is that there’s a lot of complacency in the market about assuming that the best case actually happens,” David Mann, global chief economist at Standard Chartered Bank, told CNBC’s “Street Signs” on Monday. “Everyone’s assuming there will be no … further rises in tariffs this year,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: eustance huang
Keywords: news, cnbc, companies, trade, xi, uschina, holidays, trump, stocks, deal, set, talks, resume, jump, chinese, president, tariffs, truce, return, best


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Japan’s 10-day holiday stirs concern in traders and investors

To mark the ascension of Japan’s new emperor, the government has declared an unprecedented 10-day holiday from late April to early May, worrying investors, who say a market shutdown could cause disruption and unsettle the yen. Japan usually has a string of public holidays from late April to early May, the so-called the “Golden Week.” U.S. financial markets closed for six days after the attacks on Sept. 11, 2001. “In 10 days, we can be in a completely different world,” said a currency trader at a


To mark the ascension of Japan’s new emperor, the government has declared an unprecedented 10-day holiday from late April to early May, worrying investors, who say a market shutdown could cause disruption and unsettle the yen. Japan usually has a string of public holidays from late April to early May, the so-called the “Golden Week.” U.S. financial markets closed for six days after the attacks on Sept. 11, 2001. “In 10 days, we can be in a completely different world,” said a currency trader at a
Japan’s 10-day holiday stirs concern in traders and investors Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: jiji press, afp, getty images
Keywords: news, cnbc, companies, japanese, concern, late, stirs, investors, say, traders, 10day, markets, holidays, market, shutdown, days, holiday, financial, bank, japans


Japan's 10-day holiday stirs concern in traders and investors

To mark the ascension of Japan’s new emperor, the government has declared an unprecedented 10-day holiday from late April to early May, worrying investors, who say a market shutdown could cause disruption and unsettle the yen.

Japan usually has a string of public holidays from late April to early May, the so-called the “Golden Week.”

But this year, with Crown Prince Naruhito’s being crowned the new emperor on May 1, the government made the entire period from April 27 to May 6 a market holiday.

It will be the longest break ever for Japanese stocks and bonds.

Major financial centres rarely have such long periods of shutdown. U.S. financial markets closed for six days after the attacks on Sept. 11, 2001.

“It’s horrifying that we can’t trade for six business days. We’ve got to adjust our positions before the week. Hard to say exactly what I will do then, but I’ll probably have to make my position neutral before the holidays,” said Yasuo Sakuma, chief investment officer at Libra Investments.

Japan’s financial watchdog has told all financial institutions to alert customers about the possibility of turbulence in overseas markets during the shutdown, and to make sure their systems can cope with a flurry of activity before and after, documents obtained by Reuters showed.

The U.S. and U.K. central banks will hold policy meetings during the Japanese holiday; U.S. payroll data, GDP from the United States and the Eurozone, and corporate earnings around the world will also be released.

“In 10 days, we can be in a completely different world,” said a currency trader at a major Japanese bank.

Currency traders at the country’s biggest banks and insurers, such as MUFG Bank, Sumitomo Mitsui Bank, Mizuho Bank and Nippon Life Insurance, are equipped to work either at home or in the office during holidays, markets players say.

But they added it might be tougher to deal with more complex products, such as derivatives, pricing of which usually requires in-house terminals.

Fund managers, meanwhile, say they will probably need to bring their positions to neutral by late April to avoid exposure to market swings.


Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: jiji press, afp, getty images
Keywords: news, cnbc, companies, japanese, concern, late, stirs, investors, say, traders, 10day, markets, holidays, market, shutdown, days, holiday, financial, bank, japans


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Sharp drop in rates sparks 23.5% spike in weekly mortgage applications after unusually weak holidays

The combination of lower mortgage rates and an unusually slow end to 2018 caused mortgage applications to surge to start this year. A sharp drop in interest rates to the lowest level since April sparked a mini-boom in refinancing. Mortgage applications to purchase a home also jumped 17 percent last week but were just 4 percent higher than a year ago. “Stock prices and interest rates moved lower together for the better part of 2 months. While that would be great news for stock market investors, i


The combination of lower mortgage rates and an unusually slow end to 2018 caused mortgage applications to surge to start this year. A sharp drop in interest rates to the lowest level since April sparked a mini-boom in refinancing. Mortgage applications to purchase a home also jumped 17 percent last week but were just 4 percent higher than a year ago. “Stock prices and interest rates moved lower together for the better part of 2 months. While that would be great news for stock market investors, i
Sharp drop in rates sparks 23.5% spike in weekly mortgage applications after unusually weak holidays Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: diana olick, bloomberg, getty images
Keywords: news, cnbc, companies, sharp, week, shutdown, drop, rates, unusually, applications, holidays, interest, lower, market, weekly, volume, weak, mortgage, sparks, level, spike


Sharp drop in rates sparks 23.5% spike in weekly mortgage applications after unusually weak holidays

The combination of lower mortgage rates and an unusually slow end to 2018 caused mortgage applications to surge to start this year.

Overall volume jumped 23.5 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. An adjustment was also made for the New Year’s Day holiday. Volume was still 9 percent lower than a year ago.

A sharp drop in interest rates to the lowest level since April sparked a mini-boom in refinancing. Those applications surged 35 percent week-to-week to their highest level since July. Volume was still lower by nearly 22 percent than a year ago, when the average rate on the 30-year fixed mortgage was 51 basis points lower.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.74 percent, from 4.84 percent, with points increasing to 0.47 from 0.42 (including the origination fee) for loans with a 20 percent down payment. The rate is 22 basis points lower than four weeks ago.

“Mortgage rates fell across the board last week and applications rebounded sharply, after what was a slower than usual holiday period” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “This drop in rates spurred a flurry of refinance activity — particularly for borrowers with larger loans — and pushed the average loan size on refinance applications to the highest in the survey (at $339,800).”

Mortgage applications to purchase a home also jumped 17 percent last week but were just 4 percent higher than a year ago. Buyers returning to the market after the holidays may have been inspired by the drop in rates, but stock market volatility and the government shutdown could keep some of those applications from closing.

Just over 10 percent of real estate agents surveyed by the National Association of Realtors said the shutdown was having an impact on their clients. Some reported government employees pulling out of purchase offers and others being denied loans due to loss of income. Some reported nongovernment employees changing their minds on purchases due to overall concern and uncertainty about the economy.

“The housing industry was already facing market challenges before any government closure,” NAR chief economist Lawrence Yun said in a release. “The shutdown has made matters worse. A home purchase is a major expenditure that simultaneously involves a high level of excitement and anxiety, and the current government shutdown adds another layer of unnecessary complication to the home buying process.”

Mortgage rates made a U-turn to start this week, however, now at the highest level since Dec. 31.

“While it’s only 3 days of weakness in the mortgage market, the concern is that it could be part of a much larger market trend,” wrote Matthew Graham, chief operating officer at Mortgage News Daily. “Stock prices and interest rates moved lower together for the better part of 2 months. The risk is that we’re only in the early phase of a bigger correction. While that would be great news for stock market investors, it would be less pleasant for those with a vested interest in lower mortgage rates.”


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: diana olick, bloomberg, getty images
Keywords: news, cnbc, companies, sharp, week, shutdown, drop, rates, unusually, applications, holidays, interest, lower, market, weekly, volume, weak, mortgage, sparks, level, spike


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The holidays might be over, but retail discounts are still in full swing. Here’s what you can get

The holidays may be over, but the deals for shoppers are not. For those consumers on the hunt for post-Christmas discounts — or just hitting the stores to make gift returns – there are a few staples that will offer bargains through January. Trae Bodge, a smart shopping expert from SlickDeals, told CNBC recently that the best deals will come around mid-January during Martin Luther King Jr. weekend.


The holidays may be over, but the deals for shoppers are not. For those consumers on the hunt for post-Christmas discounts — or just hitting the stores to make gift returns – there are a few staples that will offer bargains through January. Trae Bodge, a smart shopping expert from SlickDeals, told CNBC recently that the best deals will come around mid-January during Martin Luther King Jr. weekend.
The holidays might be over, but retail discounts are still in full swing. Here’s what you can get Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: erin barry, adam jeffery, mark kauziarich, bloomberg, getty images
Keywords: news, cnbc, companies, discounts, staples, retail, shopping, swing, heres, holidays, deals, told, stores, slickdeals, shoppers, weekend, returns, smart


The holidays might be over, but retail discounts are still in full swing. Here's what you can get

The holidays may be over, but the deals for shoppers are not.

For those consumers on the hunt for post-Christmas discounts — or just hitting the stores to make gift returns – there are a few staples that will offer bargains through January.

Trae Bodge, a smart shopping expert from SlickDeals, told CNBC recently that the best deals will come around mid-January during Martin Luther King Jr. weekend.


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: erin barry, adam jeffery, mark kauziarich, bloomberg, getty images
Keywords: news, cnbc, companies, discounts, staples, retail, shopping, swing, heres, holidays, deals, told, stores, slickdeals, shoppers, weekend, returns, smart


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10 jobs to apply to during the holidays that pay $60,000 or more

If you’re looking to make a career change in 2019, then now is the perfect time to start your job search. Currently, there are a record number of openings in the economy, putting job-seekers in the best position to strike gold on new opportunities. To help steer you in the right direction, job site Glassdoor created a list of well-paying jobs you should apply to over the holidays. Glassdoor used data from its platform to figure out what top companies are hiring, the positions they have available


If you’re looking to make a career change in 2019, then now is the perfect time to start your job search. Currently, there are a record number of openings in the economy, putting job-seekers in the best position to strike gold on new opportunities. To help steer you in the right direction, job site Glassdoor created a list of well-paying jobs you should apply to over the holidays. Glassdoor used data from its platform to figure out what top companies are hiring, the positions they have available
10 jobs to apply to during the holidays that pay $60,000 or more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: courtney connley, hero images, getty images, ezra bailey, tetra images, xavier arnau
Keywords: news, cnbc, companies, steer, glassdoor, used, pay, apply, jobs, 60000, holidays, list, youre, strike, start, wellpaying, job


10 jobs to apply to during the holidays that pay $60,000 or more

If you’re looking to make a career change in 2019, then now is the perfect time to start your job search.

Currently, there are a record number of openings in the economy, putting job-seekers in the best position to strike gold on new opportunities.

To help steer you in the right direction, job site Glassdoor created a list of well-paying jobs you should apply to over the holidays. Glassdoor used data from its platform to figure out what top companies are hiring, the positions they have available, the salary range offered and the location.

Take a look below at 10 of the highest-paying jobs on the list:


Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: courtney connley, hero images, getty images, ezra bailey, tetra images, xavier arnau
Keywords: news, cnbc, companies, steer, glassdoor, used, pay, apply, jobs, 60000, holidays, list, youre, strike, start, wellpaying, job


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Financial infidelity can wreck your holidays

Some of the problem could stem from a mismatch in ideas over who’s in charge of the holiday shopping. But couples who keep each other in the dark about holiday spending (purposely or not) are setting themselves up for trouble. In a survey earlier this year of 2,145 adults from the National Endowment for Financial Education, 75 percent said financial deception has had a negative effect on their relationship. Holiday overspending can have financial consequences, too, including debt, said Tiffany W


Some of the problem could stem from a mismatch in ideas over who’s in charge of the holiday shopping. But couples who keep each other in the dark about holiday spending (purposely or not) are setting themselves up for trouble. In a survey earlier this year of 2,145 adults from the National Endowment for Financial Education, 75 percent said financial deception has had a negative effect on their relationship. Holiday overspending can have financial consequences, too, including debt, said Tiffany W
Financial infidelity can wreck your holidays Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: laura galligan, kerkez, getty images
Keywords: news, cnbc, companies, vasileff, track, wouldnt, holidays, work, financial, infidelity, trouble, survey, holiday, spending, wreck, shopping


Financial infidelity can wreck your holidays

Some of the problem could stem from a mismatch in ideas over who’s in charge of the holiday shopping. In the SwagBucks.com survey, 85 percent of women said they do all of the shopping, while 46 percent of men said they do.

The ease of online shopping — which often does not even require taking your credit card out of your wallet these days — also makes it easier to lose track of your own spending, as well as your partner’s, said certified financial planner Lili Vasileff, founder of Divorce and Money Matters in Greenwich, Connecticut.

But couples who keep each other in the dark about holiday spending (purposely or not) are setting themselves up for trouble. In a survey earlier this year of 2,145 adults from the National Endowment for Financial Education, 75 percent said financial deception has had a negative effect on their relationship.

More in Personal Finance:

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“If people are communicating about [the spending], then you wouldn’t have issues,” Vasileff said. “I think what gives rise to conflicts is the lack of the communication, which is the number one source of conflict in marriage.”

Holiday overspending can have financial consequences, too, including debt, said Tiffany Welka, vice president of VFG Associates in Livonia, Michigan. To stay on track, work together to set out a budget or spending plan. Stick to charging only what you can pay off in full each month.

“Spending more than that leads to trouble,” she said.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: laura galligan, kerkez, getty images
Keywords: news, cnbc, companies, vasileff, track, wouldnt, holidays, work, financial, infidelity, trouble, survey, holiday, spending, wreck, shopping


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10 US cities where people can spend the most money on the holidays

Americans are expected to spend big this holiday season. And a new survey from personal-finance website WalletHub expects them to spend even more: about $1,007 per person, up more than 4 percent from 2017. But how much can each person actually afford to spend? WalletHub, using data from the National Retail Federation, compared 570 U.S. cities across five metrics to determine the maximum shoppers there can comfortably afford to spend. Those metrics include income, age, debt-to-income ratio, month


Americans are expected to spend big this holiday season. And a new survey from personal-finance website WalletHub expects them to spend even more: about $1,007 per person, up more than 4 percent from 2017. But how much can each person actually afford to spend? WalletHub, using data from the National Retail Federation, compared 570 U.S. cities across five metrics to determine the maximum shoppers there can comfortably afford to spend. Those metrics include income, age, debt-to-income ratio, month
10 US cities where people can spend the most money on the holidays Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: shawn m carter, tom pennington, getty images news, getty images
Keywords: news, cnbc, companies, debttoincome, ratio, money, afford, expenses, person, metrics, survey, algorithm, holiday, spend, holidays, cities


10 US cities where people can spend the most money on the holidays

Americans are expected to spend big this holiday season. The average person will drop $819 on gifts and necessities, according to a recent report from Harris Poll and advertising-technology company OpenX.

And a new survey from personal-finance website WalletHub expects them to spend even more: about $1,007 per person, up more than 4 percent from 2017.

But how much can each person actually afford to spend?

WalletHub, using data from the National Retail Federation, compared 570 U.S. cities across five metrics to determine the maximum shoppers there can comfortably afford to spend. Those metrics include income, age, debt-to-income ratio, monthly income-to-expenses ratio and savings-to-monthly expenses ratio.

“At a high level, our algorithm considers a consumer to be in a comfortable financial position to engage in holiday spending if they have: enough emergency savings to cover at least six months of expenses and a debt-to-income ratio smaller than 22 percent for a renter or 43 percent for a homeowner,” the survey says.

“Depending on a city’s specific characteristics, the algorithm adjusts upward or downward to create a custom estimate.”


Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: shawn m carter, tom pennington, getty images news, getty images
Keywords: news, cnbc, companies, debttoincome, ratio, money, afford, expenses, person, metrics, survey, algorithm, holiday, spend, holidays, cities


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Here’s how much more millennials plan to spend on the holidays compared to other generations

A quarter of consumers say they plan to spend more this year than last they did last year, according to Discover’s 2018 Holiday Shopping Survey, and millennials are the most eager. Over a third of millennials expect their spending to go up, reports Discover, which surveyed over 2,000 U.S. adults ages 18 and older. That’s compared with 33 percent of those in Gen Z, 26 percent of Gen Xers and just 16 percent of baby boomers. Across all age groups, the average amount people expect to spend on gifts


A quarter of consumers say they plan to spend more this year than last they did last year, according to Discover’s 2018 Holiday Shopping Survey, and millennials are the most eager. Over a third of millennials expect their spending to go up, reports Discover, which surveyed over 2,000 U.S. adults ages 18 and older. That’s compared with 33 percent of those in Gen Z, 26 percent of Gen Xers and just 16 percent of baby boomers. Across all age groups, the average amount people expect to spend on gifts
Here’s how much more millennials plan to spend on the holidays compared to other generations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: shawn m carter, nbc, getty images
Keywords: news, cnbc, companies, millennials, heres, holiday, spend, expect, plan, xers, holidays, credit, generations, say, gen, shopping, reports, compared


Here's how much more millennials plan to spend on the holidays compared to other generations

Holiday season is finally here and Americans are ready to spend. A quarter of consumers say they plan to spend more this year than last they did last year, according to Discover’s 2018 Holiday Shopping Survey, and millennials are the most eager.

Over a third of millennials expect their spending to go up, reports Discover, which surveyed over 2,000 U.S. adults ages 18 and older. That’s compared with 33 percent of those in Gen Z, 26 percent of Gen Xers and just 16 percent of baby boomers.

Across all age groups, the average amount people expect to spend on gifts and necessities is $819, reports Harris Poll and advertising-technology company OpenX. Millennials plan to drop an average of $861.

The reasons shoppers expect to spend more vary: About 40 percent of millennials and 51 percent of those in Gen X credit higher wages. (The U.S. median household income reached a record $61,372 in 2017.) Meanwhile, 38 percent of Gen Xers and 36 of Baby Boomers who say they’ll be parting with more money to accommodate more people on their shopping list.

And more consumers will be opting for plastic this year, too. “The number of those who expect to use credit cards to pay for most of their holiday gifts jumped to 38 percent this year, up from 32 percent in 2017,” reports Discover.

That’s largely because shoppers are trying to take advantage of cash back and other perks: “Among those who favor credit cards when making holiday purchases, 54 percent say earning rewards is the driving factor, up from 42 percent last year.”


Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: shawn m carter, nbc, getty images
Keywords: news, cnbc, companies, millennials, heres, holiday, spend, expect, plan, xers, holidays, credit, generations, say, gen, shopping, reports, compared


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This is Kevin O’Leary’s go-to holiday gift (and what’s on his own wish list)

When you’re as successful as entrepreneur and “Shark Tank” star Kevin O’Leary, there are a lot of gifts to give come holiday time: business colleagues, employees, family friends. And O’Leary has a go-to holiday gift he gives them all: money. “My favorite gift in the holidays is an envelope full of cash,” O’Leary tells CNBC Make It. O’Leary says that he even gives his wife cash for the holidays, forgoing more romantic gifts like jewelry. I got a lot of stuff,” O’Leary says.


When you’re as successful as entrepreneur and “Shark Tank” star Kevin O’Leary, there are a lot of gifts to give come holiday time: business colleagues, employees, family friends. And O’Leary has a go-to holiday gift he gives them all: money. “My favorite gift in the holidays is an envelope full of cash,” O’Leary tells CNBC Make It. O’Leary says that he even gives his wife cash for the holidays, forgoing more romantic gifts like jewelry. I got a lot of stuff,” O’Leary says.
This is Kevin O’Leary’s go-to holiday gift (and what’s on his own wish list) Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: sarah berger
Keywords: news, cnbc, companies, olearys, list, gift, gives, oleary, wife, cash, stuff, lot, whats, holidays, goto, gifts, holiday, wish, kevin


This is Kevin O'Leary's go-to holiday gift (and what's on his own wish list)

When you’re as successful as entrepreneur and “Shark Tank” star Kevin O’Leary, there are a lot of gifts to give come holiday time: business colleagues, employees, family friends. And O’Leary has a go-to holiday gift he gives them all: money.

“My favorite gift in the holidays is an envelope full of cash,” O’Leary tells CNBC Make It. “Everybody loves that. They really do.”

And O’Leary isn’t talking about gift cards. (It’s been reported that between 2005 and 2011 $41 billion on gift cards went unspent.)

“Cash is the most liquid, you can spend it anywhere you want,” he explains. “I’ve never given a wad of cash to an employee or a friend or a family member that wasn’t met with a big smile. Cash with a rose on the envelope? Ooh La La!”

O’Leary says that he even gives his wife cash for the holidays, forgoing more romantic gifts like jewelry.

“I once gave my wife a beautiful Christmas present,” he jokes. Because he wanted it to look like he’d actually bought something, “I put a bunch of cash around a sponge and I wrapped it up and she opened it up, and threw it in my face,” he recalls, laughing.

But what O’Leary himself wants for the holidays, money can’t buy.

“I [tell] my wife, don’t give me anything, just your love. I don’t need any more stuff. I got a lot of stuff,” O’Leary says. “I say the same thing to my kids, just come home for Christmas. That’s a great gift to me.”


Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: sarah berger
Keywords: news, cnbc, companies, olearys, list, gift, gives, oleary, wife, cash, stuff, lot, whats, holidays, goto, gifts, holiday, wish, kevin


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Target CEO Brian Cornell says ‘no sign’ consumer spending is slowing ahead of holidays

Target CEO Brian Cornell said Tuesday there’s absolutely “no sign” consumer spending is cooling off as retailers head into the holiday season. Earlier this year, Cornell raved about the U.S. economy, saying it was one of the best he’d ever seen in his career. That was after the company reported unprecedented growth in same-store sales and foot traffic during the second quarter. However, Target’s same-store sales during the third quarter came in slightly short of analysts’ expectations, the compa


Target CEO Brian Cornell said Tuesday there’s absolutely “no sign” consumer spending is cooling off as retailers head into the holiday season. Earlier this year, Cornell raved about the U.S. economy, saying it was one of the best he’d ever seen in his career. That was after the company reported unprecedented growth in same-store sales and foot traffic during the second quarter. However, Target’s same-store sales during the third quarter came in slightly short of analysts’ expectations, the compa
Target CEO Brian Cornell says ‘no sign’ consumer spending is slowing ahead of holidays Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: lauren thomas, courtney reagan
Keywords: news, cnbc, companies, sign, ceo, quarter, shoppers, slightly, samestore, slowing, sales, ahead, spending, holidays, brian, company, consumer, cornell, target, seen


Target CEO Brian Cornell says 'no sign' consumer spending is slowing ahead of holidays

Target CEO Brian Cornell said Tuesday there’s absolutely “no sign” consumer spending is cooling off as retailers head into the holiday season.

Earlier this year, Cornell raved about the U.S. economy, saying it was one of the best he’d ever seen in his career. That was after the company reported unprecedented growth in same-store sales and foot traffic during the second quarter.

However, Target’s same-store sales during the third quarter came in slightly short of analysts’ expectations, the company said Tuesday. Profit margins were slimmer as the company invested more in its same-day delivery service and raised its minimum wage from $11 to $12 an hour this year, with the goal of paying $15 an hour by 2020. Shoppers were also seen spending slightly less per trip than they did during the same period last year.

But the American consumer is still healthy, Cornell told reporters on a conference call, adding that shoppers are making more frequent “fill-in” trips to Target stores. Transactions were up 5.3 percent during the third quarter. “People are coming to our stores.”

Target shares fell by about 10 percent in morning trading as investors worried about profit margins heading into the holidays, especially as e-commerce sales continue to grow. Target reported digital sales growth of 49 percent during the third quarter. The stock is up by about 7 percent for the year.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: lauren thomas, courtney reagan
Keywords: news, cnbc, companies, sign, ceo, quarter, shoppers, slightly, samestore, slowing, sales, ahead, spending, holidays, brian, company, consumer, cornell, target, seen


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