Recession fears rise for middle-class families

Middle-class Americans are less optimistic about their economic prospects than they were just six months ago, according to a new report from CUNA Mutual Group. A separate report by Allianz Life found that 48% said they fear a major recession, up from 46% in the first quarter of 2019 and 44% one year ago. “Americans keep hearing that this is the longest economic expansion in history,” said Steven Rick, CUNA Mutual’s chief economist. CUNA Mutual Group surveyed more than 1,200 adults with an annual


Middle-class Americans are less optimistic about their economic prospects than they were just six months ago, according to a new report from CUNA Mutual Group. A separate report by Allianz Life found that 48% said they fear a major recession, up from 46% in the first quarter of 2019 and 44% one year ago. “Americans keep hearing that this is the longest economic expansion in history,” said Steven Rick, CUNA Mutual’s chief economist. CUNA Mutual Group surveyed more than 1,200 adults with an annual
Recession fears rise for middle-class families Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: jessica dickler
Keywords: news, cnbc, companies, allianz, yesterdaymiddleclass, families, polled, cuna, life, feel, fears, report, mutual, middleclass, economic, recession, adults, rise


Recession fears rise for middle-class families

The average family doesn’t feel as good today as yesterday.

Middle-class Americans are less optimistic about their economic prospects than they were just six months ago, according to a new report from CUNA Mutual Group.

Although the majority of those polled said they feel relatively stable overall, they graded their chances of achieving the American dream as a “C,” down from a “B-minus” in the fall, the insurance provider found. Close to half were increasingly concerned about an upcoming recession.

A separate report by Allianz Life found that 48% said they fear a major recession, up from 46% in the first quarter of 2019 and 44% one year ago.

“Americans keep hearing that this is the longest economic expansion in history,” said Steven Rick, CUNA Mutual’s chief economist.

“People’s expectations are that we are due” for a recession.

CUNA Mutual Group surveyed more than 1,200 adults with an annual income between $35,000 and $100,000 in May. Allianz Life polled more than 1,000 adults in the same month.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: jessica dickler
Keywords: news, cnbc, companies, allianz, yesterdaymiddleclass, families, polled, cuna, life, feel, fears, report, mutual, middleclass, economic, recession, adults, rise


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

S&P 500 could rise 15% in the second half: Guggenheim’s Scott Minerd

The global chief investment officer at Guggenheim said Monday that he thinks the S&P 500 could rise 15% and approach 3,500 before the end of year, comparing the current market environment to a 1998 rally amid interest rate cuts. And the central banks around the world have basically signaled that they are going to step on the accelerator,” Minerd said. The S&P 500 gained 17% in the first six months of this year, the best first half for the index since 1997. Minerd compared current market conditio


The global chief investment officer at Guggenheim said Monday that he thinks the S&P 500 could rise 15% and approach 3,500 before the end of year, comparing the current market environment to a 1998 rally amid interest rate cuts. And the central banks around the world have basically signaled that they are going to step on the accelerator,” Minerd said. The S&P 500 gained 17% in the first six months of this year, the best first half for the index since 1997. Minerd compared current market conditio
S&P 500 could rise 15% in the second half: Guggenheim’s Scott Minerd Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: jesse pound
Keywords: news, cnbc, companies, months, world, rates, scott, rise, minerd, 15, half, sp, stocks, 500, 1998, end, guggenheims, second, youre


S&P 500 could rise 15% in the second half: Guggenheim's Scott Minerd

The global chief investment officer at Guggenheim said Monday that he thinks the S&P 500 could rise 15% and approach 3,500 before the end of year, comparing the current market environment to a 1998 rally amid interest rate cuts.

Scott Minerd said on CNBC’s “Halftime Report ” that the easier monetary policy from the Federal Reserve and central banks around the world would boost stocks before the end of the year.

“This rally — whether you’re looking at bonds, you’re looking at stocks, high yield, pick whatever you want — is all being driven by liquidity. And the central banks around the world have basically signaled that they are going to step on the accelerator,” Minerd said.

The S&P 500 gained 17% in the first six months of this year, the best first half for the index since 1997. However, the Fed is widely expected to cut interest rates at the end of the month, as domestic inflation and wage growth have not accelerated in recent months and international economic growth has slowed.

Minerd compared current market conditions to 1998, when the Fed cut rates in three consecutive months amid concerns about an economic crisis in Asia. The S&P 500 rose more than 28% in the last four months of that year.

“All you have to do is look at a replay of the post-Asia crisis back in 1998, and you get stocks at the kinds of levels that I’m talking about,” Minerd said.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: jesse pound
Keywords: news, cnbc, companies, months, world, rates, scott, rise, minerd, 15, half, sp, stocks, 500, 1998, end, guggenheims, second, youre


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

China’s stocks rise as data shows lowest quarterly growth in 27 years

Chinese stocks recovered from an earlier slip to finish the trading day higher on Monday, following the release of GDP data that showed the Chinese economy growing at its slowest pace in at least 27 years. The Shanghai composite added 0.4% to 2,942.19, while the Shenzhen component rose 1.04% to 9,309.42. The Shenzhen composite also gained 1% to 1,572.34. Elsewhere, South Korea’s Kospi ended the trading day in Seoul 0.2% lower at 2,082.48. overall, the MSCI Asia ex-Japan index rose 0.28%.


Chinese stocks recovered from an earlier slip to finish the trading day higher on Monday, following the release of GDP data that showed the Chinese economy growing at its slowest pace in at least 27 years. The Shanghai composite added 0.4% to 2,942.19, while the Shenzhen component rose 1.04% to 9,309.42. The Shenzhen composite also gained 1% to 1,572.34. Elsewhere, South Korea’s Kospi ended the trading day in Seoul 0.2% lower at 2,082.48. overall, the MSCI Asia ex-Japan index rose 0.28%.
China’s stocks rise as data shows lowest quarterly growth in 27 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: eustance huang
Keywords: news, cnbc, companies, stocks, trading, chinese, lowest, quarterly, shows, shenzhen, wealth, rose, growth, index, 27, data, chinas, day, company, added, rise, composite


China's stocks rise as data shows lowest quarterly growth in 27 years

Chinese stocks recovered from an earlier slip to finish the trading day higher on Monday, following the release of GDP data that showed the Chinese economy growing at its slowest pace in at least 27 years.

The Shanghai composite added 0.4% to 2,942.19, while the Shenzhen component rose 1.04% to 9,309.42. The Shenzhen composite also gained 1% to 1,572.34.

Hong Kong’s Hang Seng index added 0.22%, as of its final hour of trading, with the city still stuck in turmoil surrounding a controversial extradition bill. Meanwhile, the Budweiser initial public offering in Hong Kong, which was set to be the world’s biggest listing of 2019, was canceled by parent company Anheuser-Busch InBev.

Elsewhere, South Korea’s Kospi ended the trading day in Seoul 0.2% lower at 2,082.48.

Over in Australia, the S&P/ASX 200 declined 0.65% to close at 6,653.00 as most sectors slipped. Shares of wealth manager AMP plunged 15.81% after the company said it was “highly unlikely to proceed ” with the sale of its life insurance and wealth protection business.

overall, the MSCI Asia ex-Japan index rose 0.28%.

Markets in Japan were closed on Monday for a holiday.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: eustance huang
Keywords: news, cnbc, companies, stocks, trading, chinese, lowest, quarterly, shows, shenzhen, wealth, rose, growth, index, 27, data, chinas, day, company, added, rise, composite


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Star Wars: Galaxy’s Edge to open Rise of Resistance ride later than expected

Disney has finally announced the opening date for Star Wars: Rise of the Resistance ride — and it’s a little later than expected. While the Orlando, Florida version of the ride is expected to be operational on Dec. 5, its California counterpart won’t open until Jan. 17. Disney had initially projected that both ride locations would be open by the end of 2019. Riders will be recruited to join Rey and General Leia Organa at a secret base, however, along the way they will be captured by the a First


Disney has finally announced the opening date for Star Wars: Rise of the Resistance ride — and it’s a little later than expected. While the Orlando, Florida version of the ride is expected to be operational on Dec. 5, its California counterpart won’t open until Jan. 17. Disney had initially projected that both ride locations would be open by the end of 2019. Riders will be recruited to join Rey and General Leia Organa at a secret base, however, along the way they will be captured by the a First
Star Wars: Galaxy’s Edge to open Rise of Resistance ride later than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: sarah whitten
Keywords: news, cnbc, companies, expected, orlando, wars, later, star, rise, ride, order, disney, open, edge, wont, galaxys, resistance


Star Wars: Galaxy's Edge to open Rise of Resistance ride later than expected

Disney has finally announced the opening date for Star Wars: Rise of the Resistance ride — and it’s a little later than expected.

While the Orlando, Florida version of the ride is expected to be operational on Dec. 5, its California counterpart won’t open until Jan. 17. Disney had initially projected that both ride locations would be open by the end of 2019.

“As soon as work is completed at Walt Disney World, Imagineers will head back to California to complete their mission at Disneyland Resort where Star Wars: Rise of the Resistance will open on Friday, Jan. 17,” the company said Thursday.

CEO Bob Iger teased investors in March that the ride is “the most technologically advanced and immersive attraction” the park has ever seen.

The ride is meant to “blur the lines between fantasy and reality” as it puts guests right in the middle of a battle between the First Order and the Resistance. Riders will be recruited to join Rey and General Leia Organa at a secret base, however, along the way they will be captured by the a First Order Star Destroyer and must escape.

The Orlando Galaxy’s Edge land is due to open to the public on August 29 and, while it won’t have the Rise of Resistance ride just yet, it will have the Millennium Falcon: Smuggler’s Run ride ready for guests. Other experiences like Savi’s Workshop, where fans can make their own lighstabers, the Droid Depot, where parkgoers can craft their own droids, and Oga’s Cantina will also be open.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: sarah whitten
Keywords: news, cnbc, companies, expected, orlando, wars, later, star, rise, ride, order, disney, open, edge, wont, galaxys, resistance


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Asia markets mostly rise as Fed’s Powell hints at rate cut ahead

Asia markets mostly rose on Thursday after U.S. Federal Reserve Chairman Jerome Powell signaled overnight that the U.S. central bank could be cutting interest rates soon. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.72%. The Nikkei 225 rose 0.51% to close at 21,643.53, while the Topix gained 0.47% to finish its trading day in Tokyo at 1,578.63. In South Korea, the Kospi added 1.06% to close at 2,080.58. On Thursday, South Korea announced that up to 300 billion won (approx.


Asia markets mostly rose on Thursday after U.S. Federal Reserve Chairman Jerome Powell signaled overnight that the U.S. central bank could be cutting interest rates soon. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.72%. The Nikkei 225 rose 0.51% to close at 21,643.53, while the Topix gained 0.47% to finish its trading day in Tokyo at 1,578.63. In South Korea, the Kospi added 1.06% to close at 2,080.58. On Thursday, South Korea announced that up to 300 billion won (approx.
Asia markets mostly rise as Fed’s Powell hints at rate cut ahead Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: eustance huang
Keywords: news, cnbc, companies, ahead, cut, close, powell, rise, south, feds, japan, day, hints, rate, shenzhen, seoul, korea, tokyo, rose, shares, asia, markets


Asia markets mostly rise as Fed's Powell hints at rate cut ahead

Asia markets mostly rose on Thursday after U.S. Federal Reserve Chairman Jerome Powell signaled overnight that the U.S. central bank could be cutting interest rates soon.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.72%.

Chinese stocks were mixed on the day. The Shanghai composite rose fractionally to 2,917.76, while the Shenzhen component declined 0.15% to 9,152.77 and the Shenzhen composite fell 0.125% to 1,548.93.Hong Kong’s Hang Seng index gained 0.75%, as of 3:15 p.m. HK/SIN.

The Nikkei 225 rose 0.51% to close at 21,643.53, while the Topix gained 0.47% to finish its trading day in Tokyo at 1,578.63. Shares of game maker Nintendo jumped 4.15% a day after the company announced a cheaper version of its Switch video game console.

In South Korea, the Kospi added 1.06% to close at 2,080.58.

Relations between Tokyo and Seoul remain frosty, with Japan saying last week it would tighten restrictions on exports of three materials used in smartphone displays and chips, over a dispute with Seoul on South Koreans being forced to work for Japanese firms during World War Two.

On Thursday, South Korea announced that up to 300 billion won (approx. $256 million) would be set aside to cope with Japan’s export curbs.

Shares of companies potentially affected by the export curbs, such as Samsung Electronics and SK Hynix, rose 1.43% and 3.57% respectively on Thursday.

Australia’s S&P/ASX 200 rose 0.39% to close at 6,716.10, as the sectors advanced. Banks were under the spotlight, with Australia’s corporate regulator threatening on Thursday to prosecute some of the country’s largest lenders over their sales of consumer insurance products in the past decade.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: eustance huang
Keywords: news, cnbc, companies, ahead, cut, close, powell, rise, south, feds, japan, day, hints, rate, shenzhen, seoul, korea, tokyo, rose, shares, asia, markets


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Job creation has another rough month in June as private payrolls rise by just 102,000

Job creation looks to have had another rough month in June, with private companies adding just 102,000 new positions, according to a report Wednesday from ADP and Moody’s Analytics. That missed even the meager 135,000 estimate from economists surveyed by Dow Jones and comes off the weak May growth of just 41,000. Economic data overall has been wobbly lately as economists see growth slowing in 2019 and a possible recession ahead in 2020. “The job market continues to throttle back,” Zandi said in


Job creation looks to have had another rough month in June, with private companies adding just 102,000 new positions, according to a report Wednesday from ADP and Moody’s Analytics. That missed even the meager 135,000 estimate from economists surveyed by Dow Jones and comes off the weak May growth of just 41,000. Economic data overall has been wobbly lately as economists see growth slowing in 2019 and a possible recession ahead in 2020. “The job market continues to throttle back,” Zandi said in
Job creation has another rough month in June as private payrolls rise by just 102,000 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: jeff cox
Keywords: news, cnbc, companies, rise, number, zandi, creation, economists, think, slowing, 102000, moodys, rough, payrolls, job, growth, possible, private, report, month


Job creation has another rough month in June as private payrolls rise by just 102,000

Job creation looks to have had another rough month in June, with private companies adding just 102,000 new positions, according to a report Wednesday from ADP and Moody’s Analytics.

That missed even the meager 135,000 estimate from economists surveyed by Dow Jones and comes off the weak May growth of just 41,000. The May number was revised up from an initially reported 27,000.

The disappointment sets the stage for another possible letdown from the more widely watched nonfarm payrolls report from the Labor Department, which will be released Friday and is expected to show growth of 165,000 after May’s lackluster 75,000.

“The economy’s growth rate is significantly slowing, and I think the risks are rising that it’s going to stall out,” Mark Zandi, chief economist at Moody’s Analytics, told CNBC. “I think the economy is on the razor’s edge, and this number is consistent with that view.”

Economic data overall has been wobbly lately as economists see growth slowing in 2019 and a possible recession ahead in 2020.

“The job market continues to throttle back,” Zandi said in a statement. “Job growth has slowed sharply in recent months, as businesses have turned more cautious in their hiring. Small businesses are the most nervous, especially in the construction sector and at bricks-and-mortar retailers.”


Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: jeff cox
Keywords: news, cnbc, companies, rise, number, zandi, creation, economists, think, slowing, 102000, moodys, rough, payrolls, job, growth, possible, private, report, month


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Britain’s big banks see ‘trust’ as a competitive edge amid the rise of fledgling fintechs

“Everything is expected to be on their phones and on their apps,” she said, referring to younger bank customers, “and actually that is the way we need to go.” According to the U.K. consultancy Caci, mobile banking is set to become more popular than visiting bank branches by 2021. Monzo reported a £33.1 million ($42.1 million) pre-tax loss last year, while Revolut racked up a £15.1 million loss in 2017. But it’s also an independent bank, and Nicholls says it will be able to operate at “zero margi


“Everything is expected to be on their phones and on their apps,” she said, referring to younger bank customers, “and actually that is the way we need to go.” According to the U.K. consultancy Caci, mobile banking is set to become more popular than visiting bank branches by 2021. Monzo reported a £33.1 million ($42.1 million) pre-tax loss last year, while Revolut racked up a £15.1 million loss in 2017. But it’s also an independent bank, and Nicholls says it will be able to operate at “zero margi
Britain’s big banks see ‘trust’ as a competitive edge amid the rise of fledgling fintechs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: ryan browne
Keywords: news, cnbc, companies, rise, fintechs, banks, bank, nicholls, banking, million, amid, edge, fintech, customers, uk, monzo, money, fledgling, trust, big, britains, competitive


Britain's big banks see 'trust' as a competitive edge amid the rise of fledgling fintechs

HSBC’s U.K. headquarters are seen at the Canary Wharf financial district of London on July 31, 2018. Tolga Akmen | AFP | Getty Images

Britain is the home of some of the world’s oldest financial institutions. To stay relevant, they’re racing to bring a better banking experience to their customers. In the last few years, a wave of fintech, or financial technology, start-ups have flooded the U.K. market, offering checking accounts and bank cards through an app — not a single physical branch in sight. That’s not gone unnoticed by the established consumer banking giants, which are having to evolve to keep up with the kind of offering coming out of challengers like Revolut and Monzo. HSBC for instance last year launched a new money management app called Connected Money, which shows users bank accounts from HSBC as well as rivals including Barclays and Lloyds. The bank recently topped the 300,000-user milestone. While that’s nowhere near Revolut’s more than 5 million users or Monzo’s 2 million signups, HSBC’s new app did hit that target in the space of a year. RBS, meanwhile, has formed its own standalone digital bank called Bo. The lender’s app breaks down spending into categories and sends alerts when a user pays for something, similar to how the fintech challengers’ platforms work. Bo, which is part of RBS’ NatWest division, is currently being beta-tested, with no date set for an eventual release to the general public.

The battle for trust

While banks are under increased pressure to innovate, they’re not facing an existential crisis, according to Raman Bhatia, HSBC’s head of digital for the U.K. and Europe. The lenders that will win in the long run, he says, are those that people trust. “I think one thing which remains a truism is customers do have a very high degree of trust when it comes to money, their deposits and their identity with respect to established banks,” Bhatia told CNBC. “And banks need to work harder than ever to preserve that trust.”

That view was echoed by Amelia Nicholls, chief of staff at RBS’ Bo, who said: “Customers trust legacy banks to keep their money safe, but they’re slightly unsure of fintechs keeping their money safe.” And there’s some truth to that claim. While Monzo has attracted over 2 million customers, the bank has seen some difficulty getting them to take the plunge and switch from their main bank to the start-up’s app-based current account. Monzo CEO Tom Blomfield told Reuters last month that only 30% of its users are using the app as their main bank account. “We’re kind of the best of both worlds,” Nicholls added. “We’re looking and acting and being built like a fintech start-up. But actually we have that backing of NatWest and hopefully that’s an advantage.”

Banking beyond Main Street

Large lenders may have the advantage of history and a customer base far outstripping that of any fintech challenger. But they’re having to wind back on their brick and mortar operations as customers increasingly flock to digital banking. British banks have shuttered their branches at an alarming rate. Consumer rights organization Which? said last year that 60 bank branches are closing every month. In total, 1,080 branches across the U.K. have closed, or are set to be closed, in 2018 and 2019. That might simply be the direction things are leaning toward. Bo’s Nicholls said the banks of the future will be forced to go beyond Main Street, as younger people increasingly want to do most of their daily tasks via smartphone. “Everything is expected to be on their phones and on their apps,” she said, referring to younger bank customers, “and actually that is the way we need to go.” She notes that challenger banks have gained significant popularity, among young people in particular, and suggested big lenders are hoping to tap into that trend. According to the U.K. consultancy Caci, mobile banking is set to become more popular than visiting bank branches by 2021.

Profitability is another potential advantage for the big banks. While neobanks like Monzo and Revolut have scored millions of users between them, they’ve struggled to translate their wild growth into profits. Monzo reported a £33.1 million ($42.1 million) pre-tax loss last year, while Revolut racked up a £15.1 million loss in 2017. Nicholls said that Bo had the advantage of being associated with a major banking brand like RBS, a profitable lender. But it’s also an independent bank, and Nicholls says it will be able to operate at “zero marginal cost.” “We are able to operate our current account on a break-even basis, which is super important in that space,” Nicholls said. “It would be easy for us to be financially sustainable because we can leverage the wider group and use our deposit base as well.” Going on a hiring spree also helps, HSBC’s Bhatia said, adding the company’s retail banking division boasts talent from fintechs as well as big tech companies. “We built a global digital team over the last four years which has people from all sorts of backgrounds,” he said. “We have big tech talent, we have start-ups and of course we have our homegrown talent expertise.”

Are banks too slow?

While banks are touting their moves into digital as a sign of progress, some in the fintech industry think they aren’t moving fast enough.

Each morning, the “Beyond the Valley” newsletter brings you all the latest from the vast, dynamic world of tech – outside the Silicon Valley. Subscribe: By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.


Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: ryan browne
Keywords: news, cnbc, companies, rise, fintechs, banks, bank, nicholls, banking, million, amid, edge, fintech, customers, uk, monzo, money, fledgling, trust, big, britains, competitive


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Drivers will pay less for gas this July 4th than last year, despite a recent rise in prices

Gasoline prices could continue to rise into the weekend, as the East Coast market adjusts to the loss of the Philadelphia refinery, which was 27% of the region’s refining capacity. But even with anticipated price increases, the national average price likely peaked in May at $2.89 per gallon, he said. Another factor in the recent rise in gasoline prices was the jump in crude oil in the past several weeks, in part the result of tensions in the Middle East. “The Fourth of July weekend is here, gaso


Gasoline prices could continue to rise into the weekend, as the East Coast market adjusts to the loss of the Philadelphia refinery, which was 27% of the region’s refining capacity. But even with anticipated price increases, the national average price likely peaked in May at $2.89 per gallon, he said. Another factor in the recent rise in gasoline prices was the jump in crude oil in the past several weeks, in part the result of tensions in the Middle East. “The Fourth of July weekend is here, gaso
Drivers will pay less for gas this July 4th than last year, despite a recent rise in prices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: patti domm
Keywords: news, cnbc, companies, 4th, prices, pay, price, recent, gas, raised, drivers, refinery, cents, gallon, despite, average, tax, taxes, gasoline, rise


Drivers will pay less for gas this July 4th than last year, despite a recent rise in prices

Drivers should pay about a dime less per gallon for gasoline over the Fourth of July holiday than last year, even with a major refinery outage and new taxes in about a dozen states.

A record 41.4 million people are expected to travel on the nation’s roadways over the long holiday weekend, an increase of 4% from 2018, according to AAA, and even with the shutdown of the largest East Coast refinery, gasoline should be plentiful.

Since the June 21 blast halted operations at Philadelphia Energy Solutions’ 335,000 barrel refinery, the national average for gasoline has risen by about 7 cents per gallon of unleaded to about $2.73 per gallon. The national average on the holiday weekend last year was $2.85 per gallon.

Gasoline prices could continue to rise into the weekend, as the East Coast market adjusts to the loss of the Philadelphia refinery, which was 27% of the region’s refining capacity. The refinery is scheduled for permanent shutdown, and the shortfall is expected to be made up by shipments from Europe and Canada, and also more gasoline coming via pipeline from the Gulf Coast.

“You might get a nickel or dime higher in some places. People aren’t going to see sticker shock,” said Tom Kloza, head of global energy analysis at the Oil Price Information Service. “Globally, there’s a little too much gasoline.”

In Pennsylvania, the biggest market for PES gasoline, prices have risen by about 9 cents to an average $2.91 per gallon since the explosion and fire at the Philadelphia refinery. Gasoline in the New Jersey suburbs of Philadelphia was up 12 cents from last week, at $2.75 per gallon. But the average price in nearby New York state has risen just 2 cents per gallon to $2.87, according to AAA.

“With the Fourth of July falling on a Thursday, it’s probably the nine days of highest demand we’ll see all year” through July 8, Kloza said. But even with anticipated price increases, the national average price likely peaked in May at $2.89 per gallon, he said.

Besides the outage, the increase in sales taxes in 13 states as of July 1 also impacted the national average price of gas at the pump.

According to OPIS, California raised its tax by 5.6 cents for a total 47.3 cents per gallon, while Ohio boosted its gas tax by 10.5 cents to 38 cents per gallon. Illinois doubled its tax to 38 cents per gallon. Drivers in that state were paying an average $2.99 per gallon on Tuesday, up 11 cents in one day and up 16 cents in the past week, according to AAA.

Until the new taxes went into effect, only California and Nevada had higher prices than last year’s level, according to OPIS. In California, the average price of gasoline was $3.76 per gallon of unleaded on Tuesday, up from $3.66 per gallon a year ago.

Another factor in the recent rise in gasoline prices was the jump in crude oil in the past several weeks, in part the result of tensions in the Middle East. Over the last month, West Texas Intermediate oil has risen about 7.5%.

“Whether or not we have hit a peak price depends on tensions between the U.S. and Iran because events in the Middle Ease can cause oil prices to take a significant jump higher,” said Andrew Lipow, president of Lipow Oil Associates. “The Fourth of July weekend is here, gasoline prices I expect to be more or less stable over the next week. There is supply that is on its way, and the industry has managed to cope with the Philadelphia Energy Solution shutdown.”

According to OPIS, other states that raised taxes this week include Connecticut, up 2.6 cents on gasoline; Tennessee, up 1 cent on gasoline and 3 cents on diesel; and South Carolina, which raised taxes on gasoline and diesel by 2 cents a gallon as part of a larger phased-in increase.

Indiana raised its gas tax by half penny and diesel tax by 1 cent. Maryland raised both gasoline and diesel by 1.4 cents per gallon. Michigan, Montana, Nebraska, Vermont and Rhode Island also raised taxes slightly.


Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: patti domm
Keywords: news, cnbc, companies, 4th, prices, pay, price, recent, gas, raised, drivers, refinery, cents, gallon, despite, average, tax, taxes, gasoline, rise


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

US Treasury yields rise as US-China trade truce dents appetite for safe-haven assets

U.S. Treasuries retreated after a trade truce between the U.S. and China dented investor appetite for safe-haven assets. The yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.0117%, while the yield on the 30-year Treasury bond was also higher at 2.5364%. Market focus is largely attuned to global trade developments, after the world’s two largest economies agreed to resume trade negotiations over the weekend. Trump and Chinese President Xi Jinping


U.S. Treasuries retreated after a trade truce between the U.S. and China dented investor appetite for safe-haven assets. The yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.0117%, while the yield on the 30-year Treasury bond was also higher at 2.5364%. Market focus is largely attuned to global trade developments, after the world’s two largest economies agreed to resume trade negotiations over the weekend. Trump and Chinese President Xi Jinping
US Treasury yields rise as US-China trade truce dents appetite for safe-haven assets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: sam meredith, yun li
Keywords: news, cnbc, companies, china, trump, higher, assets, xi, yields, rise, truce, treasury, agreed, chinese, yield, trade, uschina, tariffs, safehaven, dents, appetite


US Treasury yields rise as US-China trade truce dents appetite for safe-haven assets

U.S. Treasuries retreated after a trade truce between the U.S. and China dented investor appetite for safe-haven assets.

The yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.0117%, while the yield on the 30-year Treasury bond was also higher at 2.5364%.

Market focus is largely attuned to global trade developments, after the world’s two largest economies agreed to resume trade negotiations over the weekend.

President Donald Trump offered concessions to his Chinese counterpart when the two leaders met on the sidelines of the Group of Twenty (G-20) summit in Japan last week. Trump and Chinese President Xi Jinping agreed not to impose new tariffs on U.S. and Chinese goods. The U.S. said they would hold off on the potential 25% tariffs on the remaining $300 billion of imports from China and China said they would continue to buy U.S. agricultural products.

These included no new charges and an easing of restrictions on Chinese telecommunications giant Huawei in order to soothe tensions with Beijing.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: sam meredith, yun li
Keywords: news, cnbc, companies, china, trump, higher, assets, xi, yields, rise, truce, treasury, agreed, chinese, yield, trade, uschina, tariffs, safehaven, dents, appetite


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stocks rise to close out Dow’s biggest June gain since 1938, S&P 500’s best first half in 2 decades

Wall Street also wrapped up its best first half to a year in two decades. The Dow Jones Industrial Average rose 73.38 points to 26,599.96 as J.P. Morgan Chase shares outperformed. The 30-stock index rallied more than 7% this month, notching its biggest June gain since 1938. For the month, the S&P 500 jumped 6.9%, its best June performance since 1955. The broad index is also up more than 17% this year, marking its biggest first-half gain since 1997.


Wall Street also wrapped up its best first half to a year in two decades. The Dow Jones Industrial Average rose 73.38 points to 26,599.96 as J.P. Morgan Chase shares outperformed. The 30-stock index rallied more than 7% this month, notching its biggest June gain since 1938. For the month, the S&P 500 jumped 6.9%, its best June performance since 1955. The broad index is also up more than 17% this year, marking its biggest first-half gain since 1997.
Stocks rise to close out Dow’s biggest June gain since 1938, S&P 500’s best first half in 2 decades Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: fred imbert
Keywords: news, cnbc, companies, gain, rallied, best, president, sp, shares, biggest, wall, rise, morgan, half, way, shortterm, g20, dows, close, index, stocks, decades


Stocks rise to close out Dow's biggest June gain since 1938, S&P 500's best first half in 2 decades

Stocks closed higher on Friday, boosted by bank shares, as investors looked ahead to a key meeting between President Donald Trump and Chinese President Xi Jinping. Wall Street also wrapped up its best first half to a year in two decades.

The Dow Jones Industrial Average rose 73.38 points to 26,599.96 as J.P. Morgan Chase shares outperformed. The 30-stock index rallied more than 7% this month, notching its biggest June gain since 1938.

The S&P 500 advanced 0.6% to 2,941.74, led by the financials sector. For the month, the S&P 500 jumped 6.9%, its best June performance since 1955. The broad index is also up more than 17% this year, marking its biggest first-half gain since 1997.

The Nasdaq Composite gained 0.5% to end the day at 8,006.24. The tech-heavy index also rallied 7.4% this month.

J.P. Morgan Chase jumped 2.7% while Citigroup, Bank of America, Goldman Sachs and Wells Fargo all closed more than 2% higher. Morgan Stanley shares advanced 0.7%. Their gains come after they passed the Fed’s annual stress test and got approval to boost dividends and share repurchase programs. Goldman hiked its quarterly dividend by nearly 50% while J.P. Morgan raised its dividend by 10 cents.

But Wall Street’s gains were kept in check as traders awaited the Trump-Xi trade meeting. The two leaders are scheduled to meet Saturday at the G-20 summit in Osaka, Japan.

“All eyes are on the G-20. It’s all anyone’s been talking about and focuses on all week,” said James Masserio, head of equity derivatives trading of the Americas at Societe Generale. “We’re definitely seeing a bid to short-term volatility. The market is bracing for a move one way or another.”

“There’s a pretty healthy premium built into short-term options,” Masserio said. “Part of that premium is this 50-50 coin flip where you could get something that’s a surprise step in the right direction or you come out with a whole bunch of nothing. Either way, the market is going to pick a short-term direction” after the G-20.


Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: fred imbert
Keywords: news, cnbc, companies, gain, rallied, best, president, sp, shares, biggest, wall, rise, morgan, half, way, shortterm, g20, dows, close, index, stocks, decades


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post