Major global markets are already in a bear market or getting close, stoking fears of slowing growth

On Monday, the Dow finished at its lowest levels since late March and the S&P 500 posted its lowest close since October 2017. The Dow, S&P 500, and Nasdaq Composite are all sitting in correction territory for the first time since March 2016. The Dow and S&P 500 are also careening toward a historically bad final month. The decline was driven by a fall in bank shares amid worries about slowing global economic growth. “I’m pretty sure this is a bear market,” Gundlach told Scott Wapner on CNBC’s “Ha


On Monday, the Dow finished at its lowest levels since late March and the S&P 500 posted its lowest close since October 2017. The Dow, S&P 500, and Nasdaq Composite are all sitting in correction territory for the first time since March 2016. The Dow and S&P 500 are also careening toward a historically bad final month. The decline was driven by a fall in bank shares amid worries about slowing global economic growth. “I’m pretty sure this is a bear market,” Gundlach told Scott Wapner on CNBC’s “Ha
Major global markets are already in a bear market or getting close, stoking fears of slowing growth Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: jr reed, michael nagle, bloomberg, getty images
Keywords: news, cnbc, companies, going, major, economic, sp, getting, 500, fears, dow, slowing, global, stocks, bear, world, stoking, close, markets, market, investment, growth


Major global markets are already in a bear market or getting close, stoking fears of slowing growth

The economic headwinds and downbeat sentiment has forced investors to consider to what extent those recent data points could spell more pain ahead for U.S. markets, Despite the recent-sell-off, relatively speaking, the major US indices are outperforming their global peers. The pan-European Stoxx 600 index has fallen more than 15 percent from its 52-week high. By comparison, the S&P 500 is off more than 12 percent from its late September record, while the Dow Jones Industrial Average has tumbled more than 11 percent from its October high.

But recent signs have suggested the slowing growth could be impacting U.S. equities. On Monday, the Dow finished at its lowest levels since late March and the S&P 500 posted its lowest close since October 2017. Weak China economic data drowned out hopes of progress in ongoing trade talks. The Dow, S&P 500, and Nasdaq Composite are all sitting in correction territory for the first time since March 2016.

The Dow and S&P 500 are also careening toward a historically bad final month. The two benchmarks are on pace for their worst December performance since 1931, when stocks were battered during the Great Depression.

“We’ve been cautious for quite a while…and we’re assuming that we’re in the midst of a new cyclical bear market,” Doug Ramsey, chief investment officer at The Leuthold Group, told CNBC. “If you look at declines in foreign stocks, you don’t even have to make that forecast. It’s there, and it’s happened. The Dow and the S&P 500 are always the ones that put on this show of superficial strength right up until the very end, and I think they’ll be the last to crack into next year.”

Weakness in key sectors has also weighed on investor confidence. Financials fell into a bear market on Friday, joining materials and energy stocks. The decline was driven by a fall in bank shares amid worries about slowing global economic growth.

And other economically sensitive sectors, including housing, transport and industrial stocks, are all down by double digits in 2018.

DoubleLine Capital CEO Jeffrey Gudlach sees more pain ahead, saying that he “absolutely” believes the S&P 500 will go below the lows that the index hit early in 2018 amid these economic warning signs.

“I’m pretty sure this is a bear market,” Gundlach told Scott Wapner on CNBC’s “Halftime Report” on Monday. “We’ve had pretty much all of the variables which characterize a bear market.”

Gundlach specifically noted that 80 percent of the iShares MSCI World Index — which tracks global markets across the world including the U.S. — is currently in a “death cross”. Wall Street traditionally defines a “death cross” when a stock or index’s average price over the last 50 days drops below the 200-day moving average, a sign of negative momentum and possible change in trend.

“It’s a pretty widespread and coordinated set of weaknesses,” Gundlach added.

Several investors agree U.S. equities will continue to be vulnerable heading into next year, but not all are convinced major U.S. indices will follow in lock-step with these other world markets. Jeffrey Saut, chief investment strategist at Raymond James, and Anastasia Amoroso, head of investment strategy at J.P. Morgan Private Bank, both pointed to high projections for corporate earnings growth next year as an encouraging sign.

Others are less convinced of a steep U.S. economic contraction.

“The fact that Germany is down 20 percent, China is down 20 percent, and now the U.S. has joined the downturn…that’s what suggests to us that the global economy is in recession or on the verge of recession,” Bruce Bittles, Baird & Co. chief investment strategist, told CNBC last week. “[But] the U.S., we don’t think, is going to enter recession. We think there’s going to be a slowdown here…that’s going to influence corporate profits to a certain extent.”

Bittles added that volatility would likely remain high going into 2019, and “persistent downside momentum” remained a key obstacle to a turnaround.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: jr reed, michael nagle, bloomberg, getty images
Keywords: news, cnbc, companies, going, major, economic, sp, getting, 500, fears, dow, slowing, global, stocks, bear, world, stoking, close, markets, market, investment, growth


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US, China and Europe have different data laws — that could be a big headache for companies in 2019

GDPR: Why everyone is freaking out over four letters 12:10 PM ET Thu, 14 June 2018 | 02:53The U.S., meanwhile, has traditionally seen data as something to be commercialized but that approach has come into question after the data breach fallout from the Facebook and Cambridge Analytica scandal, said the CEO. “So you have these … data trading blocks: GDPR in Europe, China pursuing its own very ambitious, long-range technology kind of economic strategy, and the U.S. adjusting to the fact that wha


GDPR: Why everyone is freaking out over four letters 12:10 PM ET Thu, 14 June 2018 | 02:53The U.S., meanwhile, has traditionally seen data as something to be commercialized but that approach has come into question after the data breach fallout from the Facebook and Cambridge Analytica scandal, said the CEO. “So you have these … data trading blocks: GDPR in Europe, China pursuing its own very ambitious, long-range technology kind of economic strategy, and the U.S. adjusting to the fact that wha
US, China and Europe have different data laws — that could be a big headache for companies in 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-11  Authors: yen nee lee
Keywords: news, cnbc, companies, businesses, transferring, companies, tuesdaysuch, headache, traditionally, 2019, gdpr, china, major, yearcomplicating, data, economies, different, laws, europe, big


US, China and Europe have different data laws — that could be a big headache for companies in 2019

GDPR: Why everyone is freaking out over four letters 12:10 PM ET Thu, 14 June 2018 | 02:53

The U.S., meanwhile, has traditionally seen data as something to be commercialized but that approach has come into question after the data breach fallout from the Facebook and Cambridge Analytica scandal, said the CEO.

“So you have these … data trading blocks: GDPR in Europe, China pursuing its own very ambitious, long-range technology kind of economic strategy, and the U.S. adjusting to the fact that what it regarded as a completely open playing field for the U.S. tech giants is suddenly looking a lot smaller,” Fenning told CNBC’s “Squawk Box” on Tuesday.

Such different approaches mean that businesses would have a harder time collecting, storing and transferring data within and between those three major economies, Control Risks said in a report outlining the top challenges that firms would likely encounter next year.

Complicating the global backdrop is a rise in cyber security threats, which businesses must handle while navigating the different regulatory environment in the three major economies, the consultancy added.


Company: cnbc, Activity: cnbc, Date: 2018-12-11  Authors: yen nee lee
Keywords: news, cnbc, companies, businesses, transferring, companies, tuesdaysuch, headache, traditionally, 2019, gdpr, china, major, yearcomplicating, data, economies, different, laws, europe, big


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It’s a ‘messy correction’ – not a bear market, money manager says

Gordon, a senior portfolio manager on the firm’s technical asset allocation strategies team, blames uncertainty surrounding the U.S.-China trade war and Federal Reserve policy for the violent market swings. “The first and fundamental question: Is this a correction or is this the start of the bear market? While you can certainly see a path that could get us to a bear market, I think it’s more of a messy correction,” he told CNBC’s “Trading Nation” on Friday. He believes the correction will span a


Gordon, a senior portfolio manager on the firm’s technical asset allocation strategies team, blames uncertainty surrounding the U.S.-China trade war and Federal Reserve policy for the violent market swings. “The first and fundamental question: Is this a correction or is this the start of the bear market? While you can certainly see a path that could get us to a bear market, I think it’s more of a messy correction,” he told CNBC’s “Trading Nation” on Friday. He believes the correction will span a
It’s a ‘messy correction’ – not a bear market, money manager says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-08  Authors: stephanie landsman, ralph orlowski, bloomberg, getty images, brendan mcdermid, janhvi bhojwani, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, trading, tariff, major, trade, war, messy, theyre, money, uschina, bear, market, risk, manager, correction


It's a 'messy correction' – not a bear market, money manager says

Russell Investments’ Doug Gordon is optimistic stocks will find a floor — just not until next year.

Gordon, a senior portfolio manager on the firm’s technical asset allocation strategies team, blames uncertainty surrounding the U.S.-China trade war and Federal Reserve policy for the violent market swings.

“The first and fundamental question: Is this a correction or is this the start of the bear market? While you can certainly see a path that could get us to a bear market, I think it’s more of a messy correction,” he told CNBC’s “Trading Nation” on Friday. “We could go a little deeper.”

Gordon’s comments came as the major indexes got hammered. The Dow, S&P 500 and Nasdaq saw their worst weekly performance since last March. The S&P closed back in correction territory, down more than 10 percent from its September 21 all-time high.

He believes the correction will span about two to four months, citing the end of the 90-day trade war ceasefire between the U.S. and China as an important marker.

“The sources of risk right now are really exogenous, meaning they’re hard to forecast,” Gordon said. “They’re risks obviously tied to trade restrictions and the tariff escalation.”

Trade has been Gordon’s major risk factor for U.S. stocks for much of the year. In late June on “Trading Nation,” he placed the U.S.-China tariff threat as a major economic risk in the second half of 2018. And, that issue has played a big role in the painful pullback.

“You could have full on global growth slowing as a result of a complete breakdown in the trade and tariff negotiations,” he said, even though it’s not his base case.


Company: cnbc, Activity: cnbc, Date: 2018-12-08  Authors: stephanie landsman, ralph orlowski, bloomberg, getty images, brendan mcdermid, janhvi bhojwani, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, trading, tariff, major, trade, war, messy, theyre, money, uschina, bear, market, risk, manager, correction


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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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US, China downplay major tech issues in temporary trade deal at G-20

Two contentious issues were notably downplayed in the deal between President Donald Trump and President Xi Jinping at the G-20 summit over the weekend: China’s alleged practice of forcing technology transfers and apparent theft of intellectual property from American companies. U.S. concerns over forced technology transfers in China, intellectual property violations and cyber-crime issues will likely become a central focus going forward, as trade negotiations between both countries continue, expe


Two contentious issues were notably downplayed in the deal between President Donald Trump and President Xi Jinping at the G-20 summit over the weekend: China’s alleged practice of forcing technology transfers and apparent theft of intellectual property from American companies. U.S. concerns over forced technology transfers in China, intellectual property violations and cyber-crime issues will likely become a central focus going forward, as trade negotiations between both countries continue, expe
US, China downplay major tech issues in temporary trade deal at G-20 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: saheli roy choudhury, fred dufour, afp, getty images, -edison lee, equity analyst
Keywords: news, cnbc, companies, trade, weekend, china, war, issues, states, temporary, major, property, united, g20, tech, downplay, told, technology, deal, transfers, intellectual


US, China downplay major tech issues in temporary trade deal at G-20

Two contentious issues were notably downplayed in the deal between President Donald Trump and President Xi Jinping at the G-20 summit over the weekend: China’s alleged practice of forcing technology transfers and apparent theft of intellectual property from American companies.

U.S. concerns over forced technology transfers in China, intellectual property violations and cyber-crime issues will likely become a central focus going forward, as trade negotiations between both countries continue, experts told CNBC on Monday. However, they added, a resolution may not be immediately forthcoming.

Over the weekend in Argentina, the United States and China agreed to put their bilateral trade war on hold for 90 days to negotiate lingering disagreements.

“It is interesting to note that IP/cyber was only mentioned in paragraph four of the White House statement, reflecting Trump’s focus on trade deficits,” Steven Okun, senior advisor at McLarty Associates told CNBC on Monday. “Still, this does not mean this is not core to the U.S. tariffs.”

The trade war is based on the investigations by the Office of the United States Trade Representative (USTR) into China’s intellectual property practices, he said.


Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: saheli roy choudhury, fred dufour, afp, getty images, -edison lee, equity analyst
Keywords: news, cnbc, companies, trade, weekend, china, war, issues, states, temporary, major, property, united, g20, tech, downplay, told, technology, deal, transfers, intellectual


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Major Wall Street economists have their doubts trade cease-fire will lead to actual deal in 90 days

“While the Xi-Trump dinner has clearly improved the tone of the U.S.-China relationship for the time being, and we would expect an initial positive market reaction, the ‘pause’ prolongs the period of uncertainty around the eventual structure of trade relations between the two countries,” Phillips wrote. “The specter of higher and broader U.S. tariffs remains, and the underlying issues clouding the trade relationship are deferred to further negotiations.” Xi and Trump agreed over the weekend to h


“While the Xi-Trump dinner has clearly improved the tone of the U.S.-China relationship for the time being, and we would expect an initial positive market reaction, the ‘pause’ prolongs the period of uncertainty around the eventual structure of trade relations between the two countries,” Phillips wrote. “The specter of higher and broader U.S. tariffs remains, and the underlying issues clouding the trade relationship are deferred to further negotiations.” Xi and Trump agreed over the weekend to h
Major Wall Street economists have their doubts trade cease-fire will lead to actual deal in 90 days Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: thomas franck, jim watson, afp, getty images
Keywords: news, cnbc, companies, issues, tariffs, days, economists, deal, trade, think, relationship, dinner, wall, street, additional, doubts, countries, xitrump, lead, major, ceasefire, higher


Major Wall Street economists have their doubts trade cease-fire will lead to actual deal in 90 days

“While the Xi-Trump dinner has clearly improved the tone of the U.S.-China relationship for the time being, and we would expect an initial positive market reaction, the ‘pause’ prolongs the period of uncertainty around the eventual structure of trade relations between the two countries,” Phillips wrote. “The specter of higher and broader U.S. tariffs remains, and the underlying issues clouding the trade relationship are deferred to further negotiations.”

“With additional time to pursue negotiations, we think the chance of a comprehensive deal that involves rollback of tariffs is slightly higher than before, but still not our base case — perhaps a 20 percent probability over the next three months,” the economist wrote.

Xi and Trump agreed over the weekend to hold off on slapping additional tariffs on each other’s goods until March 1, as trade deliberations continue between both countries. In a White House readout of a dinner at the G-20 summit in Argentina, the two world leaders discussed a host of issues, including sanctions on $200 billion worth of Chinese imports to the U.S.

Here’s a summary of what Wall Street’s economists think of the temporary trade cease-fire.


Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: thomas franck, jim watson, afp, getty images
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Trump hails trade deal with China as one of the largest ever made

President Donald Trump has told reporters on Air Force One that a trade deal brokered with China is one of the largest ever made. “It’ll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product,” Trump told a gaggle of reporters. You know, China right now has major trade barriers — they’re major tariffs — and also major non-tariff barriers, which are brutal,” Trump said. Trump also suggested that following their talks, President Xi


President Donald Trump has told reporters on Air Force One that a trade deal brokered with China is one of the largest ever made. “It’ll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product,” Trump told a gaggle of reporters. You know, China right now has major trade barriers — they’re major tariffs — and also major non-tariff barriers, which are brutal,” Trump said. Trump also suggested that following their talks, President Xi
Trump hails trade deal with China as one of the largest ever made Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-02  Authors: david reid, saul loeb, afp, getty images
Keywords: news, cnbc, companies, major, trade, xi, rejected, trump, told, hails, president, china, tariffs, deal, largest


Trump hails trade deal with China as one of the largest ever made

President Donald Trump has told reporters on Air Force One that a trade deal brokered with China is one of the largest ever made.

After meeting at the G-20 summit in Argentina, Trump and Chinese President Xi Jinping have agreed a temporary stop to their bilateral trade disagreement, striking a deal to hold off on any additional tariffs on each other’s goods after January 1.

“It’s an incredible deal. It goes down, certainly, if it happens, it goes down as one of the largest deals ever made,” Trump said while en route to Joint Base Andrews in Maryland.

As per an earlier statement from the White House , the U.S. leader also said China would now look to buy from the U.S. a “tremendous amount of agricultural and other products,” in a bid to address the one way flow of trade.

“It’ll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product,” Trump told a gaggle of reporters.

The U.S. government had threatened to more than double the tariffs it has already placed on $250 billion worth of Chinese imports, while Xi’s government has put targeted tariffs on $110 billion in U.S. goods.

“What I’d be doing is holding back on tariffs. China will be opening up. China will be getting rid of tariffs. You know, China right now has major trade barriers — they’re major tariffs — and also major non-tariff barriers, which are brutal,” Trump said.

Trump also suggested that following their talks, President Xi could now approve a deal for Qualcomm to buy chip rival NXP.

“The Qualcomm deal that they rejected — which was one of the larger deals of its kind, which China rejected — if that deal came back to him, he would most likely approve it quickly, which is a big thing.”


Company: cnbc, Activity: cnbc, Date: 2018-12-02  Authors: david reid, saul loeb, afp, getty images
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November jobs report could spark a major market sell-off: Invesco

A looming risk in next jobs report could tear into stocks, Invesco warns 3:49 PM ET Thu, 29 Nov 2018 | 02:04Invesco’s Kristina Hooper is concerned Wall Street is ignoring a major risk: Wage growth. But it may reclaim the spotlight as soon as Friday when the government releases its November jobs report. It cares about core inflation,” the firm’s chief global market strategist said Thursday on CNBC’s “Futures Now.” Hooper predicted trouble if wage growth mounts, because Wall Street uses it to dete


A looming risk in next jobs report could tear into stocks, Invesco warns 3:49 PM ET Thu, 29 Nov 2018 | 02:04Invesco’s Kristina Hooper is concerned Wall Street is ignoring a major risk: Wage growth. But it may reclaim the spotlight as soon as Friday when the government releases its November jobs report. It cares about core inflation,” the firm’s chief global market strategist said Thursday on CNBC’s “Futures Now.” Hooper predicted trouble if wage growth mounts, because Wall Street uses it to dete
November jobs report could spark a major market sell-off: Invesco Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-02  Authors: stephanie landsman, spencer platt, getty images, ludovic marin, afp, michael nagle, bloomberg, mathew lloyd, david a grogan
Keywords: news, cnbc, companies, market, wall, growth, spark, jobs, invesco, risk, selloff, hooper, wage, fed, inflation, major, report, street


November jobs report could spark a major market sell-off: Invesco

A looming risk in next jobs report could tear into stocks, Invesco warns 3:49 PM ET Thu, 29 Nov 2018 | 02:04

Invesco’s Kristina Hooper is concerned Wall Street is ignoring a major risk: Wage growth. But it may reclaim the spotlight as soon as Friday when the government releases its November jobs report.

Hooper believes if the number ticks up too high, it could hint at price pressures that may shift the Federal Reserve’s thinking on rates, and ultimately disrupt the bull market even more.

“Many have said we don’t have to worry about inflation right now because look at where oil prices are. That’s taking pressure off markets. But as we know, the Fed doesn’t care about headline inflation. It cares about core inflation,” the firm’s chief global market strategist said Thursday on CNBC’s “Futures Now.”

The Labor Department reported in October wages and salaries grew 3.1 percent in the third quarter — the biggest increase in a decade. Hooper predicted trouble if wage growth mounts, because Wall Street uses it to determine whether inflation is picking up momentum.

“It means that the Fed has less flexibility to take its foot off the accelerator” on rate hikes, said Hooper.


Company: cnbc, Activity: cnbc, Date: 2018-12-02  Authors: stephanie landsman, spencer platt, getty images, ludovic marin, afp, michael nagle, bloomberg, mathew lloyd, david a grogan
Keywords: news, cnbc, companies, market, wall, growth, spark, jobs, invesco, risk, selloff, hooper, wage, fed, inflation, major, report, street


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Major earthquake damages infrastructure near Anchorage, Alaska

The U.S. Geological Survey said the magnitude of the earthquake was 7.0, after initially giving a preliminary magnitude of 6.7. No tsunami danger exists for the U.S. west coast, British Columbia and Alaska, according to the US National Tsunami Warning Center. The center had initially issued a tsunami warning for coastal zones of southern Alaska. Michael Burgy, a senior technician with the National Tsunami Warning Center in Palmer, Alaska, said the tsunami warning was automatically generated base


The U.S. Geological Survey said the magnitude of the earthquake was 7.0, after initially giving a preliminary magnitude of 6.7. No tsunami danger exists for the U.S. west coast, British Columbia and Alaska, according to the US National Tsunami Warning Center. The center had initially issued a tsunami warning for coastal zones of southern Alaska. Michael Burgy, a senior technician with the National Tsunami Warning Center in Palmer, Alaska, said the tsunami warning was automatically generated base
Major earthquake damages infrastructure near Anchorage, Alaska Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: nathaniel wilder, arnold genthe, getty images
Keywords: news, cnbc, companies, center, damages, major, initially, warning, infrastructure, near, alaska, anchorage, magnitude, tsunami, showed, national, issued, earthquake


Major earthquake damages infrastructure near Anchorage, Alaska

A large earthquake has rocked buildings in Anchorage and caused lamp posts and trees to sway, prompting people to run out of offices and seek shelter under office desks.

The U.S. Geological Survey said the magnitude of the earthquake was 7.0, after initially giving a preliminary magnitude of 6.7.

Gov. Bill Walker issued a disaster declaration in the aftermath.

No tsunami danger exists for the U.S. west coast, British Columbia and Alaska, according to the US National Tsunami Warning Center. The center had initially issued a tsunami warning for coastal zones of southern Alaska.

Michael Burgy, a senior technician with the National Tsunami Warning Center in Palmer, Alaska, said the tsunami warning was automatically generated based on the quake’s size and proximity to shore. Scientists monitored gauges to see if the quake generated big waves. Because there were none, they canceled the warning.

USGS says the earthquake Friday morning was centered about 7 miles (12 kilometers) north of Alaska’s largest city, with a population of about 300,000. There were no immediate reports of any deaths or serious injuries.

People went back inside buildings after the earthquake but a smaller 5.8 magnitude aftershock a short time later sent them running back into the streets again.

Cracks could be seen in a two-story downtown Anchorage building, and photographs posted to social media showed fractured roads and collapsed ceiling tiles at an Anchorage high school. One image showed a car stranded on an island of pavement, surrounded by cavernous cracks where the earthquake split the road.

Cereal boxes and packages of batteries littered the floor of a grocery store, and picture frames and mirrors were knocked from living room walls.


Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: nathaniel wilder, arnold genthe, getty images
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Iraq could see new revenues from its troubled power sector, but bureaucracy remains a major hurdle, executives say

Iraq may be on the cusp of a revenue windfall after losing billions of dollars annually due to its insufficient oil production facilities, according to investors. International energy executives have been clinching new contracts to develop the hydrocarbon-rich country’s energy sector that, despite being OPEC’s second-largest producer, has failed to solve domestic poverty and infrastructure woes. But foreign investors admit that lofty development goals continue to be hindered by sluggish administ


Iraq may be on the cusp of a revenue windfall after losing billions of dollars annually due to its insufficient oil production facilities, according to investors. International energy executives have been clinching new contracts to develop the hydrocarbon-rich country’s energy sector that, despite being OPEC’s second-largest producer, has failed to solve domestic poverty and infrastructure woes. But foreign investors admit that lofty development goals continue to be hindered by sluggish administ
Iraq could see new revenues from its troubled power sector, but bureaucracy remains a major hurdle, executives say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: natasha turak, haidar mohammed ali, afp, getty images
Keywords: news, cnbc, companies, remains, hurdle, process, gas, power, oil, energy, production, say, revenues, troubled, iraq, major, sector, takes, siemens, executives, revenue


Iraq could see new revenues from its troubled power sector, but bureaucracy remains a major hurdle, executives say

Iraq may be on the cusp of a revenue windfall after losing billions of dollars annually due to its insufficient oil production facilities, according to investors.

International energy executives have been clinching new contracts to develop the hydrocarbon-rich country’s energy sector that, despite being OPEC’s second-largest producer, has failed to solve domestic poverty and infrastructure woes.

But foreign investors admit that lofty development goals continue to be hindered by sluggish administration, corruption and a wall of bureaucracy.

“The administrative decision-making process takes so long, it takes a lot of resources to be there and support during those fallow periods,” said Robert Helme, head of business development at technical services provider Wood, which has multi-million dollar contracts with the Iraqi government.

Other executives noted it takes up to eight weeks for employees to get visas to enter the country.

Jean-Claude Nasr, senior vice president at Siemens Power & Gas, stressed the need for “faster decision making process and transparency — from the electricity sector this has to be made by yesterday, at least on the short-term scale.”

Development goals include capturing gas flares, or the gas burned off during oil production, to convert into usable energy and which Siemens estimates could save Iraq $5.2 billion over the next four years. Previous inability to capture this excess natural gas due to the war-weary country’s underdeveloped infrastructure has amounted to billions of dollars in lost revenue per year.

Working with Iraq’s electricity ministry, multinational energy and industrial companies have major plans to turn the sector around — something that will be critical for post-war reconstruction, the funding of which the World Bank estimates will require up to $150 billion.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: natasha turak, haidar mohammed ali, afp, getty images
Keywords: news, cnbc, companies, remains, hurdle, process, gas, power, oil, energy, production, say, revenues, troubled, iraq, major, sector, takes, siemens, executives, revenue


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